The Millionaire Choice and How It Can Help You
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Mr. Biz Radio: "The Millionaire Choice" & How It Can Help You
Unedited transcription of the show is included below:
Welcome to Mr. Biz Radio Biz Talk for biz owners during the next half hour, Mr. Biz, Ken Wentworth, a leading business advisor, and two time bestselling author we'll cover topics that will help business owners run their companies more profitably and more efficiently. If you're ready to stop faking the funk and take your business onward and upward, this show is for you.
And now here's Mr. Biz, Ken Wentworth. All right. Welcome to another episode of Mr. Biz Radio with me, Mr. Biz, Ken Wentworth.
We are going to cover a topic today that is going to be pertinent and relatable to each and every listener we have, whether you're a business owner, entrepreneur, whether you're a wantrepreneur this is we're going to talk a bit about millionaire planning, making the millionaire choice specifically. So, and what I mean by that is people talk a big game, right? A lot of times people talk about wanting, I want to be a millionaire. I want to do this. I want to do that, but then they don't create a plan. They don't execute against that plan. And so we're going to talk this week with someone who is the author of a book called literally the millionaire choice, and he's a host of the millionaire choice podcast as well. And by the way, I have to throw this in there as a lifelong Steeler fan.
I knew as soon as I saw his name, that I had to have him on the show. And for those that are around my age, at least are familiar with the NFL hall of fame quarterback for the Steelers name was Terry Bradshaw and our guest this week is Tony Bradshaw. So Tony, welcome to the show.
Hey, thanks for having me on cannon. Thanks for clearing that up because a lot of times I do get those names, confused people. When I get introduced, I'll get introduced to Tony. And about 30 seconds later, I started getting called Terry. Yeah. Yeah. Well, I w I literally, I told producer Alan before before we got started, I said, yeah, I'm gonna, I'm going to introduce him as Tony, don't call me Terry Bradshaw.
I figured you probably do get that a good bit, but so Tony, let's start off by walk us through sort of your entrepreneurial journey. So what, what has led you throughout your career, your experiences, et cetera, to, to write the book, the millionaire choice in host the podcast with the same name, et cetera. Yeah. You know, it's, it's a crazy journey when I look back, you know, it's always clear when you look back over your life and you're like, how in the world did I get here? Where I've got a book about personal finance and the millionaire choice, and you know, why is it called that? And you know, I have to kind of go back to my childhood. My mom was pretty strong. I grew up in a managerial household. She managed convenience stores, but, you know, my dad was only a ninth grade education. He dropped out and then my mom got about two years of college and then went off to be a manager. And that's where her career peak debt. Right. And so like a wise mother, did she, you know, encouraged me, Hey, go off to college, do what I didn't do. And she helped me get there, but I came out of college making more money than she made, but not managing it. Well, you know, I, I did follow the same footsteps that
My parents did. And so I found my stuff at 25, doing dumb stuff with my money, man, I got out made 39 grand, got my first W2, looked at it and go, wow, where did all that cash go? Because I'm living in a studio bedroom apartment with my parents paying 200 bucks a month in rent. I should have more money than what I've got and that, and that kind of woke me up. And that's when I started realizing that I could never make that. That's the things that I did with my money that year I could never do again. It was just a bad formula. And so I started learning everything I could about cash and learn about how to invest, how to get out of debt. And I just became very passionate about getting out of debt. And then after I learned a little bit, I realized, you know, money's really not that complicated if you make the right choices.
And if you make the right choices and do the right things, you can become a millionaire. And that's how I was able to break free from my, you know, bad baggage, you know, history of a family history of doing bad things with money. And so I set a goal believing that I could become a millionaire by age 40, and I was able to do that. And, you know, and that's kind of like the beginning of the journey, you know, fast forward a little bit. I spent 15 years working for the Ramsey organization, Dave Ramsey, for your listeners that know him. I ran the digital business department function as a CIO COO there and then left his organization in 2016 and then tried to figure out what's next.
You know, you know, there's a great book called halftime by a guy named Bob Buford. And it's really about people in their late forties, forties, and fifties middle-aged and what are you going to do with your life right at that moment in time? And that's kind of where I found myself. So about a year after I left Dave's, I ended up writing a book, turned into the millionaire choice, and it was really about helping people do the same things that I did when I was 25 years old to break free from my family's, you know, economic situation. And that is what I call making the millionaire choice and creating a millionaire plan. And that's kinda how I got there.
Well, it's interesting. And I tell you this, that's another reason why I wanted to have you on the show, because I find that this is something that is severely lacking, especially in the U S I can't speak as much for, you know, outside of the U S but it's, it's amazing to me. And I think some of it's, our education system has kind of fallen short in this category of personal finance, because, you know, it's amazing to me and it hit me.
I was working at JP Morgan back in Oh eight Oh nine when that whole crisis hit. And it was amazing to me hearing the stories about people that literally had signed, you know, a 30 year mortgage. And they literally have no idea how a mortgage even works. And so they didn't understand that, Oh, I haven't made a payment in three months.
And so why is my home game foreclosed on well, that's kinda what happens. You know, and just, just the general lack of knowledge of, you know, even of course at JP Morgan, you know, on the credit card side of how people really just don't understand how credit cards work and how you get charged interest, and when you get charged interest and when you get charged penalties and things like that. So it's, it's a topic that I think is, is again, a lot of people. I mean, again, I tell you, I heard it myself. Tony has grown adults that are, you know, twenties, thirties, even into their forties that don't understand a lot of these personal finance things that I think are, you know, obviously very important for, as you become an adult.
Yeah. I totally agree with you. And, you know, it's sad the more I get into this, because I had a good run at the Ramsey organization of helping build up the digital business. And that's where I stayed and played, you know, I wasn't the one out there doing the research, trying to figure out what we needed to teach, but you know, now that I'm out doing my own thing, I'm having to learn a lot more and study a lot more and go, okay, what am I going to teach people? Like, I can teach them certain things, but how do I really make it different? Because I don't want to be doing this for 30 years. You know, I'm, I'm 50 years old this year. I don't want to do it for 30 years and look back and go, Hey, you know what? I helped with a lot of people, but the statistics are still the same, you know, 78% of people living paycheck to paycheck.
That means just like I was blowing it when I was 25, that that many people are still doing it. That's not a win for me. Long-Term. And so I'm having to come face to face with this problem and go, not just how do I create a business, but how do I fundamentally change everything? And that's what I'm really after. You know, I love the way Steve Jobs. I believe he says it, how do you punch a hole in a universe, you know, and, and really make something different and do something different. And you hit something very specifically when you said you worked at more JP Morgan Chase and looked at all that.
And I'm sad to say that of all my studying, since I've been looking at this and trying to figure out how to make a difference is can the system is designed that way.
It's designed to take our money and our effort. When you look at the lowest common denominator of humanity and go, we have time. And the whole system is set up to convert our life and our time into money. We work for it. So the average person works a hundred thousand hours in their lifetime. That's, you know, 40 hours a week for 50 years, a hundred thousand hours. And at the end of that, what do we really have to show for it? And the system itself is designed to flow that money into a certain direction and into certain people. And when you, but when you understand that and you start putting together your millionaire plan, it's really about changing where that money flows, and you want it to flow towards you, not away from you and too many people today are actually flowing money away from themselves. And that's why they're there not build wealth. It's why people are living, you know, 75, 78% of people are living paycheck to paycheck.
Yeah. It's Oh my gosh. There's
So many things, so many things I cannot wait,
We'll get it. And we're going to hit a break here. We'll get into the second segment. Cause I know Tony feels very passionate about budgeting and things like that. And know listeners loyal listeners know that I talked about it often as well, but that actually leads me into from our show sponsor.
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And come back after the break. We'll continue talking with Tony Bradshaw on Mr. Biz Radio
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Now, once again, here's Mr. Biz.
All right, welcome back to the show and it is time.
So the Mr. Biz tip of the week, and this week's tip goes out to, if you are someone out there right now that are struggling and maybe not meeting some of your goals, getting frustrated, this tip will, will be for you. For sure. If your commitment isn't relentless, your effort is faking the funk, do not fake the funk. That's where it's at. If you are coming shorter goals, it's because your effort is not where it needs to be. Even if you think you're working your butt off, it's not enough. You gotta make sure that you're putting in the effort, make sure that your effort and your commitment to your goals is relentless to ensure that you achieve those goals. So that is the Mr. Biz tip of the week. And we get back into talking with this week's guest, Mr. Tony Bradshaw, you can find out more about tony at www.themillionairechoice.com snazzy a website, right?
It can, everyone's going to remember that one. And again, he's the author of “The Millionaire Choice” and host of “The Millionaire Choice” podcast. So let's get back into this Tony. So I w I, I alluded to it a little bit at the end of the last segment, but I know you have, and we talked about a little bit, but budgeting, I think budgeting is one of those things that I'll tell you. I think Mrs. Biz is, you know, she doesn't like the B word. I'll tell you that. And I don't mean people did. And you know what I always say, Tony is the thing that I budgeting is, you know, and I am so passionate about it on the business side is when I talk to a prospective client, if they balk at having a budget, that's a deal breaker for me because I know business side, personal side, I know how powerful a budget is. And so that's a, it's a requirement to work with me. You have to have a budget on the business and obviously on the finance side, I think it's just as important. So talk to us a little bit about that. What you, I assume you feel the same way.
Well, I do to a degree, I think for business, it's a little bit different because you have so many more moving pieces. There's just so much going on. And you know, no, no self-respecting business owner is going to run a business without you know, a budget because you've got too many people with their hands in the kitty spending the money. And if you don't watch it, it's just going to all be gone. You're not going to have what you need in place. You're going to cut your profit. So I definitely a hundred percent believe in a hardcore budget and a hardcore spending controls inside of the business because it's so often that business unit leaders or business owners are spending money on the wrong things, and that doesn't allow the company to thrive. Like it should because you you're moving the money in the wrong direction.
You have to stay very on top of that. As far, the, the homeowner, I th I take a slightly different approach. And the reason for that is because I think the average person who is running the house or working at home they're just not they're not as detail oriented. And so what I try to do with my budgeting teaching is I really focus on not necessarily watching every dime, but trying to get the money to flow in the right direction. Like I mentioned earlier, which is the majority of people, their income is flowing out into, over, you know, over high living expenses, extreme living expenses. They're paying too much for the house painting for much for the car, paint too much for the insurance, all those kinds of things, but they're also spending too much of what you call play money or fun, money, other things that are not useful.
And those are things that are not appreciating, right? So you want to spend your money, get your money flowing. If you want to build wealth, you got to get your money flowing towards what we call appreciating assets, things that are going up in value, not things that are going down in value. And that's the real trick. And what I try to say is you know, I break the budget down into four categories living money, wealth, money, play money, and other money, just those four. And I call them super categories. And the reason I do that is because so many people are ignoring the wealth money category, and I try to get them instilled with a mindset of, Hey, we need to pump that number up as much as possible. And, you know, the average financial advisor tells you about 15% in retirement is what you invest. I like to try to push people to think like 30, 40, 50% of their income should be going into that wealth money bucket. And I know that if they do that, they're going to be in a really good place.
Oh, for sure. Yeah. Yeah. And, and, you know, there's thing that's that I think gets missed a lot of times. And I think a lot of primary reason, a lot of people don't like the B word budget is that I think instantly, and I've mentioned this on the show before, but I think instantly when someone hears the word budget, they almost think of it analogously as they think of the word diet. So Tony, if I said, Hey, by the way, you're going to go on a diet or your doctor says, you need to go on a diet right away. Most people think, Oh my gosh, I got to drink a bunch of water and, you know, eat salads all the time. Well, that's not necessarily the case, right? You could not, not much for people, you know, not, not many people fall into this category, but I know when I was competing and moving up weight classes, I would be on a diet to gain weight.
And so a budget from, especially from a business perspective can work in the same way. You may be growing your business. So it's not that you have to, you know, metaphorically eat salads and drink water all the time in your business and, and, and, you know, pinch every penny. Because sometimes if you, you may be pumping back into the business, you found a new marketing or advertising tool that's really working well and helping you, you're getting a huge ROI on that. And so you want to pump that money back in. So it's not about pinching pennies at that stage, if you're in a growth mode. And I think, you know, to your point, it's probably more so on the personal side of sort of doing some of that penny pinching a little bit on some of the extraneous expenses, like you said the money that's going to, things that are not appreciating and pushing money to the appreciating pieces. Was that, is that something you would agree with Tony or is that sort of what you're
Yeah. Abs absolutely. Yeah. You want to cut the waste, right? Because if it's easy to go through just about anybody's budget and you can sit down with them and go through a budget, go, Hey, you're wasting 500 bucks a month and you need to put that in a different place. And that's the little bit of the tightening, because we all have that waste. It's just the way our lives work. You know, we're spending a little bit too much, my wife and I like to eat out, you know, I got six kids. So when I eat out, man, it's easy for me to drop 80 to a hundred bucks, 120 bucks. We just went out for burgers this weekend and got shakes. It costs me $130 cheese. Like I'm sitting there paying the bill. I'm like, why the heck am I here paying $130 for burgers and shakes?
You know, I can make this stuff at home for probably 25 or $30. And you know, that's where your head's gotta be. You gotta think about all that waste. That's going out the door, because if you don't, then you're not going to be able to build wealth. And so you do have to have some form of structure to your budget, or I like to call it a spending plan. I find people, you know, when you change the psychology around it, it's a lot more fun to spend money than it is to budget money. So just spend it in the right place, you know? And, and, and when you get your vision around your finances that's really what America's missing. That's what people are missing is they're not, they don't have the vision for their finances and where it needs to go. So as I say, they stay on this jerboa wheel. Right. And all they do is work, spin, work, spin, work, spin, work, spin, and they just keep going around and they never go anywhere. Because they're mismanaging their money.
Yeah. Yeah, no, I, I I've seen it with friends. I've seen it with a man, a lot with family members. Unfortunately that you know, you get a pay raise, you know, you're working the nine to five and you get a pay raise, and then you instantly figure out how am I going to spend that extra money or, Hey, I want to get this new car. And so now my car payment is going to go from whatever $400 while I can afford another a hundred dollars a month. So let's go buy a car. That's $500 a month, you know, instead of, you know, looking at the other way, I know what I would do. And it's funny, Mrs. Biz didn't like this either when I was in the corporate world, I was, I would, I'd figure out my pay, raise her pay, raise, and I'd say, okay, well, this is how much we're going to increase our 401ks. Right. And we're going to time it. So it out before on
That first paycheck where the new money's in, and then we're going to net this much, extra per month, that almost all of it's going to go back into our investments. We're only going to add X amount, whatever. It might be $150 a month or a hundred dollars a month of extra expenses, you know, w we don't want to blow it. We want to push all this into, like you said, appreciating asset. So I think people miss out on that big time. Yeah, absolutely. It's, it's just the way our minds work. It's, you know, spin it fast. You can make it unless you rewire your brain and get on the right track. And as you mentioned is probably wasn't too big of a fan of that. No, not at all. Not at all. It's funny. We, I was trying to rein in funny, you mentioned that going out to eat.
I was trying to do that as well. And I said, look, we set a budget for how much we're going to spend each week. And we came up to a time where we were heading to a heading out of town. And I told her, I said, well, we're going to spend X amount while we're out of town. So that means we can't go out to eat during the week. And she looked at me like, I just spoke a foreign language. Like she just didn't, you know, again, that whole concept around a budget and you only have a finite amount of money to spend. So we're going to hit a break here again, we're talking this week with Tony Bradshaw. He's going to tell us the top five personal finance mistakes.
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All right, Tony, the moment everyone's been waiting for Mr. Personal Finance guru tell us some of the things that you see. I know we've touched on some of these things and there in the first two segments, but what are some of the top personal finance mistakes that you see people make that we all should be on the lookout for in our own lives?
Well, I wouldn't say just, I see people make, I'd say I made
My myself as well.
Yeah. I mean, the number one's gotta be debt, right? Because I'm, I'm dealing with people on a daily basis on, we got, you know, 16 credit cards running 25% interest on their credit cards. And there's no concept of what that actually means to their finances and, and the damage. It does. I was really fortunate because I was only 15 and real, or I'm sorry, 25 and realized, you know, I was $16,000 in debt and that was a bad plan. So it didn't take me too long to get out of that. But debt is just a thing that robs you of your ability to build wealth. So that's gotta be number one. You know, number two is like we talked about earlier, depreciating assets versus appreciating people don't understand, you know, if you spend your whole life buying depreciating assets at the end of the game, you don't have anything left.
You know, I've got some relatives that are in that situation where they've got no retirement, no cash assets, you know, they might have a house, but you know, not much else. And so they're just not in a good financial place, but if you spend your money on appreciating assets and you spend more of it on that, then at the end of the day or the end of your life, you're going to have more than than you had. And that's, that's things that go up in value, like cars go down in value you know, gold, silver investments, land, those things go up in value, you know, collectibles also go up in value for all, anybody who wants to collect Spider-Man comic books or something like that. And and then number three this is a big one for me. I think I'm becoming more aware of it because I kinda got stuck there and I've seen people get stuck there and that's your income, right?
People get in what I call income stagnant. And that's where you, you know, you work year after year after year, but your, your income doesn't really move up very much. And I, I think I was trapped there in my twenties, but when I got into my thirties, you know, coming from a low income family, I didn't realize how much income potential actually had. So I would say I was income stagnant in my twenties, but income growth in my thirties and forties, you know, when you start getting closer to a hundred thousand dollars and higher, that was just a really life-changing moment for me, because I didn't come from a family that thought that way about money. You know, it was, it was not in my household. We did not talk about making a hundred thousand dollars incomes in my household. You know, my mom, I think she probably peaked at around 35 grand.
My dad's about 47,000. So where's, he peeked in his lifetime and I went well, well past that. So boosting your income's a big concept. You know, the spending plan, the budgeting we talked about earlier, people not, not having it. I mean, your money's just going to disappear and you work too hard for it. You need, you need to really have one at least get stuff flowing in the right direction. And then I think number five for me, it's the biggest one I find right now, because as I'm looking at talking to people, how to transform finances, it really comes back to one major point. And and that's where I talk about people having a vision for their future.
Right? Most people do not. I believe most people don't have the capability, at least where there are to develop a vision on how to change their lives or how to create something different than where they're at.
And so they're kind of trapped. And and the reason I say that is cause, you know, when you look at Dave Ramsey's organization, he's helping people get out of debt. He's really providing them with a debt free vision. And so they don't have a vision. So they're like stuck and broke and in debt and they're reaching out to the lifeline that he's throwing to them and giving them a vision of becoming debt free a debt-free lifestyle. Whereas the vision I'm trying to provide is a millionaire choice lifestyle. And so they're slightly different. They're both good things to do in your life, but that's probably the biggest thing is people just not having a vision for where their finances can take them if they make the right
Choices. Yeah, I think, and this is one of the reasons why I love your whole entire concept and branding around the millionaire choice, because I think that makes a massive difference and it ties right into your number five that having that future vision again, as I said, at the outset of the show, a lot of people talk the talk, right? Oh, I want to be a millionaire. You know, maybe someone don't even consider that they could be a millionaire. Like you mentioned that with your family, my family was exactly the same way. I grew up in a small steel mill town and the career path, or pretty much, you know, the vast majority of every male that worked was in the area was you graduated from high school. You went and worked in the steel mill for 40 years and you retired with a pension and you know, the loss of your pension and social security and you did okay.
Well, of course the steel industry went in the crapper and steel mill shut down. And so the area became very depressed, et cetera. But so same thing. I mean, my family, no one ever talked about making a hundred thousand dollars in a year. Like that was, that was a massive pipe dream. Like that was just crazy, let alone a millionaire. But I think, you know, using some of the things that you talk about, Tony, you know, sitting someone down and it has that mindset and say, look, let me show you how you can make the millionaire choice. So here's what it's going to take for you. And your 27, if you make these tweaks in your personal finance life right now in 30 years or 20 years or 15 years, you know, depending you can be a millionaire. And I think people just don't grasp that concept. I think that future vision piece is very important.
Yeah, absolutely. And you know, what's interesting, you know, I'll just cross my 50th episode on my podcast. I've just had a really fun time talking to all these different people that are just, you know, awesome people. And they all come from, you know, slightly different walks of life. But the thing that I set out to do with that show is to really empower people to believe that they can do this thing, right. Just like I did, like what takes a broke kid, living in a, you know, a drug dealing type neighborhood. Like I grew up in and to believe that they can become a millionaire and I'm not the only one, you know, I thought I was pretty special because I did it by age 40. And then I started interviewing I'm meeting all these people. They did it by age 30, some of them by age 25.
And they grew up in even worse households than I did in worst neighborhoods, but they were able to break free from that, you know, and their, their family still is back there in the lower income area. But they, they broke free from that through making choices and making different decisions. And, you know, it's, it's so fun to talk to them.
I've got one guy that I met and it was on my show. Who's five years old. And because his mother would not buy him a candy bar at the grocery store, he realized that there were, there was a financial problem there and he decided to become rich. And he started telling his parents I'm going to be rich. When I grow up telling the neighborhood I'm going to be rich. And he became a millionaire at age 25.
Wow. Wow. Yeah. So he had that future vision, you know, even as a young boy, he had that future vision and set forth a plan and executed a plan and got there. That's that's amazing story. Yeah, absolutely. It's funny. I, you know, we only got a couple minutes left, but I wanted to touch on this when you were going through your, those, those five mistakes to avoid, you know, when someone felt, you know, if you have a mortgage, when you signed those mortgage papers, you know, you can get to that one page. I forget the name of the page, but it shows you like, you know, if you have a 30 year mortgage, the total of your payments, you know, you're, you're taking out $200,000 loan for your house. And that tells you that that $200,000, if you pay over the 30 years as it is, you're going to actually pay, you know, I don't know, $400,000 and you go, Holy crap, like to borrow 200, it's going to cost me 400.
Well, I think that is obviously very important to be aware of that. But I think the other part is you can do the same thing. And this is probably something that you do, Tony, you can do the same thing on the appreciating side, show someone, Hey, if you have a 401k and you put this much in per month and you get, you know, you get 8% returns, 10% returns over that 20 year period. Here's how much you're going to have in 20 years that people go, Holy crap, are you kidding me? They don't realize that side of it as well. I think,
Yeah. I think the numbers, it comes down to the numbers. Most people are not math oriented. You know, I love my wife when she read my book, she was my, one of my last proofreaders on my book when I wrote it. And the biggest compliment she could pay me in that time was like, I get it. She said, I get it. I've been through all these other financial guy stuff and I didn't understand it, but I get what you're teaching. I get what you're, you know, it connected with me. And because it's really, it doesn't have to be that complicated money is not that complicated of a thing. You just have to do a few things. Right.
And you know, and, and you'll be on the right path, but you're right. People buying mortgages that don't really understand what's going on, but the appreciating side of it, the 401k, like how does money actually work? And the way I talk about it is, you know, how do you make, manage and multiply your money? Those are the three key elements you need to figure out and people don't understand those basic concepts. Yeah. Well, good stuff.
We were talking this week with Tony Bradshaw. I'll find out more at www.themillionairechoice.com. Tony. I really appreciate you coming on the show.
Thanks a lot, Ken. I appreciate it.
Yeah, absolutely.
hanks for listening guys. Thanks for our show. Sponsor, Porter Capital. Have a great week and don't forget as always cash flow is King.
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