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You think that everybody that has money is sophisticated about their investing and what I figured out was almost no one is very primitive and so I just learned that but money and stuff you love and you understand don't put money and stuff because it sounds sophisticated because you get rid of your butt because you trust in some guy who doesn't have any money who's trying to sell you something.

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Welcome to the game where we talk about how to sell more stuff to more people in more ways and build businesses worth owning.

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I'm trying to build a billion dollar thing with acquisition.com. I always wished pesos, musk and Buffett had documented their journey so I'm doing it for the rest of us.

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Please share and enjoy.

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I am super thrilled to be here today because Dave's a legend and I'm going to give a little bit of an intro from my perspective of you.

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This is a little scary.

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I actually wanted to take the first few minutes to actually just kind of like hype Dave and I think it's because in the marketplace of attention right now I actually still think you're underpriced.

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I still think that you are underappreciated for the amount of value that you provide to the audience at large and flattery will get you everywhere.

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Got me here.

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But one of the things I wanted to hit on was like I see and I'm sure you do or your team does like there are a lot of people who take.

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I'll use the term fake gurus but a lot of people who haven't achieved you know a 100th of the level of success that you have that take a lot of shots and at you and you know a lot.

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Specifically when your views on debt but sometimes just in general and you know we have a big belief that that was not calm that the only people ever hate you are never ahead of you.

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And I feel like that's been extremely true and tough for people to be ahead of you in general.

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But I just want to give context for my audience that number one you've been doing this for three decades.

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A little over three decades and your overnight three decades success for real and just in time to get old.

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And what I'm going to be directing the conversation a day around is actually about business stuff so Davis is zillion things on personal finance I mean I think that was the you know the wedge product that absolutely a lot of everything.

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But because our audiences predominantly business owners I want to focus on the actual building of ramsie solutions and kind of some of the things that you that you learned along the way some of the big mistakes that you did some things that you go back in time and would have done differently.

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And even as you've kind of scaled the brand so that's kind of the direction.

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Okay so can you give a little bit of background in terms of how ramsie solutions the education business which was the first business correct.

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They've all kind of evolved together.

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How did that come to be and then what was your thinking around the business model at that time and like what is it evolved into.

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Now all of it started extremely primitive.

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I mean like one plus one equals two barely you know kind of thing and so like for instance we started I went down there's a talk radio show or talk radio station in Nashville at the time that was in chapter 11 bankruptcy.

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I was a guy doing a bad financial show like a Saturday night life skit you know on there I went on as a guest on the bad financial show and I didn't have any books I just went on for fun.

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I was actually promoting a real estate club I was in and he said hey I hear you're helping people with your fork with foreclosures and helping them stop getting their car repot or if they're having financial trouble.

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So over to church are you doing that and I said yeah I'm just kind of doing that for fun just to help focus as a ministry of the church and he goes wow if you got any questions about that call up and phone rang and he never got any phone calls he didn't know what to do.

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He didn't know how to put down the air and so he said hey come back let's do that again because his phone never rings and so I went I did it like two times and then he quit and then we went down talk to that guy that that was running that station into letting us work for free.

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And so a couple guys me and a couple other guys went on the air answering questions in a really heavy hillbilly twang.

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W W T and you're talking nice feel y'all calling and I mean it was it was nasty buddy I'm telling it was nasty and but with information was good in the phone ring from the very first day about the same time I had finished writing on my laptop in my living room.

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On the very first version of windows this is 1992 my first book and I self published it carried home in the trunk of my car got a thousand copies and I went on the radio and said hey my book and some people did.

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And and the 18 months later edge take to get to your question we move the card table out of my living room and one will beat up desk from the days when I went bankrupt and open an office in 800 square foot month to month rent.

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And me and another guy another guy was going to do financial coaching the way I teach to do that I was going to continue to do that and we launched a in April of 1994 a class on how to handle money it was actually how to avoid bankruptcy.

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And one of the lessons was on the different types of bankruptcy one of the lessons was on how to stop a foreclosure if it's an FHA if it's a VA or if it's Fannie Mae different processes to stop a foreclosure.

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And you know all these different and the people that came weren't bankrupt.

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They were just making a lot of money and spending at all okay so they were broke it was all the money comes in all the money goes out on the names of change to protect innocent but they weren't behind on their house payment right they just were fighting with each other in their marriage and they didn't know how to do a budget and no one ever told them about insurance so took the bankruptcy in the foreclosure lesson out and replaced it with a.

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Retirement lesson and here's how investments work lesson compound interest whoo and which is you know still for the general public causes their brains to just go melt down in a wonderful way the first time you see compound interest right and so yeah that was called life after debt in April and four people came the first night assault three of them.

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So for you digital people I had a 75% conversion right right but I'm telling you it was primitive overhead projector bad suit you know that whole thing and then we changed it to call it financial peace university the five months later in September six months later and now financial peace universities had 10 million people go through it and 50 thousand churches have taught it unbelievable so for.

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Context the services that you had was education with some level of service kind of like holding accountable or keeping them consistent on top of that which the reason that I was really intent on talking to you was that in the space that weren't today and obviously the market places changed a lot you have an education business and I would say that the vast majority of quote education businesses are.

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Not perceived as legitimate how do you think you've been able to anchor in it like it's it's very clear that range solutions is a legitimate business obviously but what do you why do you think that so many of them are not perceived that way.

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What's the gap what are people missing there.

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I honestly don't know I know that in the financial world in general and I think most of your listeners and you and I will agree to this that that there's a lot of us I grew up in that world and I'm a nerd by nature and got a degree in finance for God's sakes and so.

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I in other words I thought the way to fix everything was with the math and math treats the symptom right not the problem and what our brand differentiator and it may be the difference in what you're talking about as well is that we did come to understand that it's a behavior problem it's personal finances 80% behavior 20%

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as I said that like I don't write million times and 30 years and but it is and the problem with my mind is the guy my mirror if I can get him to behave he can be skinny and rich and we've talked about this all these lines he's riffs that we do and we do them over and over and over and over and over again and but but but that's the differentiator that's the thing that said oh yeah because I mean knowing how to do a budget is different than actually doing one knowing how to live on less than you make or that you should is different than actually doing it.

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Eating 73 donuts will make me fat is different than not eating 73 donuts right no personal testimony but the but yeah that that stuff I think that's the difference and then what has happened is that if you go through and you do the stuff that we teach.

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And we've got the systems in place to help you be held accountable to do it and encourage you when you're struggling and scared and hopeless.

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But if you're arrogant and prideful either way we're going to be there in your grill saying we love you so much that you need to change if you do the stuff and you actually make the changes due to the accountability.

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That because he doing what you've been doing you're getting what you've been getting so you got to change the recipe so if you change the recipe you have success and lives transformed is legitimacy that gives you legitimacy and so in other words I don't know if they set out to be illegitimate but they didn't maybe they didn't have the this the life wasn't actually changed you know if I join a gym yeah and then I

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don't get anything out of that yeah I don't have any weight loss no increased muscle tone no you know increased aerobic whatever whatever it is you're trying to accomplish if I don't get any of that even if it's my fault yeah it feels like the gym is illegitimate I don't think the gyms necessarily legitimate but the results were illegitimate yeah and so then you get labeled that way yeah and so I hear people say day ramsy stuff doesn't work the haters right and it absolutely does not work unless you work it's not working.

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Yeah like I guarantee that I can make you that personal guarantee shifting back to the business explaining me how how the actual products we developed over time so in the beginning you had the education and then you had the services that that layered on top of that was that the main thing for like a decade or and like walk me through how you ended up scaling that was that all through media.

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Yeah okay the radio show didn't make money for a decade because I don't pay you to do radio even today I don't get paid by radio stations I have a clock split with them and so and we didn't have anything to sell when we split the clock and so we didn't make your money so whatever we put into radio was lost dollars but it was the megaphone it was the the lead mechanism okay and so we we I just

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started doing some speaking and I thought hey we could do like a little public event in town because we were on only on the air and one tip but we went on radio and announced and I think we had I don't know 100 people or something come out and paid us like forty bucks or something to sit for three hours or five hours or what it was and listen to me hammer in my hillbilly twang about getting out of debt and so we had live events started to develop we had the little book so we had a little bit of a publishing thing going and we had the class it's

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itself which is a long form it's a combination of twelve step and curriculum so to speak and and and so radio publishing live events those were the first and what becomes financial

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piece university were the first element one on one coaching and on one counseling we call it in those days we now call it financial coaching so there's no confusion that we're not licensed therapists some people can't

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sing to it's not clear but anyway coaching is hard to mess that up so yeah so we do that and each of those things grew at different rates and so there were different times in the 30 years that

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financial piece university was bringing in the lion share the money and then publishing would come up and pass it.

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Live events is pretty much always been a slightly profitable but really good secondary lead source okay so if you come to a live event

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because you heard us on the radio it's going down the funnel the marketing funnel so to speak and then they might buy financial

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piece university which is you know a nine week commitment and a high you know it's still a twenty dollar event ticket it's a eighty dollars

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to go through it or whatever they so we were working that there are always books on the back table too so

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and so once those things worked and the book and we had a New York Times you know the book eventually evolved and was purchased by publisher and became my first New York Times best seller once that happened and then we start doing a bunch of we start getting more and more radio stations and doing more and more media so instead of just doing the local news guy we actually with the book tour of the first time got on the today show and and then that opened up something then that opened up something and then

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pretty much been doing New York media for twenty five years obviously all that's free but it's lead generation and so if I were to say this back to you the radio station served as the big megaphone to gather attention and then point it in

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interaction and one of the places you pointed in the earlier days was the live events which functioned a little bit as a conversion event for you guys from business perspective and then those people would get funneled into whatever was appropriate for their budget you know either they'd buy some books or they'd buy the

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curriculum where they buy the curriculum and so one on council party and then that machine has been what you've continued to spend the wheel on and then gather more and more and more media and we've got more and more product mix and okay I mean we've got you know we ended up I advertised for a stock brokerage firm

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and then when I sent the leads the people would go over there the local broker that they went to would tell them to do stuff that I had just told them on the air not right and so that didn't work and people are pissed off and yeah and so we said well guys y'all can't do that with the leads we send you well you can't tell us what to do and I said I can tell you can't ever touch so we're not going on the air so we dropped those folk and so the

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product suite from there that was the core initial product mix and then what we did was we would hear about some need that was a a similar thing but a

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finger off of that so for instance a local coach at a Catholic high school was took my financial piecebook and started teaching his seniors because they

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needed to know about personal finance with and then call me up and goes hey I hope you don't mind I'm like well I don't mind and I'm kind of

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complicated but let's work together on this let me help so I went over and spoke to him a couple times or sweet kids and he's a great guy to

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Greg Carson he's a friend of this day those and we ended up out of that developing a high school curriculum this now been taught in 48% of the

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high schools six and a half million kids have been through and so you know that was again another product line that Ed

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solutions is another department if you will inside of Ramsey today and pretty substantial revenues for high school college and even

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middle school curriculum and and then you know corporate America says okay we'd like for our employees to get this stuff so we take a

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modified version of the financial piece university that doesn't have as much of the Bible stuff in it and we have to not violate some HR

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rules and stuff so we had to change some of make it a little more of an LL on different things and it's called smart

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dollar and gosh man lots I'm 10,000 companies have now taught at including big ones like you haul and Costco all of their employees have gone through it so

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that's a whole other product line but it's you know they're so there's the brand sweet or the product sweet continues to evolve as we look at

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different things where we can serve we took over all the publishing so we do all our books now so published have for about a

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decade how do you think about spinning out new products like what to do versus not like because there's obviously focus in a

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business right if limited time and resources like how do you say this is going to be something we're going to just partner with someone on

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or this is something we're going to bring in house and actually own entirely or just not do it all and ignore and just let

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somebody make some extra cash on it and we just don't worry about it yeah well one thing we don't do is we don't we have made a conscious

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philosophical decision to not sell financial products so we don't sell insurance we don't sell investments we don't sell real estate we endorse

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people that do but they don't work for us they're advertisers of sorts endorse in our Ramsey trusted is what it falls under that brand so some

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of them have ads on the podcast some of them we say go the website fill out a form you find the realtor we recommend in your area

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this Ramsey trusted that kind of thing and so that way when I'm giving real estate advice someone doesn't say oh he's just trying to get us to do that

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now they still say he's trying to just get us to be real estate lead but that's a different than he's trying to sell me a house or he's

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trying to sell me a mutual fund we don't endorse particular mutual funds and we don't sell investments like that so you can't say the

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reason Dave does insurance is because or cis term by term insurance is because he owns a term insurance firm because I don't

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and you know one of the lies out there floating around is I own half of Churchill mortgage I don't know a dime of it

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been nice if I had and I've done really well and I don't I don't have for some of Xander insurance or both

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advertisers been with me 26 27 years consecutively and but I don't own any of those they're just they're they're

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friends and I'm but I may be doing business with them for three decades and they do really well and I do a great

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job for a listener and so those are media partnerships they're sponsors and that's how they are I mean they just

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advertise us on the on the original talk radio show which is now like you guys I mean it's podcast and

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YouTube's and tiktoks and everything yeah would have been some of the major beliefs that you had to break along

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the journey from and if so what's what's top line revenue today across all of the portfolio I'm

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compilfully I'm using my own language but across Ramsey solutions Ramsey solutions revs will be a little

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over 300 million this year okay so for context in terms of size here for my audience 300 a lot

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so what what what were some of the because you know a lot of businesses grow at least in my observation of

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businesses is there they're stepwise it's they'll grow they'll grow and they'll hit something and

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they stay there until they figure out whatever that thing was and then they go super fast again and

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then they hit another wall and they keep going would have been some of the you know two or three major

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pivot points in the business in terms of your lessons or beliefs that you had to reshape that allowed

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you to break through to new levels of growth you know I think because the product line was so diverse

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the different ones of those were stepping at different times and it caused our actual revenue growth

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to not stair step but to be fairly smooth interesting on a curve got it but like you know if we went

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for instance to financial piece university it went through different seasons where it would go we

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and then it was stopping it was just sit you know and and we're kind of in one of those stop and sit

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modes now because we're making this transition from being primarily church distributed okay

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because churches aren't teaching classes like that in this current environment as much as

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they used to yeah and so we've got to have a more direct to consumer digital distribution methodology

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and we're we're discovering that right now so it's plateaued right now to financial

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university is awesome it's excellent but it's but from a business revenue perspective business

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model it's you know it's big spike would have been the mid-2000s okay I mean it made whoo

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it went crazy up and it was kind of like the 800 pound gorilla revenue wise inside the building

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and then it moved over to the other thing so what are your question I was not the stair step

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a question your question was what are some milestones along the way like lessons believe

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that you had a shift that allowed you to be an entrepreneur that could get to I mean 10 I mean

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do you remember when you hit your first 10 million dollar year first 30 and your first 100 and

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your first you know any any big changes that happened in you as a person that that you can

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did note and say I learned this and this is why we were able to break through that yeah I figured

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out fairly early that organizations are not going to outgrow the character and intellectual

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capacity of their leadership primarily me and so if I'm if I remain dumb and some of the areas

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I'm dumb and then we're more not going to be at 600 million you know I've got a or somebody

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also be doing it and if they remain dumb they can't you just can't do it I mean there's stuff

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you don't know and so I was a I grew up in a real estate household mom and daddy were in residential

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real estate business and so I've been selling my whole life straight commission for me but self-employment

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as a I isn't my DNA I don't I don't know how to think about working for someone and so I'm and

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when you grow up in that world you know you learn to kill it and drag it home as you ain't

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anything to eat if you don't kill something to drag it home and so very tactical and so I couldn't

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spell strategic when we started and we got large enough that we started hiring these things called

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MBAs and these people that actually had and now over the years I got a ton of MBAs on the team and

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I love the MBA programs most of them that are out there they do a really good job of teaching

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but one of the things I learned almost universally about MBAs they are heavily steeped in strategic

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thought and so the MBAs on our team and me about 20 years ago made a really good trade

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they taught me how to think strategically because I didn't know how and I taught them how to work

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so it's a good trade and so would you say that basically them coming in and talking strategy

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was like a big unlock in terms of the first and critical thinking skills the way you solve a

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business problem how do you you know I would just go in there and go okay the answer is activity

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just go run into the wall on F times and the wall will fall down meanwhile the MBAs standing

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over the side going hey Dave over here there's a tour if you just walk around you don't really I

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mean you don't have to run in this stupid wall this is dumb and so because they're looking down on

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the maze yeah the landbrinthans can see the way through and I'm just going just get after it

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just get in there and hustle you know and you need to have both you have the energy of the hustle and

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grind and the because winning doubt activity is the answer but unfocused unplanned activity

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is not always fun it causes pains sometimes too so we're much better at what my friend Jim Collins

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calls calibrated cannonballs now than just firing cannonballs which from a branding perspective

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because I think you've developed a really strong brand what are what are some of the deliberate

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decisions you've had to make to associate with versus not associating with in order to continue

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to strengthen the brand expand the media because I would imagine like in the flywheel that is ramsy

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solutions the media is a huge part of that yeah so like what has been one of the big things that

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kept that wheel spinning and expanding compared to the many other people who try to to top you I mean

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even the people trying to get more audience more earballs yeah I uh I don't know we discovered

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I don't know how we figured it out it was accidental I guess it was people getting pissed at us in

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the early days we you know like we would endorse something on the radio just local to local

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radio station and you know go to such as it's car light well somebody go over there and they go

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they got to try to scream me Dave he called me up on the air or call me up at my house you know

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find me in the mall you the guy you sent me to the dad gum crook ramsy and so now I can't trust you

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yeah and um and I would lose the advertiser because I would have to cancel them because I was ashamed

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of them and uh so somewhere along the doing stupid stuff like not vetting who we're going

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to associate our brand with uh instead just buying it just oh we were so happy we had an

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ad sold you know a little revenue my god and then you figure out hey that doesn't play well

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because you're destroying your credibility with the market we figured out we were a trust brand

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and uh radio endorsement taught us to be trust worthy worthy of trust and uh so we were very

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careful uh as a matter of fact just a few minutes ago I came out of a meeting where I

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turned down to potential advertisers and sales teams said we think we need to turn these down

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but before we do it's a lot of money we need to uh ask you and I said yeah that guy if we put

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that guy on he's gonna they're gonna cause our audience is not no that's not so would you send

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your sister there would you send your mom there would you send your friend that you place off

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ball with uh you know would you send them over there and if that don't pass that acid test we don't

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put them on the air so if I won't really buy it or I don't really believe someone should buy it

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for their own good um I mean like 100% of the things we advertise I don't necessarily buy

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personally at my stage of life but I'm not the market for them either so um but but I do believe

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in them and I believe they're good for you and um sometimes we've messed that up we've endorsed

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things we shouldn't have endorsed in the early days even I mean it's uh in the last few years I

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had a really disastrous one that was a mess and it's caused me all kinds of problems but um you

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know initially started out good and then turned bad and we didn't we didn't cut them off fast enough

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uh and that's our fault for not cutting them off but we weren't doing it for money we were trying

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to help people and so it's a trust brand and and so no single relationship advertiser endorsement is

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uh it could not possibly give you enough revenue in our world yeah

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to offset the damage it will do if they don't take care of the customer yeah because people

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all we've got is trust and if they don't trust us for that they also aren't going to trust us

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when we tell them to get out of that yeah also not going to trust us when we tell them hey this

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is going to affect your marriage you know the advice we give is no longer trustworthy if the endorsement

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is not trustworthy so the whole stinkin thing ends up revolving around this word and uh so we spin

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a lot of time discussing and vetting and uh cheeseclothing the whole it's a mess but yeah it's

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okay it's worth the effort i agree i'm with you on that and i mean i think that you know

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at acquisition.com we tried to do the the same kind of approach which is like how can we be as

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trustworthy as simply possible because you know we we do equity deals and so yeah we have a huge

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vetting process and you know 99.99 99 percent of the audience i have will never do business with me

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um but i still need to treat you know everyone so that the reputation which compounds is based on

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trust so that we can do deals over the long term and just to be very uh uh transparent it um

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it's emotional for me and most people in this building when that doesn't go right yeah

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when we mess that up somehow because we our intent is to never mess that up and when it gets messed

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up it hurts our feelings more than it does anybody's mental mind give me this quote you might like

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it he said uh never risk the empire for a pot of gold here it is that's a great one i love it

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so speaking of pots of gold so 300 million is where you are right now what do you see as the as

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the next thing to get you know ramsie solutions to 600 million like you were saying earlier like

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what's the what's the path forward there like what do you see as the strategic opportunity what are

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you investing in right now um well we're seeing an explosion uh with our every dollar app for one

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thing it's um it uh with minimal effort honestly it's caught fire so we're going to pour

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on more gas and that while we're at it we're going to put some effort into it since it's working

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and uh we do think that financial peace university is going to stare step again we've got to finish

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we've got to find that um methodology for delivering those age olds principles in a new met in a new

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way we are uh platform and delivery agnostic um don't care how we get it to you but we got

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to get it to you and it's not and efficiently with the least friction possible so people actually

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do this stuff and so that that's their um some things are going are logistically have uh in the

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last say 20 of the 30 years have be not they didn't shrink they grew but they don't have the

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logistical ability to grow uh revenue wise as much and an example that be live events

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is only so much of that you can do and it doesn't it doesn't hockey stick right you because you

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you have a bottleneck no actual bodies on a stage yeah and bodies to set the stage up

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and and that kind of stuff and a number of cities you can actually draw a crowd in and that kind of

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thing so um the only way you could hockey stick that thing would be to run the prices where they

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were just not for the average guy and our whole thing we do is for the average guy so um so that's

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if they're if it stays the same or grows at 5% and something else grew at 50% it's going to get

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to be a smaller and smaller piece of the pie right mathematically uh but no still not be something

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we're ashamed of we love live events and I want more than one of the biggest event companies in

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America we do a great live events but um but it's gonna end up that one's not probably going to be

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the answer um unless now streaming um could um it would have to monetize for the first time

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but hey suck on monetization but uh but it's good to get an information out there uh so

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we don't see hardcover books as being something that's going to hockey stick in the coming years

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but I do think they're going to continue to be a valid part of the mix um so it's probably more

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digital application and delivery because it's the easiest to scale and lose cost of goods

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and um and it uh more easily iterates than anything analog and uh the rate of change

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uh has exponentially increased in 30 years um it used but what used to it take us five years to

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see unfold in the marketplaces unfolding in five or ten weeks right now yeah and um how fast

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entire social media platforms become irrelevant um is is kind of amazing

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and uh so you know betting the whole thing on one delivery method can is um uh

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woo dumb and so um uh in my mind anyway but yeah so so I think whatever it is is going to

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like an app like a budgeting app or a delivery digitally of fpu or delivery digitally of our

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entree leadership which is our small business uh teaching and coaching uh you only have so many

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physical coaches for small business guys and uh that's got a limiting factor i want three thousand

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of those people in a building you know i really don't yeah uh i'd a lot rather figure out another

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way to help you focus out there and uh that that is um not as manpower hungry

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hey guys love that you're listening to the podcast if you ever want to have the video version

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of this which usually has more facts more visuals more graphs you know drawn out stuff

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sometimes it can help hit the brain centers in different ways you can check

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on my youtube channel it's absolutely free to check that out if that's what you are into and if not

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keep enjoying the show so when you said the every dollar app just kind of like took off

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is that like a micro example of how product iteration works for you is like let's throw

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something together let's see how it works and then if it starts taking off disproportionately to

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like the effort you say okay now we're gonna invest more resources in it yeah we put a huge amount

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effort into building it and launching the initial yeah um it was a major initiative and a push

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and then it kind of you know it it's how to good growth rate but it really wasn't but something

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shifted in the marketplace i mean literally in the last four or five months okay uh and the way

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the consumer uh is viscerally responding to the word budget uh differently than they were certainly

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ten years ago but probably even ten months ago and so when we develop things so we're gonna you

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know we've always iterated it we've always updated it we've always made it better every time and

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all that kind of stuff but um it just seems to be uh some attention that we didn't cause

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so why not join the parade yeah right i think probably someone that's the macro economic

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environment has changed a little bit in less you know in that period of time people are probably

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feeling the need for a budget and it might be that i mean i think the product the the original

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launch on it was uh it's probably coming up on ten years you know so okay and the um you know

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the the number of people that are walking around adults that have never lived in a world that

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wasn't a smartphone world mm-hmm is much larger than it was ten years ago yeah and so the marketplace

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is shifted in that regard with the the the iPhone the um whatever whatever smartphone is native

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to a much larger percentage of the population than it was um when it was launched so we may just

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be seeing that demographic shift and then um they're aging you know that yeah that because they

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you know that age group i mean if you're twenty eight you you wouldn't ever think of doing a

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budget on paper right it would not occur to you that that no more than you would handwrite a letter

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in cursive you know i mean it's just absurd so but you know when i started all this that wouldn't

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neither one of those was that unusual right so speaking of of of the app in particular as

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as a an increasingly large part of the pie um how does it measure compared to the other

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pieces like just by percentage you've got the events you've got the education you've got

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entrepreneurship uh you've got the app you've got the live events um like how how to how to how

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do those divide up in terms of uh like size for ramsey solutions the ramsey trusted items which

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includes national advertisers and uh the whole uh smart vista pros all the endorse all the people

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we endorse for um investing all the real estate agents all those there's about eight thousand nine

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thousand different uh people that we endorse for in different areas tax really all that tax

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and um real estate and investing through ramsey trusted and then you've got a singular national

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advertisers like a Churchill mortgage for mortgages and that kind of all that falls under ramsey

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trusted so that's a lot under there but uh the the uh the national uh associations plus the

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strategic alliances we call them the the what used to be called the ELP program um probably amounts

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to 40% of the revenue really um and so not let it not putting on back to our earlier conversation

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not putting on one that's bad yeah is a big deal there yeah because you're gonna mess up the whole

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thing you know you're gonna mess up the empire with that singular bad pot of gold and so we have to

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you know to be a real estate agent and ramsey trusted you really are really really gonna do

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the stuff we tell you do or really not gonna let you in there I mean it's a big deal you know and

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so because we love you and we love our customers and we want everybody to have a little love

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fest we don't need anybody pissed off so yeah you're really gonna do this stuff so that's a uh

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probably uh I think it's probably sitting in about 40% of the revs right now but that's half

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that I've gone building to in terms of the eleven hundred people to work here uh entre leadership is

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probably uh 15 percent uh you know something like that uh financial peace university is probably

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15 percent um you know every dollar's 10 percent maybe your last is less than 10 percent um

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but they know they just kind of fall out like that publishing and live events together

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not that huge revenue but again they're all most they're like middle almost yeah they're

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almost lead gathering yeah things so um I'm trying to think what else falling in that PNL but

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there's something like that there's the big ones yeah that's big rocks how do you think about

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reallocating or reinvesting capital within the business versus taking it out of the business

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as an owner hmm well we we uh don't randomly if we have something we can I can get more ROI

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here on something that we have a high belief in then I could anywhere else I mean certainly

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on mutual funds are real I mean I love mutual funds at real estate but I mean I can get a

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thousand percent ROI on launching a product yeah and I can't even approach that on this other stuff

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so uh I would rather deploy the capital here uh but I don't need to deploy it stupidly so um

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when in doubt uh we take it home and uh that take it out yeah yeah see it and plug it into the

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you know plug it into generosity and plug it into some more real estate or mutual funds

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so um I'm gonna I'm gonna pivot a little bit on the on the investing side because I wanted to give

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you uh something that you might not know but you did a podcast with Graham Stefan and he was

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fun he's a great guy yeah Graham's Graham's a nice guy he's done he's done a great job too on

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his stuff man yeah he's following your footsteps and a lot of ways well he's nice dude he's

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different I mean he's doing he's good he's we like him yeah Graham's a good dude and he showed you

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his investment uh portfolio yeah that's like a thing he does when he has to call on and I'm like

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I don't know Graham I don't know if I'm qualified to help you with that yeah you said something to him

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that massively changed the direction of how we invested just so you know yeah whoa so I wanted to

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share that with you so I think you had said loosely well before I look at this if this were your

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brain or your knowledge your experiences what percentage of this pie would you say is real estate

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versus stocks versus anything else he said well because he had asked you do you think I'm over

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indexed on real estate but when you asked him the question he said well I mean I guess probably 85

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percent of my knowledge is around real estate and I think his portfolio kind of reflected that

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you were like well then that's a perfect mix for you and for me as we were coming out of the

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of our liquidity event we'd probably taken about 40 million home before that um good for you that's

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all it's not 300 it was 300 it's gross I know you know the difference in grossing that

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but anyways and so I had during while I was growing the business I I basically just didn't really

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invest at all I mean I just put in indexism was like I'll deal with it later um and then we had

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the hoody event and I had I talked to probably every guy that I know was who was Richard the

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minion was like what should I do with all this and the answers that I got were as different as

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there are people under the sun yep which left me more confused than anything and so the reason

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that that little piece of advice that you gave to Graham was so meaningful for me was that it was

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personalized because everybody told me what they did and what had worked for them but you know

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the one of the guys I asked was like oh take all that and buy one huge building and I was like

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I don't only think about I was like I really I don't want to risk everything on one building

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he's like well I've been doing this 30 years like that's what you should do it's like

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I'm gonna mess this up yeah I know I tend it's in termites and toilets and all that so I have no

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idea any of that stuff works right and so when I thought back on when I looked at that pie and

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thought okay well what's my knowledge base it was like it's all business everything I've done

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has been business and all the money I made has been business and so I showed that clip to

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Layla my wife and I was like I think I think this is what we should do I think we should just

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stick to business and just buy businesses and grow them and so I love it that's what we did with

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acquisition.com is that good for you that's a great wow but that little piece of advice changed

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the direction of how I mean how we allocate all of our assets and what we do because it's funny

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because when if I was gonna write a five million dollar check into a building I I got like you know

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three or four deals that were around that size in terms of check size and I'd get all the way to

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the end and I was like I don't know what I'm doing and I'm just trusting that this is a good deal

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like I had the excel sheet and the you know projector returns all this stuff and I was like I don't

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feel good about this because I don't know when on the flip side if I'm gonna write a five million

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dollar check into a business I feel fine about it because I'm like oh I know like I know I don't

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know everything I know it's your sandbox right yeah and so anyway that's beautiful I love that

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that's what what happened was we had a product that we called wealth coach for a little while

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and we ended up doing these very small but I don't know we charged more than we ever charged

340
00:41:50.520 --> 00:41:54.600
like a thousand bucks or something we always charged twenty bucks to come to this little seminars

341
00:41:54.600 --> 00:41:58.440
and we ended up talking to these people there were millionaires or five million and ten million

342
00:41:58.440 --> 00:42:03.560
and I kept asking okay what do you put money into because they're they've actually done it

343
00:42:03.560 --> 00:42:08.040
they had money like you've actually done it you had money and so it's not someone with a theory

344
00:42:08.040 --> 00:42:15.560
yeah I'm tick tock you know and so what I kept hearing from them was this array of all kinds of

345
00:42:15.560 --> 00:42:19.880
different things I couldn't it wasn't the answer to the question wasn't a certain investment made

346
00:42:19.880 --> 00:42:26.040
them rich what it was was they put money and stuff they knew yeah and I mean one guy was a car dealer

347
00:42:26.040 --> 00:42:33.240
and he had a massive classic car collection which for an ego driven person is a horrible idea

348
00:42:33.240 --> 00:42:38.600
right but because because you can lose your budding in any kind of collectible yeah but for somebody

349
00:42:38.600 --> 00:42:44.760
that is in the car business and his his grandfather had a dealership and he his father had a dealership

350
00:42:44.760 --> 00:42:51.000
and he had a he he knows that loves it yeah he goes out in the garage and pets the cars I mean you

351
00:42:51.000 --> 00:42:57.640
know say guess what he's making that portfolio seriously gave him a great return now do I recommend

352
00:42:57.640 --> 00:43:02.280
to the general public go get a car no no put money and stuff you understand and you love

353
00:43:03.160 --> 00:43:11.320
and don't put money and stuff because it sounds fancy or somebody you know it sounds sophisticated

354
00:43:11.320 --> 00:43:16.120
because there's something that happens when you get money you think that everybody that has money

355
00:43:16.760 --> 00:43:23.160
is sophisticated about their investing and what I figured out was almost no one is yeah they're

356
00:43:23.160 --> 00:43:28.280
very primitive I mean a lot of people I talk to were farmers and we want to have lots of land

357
00:43:28.280 --> 00:43:32.440
they got dirt man that's it just dirt and it doesn't even I mean they don't even necessarily

358
00:43:32.440 --> 00:43:39.560
plan it but they just buy dirt and one guy 8,000 acres of dirt you know I'm like in Kansas you know

359
00:43:39.560 --> 00:43:43.640
like Cali I wouldn't need more good I don't know anything about that kind of dirt I like real estate

360
00:43:43.640 --> 00:43:48.520
but that would scare me to death yeah but for him it was the most comfortable natural thing in the

361
00:43:48.520 --> 00:43:52.840
world to your point and so I just learned that to put money and stuff you love and you understand

362
00:43:52.840 --> 00:43:56.920
don't put money and stuff because it sounds sophisticated because you're getting ready to lose

363
00:43:56.920 --> 00:44:00.120
your butt because you're trusting some guy who doesn't have any money who's trying to sell you

364
00:44:00.120 --> 00:44:09.800
something and driving a well bad car and so yeah I won't name the bad car but I mean that's

365
00:44:09.800 --> 00:44:15.240
where that came from was just anecdotally hanging out with those folks and researching it and it

366
00:44:15.320 --> 00:44:20.600
gave me peace because I was starting to make bank for the first time and I'm like I need to be like

367
00:44:20.600 --> 00:44:25.240
doing double back flip limited family partnerships or some kind of crap I don't even know what they are

368
00:44:25.240 --> 00:44:29.400
but I probably ought to be doing one if I'm making this kind of money and and then you talk to a guy

369
00:44:29.400 --> 00:44:33.480
and he's like yeah you ought to do a double back flip with a twist and I'm like yeah yeah but

370
00:44:33.480 --> 00:44:37.480
get right up to it and I'm going you know I don't have understand now I think I'd rather just

371
00:44:37.480 --> 00:44:42.760
bury it in the backyard than that because at least I know where it is you know it's funny though

372
00:44:42.760 --> 00:44:47.640
because even with the dirt example there's a guy who his entire investment strategy explained

373
00:44:47.640 --> 00:44:51.400
in interview he's like you guys are going to be bored but we're going to do for the next 55

374
00:44:51.400 --> 00:44:55.320
minutes because I can explain it in five and we're like and I'm listening I'm like okay here

375
00:44:55.320 --> 00:44:59.800
you know here's it he's like okay so what I do is I find a city and I find the main street because

376
00:44:59.800 --> 00:45:03.240
usually there's a main street that goes through the middle of the street the oldest street whatever

377
00:45:03.240 --> 00:45:09.720
it's like and then I take a ruler and I go out 30 miles he's like and then I buy all that land

378
00:45:09.720 --> 00:45:23.320
he's like and then I wait 20 years I love this guy and what are what are the what are the big

379
00:45:23.320 --> 00:45:27.960
questions yeah he's like so what do you want to do with the rest of our time together they're

380
00:45:27.960 --> 00:45:32.200
like so how do you hedge he's like oh Biden Cash because you can't you know can't take loans on land

381
00:45:32.200 --> 00:45:35.960
and yeah that's that's what I do and we've been doing that for many many many many I'd done

382
00:45:36.040 --> 00:45:41.240
with the guy the other night that a two billion dollar net worth and he's second gen but his

383
00:45:41.240 --> 00:45:48.120
dad was dirt doing dirt not unlike what your friend was doing and then he couldn't get the bank

384
00:45:48.120 --> 00:45:54.920
to do the deal he was borrowing money to do the dirt and so he bought the bank it was a little

385
00:45:54.920 --> 00:45:59.880
hometown bank and they screwed with him and so he bought it and he's like okay now they'll behave

386
00:46:00.360 --> 00:46:06.680
and then he started making money on the bank and got in and got to figure out how bank and now they

387
00:46:06.680 --> 00:46:13.880
own like 15 or 20 thousand acres three wineries around the world and a whole bunch of banks

388
00:46:14.760 --> 00:46:20.520
bunch of community banks and they and they're billion multi billionaires and so yeah but it started

389
00:46:20.520 --> 00:46:25.480
from that and they don't really do anything else is the wineries are more of a fun project I don't

390
00:46:25.480 --> 00:46:29.320
I think they know what they're doing with those probably the way he was talking he knew wine

391
00:46:29.400 --> 00:46:38.040
and the but the but he knows banks he knows dirt and that's where all their money is yeah and they're

392
00:46:38.040 --> 00:46:43.160
not diversified for having as much billions with an ass you know I mean it's interesting

393
00:46:43.160 --> 00:46:47.240
though those kind of people are enthralling to me and it's interesting because most of the

394
00:46:47.240 --> 00:46:52.040
billionaires that I have looked at they usually make their money in one or two vehicles that they

395
00:46:52.040 --> 00:46:56.120
know exceedingly well where they feel like they have an unfair advantage and like they they get

396
00:46:56.120 --> 00:47:00.120
there not because there's a marketplace advantage but because they have an information advantage

397
00:47:00.120 --> 00:47:06.920
they know it better exactly exactly and I mean if you go through the Forbes 400 I think it's 67%

398
00:47:06.920 --> 00:47:11.400
last time I looked or first gen mm-hmm they're all billionaires now you don't qualify if you don't

399
00:47:11.400 --> 00:47:22.600
it'll be and their first gen and I think I looked at them of the first gen's it was 90 something

400
00:47:22.600 --> 00:47:29.960
percent or business driven mm-hmm so it was Michael Dell you know Bill Gates hobby lobby David

401
00:47:29.960 --> 00:47:37.160
Green Chick-fil-A sure Kathy you know and so they started a business and it led to either they

402
00:47:37.160 --> 00:47:42.840
took it public or they just monetized the crowd out of it it just has a value marketplace valuation

403
00:47:42.840 --> 00:47:49.960
Oprah you know but you know the secret of Oprah's wealth is not her celebrity status it's the

404
00:47:49.960 --> 00:47:55.320
Empire she built under the celebrity status and so you know you go down those things like that and

405
00:47:55.320 --> 00:48:01.800
you go okay you can get to one to five million dollar net worth with your 401k and you're paid off

406
00:48:01.800 --> 00:48:07.320
home yeah but you know mathematically impossible to get to a billion in your 401k it's not possible

407
00:48:07.320 --> 00:48:11.000
to do it yeah so you got to do there's other strategies to be involved if you're gonna do that

408
00:48:12.040 --> 00:48:17.400
so I wanted to take a quick second because it would it'd be hard for me to to talk to you

409
00:48:17.400 --> 00:48:23.560
Ramsey without talking about debt and a lot of people so in my audience I'm kind of dead

410
00:48:23.560 --> 00:48:27.640
agnostic I don't talk much about it but a lot of people don't know that I actually have no debt

411
00:48:27.640 --> 00:48:32.360
either and so everything I bought to this point in my life has been cash now I'm not against that

412
00:48:32.360 --> 00:48:37.080
I just kind of like we talk about you know when I get right at the edge of something I just

413
00:48:37.080 --> 00:48:43.400
end up not doing it it's been that way with most kind of loan things in general and I read

414
00:48:44.280 --> 00:48:51.320
financial or total money makeover years ago and you have this line in there about debt that was

415
00:48:51.880 --> 00:48:55.400
I'm gonna try and say it back to you as I understood it because there's obviously the

416
00:48:55.400 --> 00:49:01.400
big biblical component but for everyone who might not believe in that I wanted to give at least

417
00:49:01.400 --> 00:49:08.360
my rational understanding of how you see it which is that debt introduces risk and risk when

418
00:49:08.360 --> 00:49:12.840
when compounded over a long enough time horizon no matter how big a number you acquire any number

419
00:49:12.840 --> 00:49:17.160
multiply by 0 still 0 and so if you know that you're going to be playing this game for a very

420
00:49:17.160 --> 00:49:21.480
long time even a small amount of risk when you're going 200 miles an hour can flip the car

421
00:49:22.840 --> 00:49:30.040
that was my understanding of how you saw debt is that accurate that's that's how I I saw it

422
00:49:30.040 --> 00:49:34.920
or at least I interpreted your view on debt now that line is actually from Warren Buffett yeah

423
00:49:34.920 --> 00:49:40.680
he and one of his famous annual reports there they're very cheeky and fun to read and especially

424
00:49:40.680 --> 00:49:45.160
the opening paragraphs or so and one of those he was talking about you know down year like

425
00:49:45.160 --> 00:49:50.920
08 you know we soon discover that leverage is not always your friend yeah that those of us that

426
00:49:50.920 --> 00:49:56.520
could do math realize that any number multiplied by zero is going to equal zero yeah and debt does

427
00:49:56.520 --> 00:50:01.720
that for you so yeah it's um again having grown up in the real estate business one thing you're

428
00:50:01.720 --> 00:50:05.080
gonna do in the real estate business when I was growing up if you said I'm gonna be a real estate

429
00:50:05.080 --> 00:50:09.880
investor they took you to the hospital they took out your risk meter and they broke it with a hammer

430
00:50:09.880 --> 00:50:13.720
and they put it back in you're not allowed to perceive risk if you're going to be a real estate guy

431
00:50:13.720 --> 00:50:18.360
because and because it's every it's a glass half full where eternal optimists everything's

432
00:50:18.360 --> 00:50:24.360
going to work out because real states always awesome it's just awesomeness on parade you can't

433
00:50:24.360 --> 00:50:29.400
mess this up the renters will pay your rent okay that I pay your mortgage you how can you mess this

434
00:50:29.400 --> 00:50:34.840
up and you know so if if a little bit of leverage is it is good then a lot of leverage is amazing

435
00:50:35.320 --> 00:50:40.280
and uh and that's how I went broke yeah you know I I leveraged up to my eyeballs on had a bunch of

436
00:50:40.280 --> 00:50:44.600
short-term notes in the bank called did the unthinkable and call my notes when they got sold to

437
00:50:44.600 --> 00:50:49.480
another bank and they saw 26 year old kid owed him a million two on the 90 day notes doing flips

438
00:50:49.480 --> 00:50:54.840
there this was before chip and Joanne I told us how to do it and so and do a flip oh my god

439
00:50:54.840 --> 00:51:00.360
and we didn't have hg to channel to tell us how to fix up a house I without cable TV I did this

440
00:51:00.360 --> 00:51:07.240
stuff and so um yeah so that's where it came from and then what happened to me because I lost

441
00:51:07.240 --> 00:51:18.680
everything following the borrow all you can because it works plan um I had to stop and go uh I

442
00:51:18.680 --> 00:51:27.400
think I've got a bad set of rules the playbook I've got sucks I keep losing and and my kids are

443
00:51:27.400 --> 00:51:32.520
getting skinny I mean this is not working so when I did that the first and as you said the first

444
00:51:33.080 --> 00:51:38.280
door I went through was I was uh had just become a Christian and so I started studying the bible

445
00:51:38.280 --> 00:51:43.640
and so from as a matter of faith I start reading scriptures and all the scriptures say negative

446
00:51:43.640 --> 00:51:47.720
things about that it doesn't say it's a sin they say you're going to hell but it's stuff like the

447
00:51:47.720 --> 00:51:52.520
borrowers slave to the lender you're a fool if you co-sign I mean it says these things are scripture

448
00:51:52.600 --> 00:51:58.360
and then you talk to old rich people and they go well you stay out of that boy you know and okay

449
00:51:58.360 --> 00:52:04.360
that's kind of grandma gods and grandma's ways of doing it so what did I miss in academia when I fell

450
00:52:04.360 --> 00:52:10.120
in love with leverage from an academic viewpoint because how is it it's incongruent to me that if

451
00:52:10.120 --> 00:52:18.280
this book of wisdom and these people that are long in the tooth with gray hair that have proof

452
00:52:18.280 --> 00:52:24.440
social proof they've got money and they kept it are all saying avoid debt what is it that we're

453
00:52:24.440 --> 00:52:30.760
missing in academic land with my intellect so spiritual social proof now I got to solve an

454
00:52:30.760 --> 00:52:35.880
intellectual and what I ended up doing I ended up speaking at Vanderbilt to a group of MBAs early

455
00:52:35.880 --> 00:52:41.400
in my career and it it forced me to because I knew I was going to go in there and get tackled right

456
00:52:41.400 --> 00:52:46.600
because they're going to go you're primitive moron you believe the bible you know you don't

457
00:52:46.600 --> 00:52:49.800
know anything and you don't know how to do math and I know I don't know how to do math as a matter

458
00:52:49.800 --> 00:52:55.560
of fact it's about all I know how to do I'm a math guy so what I figured out was was that in

459
00:52:55.560 --> 00:53:07.800
business debt or real estate debt business is not publicly traded no one includes all the math

460
00:53:08.280 --> 00:53:15.800
mm-hmm they leave out a risk factor associated with that mathematically and so we look at a very

461
00:53:15.800 --> 00:53:22.840
inaccurate and primitive measure of leverage and so if I can borrow this money at 2% and I can

462
00:53:22.840 --> 00:53:29.400
invest it at 8 why am I not making 6 well a you left that inflation b you left out taxes but

463
00:53:29.400 --> 00:53:35.560
aside from that and that's pretty basic because this is argument it's that it is that the argument

464
00:53:35.560 --> 00:53:41.720
is that primitive right but you did not adjust for the risk you took on because I think we can all

465
00:53:41.720 --> 00:53:47.960
agree if you have a business that's doing $10 million top line and you've got $12 million in debt

466
00:53:47.960 --> 00:53:53.080
you have a lot more risk than if you had $2 million in debt and even $2 million is more risk than

467
00:53:53.080 --> 00:53:57.880
if you had zero debt we can agree that debt is equal to risk and if we can agree to that then we

468
00:53:57.880 --> 00:54:03.880
ought to be able to assign if we're going to really get down in the analytical jungle we can assign a

469
00:54:03.880 --> 00:54:08.920
mathematical formula to that well tada there is one it's already exists we just never applied it

470
00:54:08.920 --> 00:54:15.400
in that in the investment world they teach us to adjust you don't compare an aggressive growth stock

471
00:54:15.400 --> 00:54:24.120
mutual fund that has a high peaks and valleys on the graph volatile with a growth and income fund

472
00:54:24.120 --> 00:54:30.840
which has almost no peaks and valleys so a growth and income fund may have a beta of a point

473
00:54:30.840 --> 00:54:39.560
eight meaning it is only 80% as risky as the S&P when you're comparing it to an aggressive

474
00:54:39.560 --> 00:54:47.240
growth stock mutual fund that might have a 2.0 meaning it's twice as volatile risky and so in that

475
00:54:47.240 --> 00:54:52.120
world we're taught I mean one of the first things you learn doing financial analysis in that world

476
00:54:52.120 --> 00:54:58.200
is the bet you use the beta as an inverse in the math and you flip it on its head and you multiply

477
00:54:58.600 --> 00:55:03.480
through and you adjust for risk mathematically so that you can then say after you adjust for the

478
00:55:03.480 --> 00:55:09.000
volatility the point eight versus the 2.0 versus the S&P is a 1.0 it's your baseline when you adjust

479
00:55:09.000 --> 00:55:16.520
for that risk the perceived return of the aggressive growth stock mutual fund at 20% ready to return

480
00:55:16.520 --> 00:55:23.480
where the other one's making 11.2 it goes away it neutralizes it and you might end up with

481
00:55:24.280 --> 00:55:30.680
a risk adjusted that 11.2 will come up and the 20% will come down risk adjusted and then you

482
00:55:30.680 --> 00:55:36.760
can actually compare apples to apples but you've risk adjusted for the volatility and mathematically

483
00:55:36.760 --> 00:55:42.520
we don't do that in business right we just go well I won't buy bulldozer let's go get 50,000

484
00:55:42.520 --> 00:55:48.280
to bank and I think I can do it I think we can push some dirt and that that is your risk analysis

485
00:55:48.280 --> 00:55:54.680
well kiss my butt that is dumb okay and people do that all the time and so what I determined was

486
00:55:54.680 --> 00:56:02.040
is that I'm going to go if you want to compare two dry cleaners you know one has that one doesn't

487
00:56:02.040 --> 00:56:05.960
I've got a risk adjust for that mathematically and you have to apply beta formula that I present

488
00:56:05.960 --> 00:56:10.200
that to this group of MBAs and they're all sitting there with their jaws on their lap going uh

489
00:56:10.200 --> 00:56:15.480
no one ever said that and I said it's because it's never been said no one no one does it in a world

490
00:56:15.480 --> 00:56:20.760
no one does no you're not trained this way you're trained that way and only one bucket of finance

491
00:56:20.760 --> 00:56:29.640
all the other buckets of finance zero real estate people do this zero none they do not analyze risk

492
00:56:29.640 --> 00:56:36.440
and so if you take risk out then unlimited leverage right is logical but if you say unlimited

493
00:56:36.440 --> 00:56:44.040
leverage they go oh oh not quite maybe 80% maybe a 70% maybe a LTV right and uh you know

494
00:56:44.040 --> 00:56:47.480
we but if you push them up to the edge they can actually feel it a little bit because they there's

495
00:56:47.480 --> 00:56:53.240
remnant of a risk meter in there but it just doesn't function anymore that's where that came from

496
00:56:53.880 --> 00:56:58.120
no I love it probably more than you wanted but no no I wanted to uh to kind of hear your take on it

497
00:56:58.120 --> 00:57:02.440
and uh because obviously you know in the in the business acquisition world there's also debt that's

498
00:57:02.440 --> 00:57:08.680
that's factored in now we've done all all cash deals um up to this point um but I wanted to just kind

499
00:57:08.680 --> 00:57:13.960
of hear your take on it uh and I I quote Warren Buffett a lot bigger yeah but even even in the

500
00:57:13.960 --> 00:57:19.560
public a trade your brown you know if you we were taught and and still talk bonds are debt

501
00:57:19.560 --> 00:57:23.880
mm-hmm and so if you're looking to come company with public a trade stock it has a heavy bond weight

502
00:57:23.880 --> 00:57:31.160
yeah you discount the PD you you don't compare that stock apples to apples with a company has no

503
00:57:31.160 --> 00:57:35.560
bond rate zero bonds that zero debt they don't bank that they don't short term debt they're

504
00:57:35.560 --> 00:57:42.280
sitting over debt free you you would give them some benefit on their stock analysis mathematically

505
00:57:42.280 --> 00:57:47.000
we're taught to do that but again it does not transfer from the mutual fund world or the publicly

506
00:57:47.000 --> 00:57:53.800
traded world to the real estate world or the small business world small business uh privately help

507
00:57:53.800 --> 00:57:59.160
business this is don't even I mean I know people that do you know do have a billion dollar top line

508
00:57:59.160 --> 00:58:04.120
and yeah honestly they don't even look at me they just they just some a lot of them just don't

509
00:58:04.120 --> 00:58:07.400
borrow money they don't even know why they don't borrow money they just don't borrow money

510
00:58:07.400 --> 00:58:11.480
because somebody told them to one time and they go I like not being in debt I can sleep better

511
00:58:11.480 --> 00:58:18.440
and that's their entire analysis you know uh me I've got analysis and I can do the country boy

512
00:58:18.440 --> 00:58:25.480
thing too and say I just sleep better bring on a pandemic I got cash yeah I I'll I'll bring us

513
00:58:25.480 --> 00:58:29.800
home because I had a and I could talk to you all day um and I appreciate you taking the time to

514
00:58:30.120 --> 00:58:34.200
you know talk to me and the audience the game I've been honored it's fun fun conversation

515
00:58:34.200 --> 00:58:39.960
if you had advice that you could you know I'll keep it specific to business advice um that you

516
00:58:39.960 --> 00:58:47.080
could give 40-year-old Dave would you tell him then that like you know now that you didn't know then

517
00:58:52.840 --> 00:58:55.800
play incremental long ball don't look for the home run

518
00:58:56.280 --> 00:59:05.240
um I keep waiting for somebody to call me and for this to get easy one phone call and it's all

519
00:59:05.240 --> 00:59:09.560
over and it's like oh now I don't have to think about anymore someone else is gonna do it for me

520
00:59:09.560 --> 00:59:15.240
it's all automatic it's never gonna be automatic it's never gonna be easy it's um it's a hustle and

521
00:59:15.240 --> 00:59:20.520
grind it's a claw you're gonna make a bazillion mistakes make mistakes that are experiments that

522
00:59:20.520 --> 00:59:26.600
you survive you put out a hypothesis you survive the experiment to live another day to have

523
00:59:26.600 --> 00:59:30.920
another experiment put out another hypothesis another product that fails another idea that fails

524
00:59:30.920 --> 00:59:38.440
and our failures at Ramsey are in new and number and in money are way greater than our successes

525
00:59:38.440 --> 00:59:43.480
the only things we survive them a we didn't have debt and b we never bet the farm on one horse

526
00:59:43.480 --> 00:59:47.000
and so from a diversification standpoint we never pushed all the chips to the middle of the

527
00:59:47.000 --> 00:59:52.920
table on one hand and so we're not looking for the singular home run we're looking to survive

528
00:59:52.920 --> 01:00:01.080
and fight another day and keep iterating and the the culmination of that the accumulated value

529
01:00:01.080 --> 01:00:07.000
of those iterations are what we call the gleaming mountain of success which turns out as a pile of

530
01:00:07.000 --> 01:00:13.720
garbage and mistakes that you're just standing on rather than laying under it I love that one

531
01:00:13.720 --> 01:00:18.120
of the things that we have in our community is a hundred gold hundred golden BBs no silver bullets

532
01:00:18.120 --> 01:00:21.720
there you go that's the one that's exactly you know you beat me do you that's much better than mine

533
01:00:21.720 --> 01:00:26.360
I'm just gone with that you know that's the same thing I keep waiting on the phone call but I mean

534
01:00:26.360 --> 01:00:31.960
it's never I've had a couple of my thoughts it and then I was um found out they were just people

535
01:00:31.960 --> 01:00:36.600
and they weren't magic what's funny because I joke with our community because a lot of my community

536
01:00:36.600 --> 01:00:40.760
small business owners you know probably you know from a hundred thousand dollars a year to a hundred

537
01:00:40.760 --> 01:00:44.440
million dollars a year is probably like the broad brushstroke of the people who are listening to this

538
01:00:46.440 --> 01:00:51.160
and the biggest thing one of them suffer from is you know shiny object syndrome is that we have

539
01:00:51.160 --> 01:00:55.640
as soon as something starts to get hard something new looks easy and so they jump from the hard

540
01:00:55.640 --> 01:00:59.400
thing to the easy thing and really it's just uninformed optimism and then they get into it and then

541
01:00:59.400 --> 01:01:07.640
they have informed pessimism that's beautiful that's beautiful yeah I mean by the time it shines

542
01:01:07.640 --> 01:01:16.120
you're late you're late it's too late I mean if you think TikTok is new you're late yeah it's

543
01:01:16.120 --> 01:01:23.080
already not new it may have already turned down and we what we were talking right now well I mean

544
01:01:23.080 --> 01:01:28.200
if if we have a second let me know um in terms of how because you've survived a survived a strong

545
01:01:28.200 --> 01:01:35.240
word you've thrived uh platform agnostic you know you have you I mean you were in radio you've

546
01:01:35.240 --> 01:01:41.560
done live stuff but then I see YouTube clips uh of your show pumping out every day you guys crush it

547
01:01:41.560 --> 01:01:49.080
on YouTube and you do it kind of your way um how have you thought about navigating platforms as they

548
01:01:49.080 --> 01:01:54.760
come and go and how you kind of reinvest in what where were we going to make a bet and say okay

549
01:01:54.760 --> 01:01:59.080
we're going to start expending resources here where's it just if there's attention we'll go there

550
01:01:59.080 --> 01:02:05.000
like how do you think through that uh we try to go there and then we expend resources by

551
01:02:05.000 --> 01:02:12.600
based on uh results and so um the YouTube shorts that we've been pumping out is only about a year

552
01:02:12.600 --> 01:02:19.080
and a half old and uh we're getting incredible results uh but we're getting results on those as an

553
01:02:19.080 --> 01:02:25.000
example um we don't view those as live transformation items okay we view them as lead magnets

554
01:02:25.960 --> 01:02:31.880
to lead you to the long form show to financial peach university to a book which are live transformation

555
01:02:32.680 --> 01:02:40.120
so um they're uh free advertisements that cause people to get a little sample you get a little

556
01:02:40.120 --> 01:02:45.480
little lady standing Costco with a sample biscuit right and so get a little sample and um

557
01:02:47.160 --> 01:02:52.840
uh get a little sample biscuit and then you may go by the whole thing in the freezer uh but so we

558
01:02:53.800 --> 01:02:59.560
I would not do in other words our philosophy on like changing lives as well we're here we would not

559
01:02:59.560 --> 01:03:05.880
only do YouTube shorts because they don't change lives mm-hmm okay we would not only do uh the

560
01:03:05.880 --> 01:03:10.840
new long form TikTok six minutes seven minutes we would not only do that uh because it won't change

561
01:03:10.840 --> 01:03:20.200
life um and so but it's got to lead us somewhere and based on its response on doing that or just general

562
01:03:20.200 --> 01:03:25.800
activity around whatever the item is whether it's a long form or short form uh it is we're gonna

563
01:03:25.800 --> 01:03:31.000
we're gonna pour gas on where we're seeing stuff work and you know so we don't you know for the

564
01:03:31.000 --> 01:03:38.440
last two years we put uh little to no effort in growing Twitter mm-hmm um Tucker Carlson might

565
01:03:38.440 --> 01:03:46.280
change that it may become a broadcast medium mm-hmm and uh so we'll probably be on Twitter next week

566
01:03:46.280 --> 01:03:51.160
well you know it's definitely yeah pushing Elon and he's gonna but I mean if it's not going to just

567
01:03:51.160 --> 01:03:58.360
be a uh a cauldron for trolls uh then um and it's actually gonna put out some positive information

568
01:03:58.360 --> 01:04:03.640
uh in a way that is consumable and could grow and tuck if if Elon proves that with Tucker I mean

569
01:04:03.640 --> 01:04:07.640
we'll jump in there and try it right now and all that is we're not gonna put a ton of money on it

570
01:04:08.680 --> 01:04:12.920
uh resources or bandwidth on it but we're back this week we were discussing we're probably gonna

571
01:04:12.920 --> 01:04:17.320
try it and uh tuck what Tucker's doing and what Elon's doing with Tucker and with that whole idea of

572
01:04:17.320 --> 01:04:23.240
broadcasting there um because Facebook live is didn't work yeah it's not working no no um not

573
01:04:23.240 --> 01:04:26.680
from our perspective anyway but we're still there we're not winning a band on that but we're not

574
01:04:26.680 --> 01:04:31.160
putting effort on where YouTube shorts yeah we have a lot of people in this building working on

575
01:04:31.160 --> 01:04:36.040
that every day yeah you guys crank those yeah they do they put out a bunch of when you think

576
01:04:36.040 --> 01:04:41.720
about consent for you are you because you're recording 12 hours a week correct four days three hours a

577
01:04:41.720 --> 01:04:46.440
day of 15 hour okay well not counting commercials yeah we do three hour talk radio show every day

578
01:04:46.440 --> 01:04:51.640
that's the entirety of your kind of content creation and then the teams take all of that and

579
01:04:51.640 --> 01:04:58.920
disseminate it through all the the channels uh I do a podcast that I just took over that's

580
01:04:58.920 --> 01:05:04.360
caller driven on leadership in small business called on trade leadership took that over in January

581
01:05:04.360 --> 01:05:09.800
that and the Ramsey show or the only two things I'm on the Ramsey network has about 10 shows

582
01:05:10.440 --> 01:05:16.440
that are uh YouTube and or radio and or I mean we put them on everything but um I mean the

583
01:05:16.440 --> 01:05:21.720
Ken Coleman shows the only ones on talk radio 75 stations plus podcasts plus YouTube

584
01:05:22.760 --> 01:05:28.040
Deloney at John dr. John Deloney is a huge show on podcast and YouTube only

585
01:05:28.680 --> 01:05:33.560
the Rachel Cruz with George Campbell the smart man happy hours and but we saw dust every one of

586
01:05:33.560 --> 01:05:39.080
those every one of those can you see so we're gonna take uh pieces and clips and all kinds of

587
01:05:39.080 --> 01:05:45.880
things with them instead of we don't go create uh well I say very seldom do we go create a YouTube

588
01:05:45.880 --> 01:05:51.240
short of anyone in the building or anything in the building it is clipped from something we were

589
01:05:51.240 --> 01:05:58.760
already doing so it's repurposed uh content that was already developed for something else you know

590
01:05:58.760 --> 01:06:03.640
highly edited yeah I I mean because I've I've I've observed what you're doing and thinking like

591
01:06:03.720 --> 01:06:08.840
how can how can we do even more of that kind of stuff lots of payroll yeah we're

592
01:06:08.840 --> 01:06:17.800
our medias um all right well uh this has been phenomenal and uh I'm honestly just so grateful that uh

593
01:06:17.800 --> 01:06:22.920
they they had me and my team out here um to uh this is considered Ramsey studios is that what

594
01:06:22.920 --> 01:06:28.040
this would do yeah then we'll call it that Ramsey solution studio if you um and uh just also

595
01:06:28.040 --> 01:06:33.800
so grateful for that one tiny tidbit that wow I'm honored I had a tiny bit to do with all

596
01:06:33.800 --> 01:06:38.600
that you do man you're amazing and I'm proud proud of you well done means a lot I appreciate it

597
01:06:38.600 --> 01:06:43.160
well thanks so much for having coming on the game thank you brother of Louis the something in the

598
01:06:43.160 --> 01:06:55.880
future I have a little account on it