Have you ever asked yourself why the millionaires, when they make expensive and grand purchases, don’t seem to hurt their pockets? While some of us have to be afraid of going into debts or spending our credit because they pay more than they originally spent for -with all the interests and taxes.
Have you ever tried checking out what’s the secret of wealthy people when it comes to debt management and financial knowledge? If you’re interested, then listen to this episode with our guest, Chris Naugle, America’s number 1 Money Mentor, to help us take back control of our money and teach you the steps into the secrets of the wealthy and generate more money.
Chris manages over 30 million dollars in assets in the financial services and real estate industry. He empowers businesses and real estate investors with money knowledge to help them break from the chains of financial slavery.
Here’s what you missed:
Against all odds
- “…why can’t I, if I just do what everybody else is unwilling to do.” (02:55)
- “all that practice against all odds and everybody telling me I couldn’t do it. I ended up becoming a pro snowboarder and that was kind of my upbringing.” (03:43)
- “And I said, you know what, it’s the best thing ever. It’s all I knew. It didn’t matter that other people had more, this is what I had and we made the best of it.” (04:03)
How do I not fail?
- “…a lot of people get into business ‘cause they want to be super-wealthy to me back then, business was just the means for me not to trade hours for dollars.” (05:24)
- “So this was my first crash course into realizing how difficult life can be sometimes” (05:50)
- “…Chris is a snowboarder who fails at this new venture, which it very well could have. I just lose mom’s house. That was the point where I really started focusing on the money side. How do I not fail? And it was a lot more than just, you know, The dream of chasing big dollars.” (06:51)
- ” I never lost mom’s house. That business was a success and all the way up to the early two-thousands, I faced my first recession.” (07:13)
Start putting the twigs together
- “… entrepreneurs have something about them that makes them more successful in the financial world.” (08:07)
- “I started learning a lot. Building a book and building a lot of clients. And I flipped a couple houses in Oh six and Oh seven. So I entered real estate kind of a little bit. And then I was crushing it.” (08:36)
- ” Sometimes timing is everything in my life I thought was going this direction. And then all of a sudden, when the great recession hit, I was going that direction.” (09:23)
- “…they say that a lot of money is made obviously in the downturns” (11:27)
Why do I keep failing?
- “…you never know it when you’re doing it… But then I made a massive mistake or just circumstances hit me the wrong way in 2014. And, uh, I took my 37th deal to the bank and the bank said you don’t fit in our little square box called debts income.” (12:25)
- “…but banks have a certain number of, of mortgages you can do, or your debt to income ratio calculation. And I hit that wall, even though I was making good money as an advisor… because you don’t fit in the box, now they open up everything and they, they froze my lines of credit.” (12:49)
- ” So you can see like my journey, you know, from early years, right on straight through, it’s just been this crazy rollercoaster ride. Of just ups and downs, where I had money, I lost it all. You know, I had things, I lost them all.” (13:46)
Be around the campfire
- “…the signs have been there your whole life, but you fail to see them when things are going good, or when you are not allowing life to just happen. And you’re trying to control everything.” (14:39)
- “I’m a pretty high-level financial advisor at this time. I thought I knew everything there was to know about money, but they’re talking about money in a completely different realm of anything I’ve ever heard.” (15:44)
- “And it made me question everything. Made me question everything I learned that I dove in and I started there’s a lot more to it, but I started really following multi-millionaires and billionaires…but I knew the answer to what I needed lied in these people’s minds and the only way…the only way I was going to get that is to be there with them, I call it be around the campfire.” (16:15)
The secrets of the wealthy
- “We’re literally wearing rosy colored glasses, thinking that everything they’re teaching us is exactly what everybody needs, but it’s really not. It’s what they want us to sell.” (17:02)
- “And I started figuring the secrets out. I literally untapped and figured out the secrets of the wealthy. And I started applying them in my life” (17:35)
- “And he said, watch the video in that video is where it all changed. And I watched it and I knew the path. ” (18:22)
BYOB (Be your own bank)
- “you creating a banking system becoming your own bank.” (19:02)
- “So that 90-minute video showed me what the wealthy do, the Rockefellers, the Rothschilds, the Ray crocks, the Walt Disney’s, what they’ve done over time and how they’ve used insurance companies instead of banks to create banking systems that they use to finance all the things in their life and all they did to do this.” (19:13)
- “…but I learned. Had to change one thing or add one step to my life. And that was where my money went first…We’re taught to go to work or start a business to work hard and make money. We are never taught what to do with that money.” (19:36)
- “But because I was being the bank, I got to treat my money the same way I would treat the bank’s money or the credit card company’s money” (22:15)
Figuring out the Eighth Wonder of the World
- “They understand in order to continue to build their wealth, they need to do two basic things. They need to control their money and have access and control over that money at all times, because if an opportunity comes tomorrow, they need to have access to take advantage of that opportunity.” (23:04)
- ” The wealthy figured out the eighth wonder of the world. They understand they can put their money there and then they can earn interest on it, but yet still have access and control. But without interrupting. The flow of that compound interest.” (23:41)
- “…those that understand it, earn it, and those that don’t pay it, we have to then decide how do we tap into compound interest, but yet not give up control” (23:59)
- ” So now all of a sudden I’ve opened up an incredible potential to let my money grow while still going out and having my money grow a second or third or fourth or fifth time all at the exact same time.” (24:30)
The Swiss army knife of the financial world
- “I heard about this magic machine, call it the Swiss army knife of the financial world… that sounds too good to be true.” (26:17)
- “…whole life insurance as one of two things, very expensive life insurance or money that somebody gets when I die.” (26:41)
- “It’s not a regular whole life. It’s built completely backwards. It’s built to work like a banking system.” (27:32)
Snowballing
- “But what I did is I stopped putting money in traditional banks, only money I kept in a traditional bank was enough to pay my car payment, car insurance and basic needs.” (30:30)
- “Then, what I did is I immediately started taking the money out. I did it on a quarterly basis and I paid down credit cards in a very unique way. It’s called snowballing,” (30:46)
- “But every time I was using my money, I treated my money like I would the banks line of credit.” (32:49)
The circle of money
- “It’s a big circle that all lands back in my own bank instead of somebody else’s folks” (35:04)
- “That is what the wealthy know that you don’t. That is what they do every single day of every single month of every single year. And that is why the families of these wealthy individuals like the rock Chuck Rothschilds and the Rockefellers get richer and richer.” (35:14)
Monopoly Money
- “I am always in a liquid state or in control of my money.” (37:28)
- “Real estate values come down because if you can’t make money in the markets, people lose jobs. They can’t afford houses. It brings value down it’s supply and demand ” (38:20)
- “…many people will not be ready for that because they will have all their assets already deployed.” (39:44)
Work the way the wealthy work
- “And FOMO is the most dangerous thing in the stock world of investing or any world of investing, because it always leads you off a cliff.” (41:32)
- “…we can’t time the market. You never can the best in the world. Can’t so don’t try. ” (41:51)
- “You got to change your mind to start working the way that the wealthy work you got to change your mind to understand that opportunity. Is always going to come, but only few have the ability to really take advantage of it.” (44:25)
- “I’m just following a set of rules that are very simple. I bought them low. I’m selling them high and I’m not going to lose money. And then when they go low again, I will rinse and repeat and do this process over. ” (46:22)
- “Change where your money goes first and tap into uninterrupted compound interest. Be smart about your investing right now. Not saying don’t invest, but set rules to your investing patterns in definitive rules.” (46:52)
- “Every one of you need to be that light in the darkness, but to do that, you gotta really start planning for it today.” (48:31)
Be resourceful
- “It is not about your actual resources. It’s about how resourceful you can be.” (49:27)
- “You want to be wealthy. You want to be successful. You got to do one thing. You got to go out there and you got to solve somebody else’s problem.” (49:46)
Quotes and Advice from our host and guest:
- “…buy low, sell high and don’t lose money.” – Warren, (12:03)
- “…when you’re in that moment, you don’t realize it, but those are some of your most powerful moments because you’re actually willing to receive” – Chris, (14:25)
- “We’re literally wearing rosy colored glasses, thinking that everything they’re teaching us is exactly what everybody needs, but it’s really not. It’s what they want us to sell.” – Chris, (17:02)
- “…if it looks like a duck, quacks like a duck, it’s gotta be a duck.” – old saying (27:52)
- “And if you just focus on helping people solve their problems, you will be wealthy no matter what, it’s just harder than it sounds.” – Chris, (36:34)
- “And I always say, it’s just like monopoly money if you’re not tapping into it.” – Casanova, (37:08)
Books, Mentions, and Links: