Ep. 41 | Chris Naugle – Building Wealth is a Marathon
Updated: Mar 15, 2022
January 13, 2022
On this episode of The Rich Equation Podcast, Ashish is joined by guest Chris Naugle. Ashish and Chris dive deep into wealth creation, relationships with money and the inventible financial crash. Ashish and Chris discuss how the problem begins with our upbringing and education systems teaching us to trade our time for money. Chris shares four simple things we can do to hold onto our wealth as well as sharing some tips we will need for the upcoming financial crash, and how we can take advantage of it. HIGHLIGHTS: 0:00 – Ashish shares a brief introduction to his guest 2:24 – Ashish mentions how he has learned so much from Chris in the short amount of time that they’ve known each other 3:31 – Ashish talks about how our relationship with money is one of the most difficult things for people to talk about 3:58 – Chris speaks about how your relationship with money starts with your upbringing 4:18 – Chris mentions how he thinks things begin to go wrong in the education system because they’re teaching us that we need to trade our time for money 4:57 – Chris mentions how if you follow wealthy people you’ll notice that they don’t put a value on their time 6:31 – Chris states that when you chase money is runs away from you 7:30 – Chris states that when you give, you get 8:54 – Chris mentions how money is just a tool and we have made money something that it isn’t and because of that, money defines a lot of people 9:55 – Ashish asks Chris if he has a fear of being misunderstood 11:21 – Chris states that the more people who hate the more he wants to love 12:10 – Chris shares that there will be an event that will happen, a market collapse perhaps, but it will happen 15:00 – Ashish mentions how his family never talked about money or the value of money growing up, which gave him an abundance mindset because he never had a scarcity of money 17:24 – Chris speaks about how people are good at making money but they don’t know how to hang onto it and keep their wealth 17:41 – Chris shares Law No.1 of the laws of wealth: you have to keep 1/10 of your gross income 18:33 – Chris talks about how most people judge their success based on how much money is in their bank account but if you read any of Kiyosakis books, having money in the bank means you’re going to go more broke every day because your money is not working for you 18:55 – Chris shares how the second law of wealth is that your money has to go work for you 19:19 – Chris explains the importance of moving money 20:21 – Chris states that compound interest is the most powerful thing in the financial world 20:38 – Chris shares how the third law is to protect your wealth and tells us how we can do it 21:40 – Chris advices us to research our financial advisor and make sure they have failed before because that’s where the learning happens 23:39 – Chris states that banks are one of the smartest financial institutions 25:33 – Chris speaks about Warren Buffet and how he has been investing longer than any of us 26:10 – Chris talks about how building wealth is a marathon not a sprint, but most people today are in a hurry to get rich and they seek unrealistic returns which results in money fleeing 29:05 – Chris mentions how every dollar more you have gives you the ability to help a lot more people 31:17 – Chris states that your money will work for you and compound on itself if you understand how it works 32:30 – Ashish speaks about how we have become a society that is looking for instant gratification all the time 34:04 – Chris shares how he thinks the last great truths are going to be books because that’s where the wisdom is 34:22 – Chris speaks about the book ‘Hard Times Create Strong Men’ by Stefan Aarnio 35:17 – Chris talks about how he sees one of the biggest financial crashes we have ever seen coming in the future 36:36 – Chris shares how he is scared of it but he knows that when it happens it will be his catapult 37:20 – Ashish asks Chris to share one or two things that we can do to prepare for this market crash 38:21 – Chris states that right now is not the time to be greedy 42:13 – Chris shares how the biggest thing you need to think about right now is how much risk can you take 42:51 – Chris states that patience is a virtue and it’s something we have lost but if we just wait, opportunities will come 43:45 – Chris mentions how when this crash happens, it won’t matter what you invest in because everything is going to collapse 45:52 – Ashish encourages you to do your research and take in all the free content that you can 46:25 – Chris shares that being rich for him is having the tools to help and solve other peoples problems Links: Sign up to the mailing list to receive special access and content here: https://therichequationpodcast.com/ Check out previous episodes of The Rich Equation Podcast here: https://podcasts.apple.com/us/podcast/the-rich-equation/id1585002788 Gain access to free content from Chris here: https://www.youtube.com/channel/UCLLrZI2uU_AVufCBjMDkkpQ Let’s Connect! Instagram: https://www.instagram.com/ashishnathu/ Website: https://therichequationpodcast.com/ Guest Instagram: https://www.instagram.com/thechrisnaugle/ FULL TRANSCRIPTION: Ashish Nathu 00:00:00 Okay today I have America’s number one, money mentor Chris Naugle with us. He is an innovator and a visionary in wealth building and real estate. And he empowers entrepreneurs, business owners and real estate investors with knowledge on how money works. He is currently the founder of the money school and the money mentor for the money multiplier. In this episode, we talk about how society is miseducated about the idea of trading time for money. Chris walks me through some of my own personal generational beliefs in my relationship with money. He gives us four simple truths about how we can hold onto our wealth in something that most of us will never do. And finally, Chris gives us some tips on how we should be prepared for a future imminent collapse of our financial system and how we can all take advantage of it. I really encourage you to find Chris online. Ashish Nathu 00:00:54 He’s very active on YouTube and Instagram for more free content. I am so excited for you to listen to this. This will definitely ruffle some feathers here he is Chris Naugle. And remember if you enjoy this podcast or find it valuable in any way, you have a duty to share with someone else who may indeed hear this message or can get value from this content and remember to subscribe to the podcast and leave a review so we can continue to bring massive value to you and go to our website. The rich equation, podcast.com to be added to our mailing list for special access and content. Now here’s the episode. Narrator 00:01:29 Welcome to the rich equation podcast. Are you ready to discover how to live rich today and not wait for retirement? If you’re tired of struggling and want to live your best life now, your in the right place, outdated principles will no longer work in today’s environment. It’s time for a new approach. Your host will help you discover methods to live the new American dream. It’s time to start living the good life on your own terms and experience a new way to live rich. Now here’s your host, Ashish Nathu. Ashish Nathu 00:02:13 Mr. Chris, Naugle welcome to the podcast. My brother appreciate you being here. Thanks for having me on I’m honored. I’m really excited for this. You know, you are, you know, we recently just met, but I’ve learned so much from you in the short amount of time that I’ve met you. And we were kind of just riffing right before we started about if I really want to learn more, I want to know more about you. Like you have put out hundreds and hundreds of hours of free, valuable content through your life and through social media and YouTube. And so just already, I, I feel like I know you already so well, and I have learned so much from you, so I’m really excited and honored for you to be here and share with the audience. You know, you’re one of the number one or the number one money coach in the United States talking about money and our relationship with money and wealth creation. So it’s a really great fun, deep topic today and who knows, I’m going to surrender to what shows up and I’m really excited to get into it with you. Chris Naugle 00:03:11 I’m always excited to talk about that topic, Ashish Nathu 00:03:13 Exactly its role. So I actually want to start straight with our relationship with money, because I think that’s something that I have personally been working on this year and something that I know we all deal with and work with. And through our, even in my conversations with you, like our, our personal relationship with money is one of the most difficult things for people to talk about, you know, our attachment to money, our need for money, our greed for money, maybe our feeling of scarcity of money, I guess, as you go through your work, I’d love for you to talk to us about where that comes from and what we can do to identify our relationships with money and have a healthier relationship with money. Chris Naugle 00:03:59 Yeah. You know, and I think it’s going to differ for each person, you know, their relationship to money. And it really starts with, you know, your upbringing. You know, I grew up in a lower, lower middle-class class with a scarcity mindset and many people might have, but otherwise I grew up in a household where there was money. They were abundant in, in resources and mindset. So I think where things go wrong is, you know, and this is a controversial topic, but is the education system, you know, when did we get in the education system? They are literally, and I don’t care what anyone thinks. I’ve studied this. They’re teaching us to trade hours for dollars to teaching us that our hours have a monetary value that we need to learn about. And that we need to learn a scale, go out, get a job trade that hour that we have for a specific dollar amount climb, some kind of a totem pole or a corporate ladder. Chris Naugle 00:04:49 And then as we climb our dollars, our hours become worth more dollars. And I think right there starts the problem, because if you follow wealthy people, I don’t care whether it’s multimillionaires or billionaires, they don’t put a value on their time. Their time is one is completely priceless, which really think about time. Time is the one thing we can’t create more of. We can’t change it. We can’t buy it. We can’t get more. You can’t buy it. So why is it that we’re taught to put a monetary value on an hour? That’s backwards? Like the wealthy have figured out that they’ve worked, yes, they’ve traded hours for dollars, but in a different capacity, they’ve actually traded hours in the pursuit of their passion, in the pursuit of their journey and the pursuit of their dreams. So in doing that along the way, they’ve made money or lost money, many wealthy people that you meet have lost money. Chris Naugle 00:05:40 Many times actually gone broke many times, but they never stopped because they’re not driven by money. They’re driven by a higher calling, a, a bigger purpose in life. And then when they do get money, their biggest focus turns to making their money, go to work for them. Because if you put a dollar value to your hour, you are capping how much money you can make. No matter how much you make an hour, you are putting a limit on how much money you make. And that’s not an abundant way of thinking. Wealthy people. Don’t put in a dollar value on an hour. They put value on what their dollars that they’ve made and kept do when they go to work for them. And that’s, you know, I’m writing a book, the laws of wealth, it’s all about this. You know, a lot of people want to get wealthy, but they, they completely don’t understand what wealth is or how to get it and how to keep it like, right, right now, I think one of the biggest problems with money today is everybody’s chasing money. When you chase money, money runs away from you. Now you might have short little spurts where you have it right now. Like look at the crypto space. A lot of people have made a lot of money chasing, Ashish Nathu 00:06:40 Chasing fast returns or chasing money, Chris Naugle 00:06:42 Right, right. Chasing unrealistic returns that are not sustainable. And they, what will happen every time I’ve seen it over and over in my career in my life, their money will flee them. They, they, they will call my bluff. They will hate me right now. But I promise them if they’re chasing unrealistic returns, chasing greed and chasing the almighty dollar, that dollar will run faster than you. And it will run away from you when you stop chasing the dollar and you start chasing something bigger. I don’t care if it’s your passion. I don’t care if it’s your dream. I don’t care if it’s your vision. When you chase that and then add one thing to that, and that is helping others along the way, solving other people’s problems. The funny thing that happens is money just appears. I can’t even count how many times I have proven that universal law that when you give you get right, and we all have heard that, but how many actually do that? Chris Naugle 00:07:35 Well, I do. And I mean, just, just right before the holidays, I gave one of my staff members, 500 bucks, no reason it wasn’t a bonus. Thank you. Here’s 500 bucks. What I didn’t know is earlier that day, she had given $500 to another one of our staff, people who literally just had her house destroyed and in a psych, or what do they call them? Not a tight typhoon. She’s in the Philippines at our house destroyed. So this, this person gave her $500. I then gave her 500, but this is where it gets even crazier. I got a card and we get a lot of cards during the holidays, a card from a client. And I opened it up and I never expect anything in the card and outfalls a check. How much do you think the check was for a thousand dollars? A hundred dollars. So listen, like I had amazing checks from clients. I don’t ask for checks. I don’t want checks from clients, like in the sense of that, but she gave it out of her heart. I gave a 500 to Ashish Nathu 00:08:30 Honestly showed up in a way that like, yeah, I mean so Chris Naugle 00:08:35 Powerful. So when you talk about the relationship with money, most every person out there has it all wrong because they’re focused on the wrong thing. Money is just a tool. Use it as a tool, the tool isn’t the important part. The tool just gets the job done. The tool just helped other people get a job done. That’s what they’re always sort of tools have always done. We have made money. This, this thing that it isn’t. And because of that money defies most people. And right now the scariest thing that I see happening is so many people are making it, which is great, but they have no idea how to keep it. And that’s what saddens me. And that’s why I’m out there constantly to tell people, here’s how you keep your money. But most people just say, oh, you’re just another, Ashish Nathu 00:09:17 Before we get into, I want to ask you more about that. Cause before we get into like how to keep your money, you’re very bold about this topic and you speak loudly about it and you’re unapologetic about it. Do you have a, and you’re, you’re in the money business, meaning that you talk about money a lot, but, and I, and I love how you just shared your shared your story because you’re actually not driven by money. You’re adding value to people’s lives. You’re trying to create legacy. You’re trying to change generational limiting beliefs. So there’s a lot of value, but you know, you are in the money business. You talk about money all the time. Do you have a fear of being misunderstood or, or a fear of people, perhaps not really listening to your message because it’s like, oh, here’s another guy just really talking just about money and not about like, but that’s not what you’re doing. Tell me where from you personally, like where’s this coming from? Chris Naugle 01:10:14 Absolutely. I mean, if you look at, if you look at the whole thing and you really kind of dive deep into it, you’re absolutely right. So out of a hundred percent of the people out there, I speak to 5%. I’m actually speaking to a hundred percent of the people, but only 5% of them actually want to learn something new because the other 95% have been conditioned to believe everything. Just scam have been conditioned to believe things are too good to be true. Have been conditioned that because of their upbringing, their current circumstances, or whatever’s going on, that they can’t have more, that they can’t have a better life and that they can have financial freedom and nothing anyone says to them will change that because their mindsets broken. And that’s one thing, you know, and I, I loved how you said that unapologetic, you know, maybe it’s cause I’m from New York. Chris Naugle 01:11:00 I am a bit brash. I am a bit good around the edges, but there’s no could be. I am I tell you that right now? I, I just tell it how it is and I don’t care whose feelings I hurt because I’m trying to help them. And if they don’t want my help, if they don’t want to help themselves, then please just get out of the way you can call me whatever you want. It’s just going to fuel me because the more people that hate, the more I love, the more people that hate, the more hugs I want to give. I mean, you saw my feet hugs too. I, I never used to be that way though. I used to hate it when people hated on me or hate it. When people made comments, I, I took it personal. I got bent out of shape. Chris Naugle 01:11:40 I had bad days now. It just fuels that fire. And I hate that. I can’t help more people. It bothers me. Don’t get me wrong. I mean, it’s the brushes. I am. I have a very soft side. And that soft side is a terrible sadness that I go to bed with every night, knowing that I, I can help a lot of people, but the people don’t want help because of false beliefs. And because they’ve been lied to their whole lives and, and that’s something I can’t change. It’s something I can’t help. But one thing that I, I go to sleep every night and I pray about a lot is there will be an event that will happen. Let’s call it a market collapse. It’s going to happen. I mean, I don’t know when I can’t tell you when, but it’s going to happen. When that event happens, the haters will start becoming believers. You can, it takes that. Ashish Nathu 01:12:23 It takes that event every time. Right? Chris Naugle 01:12:25 And I hate that it takes that event because it takes people to go through pain and suffering in order to see and be in it, be enlightened. But you know what? Study Buddhist study, anything else? Any, any religion, like there’s always pain and suffering. Every entrepreneur, every successful person, they chose the hard path. Elon Musk talks about this all the time. The path he chooses isn’t because he needs more money. But the path he chooses is painful is difficult, is stressful. And why would anyone choose that path that is very difficult, painful? Like you got to go through Helen, come back just to get where you’re going. When you know, like in Elan’s case, he doesn’t need more money. He’s basically a volunteer or right there. Solidifies what I said earlier. He is driven by something other than money. Money is just the tool he uses to get where he’s going. Chris Naugle 01:13:13 He’s driven because he wants to solve big problems. Like, you know, colonizing, Mars, like most people laugh at that. And most people hate him because his dreams are so big. They can’t even wrap their head around it. But you know what drives him to say, you know what? I’m going to do it. And I’m going to save a lot of people on the, on the way in, I don’t know what else more I can say about that. That’s just how I think. And when people tell me, oh, I can’t wait till the day I retire. I cringe now. Retirement means a lot of things, but most people retire means the day they can stop working the day that they can literally do nothing. You know? In other words, I’m just going to golf every day. How many people that have retired, you know, that just went out and golf every day, they die. Chris Naugle 01:13:52 They lose their purpose. They have no function for why they’re here. So therefore their body, they die. I hate to say that, but that is a fact that I pin in the insurance world a long time and like factually actuarially, that’s what happens. They love retirees because they know that retirees are probably not going to make it very long. It’s it’s, it’s so broken. And that’s what they’ve got us all chasing is this false reality, this false thing, just to keep working really hard for a certain amount of time, it’s like, get in line, shut up. Don’t look around and just do what we tell you. Ashish Nathu 01:14:25 I mean is exactly why I launched this podcast because I think that, you know, even for me personally, we are all bred to chase something, to chase some program of success, whatever that may be, or a certain amount of money in the bank. And you know, one of my, I was, I was, as I was preparing for this podcast, I was thinking, thinking like, what is it? What’s my relationship with money? And like, what if I wanted to ask Chris a question about my relationship with money and like, why am I behaving the way I am? You know, what showed up for me was that I never, my family never really talked about money growing up. Right. And I never, we never really talked about money on the dining table. We never knew how much money we had. We lived. Well, we were middle-class. We have, my parents are immigrants. Ashish Nathu 01:15:16 They worked super hard. So you saw a strong, strong work ethic, but I never really talked about money or the value of money. So growing up, I lived almost in an abundance mindset because I never felt like I had a scarcity of money. And so I never thought about holding onto money. So what, one of the things I attribute a lot of my business success, and I’m putting that in air quotes is that I always focused on creating value in my businesses and ended up our business was super successful. But now, as I am older, I’m married. I have kids. I have a successful business. I, you know, I have some wealth now. Now it starts to show up for me is now you have something to protect. So now you act, and this, and this is going to go into my next question about how you keep wealth. But now that story starts to get redefined because what got you here was maybe an accidental abundance mindset because of your past story of money, which I am very aware that it could have been the opposite opposite of that. But now that you’ve have it, you don’t know what to do with it because you don’t understand how to like value it. If that makes any sense, Chris Naugle 01:16:32 It makes all the sense. And this is, I think one of the we’re having like a Ashish Nathu 01:16:37 Personal coaching session right here with Chris. Okay. Chris Naugle 01:16:40 I love how you said that. Cause you know, you heard my story, which was coming from scarcity mindset where, you know, don’t leave the lights on. Don’t hate the outside. Everything that I heard growing up was scarcity because we didn’t have resources and we didn’t talk about money either, but we talked about the lack of money. And because of that, that drove me in today’s world to seek, you know, money and to seek, you know, a better life so that I can help others. But that actually led me down some bad paths where I fell. So yours is different. Yours is you came from an abundant mindset, but the lack of talking about it, didn’t give you the value it gave you. I don’t want to call it a false sense of yeah, Ashish Nathu 01:17:18 No, it was a false, yeah, it was. Chris Naugle 01:17:21 It’s cool that there’s, it’s like the tale of two stories there. And I think the big thing that a lot of people make the mistake of is they they’re good at making money. They have an event, maybe an exit of a company, or they get a promotion at work. Then they get a big bonus. They get money, but they don’t know how to hang on to it. Or, you know, I like to talk about it as keeping wealth. And that goes back to the laws of wealth law. Number one is you have to keep one 10th of your gross income. Now, I don’t know how many people, you know, if I was to interview them all would actually be able to say, yes, I keep one 10th. And when I say key people are like, what, what do you mean keep, I mean, keep some people would call it save. Chris Naugle 01:18:00 I just don’t like the word save. I like keep because it is the essence of what you’re doing. If you make money and then you, you have it. But then it all goes somewhere. The car payment, the visa payment, the line of credit, the, all those things, all that money goes out. That that is money. You’re not keeping. So how much did you keep? One 10th is the minimum. And then lawn number two is once you get that, that amount kept right. You, your savings builds because you, you were, you know, had an exit or something or a strong business. Now the thing is, is most people and here’s what most people do. So let me talk about what most people would do. They would judge their success by how much money is in their banking. The Jay would judge their success by how much money is in their 401k or in their brokerage account, which is all good and great. Chris Naugle 01:18:43 But if you read any of Kiyosaki’s books or you follow any things by the wealthy, like having money in the bank means you’re actually going to go broker every single day because that money isn’t working for you. So the second law of wealth is your money has to go to work for you. This is where the biggest difference with the wealthy and the average person is the wealthy understand that their time is priceless. They also understand that their money has to be working for them 24 7. So they do a very good job of moving money. And most people think they understand moving money, but most don’t and moving money is just whatever. I mean, whatever you’re doing with it, move it through your business. But most people will make money. And then moving it is spending it. That is not, that’s not, yeah, that’s not moving. Chris Naugle 01:19:29 Not at all. Moving money is I put money somewhere where it’s gonna go to work for me. And that money is then going to create offsprings offsprings for your money, working for you or in the form of dividends, interest gains, you know, anything that builds your wealth more. Now, most people stop right there. They take the offsprings, the dividends interest of their money, working if they’ve made it that far. And they spend that, they buy a bigger house, a bigger car, you know, whatever they do the success for the wealthy, send that money back out to work. They send the off again and then they live off of that. So there’s a perpetual stream of money working. And that’s how real wealth is built. That’s how people become multi-millionaires. But you’re not. Are you talking about compounding? You’re talking about something else. It is compounding because you know, we haven’t really crossed that bridge yet, but you know, the wealthy also don’t keep money where most people do, they put their money in a place where it continuously and forever will earn uninterrupted compound interest, which is single-handedly the most powerful thing in the financial world is compound interest. Chris Naugle 02:20:26 Everybody thinks they understand it. Nobody does until they really participate in it. Then they understand it very clearly. We’ve talked about this. We have talked. So now to the third thing and this, sorry, I’m going long on this one. But the third thing is, is I think one of the most important thing, this is protect your wealth. The third law, you have to protect your wealth. And how do you do that? Well, there’s a lot of ways. First off, don’t invest in things that you don’t understand that you don’t know and that you don’t like. I mean, I can’t tell you how many people invest in things that they don’t believe in that they don’t understand. Like how many people you think invest in NFTs don’t even understand what an NFTE is. That’s not protecting your money, that’s being foolish or this, I think the biggest thing that is even worse than investing in something you don’t know like or understand is giving your money to somebody else. Chris Naugle 02:21:13 I call that giving up control of your money to somebody else, an advisor, you know, whoever else, you know, guru a fraudster is what I call sit. Most of them, you give up control of your money to them because you think that they have an answer that you need, and they’re going to be able to take your money and make more well, there’s always a reason that happens. And also when you do that, the first thing, if you’re going to find a good advisor, a CFP or somebody to manage your money, I’m kind of against, but in some cases, it’s the right thing. You need to research that person and make sure that they have the knowledge and the skills to do what you want them to do. And that knowledge and skills has to come from wisdom. And also failure. I would never, in a million years, give a financial advisor, $1 to manage. Chris Naugle 02:21:56 If they haven’t failed or gone through a recession, if they’ve gone through recessions and they can answer to me how they combat that. And if they fail that be honest. And then tell me what you learned. Now, we got something to talk about. So protecting your wealth can be just in the form of investing things. You understand? Cause that’s certainly protecting it. Find people that understand industries that maybe you don’t that you trust because they have the knowledge because of time, wisdom and failure. And lastly, for protecting is, this is what I do. When my money goes to work, I have security. I have collateral. I don’t know where we ever forgot about that thing. Cause that’s been all the way back before Christ. You know, when Babylon days people lent money, but there was always collateral. There was always a security instrument. I mean, when you take a loan from a bank, you can learn a lot just by following what banks did was to take a loan from a bank. Chris Naugle 02:22:42 Does the bank just say, Hey, we like your patch on the back and say, oh, here’s, here’s a hundred grand. You know, make sure you pay us, you know, but good luck. They don’t stay that. They say, Hey, we might be able to give you a hundred grand after we research and do the due diligence underwrite you. And then what are you going to put up for collateral? We’re going to own your house. Yeah. Okay. We’re going to, we’re going to put the house as collateral. Great. We’re going to go and put a mortgage on your house. Oh, you’re going to get a car loan. Great. We’re going to put our mark on your title, the lien. Okay. There’s always a security instrument. And if the bank doesn’t have a security instrument and they give it to you as an unsecured loan, there is always a high interest rate attached to that because that is the riskiest loans and those banks, just what people don’t know, those risky loans. Chris Naugle 02:23:27 Guess what they do with them. They sell them off. They sell them off to hedge funds. They sell them off into wall street. That’s why wall Street’s so toxic. That’s why 2008 happened. They package them up with a pretty little bow and ship it off to somebody else and put the risk on somebody else. Banks are one of the smartest financial institutions outside of insurance companies, which are the Almighty’s. But if we just started doing what banks do with our money, and all we did is we mimicked what a bank does. And we’ve literally just watched and learned. It’s not even, you don’t even have to watch and learn. When you go take a loan out, how did the bank protect themselves, do the same thing for your money. And that is how you keep money. Because if you don’t do that, your money’s going to flee. Ashish Nathu 02:24:06 That’s an incredible people need to listen to that again, because that was a really, it was honestly a really simple structure. But the problem is, is as you know, is people don’t follow a very simple structure about how to keep their wealth. And I’m thinking even to myself, like there are some investments that I have that per a potentially not collateralized in a way that I should be thinking about how to collateralize them. Right. And so I just appreciate you making that super simple. What it, when people do, let’s say drink the Kool-Aid and there they are onto the program. What are the ups that people can make? Is it that they get greedy? Sorry, go ahead. Chris Naugle 02:24:46 No, no. Ashish Nathu 02:24:46 Keep going with no, I was going to say like, are people impatient? Are people, do people get greedy? Do people listen to, you know, they don’t listen to their advisor anymore. Listen to some friend who’s trying to make a quick buck. Like what’s the, what’s the place. Like, let’s say me for example, right. If I am, if I’m drinking the Kool-Aid, I’m like, I get it. I’m going to be in the school of Chris. Naugle like, I’m going to follow a program and be more disciplined about how I manage my wealth. Right. There’ll be millionaires everywhere if everyone did it, like, there’d be freaking millionaires everywhere, but there’s something that’s pulling people away. Yeah. Go, Chris Naugle 02:25:19 Yeah. This is such a great topic. Oh my God. I’m so excited. Cause no one’s ever asked me this and it’s such an important thing. So what does happen? What makes people go down the right path with well, but then all of a sudden get off of that and go back to the old way. Well, it’s just habits are the first thing, but let me use Warren buffet. Okay. Warren, Buffett’s been investing longer than any of us longer than most people have been alive. So when people say, oh my God, he’s so rich. What is, you know, w why is he so rich that there’s one answer it’s time. And Jeff Bezos interviewed Warren Buffett. You guys can all look at the YouTube video and you know, I’m going to shorten it. But bayzos said, it’s a buffet. He said, you know, you’re one of the richest men in the world. Chris Naugle 02:25:53 And you know, you’re so good at investing, but what should you do? Warren is so simple. Why doesn’t everybody just mimic and copy what you do without a flinch Warren answers and his normal boring kind of monotone voice. And he says, because everybody’s in a hurry. So one of the things that is a detriment to what I teach is building wealth is a marathon. It’s not a sprint. And if people and most people today are all in a rush to get rich, okay. And notice I said, rich, not wealthy because wealth is earned and kept rich. You can get rich and then lose it all. And it happens every single day and everybody’s in a hurry to get rich. And because they’re in a hurry, they seek unrealistic returns. They buy all eight law. Number three, they don’t protect their wealth because they’re just out there. Chris Naugle 02:26:40 They trust fraudsters and scammers and they seek unrealistic returns, which I’m going to say, 99.9 9 9, 9, 9% of the time will result in your money. Fleeing. It has happened to me. I have chased those big returns, those unrealistic returns. That sound too good to be true, but you’re just like, Ooh, it’s kind of like blackjack red or black, or, and then there’s green, you know? And you just always want that risk. Whereas though, people take the bait and they go for those unrealistic returns, which results in them losing money. And then they blame everything else and everybody else. So I think some of it is greed. I think a lot of air right now is FOMO because of the environment that we’re in, which is just speculative and full of investor competence. So FOMO, fear of missing out, and everybody thinks you’re missing out on everything. Chris Naugle 02:27:26 Look at the stock market. I mean, everybody wants to look at it as a, as a hockey stick, which it is, but really it’s kind of sideways. It’s not as exciting as you think, if you really know how to look at it, but it’s not perceived that way. You know, cryptos are about the most vulnerable thing that you can invest in. But if you understand it, you can become very wealthy with it. Again, I said, understand it through knowledge and wisdom. And I think the other thing is our, our network. I think one of the reason people get around the campfire and then drift off is because of their network. They are surrounding themselves with people that cause you know, family or just old friends that they grew up with and these people in their mind are not where, you know, you might want to be, you might want to be up here, but if you put yourself in circles of people and you surround yourself with people that are way down here, no disrespect to that, there’s nothing wrong with it. Chris Naugle 02:28:14 But if you do that, you are going to bring yourself down to that level. And it’s, it’s almost assmosis it’s absolutely. Yeah, it did. It, it it’s because of the conversations. It’s because you can’t have the conversations about how to get up here. It’s because those people have either arrived at a point where they’re either just content or just accepted and conform to what everybody else told them life should be. My life is that I’ve had so many of my family members say to me, Chris, when’s enough enough. When is it going to be in a way, why can’t you just be content? Why can’t you just be happy? And you know, it’s not about happy or content or enough because there, there is no number that’s enough because the more I make that tool money is the more people I can help see, I’m not driven by money or things. Chris Naugle 02:28:56 I have nice things. I have a beautiful house. I have cars. Like I’m not driven by those. I could care less. Take them from me please. Because honestly they just create more problems in their work. But every dollar more you have all the more wealth you build gives you the ability to help a lot more people. I don’t know any poor people putting, you know, putting singles churches. I was going to say, yeah, yeah. It’s. So I think the surrounding is one of the biggest reasons people get in a surrounding with negative thinking, people limited mindset people. And then they start to conform to the beliefs of that surrounding that environment, that, that network of people. So just forced myself to put, to be around people like you, people that think bigger that talk the talk. When we go to that mastermind, we don’t talk scarcity. We talk about things that most people wouldn’t say that’s impossible. There’s no way you can do that in that amount of time. Oh, well we do it though, because we’re in a circle of people that believe who can, because we all are seeking that greatness. It’s Ashish Nathu 02:29:55 I could let you talk forever, brother. You’re so good. I’m learning so much. You know, I get so frustrated. Chris Naugle 03:30:00 I know Ashish Nathu 03:30:01 You’re coming from a place of frustration, Chris Naugle 03:30:03 But I am. It’s so simple. Ashish Nathu 03:30:05 It, you know, but it, it is so simple and you know, human nature is human nature. It is, it gets in our way, right? We are, we are survival-based instinct animals. And we don’t. I mean, what you just told me, it was like your path to wealth and success is to become a slough, to become an Oak tree, Chris Naugle 03:30:29 Right? Bamboo, I mean, look at bamboo. It takes forever. If any of you have ever, ever planted bamboo, then you know this, but if you haven’t go to the store and buy some bamboo seeds, plant them, nurture them, you will literally go get old. You will literally probably get your first gray hairs. If you don’t have them already waiting, waiting for that stupid bamboo. And you’re like, ah, I died. So you stop water. Then all of a sudden, one day, many years later, it’s sprouts and you see it. And you’re like, there’s no way. And then after it sprouts, which you waited years and years in a year for that seed to become something it’s skyrocket bamboo. Like they can’t cut it down fast enough after it grows. But it took so long for that bamboo to even come out of the ground. Listen, that is building wealth. That is comp once it’s out of the ground, it has the ability to compound your money will work for you in compound on itself. If you understand how it works, but it takes what seems like forever to get to that point. You know, Ashish Nathu 03:31:28 That’s the answer. Yeah. You know, it’s a really good example of how we need to look at look to nature for universal truth, right? And I’m really excited for whatever book you’re writing the laws of wealth because just by listening to you talk, right, you’re, you’re really looking for laws, not opinions, not your, your thinking. Like what are the real laws of the universe laws of nature. And when we look at nature, how slow nature moves and yet how abundant nature is. And one of the things I want to ask you is, you know, we think about all of the wealthiest people in the world for the last, let’s say four to 500 years. There’s a handful of people that normally come to people’s minds. But now, you know, because of this technology age, this information age, there are more millionaires every single day then than any other time in history. Ashish Nathu 03:32:24 And, and that’s a blessing, I’ll say that for sure. Like it’s a blessing that people are able to access information, but there’s a, there’s a danger and a risk. And, and I think some of the underlying tone of what you’re talking about is, is this is that we have become a society that is looking for instant gratification all the time, because of the age that we live. Where do you see us? You know, w what happens now, right? Cause you can’t put that cap back in the bag, like the days of our parents or our grandparents or previous generations, the patients that they had, they lived through world wars. Like we, we have a few generations that have never seen more than a 3% interest rate. Like we’re talking about a real difference of just a completely different way of being wired into this new world and having access to information and, and wealth creation in a way that’s never, so we’re not built to be patient is my point. So where do you see us going from here? Chris Naugle 03:33:28 Yeah, I know that’s dead on, right? I mean, any of you that use Tik TOK, we’re, we’re big on tick-tock and we’re growing tic-tac. I mean, that just proves that we are just in-patient because we can’t even sit there and watch a video for like 60 seconds without losing interest in going onto the next one, because that’s just, what technology has allowed us to do is get, become even faster and even more in-patient. So where do I see us going? Well, the best way to answer that is, you know, I don’t watch TV. I don’t turn the news on. I could care less. What’s going on out there. I read books. And I think the, I think what’s going to happen is the last great truths are going to be books, because that is where Wiz is because that’s where the stories are told their stories told on CB and, and, and all that. Chris Naugle 03:34:11 But it’s always a, a mixed version because it’s more entertainment. So I think one of the answers could be in a book that my late friend, Stefan Aarnio wrote, he passed away, I think a year and a half ago. And he wrote a book called hard times, create strong men. It’s a beast of a book, but it is so fascinating because it talks about how our ancestors fought in world wars and had hard lives and did go through those hard times. They were strong men. And I mean to siphon out men, it’s just the name of his book, but he also wrote strong tea or hard time straight, strong women. So men or women, when we’re in hard times, we are hard and is we have to be to survive. We are survival creatures. Like we, we are built to survive. And until we’re putting to that place where we have to fight or flight, right, where we have to survive, we don’t know how to survive. Chris Naugle 03:35:02 You know what I gotta consume, and we know how to conform and too many people out there, I E government or whatever you want to call it, to figure it out, how to miss conform to what they want. And that’s the technology has enabled them to do that. So that book has the answer for what you’re saying, what do I see next? Well, I see us continuing going faster and faster and faster and technology evolving and evolving and evolving. I mean, here’s where it’s going to really slip me up and kind of ruin what I’m going to say. The metaverse like, that’s a whole different thing. I mean, I guess you got to watch ready player one to understand that, but I think what’s gonna happen is we are going to have a, the, this is just me saying this and I know it to be true. Chris Naugle 03:35:40 I just can’t tell you when we’re going to have one of the biggest financial collapses ever bigger than the great depression, or at least to the tune of the great depression. But now remember the great depression, things happen slower, how fast these things happen today with all this electronic stuff and the digital age, the stock market in one day could literally go from where it’s at to technically zero with the stop losses and the triggers that are in place. They’d shut it down so they wouldn’t happen. But back then they couldn’t happen. So it was the slow drop back in the depression, and it happened fast enough, but it was still slow today. That will happen much quicker. So all this technology to make our lives go faster and make us more excited, will also be the detriment and we’ll make everything collapsed much faster. Chris Naugle 03:36:21 And when this happens, I don’t know what it’s going to look like. I’m actually, I talk about it a lot, but I’m scared to death of it, even though I know when this event happens, that will be my catapult. Cause I’ve been talking about this for so long. I think people are just sick about sick of hearing about it. But when it happens, they’re gonna be like, oh my God, he was right all those years. And when it happens, I’ll catapult, but I will still like, you can’t help people after the event’s already happened. And that will create hard times again. And we will be in hard times for unfortunately, probably a longer period of time than we’re used to. And that will create strong men and women again. And we will reset and we will start using technology, but we will use technology in a different way to help humanity and help people climb back up and get back on the feet or we’ll use it for all the wrong reasons. Like so many people do today and the rich will get richer. The poor will remain poor and there will be no middle class. So pick your poison. I can’t tell you what the future is going to look like. And we don’t live in the future. We’re living in the now. So what we do right now is the only thing that really matters w Ashish Nathu 03:37:19 Give us one or two tips. If we’re thinking about what you just said, right? And we want to be, I won’t say smart, but let’s say we want to be prudent. Sure. What are one or two things that people can take away from that perspective? Chris Naugle 03:37:35 So if you truly believe that there’s going to be some kind of a collapse in the markets, then you could very easily kind of start to plan for that. Like I live in Buffalo, New York, we have terrible snow storms here, Laken effects. No. Now we hear on the news and sometimes it’s a very short warning, but we prepare, we make sure the gas is in the snowblowers. We make sure our cars are full. We make sure there’s food in the, in the fridge like we prepare, but why don’t we prepare for things like this, this big storms that are coming to the financial world. We don’t because of greed because of FOMO and all the things I talked about. So here’s some things you can do. Very simply look at your portfolios, look at your investments, look at where you’re at. I will tell you, most of you are probably up quite a bit. Chris Naugle 03:38:14 And then just remember Warren, Buffett’s simple words when others are greedy, be fearful. And when others are fearful, be greedy right now is not the time to be greedy. Greed will, will certainly lead to a terrible event for you being fearful right now is where I’m at. And I’m on lots of cash, lots of money. I mean, I don’t sit on, I move it, but I’m not taking investments. I’m not buying real estate. I’m not doing all the things everybody else is because I’m waiting for the opportunity that presents itself in a year or two years. That’s the real opportunity right now. This is just white noise. So taking your gains off the table, Peter Lynch, one of the most famous fund managers of all time you manage Fidelity’s Magellan fund, which had one of the longest track histories of success out of any fund ever read what he just posted. Chris Naugle 03:39:06 I think he posted it a week or two weeks ago. He said, now is the time not, maybe is the time to start trimming your stocks and trimming the risk. Not in those exact words, Ray Daleo manages the largest hedge fund in the world manages China’s money. Looking at Bridgewater capital, watch his YouTube videos, warnings, warnings, warnings, warnings. He can’t come out and say the market’s going to collapse because he manages China’s money. But he certainly is putting warnings out there. Jim Rickards, Harry dents, all of them, Peter Schiff, like all these economists are saying the same thing yet. People ignore it. They ignore what the experts are saying. Why only one word greed or just pure ignorance. So, unfortunately for most that’s just going to be how it’s going to go there. I could give you the best advice, move your money into 20 and 30 or 20 or 30 year us treasury or buy the ETF TLT. I have, you know, that’s where I put my money. I’m that making a recommendation or a suggestion? It’s just where I put my money. Ashish Nathu 04:40:09 You told me that personally, too. So that’s, that’s really advice. Christmas Chris Naugle 04:40:13 Boring place. You could ever put your money, but if you were an advisor and you’ve got your series seven, like I did back in the day, you understand the inverse relationships, the bond and interest rates. When the markets collapse, interest rates will be pulled close to zero. Like they were during COVID you’re your 20 and 30 year bonds will skyrocket up. It’s just mathematics folks. It’s not even speculation. It’s just how it will happen. It’s how it did it. No S or 2008 two, that would be a good place. Move your money through privatized banking systems, specially designed and engineered whole life. It’s what I do. I have tons of money running through there. I don’t put it there and leave it. That’s the key thing. A lot of people are like, oh, that’s dumb. Dave Ramsey said, you should never put your money on whole life. Yeah. You should never put your money in whole life and leave it. And he doesn’t even know how it works because we’re designing it differently. And then once it gets there, move that money. I loaned it out. Ashish Nathu 04:41:01 It’s a whole, we could talk about BYOB, be your own bank and whole life. Like, and I actually would love to do that, but like, that’s a whole, a whole nother, that’s a whole nother policy thing. And, and actually before I skip that, like I really do. And I’m learning about it as you know, Chris too. So like, I really do encourage. And this was when I learned about, I mean, we’ll talk about it here for a second. But like, when I learned about what you’re talking about here with whole life policies, infinity banking, it blew my mind that not everybody was talking about this and didn’t know about it. So we, we, we could definitely spend another 45 minutes talking about it. But if you want to learn, actually I got to figure out how to put a link to your website or your YouTube. Yeah. But like just YouTube, Chris Naugle, Chris has so much YouTube videos and Instagram videos on exactly what we’re talking about here and BYOB. And he’s one of the nation’s leading experts in this subject matter. But, and that is an incredible way to build wealth. I’m learning about it too right now as we speak. So I encourage people to listen to it. Sorry to interrupt you. But no, Chris Naugle 04:42:07 It’s a really important thing, but it’s a deeper conversation. So, you know, you can research it like, like you were saying. Yeah. Th the biggest thing right now to look at is just how much risk are you willing to accept? How much can you lose without it changing your life? That’s the amount of money that you should play with in the markets in Bitcoin, in crypto space. Like that’s the only money that should be an equities for crypto. The rest of it. You should find a nice, safe, cozy place for that money can sit. And you’re going to be very upset for a little while because it’s not going to make your much, it’s barely going to, if it even paces inflation, you know, that’ll be a good day. It’ll be better than your savings account. But you know, let’s just say you’re pacing, inflation or keeping up with it. Chris Naugle 04:42:47 It’s not going to get you excited, but you know, you’ve heard it all before folks, patience is a virtue. It is the one thing that we have lost. It is almost like something that is died. Like the dinosaurs it’s extinct nobody’s patient anymore. I’m super patient. I will sit and wait as long as it takes, because I know that if I just wait, the opportunity will come whenever it does. Can’t time. The market, whenever this event happens, will single-handedly be the biggest opportunity of my entire life. We are here for a very short period of time. And if all you needed was one opportunity, but it was the biggest one of your life. And all you had to do is wait for it and plan for it. Where does logic not tell you that that makes all the sense in the world. You’d sleep better at night. Chris Naugle 04:43:35 You wouldn’t have all this ball activity. You’d know your money’s nice and safe and not going anywhere. And you’d know that you’re going to be for, I I’ll say it filthy wealthy because you are patient waiting for the biggest opportunity when this opportunity happens, which for you will be an opportunity. If you listen to this for others, it will be one of the biggest tragedies of their lifetime financially. But when this happens, it really doesn’t matter what you invest in because everything just like the tide, you know, when it’s up, all boats rise. And when it’s down, all boats fall, everything will collapse with it, including real estate. So when it all goes down, grab your dart board, put some pictures of things that you like know and understand that you’ve always wanted to invest in. You just never do take time and throw some fricking darks because that’s the study they did with monkeys. They threw darts at stocks, the monkeys beat the best financial advisors, call yourself a monkey and grab some darts because you, no matter what you land on, as long as you’re patient, and as long as you understand those laws of wealth will become wealthy. Problem is so few of you will listen to that because you are inpatient and in a rush. And that would be your downfall. Ashish Nathu 04:44:43 If you can tell, this is the Chris Naugle baby, this is the Chris Naga. We love and enjoy. You know, I just had somebody, somebody on the podcast a couple of days ago that was talking about like making investments and, and they’re, they manage a family office and they were talking about how investing is all about investing with the right basis, because you have risk in all investments, right? And if you invest with the right basis, then you have, you have a cushion of a bad management team, maybe market conditions, what have you. But what he was saying today was that no matter what you invest in, you have a high basis. And while you’re talking about is exactly that, that like save your cash, you know, invest in things that are safer. That potentially don’t have a huge return, like treasury bonds, so that when things do come back to a normalized basis or a lower basis, you’re able to optimize that. Ashish Nathu 04:45:42 And that, that you can only achieve real wealth over periods of time. So I think people need to, like, again, you need to do your own research as we close up here, let me just say a few things like we really, you need to do your own research. You need to go on YouTube. You can learn so much free stuff from Chris. He puts out so much great content, and I really honor you for that, but there’s so much great, good content out there for people to learn about wealth management, wealth creation. And it is a big reason why I created this podcast, because I want people to start asking these questions to start thinking about their why. Right? So anyways, I have one final question then we can riff on whatever else you want to talk about as we close, but to you, my friend, what does it mean to be rich Chris Naugle 04:46:26 Means? I have the ability to help people that I didn’t before means that I have the resources and the tools to go out there and solve people’s problems, hands down. That’s what it means to me. And that is the only thing it means. And it also fuels my fire because it allows me to chase bigger dreams, bigger goals, and do more in each one of those goals is always focused on, on one sole thing is what problem can I solve for someone else? Ashish Nathu 04:46:50 I love that, man. You know, I, I have come to know you recently in the last few months, and I just really honor you for how you show up in the world, how you show up. We didn’t even get a chance to talk about family or fatherhood or manhood. And that’s again, an whole nother Chris Naugle 04:47:07 Emergency dad joke. Ashish Nathu 04:47:11 You know, you, you show up. So, so powerfully for other men as a father, you’ve taught me so much and you’re helping change the world and the way changing generational beliefs about money. Like I just really want to honor you and you know, so much blessings to you into the new, and I just appreciate you being here with me today. You’re very welcome. Thank you for having me on. Thanks brother. Narrator 04:47:37 Thank you for listening to the rich equation podcast with Ashish. Nathu, do you want more ideas on how to live rich? Go to richequationpodcast.com for show notes and resources. Then take one minute to leave Ashish, a five-star review on apple podcasts, and we’ll see you on the next episode.