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[Music]
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welcome to the best interest podcast
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hosted by Jesse Kramer where we discuss
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today's best ideas in personal finance
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and investing the best interest is a
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personal podcast meant for entertainment
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purposes only it should not be taken as
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Financial advice and is not prescriptive
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of your financial situation here's your
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host Jesse
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Kramer hey guys what is up this is Jesse
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Kramer speaking welcome to episode 20
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number 20 of the best interest podcast
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today I'm really excited to bring
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Brennan schlog bomb on to the podcast he
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and I have a really cool discussion
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about some interesting psychological
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parts of personal finance and investing
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but before I introduce Brennan I want to
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tell you guys some good news what is the
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good news well the best interest podcast
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today that's personal Capital your
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all-in-one free personal finance
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tool my guest today does boots on the
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ground work one-on-one with real people
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looking to make progress from their
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financial struggles so that work along
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with his excellent ebooks have gotten
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him noticed he has over 50,000 followers
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on Instagram and over 10,000 on Twitter
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he recently launched per his biggest
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work yet it's an online course called
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budget to Financial Freedom and on top
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of all that work he's a certified
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accountant by day so I suppose you could
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say that Finance is a significant part
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of his life and I'm very excited to pick
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his brain today so joining us from
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Cincinnati Ohio is Brennan schlag bomb
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better known by his social media handle
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the budget dog Brennan what's up man how
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you doing today hey Jesse thanks for
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having me man absolutely thank you for
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coming on I was just hope I don't get
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swept away from the tornado and Monsoon
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happening outside my house right now
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well that's funny we got that last night
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uh it was very brief it was like little
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popcorn storms or pop-up storms whatever
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they call them but 3:00 am we had Big
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Thunder and hail roll through over here
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in in
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Rochester yeah we'll see if we get some
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good sound effects in the background
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today but I wanted to start Brennan I'm
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assuming some of my listeners they they
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don't know you but I think they ought to
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know you so can you give us a little
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maybe two minute elev pitch about your
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story and how you got involved in this
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work and and what it's been like for you
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sure yeah so I started about two years
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ago with the at budget dog through all
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my social medias and a little bit
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background before that actually started
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was kind of what drove up to that point
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so 10 years ago um I'm dating myself now
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but you know 20 years old I was in
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college I was ready to get that degree
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that's all I went my whole life I was
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that was my aim that was my goal
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and I was taught that college 9 to5
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that's the thing to do you're success if
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you achieve that and so that was
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everything I knew and I got to the end
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of college and I realized I had $40,000
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in student loans on my plate um and I
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had multiple other you know loans on top
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of that we got a house right after that
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of course the car comes of course the
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wedding ring comes of course the bed
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that I slept incomes um there were loans
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everywhere and it was alarming because
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as the CP I finally got into the
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professional field messing with balance
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sheets income statements and all that
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stuff so I wanted my personal financial
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statements I put those together and wow
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we shot out a number that was scary to
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look at with $300,000 in debt so my wife
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and I kind of came to that uh reality
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really fast after school like we got to
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do something about this like we've been
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told up to this point this is what
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success is called and we're sitting
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there staring at a 300,000 plus dollar
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debt and that's considered normal and to
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us we're like like where is anybody
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saying anything about this like why is
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nobody like yelling and screaming like
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this is not okay and so we got on a plan
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we got on a budget um we got we had our
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balance sheet we we learned how to
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maximize uh how to use that you know end
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of the month amount over from the budget
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and move that toward the balance sheet
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to reduce that debt and use the
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amortization schedules to map out the
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plan and so we did that and we realized
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non-mortgage debt of $76,000 could be
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done in about a year and a half we
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knocked it out um in a year because of
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the intentionality behind it once we got
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in that plan we're like we need to make
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more money cut more things let's get
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this thing done faster and it ended up
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being a whole year uh all bonuses and
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that stuff went to it so fast forward is
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we went through that process we were
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able to do all that and I was like hey I
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need to start I I love the process in a
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way I loved and hated it but I was like
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let's find a way to help more people do
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this exact process and plan that we just
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did because this is definitely helpful
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so I took it to friends and family um
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and I started helping them and and they
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loved it you know there was some friends
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that were like wow you just like changed
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a lot how I looked at things like I
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can't believe like I had that much debt
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or I was able to pay it off that fast I
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thought I was in debt forever I had no
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idea I could do it in one and a half or
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two years and so I started thinking I
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was like this is catching on but I I
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don't have the marketing I don't have
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the business behind it so how do I do
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that how do I reach as many people and
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so that is where budget Doll came into
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play um I started a social media account
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I had no idea what I was doing with
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social media I I used social media I
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grew up in that in that age so I knew
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what it was but I didn't use it to for a
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business I was just Mindless scrolling
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and so I had to learn a lot and so there
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was a learning curve that was associated
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with that it took 16 months to really
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get going uh so I had 16 months of
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pretty much no no sales no revenue and
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it was just kind of an account right and
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so October 2020 is really when it
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started picking up I wrote my first book
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and uh had some products out there was
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working on a course got linked up with
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Chris Johnson and the wellth squad which
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is the shirt right here get money by
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income and there was a lot that just all
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of a sudden sprung forward so it was
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like that 16 months kind of sucked but
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once I started going and all of a sudden
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clients were signing up with me left and
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right you know June 2020 right now we
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I've had over 30 clients sign up with me
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uh one-on-one consultations whether
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that's a full financial plan or just
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kind of a general conversation with the
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starter kit I I offer and wow It it's
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been amazing so that's kind of where
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budget dog uh came from kind of my
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personal unique story and I spun it into
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a business really fast that is awesome
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so let me see if I if I get this right
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so 300K in total debt in your early 20s
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76 of it was non-mortgage you guys you
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and you and your your partner your wife
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pay it off at least the 76k really fast
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and I know in the background you're also
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paying down your mortgage aggressively
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we will come back and talk talk about
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that I hope we better talk about that
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one and then share it with your family
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it goes really well which I can totally
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relate to because really the the best
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interest started as me sharing content
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with my co-workers with my friends and
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family and them saying hey why don't you
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throw this online see if it sticks so
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totally get
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that social media oh I completely agree
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with being a consumer of social media
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and never really understanding or even
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thinking about how to leverage it as a
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tool that's really something I've
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started thinking about in recent months
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and it's it's cool to see it to see it
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build and I love the story Brennan of
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kind of seeing flat results flat results
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not much traction for 16 months but then
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really what's going on in the background
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is all your work is compounding you just
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don't really see that curve growing yet
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it still seems pretty flat but a couple
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things fall into line and next thing you
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know your your proverbial rocket ship is
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taking off so congratulations on that
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and a little bit on that just to touch
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on on some small businesses out there
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listening to this and saying hey when is
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this thing going to hit when when am I
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going to make it um and I still feel
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like that today like some people might
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consider like what I built um pretty
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successful but I look at it as like I
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want to go to that next level I always
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want to hit the next level um so small
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businesses out there thinking about like
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hey when what's that time when you don't
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really know and the 16 months I look
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back and it's easy to see 16 months and
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if i a was like hey it was only going to
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take 16 months this would be easy to to
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start and do it you you don't want to
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get hung up on a specific timeline just
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realize the the work that you're putting
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in will compound like you said and it
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will play out into your favor if you're
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putting out good quality content that
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people like so stick with it that's a
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great tip that's a great tip and I'm
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curious you mentioned you're always
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pushing for that next level that you're
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you're reaching for Higher Goals do you
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have a a long-term goal goal for where
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you see budget dog whether it's is it a
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business that supports you so that maybe
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you can leave the CPA career behind and
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you're going on your own Do you want to
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build it out where you have multiple
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employees do you want to be the next
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Dave Ramsey what what are your what are
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your goals with budget dog a lot of
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people do because of the aggressive debt
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payoff they relate me to ramsy a lot but
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uh so so my I guess my My ultimate goal
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would be to run my own business and not
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have a Hu like some people are like are
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you going to run and make this public
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eventually I'm like no that's not the
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goal I want to keep this small from a
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small business perspective I would love
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love to grow exponentially with maybe a
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few employees but I don't want to make
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this a public company at any point in
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time um at least in this right now as
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I'm thinking through it uh I do want to
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grow it to significant revenues to help
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and extend to multiple different
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families throughout the United States
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and even internationally if we can so
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what that kind of looks like in a
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nutshell is maybe three or four
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employees tops long term um and to where
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I can sustain it now if I have to grow
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the business I will grow the business
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with hiring more people but I like to
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keep it and and it might be one of those
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I I want to be involved with everything
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type of thing and I got to take a step
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back sometimes as I grow this but I like
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to put that Personal Touch on a plan
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with a with a client I realize if I if I
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want to grow this I got to take a step
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back and realize I can trust this person
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to do what I'm doing and that's where I
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I'm in that growth mode right now and
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I'm to take it to that next level that's
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where I'm um at currently that's really
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cool I really like that um I
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can I can relate with the frustration or
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maybe that's not the right word but it's
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hard to let go and I'm at a point now
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where I like to do everything myself and
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I know if I do want to take things to
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the next level I'm gonna have to start
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Outsourcing work or hire on assistant
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because because it's just getting to be
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too much but uh finding a way to focus
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on the the aspects that you love sounds
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like The Best of Both Worlds you're
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doing only the things you love your
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business is growing you're able to to
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run your business as a as a your sole
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source of income so many cool things
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there all right Brandon well one thing
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that that I focus on and then I think
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you focus on too is explaining the the
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why the reasoning behind certain
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decisions you make because your
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listeners your readers or your clients
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can better understand their their
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different options and end up making
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decisions for themselves so I was hoping
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you could talk us through a couple of
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the choices that you've made in your
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money life starting with your your
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choice to aggressively pay down your
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mortgage this is my favorite
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conversation and uh shout out to David
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at uncommon yield for our recent debates
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on Twitter but here's here here is
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inshell right like a lot of people are
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like why would you do this the Matt
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doesn't make sense the math the math the
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math I love the behavioral Finance
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aspect of it and that's why people
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compare me to D Ramsey all the time
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because he talks about the 820 thing I
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in in my opinion I think money and I
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think life is way more behavioral than a
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dollar amount or a math math equation
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that's just me personally um and I've
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understood that through different
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decisions I made throughout my my time
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I.E the mortgage right so we were of
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course paying off that $76,000 of debt
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in one year non-mortgage debt and we got
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to I don't know I can't even remember
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exactly the age maybe 26 27 years old
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when that happen happened we built that
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emergency fund we made sure that was set
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and forgotten about um we started
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investing aggressively right and so we
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paid a little bit extra to our mortgage
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uh but we weren't like super aggressive
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right off the bat so we went maybe a
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year where it was like a little extra
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maybe $2 200 $300 a month and then we
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really were like okay we have we're 27
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is years old 28 we want to have a kid in
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the future we aren't in a position our
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careers that we love our jobs we we like
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them they're okay but they don't wake me
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up and get me going and when I started
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budget dog account and I realized how
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much energy and enthusiasm I had each
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and every day when I woke up on the
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weekends for it I was so energized I I
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would wake it's kind of like right now
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like I love to wake up and think about
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this and do this every single day I had
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more multiple client calls today after
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this podcast and I realized over the
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first six months I was like okay this is
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starting to be a thing and this is I
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know it wasn't Revenue driving but it
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was it was something I really liked to
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do and so I realized okay in order to do
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this full-time I got to create a
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business and also in order to have a kid
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and be able to stay home with her um in
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the future if I'm able to pay this house
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off really fast with what our revenues
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and income says we can do it in I could
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stay home with my daughter do this job
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full time and focus on my passion like
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who wouldn't want to do that um from
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obviously we're going to lose a bunch of
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Revenue when I quit the job eventually
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because that's the plan that's the exit
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plan but I don't care um that's not what
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I money does not drive me a lot of
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people think I do because I'm a money
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account uh money does not really
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ultimately drive me but freedom and time
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Freedom with my daughter uh having my
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house paid off that's what drives me and
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so I looked at it as okay obviously if I
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continue to invest that taxable
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brokerage yes in 20 30 years I would
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have more money I would my net worth
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would be higher all that kind of stuff
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but what would happen now and so a lot
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of people say well look at the long-term
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future I agree I'm very long-term
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Outlook type of guy but you also have to
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look at your your life now you don't
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want to sacrifice your whole life to get
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to the the future so when you're 70
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you're like oh I finally made it and
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that doesn't sit well with me so I I
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kind of like to balance the two and
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while I'm very focused and intentional
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in the now and the future I also want to
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maximize the now and so if I'm able to
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if I wasted all 20 years with my
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daughter she's off to school but hey my
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net Worth's 500,000 higher like does
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that really what what does that do for
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me so so that was the whole driving
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Factor behind the house it was like I
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can stay home with her be a present
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stay-at-home dad for 20 years 18 years
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and not have a mortgage payment and
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eventually get my wife to the same
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position where she can stay home as well
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that's what drives me and so that's
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where the mortgage debate came from um
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and that's exactly why I'm paying it off
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early that's a beautiful answer so it
00:16:25
sounds like personal finance is personal
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it sounds like money is a means to an
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end and that's something that so many
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people confuse in my in my work here
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that a lot of people think money is the
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end and really it's not it's a means to
00:16:39
an end it's a tool to allow you to live
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the life that you want to live whatever
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that may be for some people that means I
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want to get $10 million by the time I'm
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50 and move to a tropical island okay
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for other people that means I want to go
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off and start my own business when I'm
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30 and stay at home with my daughter and
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watch her grow up and be there for her
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entire childhood right that's an amazing
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answer and we go on vacations all the
00:17:03
time to let's say we were just got back
00:17:05
from Hawaii right we've gone to Kira
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we've gone to Cabo we've gone to punana
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we've gone to some really cool stuff and
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that's cool for a week but that's not
00:17:12
the lifestyle I really want to live I
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want to live like my my whole seven days
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a week in doing what I want to do and so
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running my own business being home with
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my daughter is a lot more exciting 365
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than hey for the other you know however
00:17:27
many days we're going to work and do
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kind of the crappy stuff because I want
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500,000 or a million dollars more in 20
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years like that doesn't make sense that
00:17:36
doesn't sit with me um and so I look at
00:17:38
it as like let's kind of rearrange this
00:17:41
game plan let's make sure we're
00:17:42
investing for the future we're doing 20%
00:17:43
of our gross income we're not ignoring
00:17:45
that aspect but we're also going to say
00:17:47
anything over and above that let's use
00:17:49
that to our benefit because we've earned
00:17:51
that income to make our life better and
00:17:53
that's ultimately what it's a means to
00:17:55
end type of thing um and I recently
00:17:57
listened to a podcast or uh presentation
00:18:00
by the wel dad and his his conversation
00:18:03
was uh his $400 extra to the a month of
00:18:06
the mortgage was going to his house
00:18:08
originally right and so he decided to
00:18:10
stop doing that and put it towards his
00:18:12
brokerage because at the end of this
00:18:14
18-year period that he was talking about
00:18:16
he would have $46,000 more but he would
00:18:19
have a mortgage for 18 more years and I
00:18:22
literally looked at I was watching the
00:18:23
presentation I was like wait you value
00:18:26
46,000 in all due respect to he's an
00:18:28
awesome guy but
00:18:30
$46,000 is that really worth keeping a
00:18:33
mortgage around for 18 more years and in
00:18:35
my opinion I was like screaming like not
00:18:36
a chance like $46,000 doeses not sit
00:18:40
well like I'm like H it's okay it's a
00:18:41
good good lump sum but for 18 years of a
00:18:44
mortgage it's worth to just not have a
00:18:46
mortgage but not have that 46,000 in my
00:18:48
opinion and I actually did the math 46
00:18:50
divided by however many years that was
00:18:51
18 years it worked out to be about $212
00:18:54
extra a month now 212 is is good um but
00:18:58
is it worth keeping a mortgage around
00:19:00
and in my opin it would just was not um
00:19:04
so a lot of people look at it
00:19:05
differently some people look at from
00:19:06
math perspective I look at it as from
00:19:09
the right here and now as like I have
00:19:11
this opportunity that's pretty rare um I
00:19:14
created this opportunity out of thin air
00:19:16
and I wasn't expecting it necessarily
00:19:17
this wasn't where I saw my life going um
00:19:20
so it was kind of a pivot from where
00:19:22
I've always been told I'm you know I'm
00:19:24
at the manager level at 29 years old so
00:19:27
my next step is that senior manager
00:19:28
level and then maybe a partner at a big
00:19:31
a big CPA firm so that was kind of the
00:19:34
route I was going I was like hold up
00:19:36
let's Screech the tires let's think
00:19:37
about this before I jump into that that
00:19:39
life do I really like that do I really
00:19:41
want that and I look at the people
00:19:42
around me at work and um great people
00:19:45
but are they happy I don't I don't know
00:19:47
I don't know the answer um but my gut
00:19:50
says no so yeah they might make 250,000
00:19:53
500,000 a million dollars in some
00:19:55
situations but do I want that lifestyle
00:19:57
and quite honestly if we're talking
00:19:59
about my own business versus that it's
00:20:02
it's just so it screams to me let's run
00:20:05
my own business let's stay home with my
00:20:06
daughter it's it's just very evident
00:20:08
yeah I uh I have a list of five pillars
00:20:11
on my website that are kind of they
00:20:13
guide me through my work and they let my
00:20:15
readers and my listeners know where I
00:20:17
come from and one of the Five Pillars is
00:20:20
personal finance is half math half
00:20:22
psychology which you've already said
00:20:24
right now Brennan the math part is
00:20:26
fairly objective it's math but the
00:20:29
psychology part is completely subjective
00:20:33
and some people want to become that
00:20:34
partner in The Firm they want the
00:20:36
$300,000 salary they want the nice car
00:20:39
the three houses they want the esteem
00:20:41
that comes with it and that's their
00:20:43
subjective choice and that's fine for
00:20:45
them maybe the math makes sense to dump
00:20:47
everything they can into as many
00:20:49
Investments as they can but for you and
00:20:52
also for me I I'm I fall on your side of
00:20:54
this debate at least where I think I I
00:20:56
pay a little bit extra towards my
00:20:57
mortgage every every month because I
00:21:00
don't necessarily want to become the
00:21:01
senior partner and I don't need the
00:21:03
esteem that comes with that I have other
00:21:05
motivations so my psychology is a little
00:21:07
bit different from Dave's who you
00:21:09
mentioned earlier at uncommon yield it's
00:21:11
a little bit different from some of the
00:21:12
listeners probably who want to maximize
00:21:14
their returns we each have a different
00:21:16
psychology right it's powerful um
00:21:19
because so many traditional Financial
00:21:23
people will just go to the money and
00:21:24
they'll say X plus this plus this equals
00:21:27
this this that should be your ultimate
00:21:30
outcome do not do what you feel is good
00:21:32
do what the math tells you but the thing
00:21:35
is it's not a YOLO let's just do
00:21:37
whatever we want to do and we're just
00:21:38
going to say screw retirement there is a
00:21:41
lot of like calculated decision-
00:21:43
making on a personal level that you're
00:21:46
still doing and another thing is the
00:21:48
inputs that often people are using are
00:21:50
just traditional inputs that life
00:21:53
doesn't play out like that and so your
00:21:55
8% that the average people are using for
00:21:58
a lot of these calculations aren't
00:22:00
always it doesn't always work out to be
00:22:02
that way sure we could do um 8% forever
00:22:05
and hopefully we get that that's that
00:22:07
would be awesome but if you look from
00:22:09
certain periods in time your 8% 0% to be
00:22:12
honest so if in fact I was paying off my
00:22:15
mortgage during one of those times it
00:22:16
would actually work in my favor from a
00:22:18
math perspective too and people often
00:22:20
forget that because I think the
00:22:22
generation we're in hasn't really
00:22:23
experienced an ' 08 living in an' 08
00:22:26
most people obviously March 20 was a
00:22:28
pretty hit some people hard but there
00:22:31
was nothing like 2008 and at that age I
00:22:34
was I think 12 or so I think I was six
00:22:37
2008 no I was in high school at some
00:22:39
point I think I was a sophomore in high
00:22:40
school um but the the thing is like
00:22:45
people forget like Risk and risk
00:22:47
adjusted returns and I think they need
00:22:49
to start to factor those things in when
00:22:51
they make these math decisions not just
00:22:53
the best case scenario type things yep I
00:22:56
was uh 17
00:22:58
in 2007 18 in 2008 I remember watching
00:23:01
CNBC with my dad and kind of asking him
00:23:04
what is going on I don't I don't
00:23:06
understand these terms that I see that
00:23:07
now I do it's kind of cool that now I
00:23:09
understand what what happened but I
00:23:11
remember being confused but going
00:23:12
through that now would be a completely
00:23:14
different experience I just posted uh
00:23:17
some cool charts yesterday on Twitter
00:23:19
showing the annual average return and
00:23:23
let me back up a step you mentioned 8%
00:23:25
and for the listeners who don't know
00:23:27
seven 89% that's what a lot of people
00:23:30
use to estimate the annual return that
00:23:33
they'll get from their Stock Investing
00:23:35
78 n% per year I just posted some charts
00:23:39
showing 30-year returns for all rolling
00:23:43
30-year periods in the S&P 500 history
00:23:45
so 1900 to 1930 1901 to 1931 etc etc
00:23:51
there are a lot of periods in there
00:23:52
where you only got 4% or 5% return on
00:23:56
your 30-year investing timeline there
00:23:58
are other periods where you got 10 or
00:24:00
11% which is great but what we're doing
00:24:03
with paying down our mortgage is that we
00:24:04
are guaranteeing risk-free some return
00:24:08
that's equivalent to what our interest
00:24:10
rate is my interest rate on my mortgage
00:24:11
is about 4% I'm not sure what yours is
00:24:14
Brennan but but we're guaranteeing that
00:24:16
return risk-free while also investing on
00:24:19
the side it's not like we're neglecting
00:24:21
investing all together so I come from
00:24:24
the point of view that it's a it's a
00:24:25
balanced approach and it's a risk
00:24:28
uh a riskind approach instead of just
00:24:31
focusing purely on
00:24:32
numbers right here's something I really
00:24:35
two things so the the my dad lost his
00:24:38
job in 2008 he lost his house he lost
00:24:41
his car he had four boys in Catholic
00:24:44
schools my M was a teacher that was a
00:24:45
rough period in my family I was young so
00:24:47
I didn't really fully understand it but
00:24:49
looking back that actually impacted me
00:24:50
so I see like the reality of possible
00:24:54
downturns in the economy people were
00:24:56
living in this almost fairy tale World
00:24:58
from 2014 2012 to like current day
00:25:02
outside of March 2020 it's just like
00:25:04
these insane numbers going up and they
00:25:06
kind of forget like guys there will be a
00:25:09
time where you know of course the big
00:25:11
gurus are saying the Market's going to
00:25:13
come crashing the biggest ever and they
00:25:16
could be right they could be wrong who
00:25:17
really knows but the thing is like you
00:25:19
have to be prepared for that rainy day
00:25:21
and you don't know if that's a rainy day
00:25:23
or a rainy period so uh people often
00:25:26
forget that and that was something that
00:25:28
impacted me as well uh during that
00:25:32
time I love that mindset you mentioned
00:25:36
the bull run that we're on is absolutely
00:25:38
a historic Bull Run that's been lasting
00:25:41
now for nine years in counting some
00:25:42
would say 10 years in counting I think
00:25:45
the average return has been 13 or 14%
00:25:47
per year over these last 10 years which
00:25:49
is way above normal earlier you know I
00:25:51
mentioned that seven eight% per year and
00:25:54
it's easy to stand here now especially
00:25:57
people like you and me Brenan who really
00:25:59
have only been investing in this last
00:26:00
decade it'd be easy for someone to look
00:26:03
at one of us and understand if our
00:26:05
opinion was dump it all in the market
00:26:07
look what it does it goes up 14% a year
00:26:11
but if we zoom out a little bit and get
00:26:12
that slightly longer term view we say
00:26:14
what about 2008 what about the 2000.com
00:26:17
bubble what about stagflation in the 70s
00:26:20
what about well the Great Depression the
00:26:22
Great Depression might not happen again
00:26:23
I don't want to fear Monger but the idea
00:26:26
is a rainy day I loved it you mentioned
00:26:28
a rainy day or maybe it's a rainy period
00:26:31
and after four or five years of a bare
00:26:32
Market people might look at us and say
00:26:34
oh maybe I should have been paying down
00:26:36
my debt a little bit
00:26:38
more right and and I guess the the last
00:26:41
point I would definitely want to make on
00:26:42
this mortgage debate is I have a 2.375%
00:26:45
interest rate on a 15-year loan that's
00:26:47
my my um current situation so it's a
00:26:50
really low interest rate people would
00:26:52
say you're crazy paying off cheap cheap
00:26:53
debt one thing that I think people are
00:26:55
forgetting is your mortgagees is often
00:26:58
your biggest payment so although you're
00:27:00
paying that off very aggressively when
00:27:02
that's gone your biggest payment likely
00:27:04
maybe a quarter your take home pay is
00:27:06
gone entirely and so if in my situation
00:27:10
if we're able to reduce that debt by a
00:27:13
significant amount and you know reduce
00:27:15
that payment entirely what's going to
00:27:17
happen is I'm G to have the confidence
00:27:19
to go fulltime with my business and
00:27:22
Propel that into a business that nobody
00:27:24
can put a number on and that's my
00:27:26
biggest my biggest I guess Behavior
00:27:30
maath reasoning is like I don't know
00:27:32
that number yet so I can't say hey
00:27:34
because I quit my job because because I
00:27:36
put 100% of my my business I actually
00:27:38
ended up better than if I would have
00:27:40
stayed with my job and put that extra
00:27:42
money into a brokerage account there is
00:27:44
no number I can't prove it out but I can
00:27:46
promise you I Know Myself and I can
00:27:48
guarantee I come out better in the long
00:27:50
run that's really cool that's really
00:27:52
cool math so what you're saying is yes
00:27:55
you might be giving up uh the the stock
00:27:58
market return versus your mortgage
00:28:01
return but if we fast forward a few
00:28:03
years you aren't going to have your
00:28:05
mortgage anymore and so you're going to
00:28:07
take that hypothetically let's say
00:28:08
$2,000 a month that you're paying on
00:28:10
your mortgage right now and you might be
00:28:12
able to invest that into your own
00:28:14
business and the return on investment in
00:28:16
your own business what you're saying and
00:28:18
I know your work ethic is uh I call you
00:28:21
to other people I say Brennan's a
00:28:22
Workhorse I can just tell what you're
00:28:24
saying is that your Roi on that money is
00:28:27
going to be far greater than the 8% that
00:28:29
the stock market might give you your
00:28:30
business might grow at 20% per year
00:28:33
absolutely I I Believe full fully in
00:28:36
that and it's it's I can't prove it um
00:28:38
so it's it's at this current point in
00:28:40
time now 20 years from now I could look
00:28:41
back and say guys I I told you that but
00:28:44
I don't want to be that guy sure sure I
00:28:47
get it but that that's the definition
00:28:48
everybody on Twitter always likes to say
00:28:50
invest in yourself invest in yourself
00:28:53
and they don't always mean financially
00:28:55
sometimes they mean you know go read a
00:28:56
book go take a course go go practice
00:28:58
something but that is true investing in
00:29:01
yourself I love it well Brenan let's
00:29:04
switch gears and just head over to our
00:29:06
rapid fire questions so the first one is
00:29:09
uh what's the last material object or
00:29:11
personal luxury that you spent $100 or
00:29:14
more
00:29:15
on so I'm going to resort to my vacation
00:29:18
because that's the easiest thing I can
00:29:19
think of because that was way over 100
00:29:21
bucks but I don't buy Personal I I
00:29:24
really don't buy personal items that are
00:29:26
very expensive hardly ever
00:29:28
um so I would say my Hawaii vacation
00:29:30
would be definitely that awesome
00:29:32
experiences over material Goods I love
00:29:34
it do you um I mean you're the budget
00:29:37
dog and when I think of spending a lot
00:29:40
of money on an item I think about how am
00:29:42
I going to budget that and so I use the
00:29:44
tool called you need a budget but if I
00:29:47
understand you correctly you've built
00:29:48
your own budget using Excel is that
00:29:50
right your own kind of tool that you use
00:29:53
very cool and and people can is that a
00:29:55
free tool or is that a paid tool how can
00:29:57
people get their hands on that if they
00:29:59
want to so it's in my link in my bio so
00:30:01
if you guys go to my link in my bio it's
00:30:02
the very first link up there um it is a
00:30:04
paid tool but it has a course and
00:30:06
community and it's an Excel document
00:30:08
that uh is Baron from I'm an Excel nerd
00:30:12
so I put a lot of time into this right
00:30:15
right I think it out far outpaces any
00:30:17
mint you need a budget personal capital
00:30:20
in the course I do talk about using
00:30:21
those to input into the the Excel sheet
00:30:24
but I think the output that you get is a
00:30:25
little better cool so it's find social
00:30:28
media or find Budget dog on social media
00:30:31
go to your profile there's a link in
00:30:32
your profile you can find the budget
00:30:34
tool there correct yeah okay very cool
00:30:37
next question Brandon what is a good
00:30:39
habit that you're trying to form or a
00:30:41
bad habit that you're trying to break I
00:30:44
would say the the good habit I'm trying
00:30:45
to form and continue to form is
00:30:49
consistent um Health with eating well as
00:30:52
well as going to the gym and I've done
00:30:54
this for 10 years for the most part but
00:30:56
to keep that consistent habit up is a
00:30:58
challenge like there are times on the
00:31:00
weekends where you feel like I don't
00:31:01
know if I want to go to the gym today I
00:31:02
don't know if I I want to get pizza
00:31:04
tonight like that's a very normal thing
00:31:05
so just to consistently keep that going
00:31:08
because I think my Health's going to
00:31:09
become more and more important as I age
00:31:11
so I'd say that's my number one thing
00:31:14
very cool are you familiar with Michael
00:31:16
batnick have you ever heard that name
00:31:18
I've heard the name so so he's got a big
00:31:20
Twitter profile he's also got a great
00:31:22
blog called the irrelevant investor he's
00:31:25
on a couple really cool podcasts one of
00:31:27
them is called Animal Spirits it's one
00:31:29
of my favorite podcasts he's a great
00:31:31
writer and he published an article this
00:31:33
week that was pretty sad it was a a
00:31:35
tearjerker about his mom it was the 10y
00:31:37
year anniversary of his mom passing away
00:31:41
and but he's a money guy the gist of the
00:31:44
article was one of the gists of the
00:31:46
article was your health is so important
00:31:49
at the end of the day what are you doing
00:31:51
on this money Journey unless it's to
00:31:53
find ways to live more years and happier
00:31:56
years and you're health is is the way to
00:31:58
do that so fully support there's been a
00:32:00
few days where I would consider
00:32:02
ourselves in a good financial position
00:32:04
there's been a few days where I wake up
00:32:05
and maybe I had too much out drinking at
00:32:08
a wedding or something like that do I
00:32:09
feel good absolutely not Health means
00:32:11
everything so if I wake up I have bunch
00:32:13
money but I don't feel good it does not
00:32:15
work out it doesn't matter right right
00:32:18
if I have a headache I don't care about
00:32:20
my money I feel horrible like you have
00:32:22
to feel good in order to do things
00:32:25
completely agree with that all right
00:32:27
Brennan not that your other messages
00:32:28
haven't been great because they have
00:32:30
been but if you had a billboard if I
00:32:32
gave you a billboard and you had one
00:32:33
message to share with the world what
00:32:35
would that message be what would you say
00:32:38
do better so each and every day I think
00:32:41
you can take it one step further the
00:32:43
common 1% better each and every day I
00:32:46
think is very very powerful people try
00:32:48
to like practice or try to get to this
00:32:51
exorbitant amount or goal overnight and
00:32:54
it's just not realistic taking that step
00:32:56
by seep approach to get to that goal
00:32:58
with time is going to be a lot more
00:32:59
beneficial than trying a million times
00:33:01
to to hit you know go to the Moon per se
00:33:04
as their kids are saying it on social
00:33:06
media instead just invest in index funds
00:33:09
uh just go to the gym every day practice
00:33:10
excellence in the ordinary to where you
00:33:12
don't have to hit the big Grand Slam hit
00:33:14
the single hit the double and eventually
00:33:16
you win the
00:33:18
game that's awesome Brennan if people
00:33:20
want to do better and they want to ask
00:33:22
you how how can those people reach you
00:33:26
so my social media handles on any of
00:33:28
them you can DM me uh go to budget dog
00:33:31
and I have obviously my coaching
00:33:33
programs but just I would say DM me
00:33:35
reach out to me first tell me your
00:33:37
situation I like to talk to people um my
00:33:39
Instagram is the best to reach me out
00:33:40
because they have voice messaging and I
00:33:42
like to talk to people so if I'm able to
00:33:44
talk to you and understand your
00:33:46
situation I can guide you in the right
00:33:47
direction so I would say DM me across
00:33:50
the board but definitely Instagram
00:33:52
gotcha so Instagram that's budget dog is
00:33:54
your handle on Instagram and that's the
00:33:56
best way to reach you
00:33:57
right yep very cool thank you Brenan
00:34:00
really appreciate you coming on the show
00:34:02
today thank you appreciate it man a good
00:34:06
[Music]
00:34:10
time thank you again to brenon I really
00:34:13
appreciate you sharing your time and
00:34:15
your insights with us today and like
00:34:17
Brennan said you can go find him on
00:34:18
Instagram or on Twitter at budget dog
00:34:22
and I will link his work in the show
00:34:24
notes if you want to reach out to me my
00:34:26
email is Jesse bestin interest. blog you
00:34:29
can follow me on Twitter where my
00:34:30
username is
00:34:32
bestore JC if you find this content
00:34:35
valuable and you want to give back I
00:34:37
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00:34:39
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00:34:43
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00:34:46
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00:34:49
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00:34:51
appreciate it and option three leave a
00:34:54
review tell me what you think I read
00:34:56
every every single review I get for
00:34:58
example BH said Jesse has a way with
00:35:01
words he brings complex ideas to life in
00:35:04
an interesting way for someone like me
00:35:06
who usually falls asleep at the first
00:35:07
mention of Finance he balances beginner
00:35:10
topics with more specific Niche ones we
00:35:12
should all probably be aware of I'm a
00:35:14
big fan thank you BH I really appreciate
00:35:18
that feedback we can continue to invest
00:35:20
in one another because as Ben Franklin
00:35:22
said an investment in knowledge pays the
00:35:24
best interest sharing with others is
00:35:27
investing in their knowledge thank you
00:35:29
all thank you for listening to episode
00:35:31
20 of the best interest
00:35:33
[Music]
00:35:43
podcast I want to get10 Million by the
00:35:46
time
00:35:46
I'm for some people that me oh my gosh
00:35:50
sorry about that you're good
