Nathan is in Richmond Virginia hi Nathan
how can we help
hi how are you doing better than i
deserve what's going on
okay so here's what I got going on um
I'm 25 years old
I'm getting money from my father who
recently passed away
it's going to be over 200 000 I'm not
the best in money management
I've heard the saying it takes money to
make money should I invest this money
into a business should I save this money
what should I do if I want to become a
millionaire by the time I'm in my 30s
[Music]
how long ago did your dad passes away
Nathan um he passed away a couple months
ago
I'm sorry y'all close um
we were pretty close he had dimension
Alzheimer's so I didn't see him
um too often because he was in a
assisted living facility sure
and I lived across the country so he was
in Arizona with my sisters and then I've
lived over here in Virginia
so you're getting 200 000 cash
it's not over that it is just over that
yeah I'm not sure the exact number i
mean it's not on a piece of
property or something else it's just
it's an investment or cash that's going
to come to your liquid that you're going
to do whatever you want to do with it
yes like my brother's going to hand me a
check gotcha okay
and uh what do you make a year now
so a year I used to make around I'd say
35 000 a year
okay all right so here's what I would
tell you
um you're calling very very wisely to
start to
gather some wisdom about something you
don't know anything about
you have never driven a car before and
someone just gave you car keys
right cool and you go well I hear
these things go fast
right yeah and so uh you know that
and yet if you remember the first time
you got behind the wheel of a car
uh it was both freeing because you could
now go places and
control your own destiny and it was uh
terrifying
and if you don't have both of those
feelings with this process
you're not wise right
okay so uh I'll start with it takes
money to make money uh
is not a true statement that's a
statement that
broke people say as an excuse to not
become broke people
can you make money using money sure
but actually the vast majority of people
who build wealth do not build it because
someone handed them two hundred thousand
dollars they built it because of their
habits and their character
okay so that's you so here's what we're
gonna do we're gonna
just what number one I tell you to do is
just slow way down
I would want you to move along the
spectrum from exciting to boring over
towards boring
your job is to manage this money
your job as if it's someone else's money
and you're managing it for them
your job first is not to lose it
your job second is to maximize it
but most people when they get handed the
keys to the car
step on the gas and mean it meaning they
they think their job is to maximize it
and they end up losing it
so people yeah people that end up in
your situation get money to lose it very
often because they make the mistake of
they think it has to be exciting it has
to be sexy it has to be wild has to be
crazy
because if I don't maximize it I'm doing
something wrong it takes money to make
the money we all know that and so I'm going
to invest it over here and I'm going to
do this I'm going to do that and I'm
going to do this
wrong slow down number one rule
Nathan don't put money in something you
don't
understand don't put money in something
someone else tells you is a good idea
and they sound like they're really smart
people
around the money business and I've been
around at 40 years
there are a lot of enthusiastic
ignoramuses
they mean well but they're dumber than a
rock
and they're excited about and they're
excited about their stupidity
and they will put you in stuff they'll
put you in stuff man
and all your broke friends also got an
opinion already don't they
yeah and here's another piece too i
started
a meat company but the thing about it
when I started this meat company
it's not my passion because I was so
money hungry
to where I let money kind of consume my
mind
of oh I need to make my I need to make
the money I need to be this by the time I'm
this age
I chased things that weren't my passion
and then
I realized as I got into it I'm like
shoot I don't want to do this anymore
okay so let me let's take a couple
things number one we can work on your
career
and that would be a good use of a little
of this money
if it got you into your passion I'll
handoff token in a minute let him work
on that okay
but then thing two uh here's a rule
if you were to invest this money and not
touch it
in good growth stock mutual funds and if
it made 10
rate of return on average in seven years
it would double you would have 400
and you would be what 29 years old right
no how do you say you're 25. 25 yeah
yeah okay so you'll be 32 years old
in f in seven more years, it would double
again it'd be 800 000.
and in seven more years, it would double
again and it'd be a million six
and that is a boring never touch it
investment program you're probably not
going to do exactly that
but I want a little of that in the
the formula here my brother
okay where you go have a life and you
pretend you don't have this money and
you let it grow and double and grow and
double and grow and double
and so here is my last piece of
instruction before ken helps you on the
career side
is uh I want you to go to daveramsey.org
to ramseysolutions.com and click on
smart vester sit down with the
smartvestor pro
and they will teach you about mutual
funds and then you
can decide how much of this needs to go
into your career changes
and how much of it needs to go into
mutual funds
and that just sit there and just double
so ken yeah real quick question here
is the meat company that you started is
that what's getting you the 35 000
a year yes all right and so you don't
want to do that what do you want to do i
know you got some ideas or one clear
idea what is it that you really want to
do
so I really want to do fitness um
because
even in the times when I was at my
lowest I always stuck to it
and it seems like it was introduced
to me great
at a young age so is that a
fitness coach
the trainer is that what we're talking about
so I want to compete in shows and I want
to launch
um I want to be able to get a following
through Instagram and be able to
launch a business online and help people
reach their fitness
goals yeah online because everything is
online now
sure um and also you know even in person
but doing it online it gives you that
freedom to do the travel all right so
let me make sure I heard this right you
want to be a fitness competitor and then
eventually
develop some type of online and
in-person training business that's a
two-parter am I right
yes okay so here's the deal I'm gonna
caution you on this being a fitness
competitor
is a whole different ball game we only
can make money when we win
so if that's the first goal you're going
to need a day job
so you got to sit down and go now what's
the best strategy here's what I would
challenge you to think through
I would you're clear on what you want to
do that's stage one of my seven stages
stage twos get qualified
so you need to answer the question what
is it that I need to do to get qualified
to train people online now online
there's no technical qualification you
just got to have good content that
people say all right I'm going to watch
this guy and I'm going to train the way
he trains
but if you want to do it one on one
there's some qualification that you need
how much is that going to cost you how
long is that going to take
we're going to have to have a day job
still in all of this process
so if you've got the meat coming up a
a personal trainer could be a personal
trainer where I would go into
so get qualified to do that get in the
proximity that's it
start doing that and then compete and
any money we make competing
and the online business it's going to
grow over time
I would get in the fieldwork for a gym
um
and have somebody else pay you to do the
training so that you can
move from meat company into this job and
not interrupt the income because dave we
don't want him to touch
yeah this 200 000 Nathan I want you to i
want you to take 24 000 of the 200 000
and set it aside for
a year's worth of two thousand dollars a
month yeah
I want you to pay yourself out of a
little savings account two thousand
dollars each month for one year during
that year I want you to develop a real
group of uh one-on-one personal training
clients that pay you well
and you use that money to eat with then
you will also perfect your training
techniques meanwhile you get to work out
like a crazy person
for your own uh competition goals
and uh let's build a training business
then build an online business while
we're competing
and I think that's an order and a way to
get at this and use a little bit of the
money to do that
and let's invest the rest of it and not
don't be spending a bunch of money on
unproven business ideas or trying to buy
a franchise on a business out of a box
you're not in a position to do that yet
you got to get some more notches in your
belt
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