Transcript for Mindset for Military Financial Success
Scott Tucker: All right. Looks like we are alive and good to go. And so welcome back to Wealth. Welcome back, really to the first episode of what we're calling our US VetWealth MRAs, military financial readiness. You've got to get all that goodness that sustenance in your system to have the energy, that's what MRAs are all about, fill it up with calories.
So we're just doing that with truthful. Realistic honest financial education. And
Trevor Maxwell: most importantly, we promise no
Scott Tucker: veggie omelet. No veggie omelet. So rain putting whatever. We have our own versions of that because Hey, especially in this day and age just like you need to be creative with the food and the MRE to make it good.
This financial system is so full of bad ingredients that everybody's just forced fed to eat. We want to teach you how to look at it and simplify it and really get the best bang for your buck out of it. Cause it's not their traditional, same for retirement. And first savings plan.
That's going to guarantee you any sort of success. I think that's not the proper mindset for really creating wealth. And Wealth. Isn't about getting rich. It's about having the time to be able to educate yourself, to do the things you want to be able to spend the time doing things you want, instead of always working for somebody else.
Unless it's of course somebody who's. Who's employing you in a job that you absolutely love, but if you're not striving to find that job, if you're not in it already, then this is a big part of it. It all starts with the mindset. The, a little background of what we're planning to do here, and I'm always open to feedback.
So if you have thoughts that things we should talk about or have specific questions please let us know, but. Trevor's been working on putting together curriculum that he's doing for a number of military units. And we wanted to put it out online and make sure it was available to everybody.
And this is trying to get the US VetWealth approach to how we want to look at finances in a different way. I get it out there and try to motivate. Made it motivate, whether they're active duty or otherwise to take more financial control over their lives instead of, gambling it in the stock market and thinking that's good financial advice.
All right, Trevor, I will pass it over you and chime in with any thoughts or questions I have along the way, but we'll just start rolling these things out, man. And Keep building from here, but every Monday, Wednesday, and Friday is the plan, unless something comes up of course, but what's today's topic.
Trevor Maxwell: Yeah. So you already hit on it. We're going to talk about mindset today and I thought that was good that you brought up another point that I hadn't really had in my talking points. Too often, most people equate wealth with the dollar amount, which obviously that's certainly a component of it.
But, one thing that I've learned through coaching and all this other stuff that I do outside of, my work here is that there's a lot more to Wealth than just how much money you have. Time is huge. That was one of the things that I realized is my time is probably my most valuable asset.
And a lot of other vets after they've transitioned find that out. They have that aha moment like, Oh wait, that's. That's really what's most important my time. That's my most valuable asset. And I think that's a good that you brought that up. Cause that's when we're talking about mindset, that's a really good state of mind to be in is understanding like what's what is your most valuable asset? Is it my retirement account that I have, $300,000 in. Or is it the fact that I have time to go do whatever I want to do, spend time with my family. Go do cool shit. So good point you
Scott Tucker: no, I just expand on it a little bit more.
It's we got to really hit this home in the mindset to truly understand. Cause we forget that when we sign up for service and we raise our own, we are sad. We are literally signing up every moment of our time. To the government, for the length of the contract, that's what it is.
You are giving up all of your freedoms. Yes, you're still an American, but essentially if they say, Oh, you're deployed tomorrow. That's your time. That's time away from things where you could be educating yourself. Obviously spending time with family and stuff. That's what everybody always gets to.
But really, I think it's about the time to build the skillsets, to create Wealth. Too often we're outsourcing that in an unefficient way. And so that's really, the mindset that I think we can hit on.
Trevor Maxwell: Yeah. And, to stay on track with what we talked about before, what is the importance of mindset?
I think it's way more important to dig into that early on than it is anything else, because that is your mindset is going to determine whether or not you're successful. If you're able to make this a priority in your life, then you will be successful. If it's not, if you just say all, work and all this other stuff, like if your work is your priority, then Hey that's fine.
There's nothing wrong with that. If that's what your priority is, just don't expect all this other stuff to fall in line for you. If you don't make those things, you're a priority. And I've seen it time and time again. I see somebody will come and talk to me and they'll be super motivated, but yes, this is my priority right now.
And then I'll say, okay, Hey, here's what we're going to do. We're going to do a, B and C, because, I tell people like, I don't make recommendations. I write prescriptions. It's up to you to take the medicine. And I'll get them all excited. They'll be like, yes, let's go do this. And then a week goes by and two weeks and three weeks.
And they're like, you know what, man, I it's tough. I just don't have, I just haven't had the time to do it. And the reality is I know that myself from running three separate businesses plus the podcast, that's not true. You have the time, it's just. You're prioritizing differently. I don't think, if it's did you have time to play video games or, drink beer or what?
Then you have time to, take five or 10 minutes to do some of these things that we talked about beforehand. That's again, mindset, right? Hey, this isn't really that big of a priority right now. I'll get to it later. If you're willing to say that about something that it's not a priority.
Don't even start focusing on it until you're ready to get it done.
Scott Tucker: It's Oh, maybe one day or I'm just too busy or at my next duty station, I hope to have more time. It's then you don't truly want your to control your time. If you're not taking every ounce of time you have now to build the systems in and put the systems in place to free up more time later, it's just diminishing returns.
Trevor Maxwell: And, that's something that I had to overcome after I retired. I w I was trying to do too many different things at once. And I said, Hey, you know what? I want to change the way I do things. I read a really good book. I have it right here. It's the harsher Harvard business review guide. It's getting the right work done, learning how to prioritize things. And so now I just say, Hey, you know what, if I'm not ready to focus on this and make this my number one priority, I'm not even going to start on it because what's going to happen is I'm going to have too many things out there in my life happening, and I'm going to end up getting nothing done.
It goes back to the whole, I can do one thing really well, or I can do a really terrible job at doing a whole bunch of different things. And so it's. I found that like when I was able to start focusing on just one thing and do it like intense focus on it, I actually got a lot more done than when I tried to do three or four things at once.
A lot of that's being proactive with your scheduling and understanding how much time it takes to get something to do. Even if you just block off time in your day to do it and say, Hey, I'm going to stick to this. There has to be a little bit of self-discipline there. To make sure you stick with your calendar.
But you can do it when people say I can't do that. I'm like, no, you just don't want to do it. Same thing. Like when I quit smoking, I quit smoking because I really wanted to do it. Not because I, I just, one woke up one day and I'm like, you know what, man, I'm sick of hacking stuff up every morning.
I'm going to do this. And I did it, but I had to get to that point where I was ready to do it. Once I did, it was easy to become
Scott Tucker: successful. Yeah. I've read that, this, specifically around like the nicotine thing, there's a misconception that we're people are addicted or whatever, and that's actually bred into this is what happened in the financial system.
We're brainwashed to believing. It has to be true. I have to make the sacrifice. To prioritize my health or my finance is not no, you can just, and it changes anybody telling you how things are. It's stop for a second, think for yourself and make the decision. Cause every, every day you don't do something, that's a choice as well.
Not to me make a change. It's a matter of want and desire. And if you don't have it, then, how do we get to the point where we're not being complacent and, give ourselves that motivation to have the one, because otherwise it's just, time's gone and it's just over.
It's going to be too late. If someone's using nicotine and they develop lung cancer or whatever, then it's over. Yeah.
Trevor Maxwell: That's, it's the same thing. People get to retirement and they're like, Oh man, All this stuff that I wish I would have done that in reality would have taken me a few minutes, maybe a few hours to get set up.
And I never did any of that. And now I'm reaping the consequences of that down the road. So yeah it's just, it's crazy. Yeah. How many people I talk to that are like that. And typically that's why I try to be very stringent. Like when I'm. Talking to somebody initially I'm like, Hey, trying to get a feel for how motivated they are, because people always say the same things right there.
Oh yeah. I can generally talk to somebody within five minutes. I can figure out whether or not they're going to actually see all this stuff through and be successful down the road. And some of them it's not that they can't be in the future. It's just where they're at right now. I can tell yeah, this isn't going to work for this guy.
But, to get on that, next step that like once you've made that decision and you're able to commit to the fact that Hey, yes, this is the priority of my life right now. The next thing you do is it requires you to educate yourself. To learn about, what are the things that are relevant to my scenario?
What are the what are the things that I need to be concerned about? What are the things that I need to learn? How things operate. It's do I need to know how to work on this car? Or do I just need to know how to drive it? I think I've heard you use that analogy before.
Scott Tucker: Do you need to know that the nuts and bolts and where all the widgets work or do you need to know how to turn left?
Without killing somebody? Do you know how the traffic lights work? Luckily there's the mechanism put in place where you can safely operate them, but if you don't know how to operate it properly, it's super dangerous.
Trevor Maxwell: Yeah. And part of that is you need to know the rules of the road, right?
And so when it comes to personal finance, you need to educate yourself on how money works, not on how humans behave with money, which is like what you're going to get. If you go talk to a lot of those, the gurus, that sell a lot of books in there on radio talk shows, and they have millions of followers.
Those people aren't advisors. And, a big reason they're not advisors is because if they were licensed advisors and they said some of the shit that they say they wouldn't be licensed anymore. Because they would get fined a lot. But those people focus on how people work, not how money works, which is backwards.
I know you're more likely to do this anyways, so I'm going to tell you how to behave. I'm like, no, you need to learn. That's what we do in the military. Do you think in bootcamp, that's a, the drill instructors say, Hey I know you're more likely to do things like this. So just go ahead and now they tell you, Hey, here's the standard.
Here's how you salute. Here's how you wear your uniform. Here's how you March. Here's how you shoot. You're expected to live up to that standard. They don't adjust that. Hopefully they don't adjust the standards to meet your behavior, what you feel like you should do. Then that's the thing about money is like that stuff is pretty solid, right?
It's like the way money works is pretty solid. It's been, we know how it works. You should be making your decisions based off of that. Not based off of your feelings about how money works. It's you know, but imagine it, if you were at the firing line and you were like I feel like the gun would shoot better if I held it sideways like this, instead of the way that they taught me.
It's not gonna work. And yeah that's kinda the big pointers. Learn how money works, not how people work and adjust your behavior accordingly. So hopefully that shouldn't be too hard if you've committed yourself to saying yes, this is the priority of my life because that's, yes, those are, those are emotional decisions, but, it's.
You need to be able to focus more on, on what you've learned and taught yourself and consider the source too. That you're going to if you're learning, because I know a lot of people say I've read all these books and stuff like that. And I'm like Yeah, that person isn't focused on how money works.
Like I've heard some of those people in their shows say Hey, you know what? The mathematical side of my brain is going crazy when I tell people this, but I know they're more likely to do this anyways. So that's what I tell them to do.
Scott Tucker: When you think about how money works, I think the, one of the things that we get into a lot more than what you would typically hear is like literally how the dollar in this case, because for Americans here, we're talking about the dollar, how w how was money created.
If you don't know how money is created, then we're not going to actually know how it works. We're just thinking that, okay, I get a dollar from my paycheck. I put it into some sort of savings or investment vehicle, and therefore it's going to grow. That's a really false perception because we're missing the whole point.
That just the creation of money in general and how the banking system works is actually been devaluing our currency devaluing money for a hundred years. So the last century, if you didn't know this, the value of the dollar has gone down 96%. Since the federal reserve was created in 1913.
That is reality. And so we got to understand everything is losing money. Now they put a nice, fancy word on it and say it's called inflation. And they act like it's just one of these magical things that just happens in the economy is no, that's not true at all. They're controlling and creating it.
And if you're just in the system, then your mindset is that of a plug. A sheep, you're just like, okay, this is what we're supposed to do with the money. This is how it all works. It's no, at least understand. I, what is the system that you're in? If it, what's the point of playing a game.
If you don't know the game you're playing and that will at least open up your ideas to what's really happened on wall street, not saying, Hey, you still got to do the standard and, investment type vehicles. There's only so much, of the game to get into. Yes. Like we talked about it last week and there's things like cryptocurrency and real estate, and those are all different strategies and stuff like that.
But at the end of the day, what is that? What does money really mean to you? And what is the game you're in for not thinking about it then you're just spending all your time for somebody else's agenda. And, Wealth is about much more than that. And so that's what we were talking about with mindset.
Trevor Maxwell: Probably the last, the big point with this is, after you've made the decision to commit and you've educated yourself on how money works and what's really relevant when you're putting together a strategy is you have to make decisions. That's, anybody who's ever been in a combat zone or whatever knows that indecision is the number one killer.
You know the same thing, it's going to kill your chances for success. If you can't make a decision. And that's the tough thing to do because if you've ever had any kind of training on the psychology of buying and selling things like, buying it's an emotional decision, right?
You're afraid. There's uncertainty. Which you know, is why I tell people, like nature, you go out and educate yourself on this beforehand and make sure that the decisions you're going to make are right for you because everybody feels differently about this stuff. Some people, I absolutely think, probably feel the wrong way about this, cause they're not focusing on the tenants of what I personally think is important, but that's my opinion.
So if you are saying like, Hey, you know what, I'm not so much worried about this. I'm worried about this. Okay. That's your decision. You're the one who's going to, you're steering your ship, right? You're going to decide where it ends up in port. But being able to act on that stuff and saying okay, I understand this.
I know the ups and down the pros and cons of it. What are my opportunity costs related with this decision? What are the consequences, taxes, and market downturns and inflation and sequence of returns, risk, and all this other stuff and say, I'm confident making this decision now. And really it's. It's a process, right?
It's not an event. You don't just make a decision one time and say, okay, I'm good. I don't have to do anything else because the environment is constantly changing. So I have five little steps that I put on here. The first one is, identify, know where you're at and where you want to go.
Second is evaluate that's the education. What are my options? What are the pros and cons of each one and how do they help me get to where I want to go? And then, that third step decide you have to make the decision and say, Hey, this is what I'm going to go with. And execute that right.
That's the four step I have to put this stuff into play. And then after that I'm constantly monitoring and adjusting. And that's once you get to that fifth step. Yes, I monitored. I adjusted, I made my adjustments process starts all over again. It's not like a one-time thing. If you want to be lazy and just say set it and forget it then.
Yeah. Okay. Like you will probably have some money in whatever investments that you start. But that doesn't necessarily mean that you're going to be optimized from a, from a standpoint of all the risks that you're going to assume down
Scott Tucker: the road. Yeah. Cause it's a constantly changing environment it's especially right now.
I like to look at the, the three year. Timeframe. But in this day and age, that could be down to six months and stuff, but I still think three years is a good point, but typically I'm giving a presentation later today and we were putting their slides together. We said, Hey what's the problem with the under-education in the financial education for military these days.
The problem is that education that you've either all about the litter, the right now get out of debt, do a budget. So that you can do something for way down the road, save for retirement, which is 40 years, 40 years later. So that's just like a lot of hope and pray in between. Like what about what's in the middle?
What about the things you can control and prepare yourself to take those stepping stones, to keep on increasing your opportunities. You can create luck, but if you're not ready for it, you just pass it by you. Whenever you say somebody, although that is just lucky, it's no, they've positioned themselves to be able to act on an opportunity.
And so I think this is a good way to. Wrap it up with that. With that one question, we always come back to what would have to have, we were having this conversation. If you're watching this video three years from now, and you're looking back to this very first video that we put together at the, this education series, the finance 2.0 stuff, what would have to happen in those three years?
So put yourself there three years, Chanel, looking back to today, what would have to happen in those three years for you to feel confident about your success? Yeah. In, personally and professionally. So you can feel like you checked those boxes, but more specifically what day dangers you have to look out, be prepared for.
So think about all the, the financial landscape that we're facing, in 20, 21 and beyond, there's a lot of dangers out there. If we're just thinking things are well, the stock market's always gone. 8% on average every year for the last year. Eight decades. It's like really, that's not a very long period of time to, to judge that from, and it doesn't account for the internet age.
So we're still in the early stages of that. So this is a whole new environment we're in, there's a lot of dangers to be aware of, but secondly, What are the opportunities? What are the opportunities that you could tap into? Again, internet age, anybody walking around with magic in our hands, people, are you learning how to use it?
You learn in what world we're really in. And while there's all these people making millions of dollars, pulling it out of the air and worth we're thinking, Oh, I just hope I get hired for a job. It's you can go create it. And then finally, what are the strengths that you have and your skill set or your network?
That you can pull from and are you building those particular skill sets rather than focus on weaknesses or just saying I'm not good at something, build your, put yourself in the position to capture those opportunities and, keep moving that goalpost. As new information comes to light we've got to change our mindset from being, fixed to this is how things always are.
Like it's the 1980s world. Forever and ever, it's just not in, unfortunately, 90% of the world is just playing in that game. And so if you just step out and join us over here playing the new game. Yeah. The mindset around that, quite frankly, it's just, it's really freeing. I remember when I finally was just like, Oh, this is how the world works.
It was just shocking. I was like, man I went through four decades of my life almost before I learned VR. Had anybody tell me this, but once I did, that was one of my first. At times I actually felt Oh, I can have control and do whatever I want. Now having the motivation and keeping up to consistency every day.
That's a whole nother thing, but it's SU it's really important if you want to have control one of the,
Trevor Maxwell: I liked you talked about luck there and I think one of my favorite quotes about luck is you'll always find luck at the intersection of preparation and opportunity.
Both of which are things that you can pass it, you can create yourself.
Scott Tucker: But if we're only preparing for age 65, What a shame that we're leaving so much on the table because I'm not saying it's nobody's fault. That's what we've been led to believe that everything should be focused on this retirement account.
And eventually working with, stopping to work one day for somebody else. It's you don't have to be on the fixed income mindset now. I'm not saying it just changes tomorrow. You got to do the preparation for the opportunity. But anyways, that's our mission at US. VetWealth get yourself, get your strategies financially prepared to take advantage of that opportunity.
Whenever presents itself. But if you're all locked up in that, super long-term mindset, you'll never know what you might miss. So we want to make sure that you have all the resources available to you in the modern age. And so if you are looking to learn more about that, obviously that's what we do at US.
VetWealth got all sorts of books and resources on our website. But if anybody would like to set up a free asset map consultation, this is where we, go through, what are the resources you have for you right now? And then with our other education about, building personal brand getting modern skillset development and then setting it up.
And tying it into that financial strategy. So you can have a lot more control. I'm happy to do one of those consultations free of charge, our way of giving back to the Veteran community so that more people can see some of the freedoms they can create for themselves. And and, let them figure out, what they want to do next with it, but visit US VetWealth dot com.
Please subscribe, hit the little bell for this show. If you want to be notified whenever we're going live, typically it's going to be noon. Lunch and learns style on Monday, Wednesdays and Fridays. But as we're getting this show off the road and tweak it and stuff, bear with us, if we need to, shift things around, if we find out people are more available at other times, we want to be flexible there, but we do want to be consistent with this series because it's going to turn into a course and a book that Trevor's been working on.
So we're really excited to get this out and. Thank you all for joining us. We had a bunch of people pop in live, so that's always nice. And look forward to seeing ya on the next step. So Trevor, you got anything before we sign off? Nope.
Trevor Maxwell: Yeah, I think I've pretty much covered everything. So thanks for
Scott Tucker: joining us.
Awesome. Awesome. All right, everybody. We will see it on Friday. Take care.