Ep35: The Wealth Mentor - Making Money Work For You & Turn Your Profit Into Personal Wealth

What's going on everyone? Matt here from the PT Profit, Leverage and Lifestyle show. I've got an absolute superstar with me today, so I'm going to give you guys a quick intro on the wonderful Jackson. I've been following him for a while and listen to a few of his podcast episodes with other people, so I'm super pumped to, to jump in. So just a bit of background on Jackson. So he's absolute master of profit and wealth for business owners and has helped his clients build over $2 billion in combined wealth, which is pretty crazy. He specializes in helping six and seven figure business owners who have a great business model and can make their cash but struggle to hold onto it. The signature solution, called the Wealth Mastery Machine, helps his clients automate and systemize the financial management so they can get confidence and clarity with their money and create financial freedom faster. How good is that? How are you today, my friend?

Do well, mate. Looking forward to having a yard?

Yes, absolutely. So for those who don't know, do you want to give us like I gave a brief introduction there, but do you want to give us a bit of a summary of I suppose how you got into this industry and I suppose how it all came about?

Yes. So my story starts with my parents. My parents were business owners. Dad was a tradie, mum was a hairdresser. They were both incredibly hard workers and they always said to me as a kid, like, if you want to be successful, you've got to work hard for it. And, and I remember them working 16 hour days, 7 days a week for as long as I could remember. But as a kid I observed that there was something not right about what they were telling me because they were working hard, but they didn't necessarily have any of the fruits of their labor. We were always fortunate enough to have a roof over our head and food on the table, but there was never any excess. And I could see that my parents were working for money as opposed to money working for them. So my kind of goal became how do I escape this generational financial hardship and learn the things that my parents didn't know that would allow me to then come? So I started training to become a financial advisor when I left school and I was working for a big bank. And I very quickly thought I'd made a mistake because in the industry that I was in and my experience, all I could see was financial advisors only interested in helping wealthy people get wealthier. And the only interest they had for helping people like my parents was selling them commission based products. And, and that Certainly wasn't what they needed and it certainly wasn't going to help them get any closer to financial freedom. So I almost quit, but in a fleeting thought I said, well, if you're not going to fix this, then who will? And then I started calling myself a wealth coach and I created an educational based syllabus to help people like my parents with their kind of foundational wealth and basically teaching them how to get into their financial driver's seat and be able to create financial freedom faster. And we're 16 years on now and I think the number now is about $3 billion in combined wealth. I've also published five international bestselling books along the way. And I built an eight figure business myself, so it's been a pretty wild ride.

Wow, crazy stuff. I didn't actually realize you had a few books. I was just looking on your Facebook just beforehand and I actually didn't really realize that. So I'll have to go buy some of those bad boys ourselves. So you mentioned that obviously you're talking about foundational stuff. So in terms of my audience, a lot of the personal trainers that shoot in here are at the foundational stage or, you know, still obviously building their business, business themselves. So I suppose we might start there, I suppose, in the financial foundational side of things. So when it comes to wealth, how important is it to have those foundations set in stone before you? I suppose in business for, you know, 5, 10, 15, 20 plus years?

Incredibly important. Matt. The thing is, for most people, we're not taught about money at school and we often get into this trap of thinking that our key to creating financial freedom and living a better lifestyle is just earning more money. And I'm sure for most people who are listening or watching this show, they're like, okay, I'm working for someone. I want to be the master of my own destiny. I want to have freedom and flexibility. I want to be able to control my future. So. So I'm going to go out into business and I think starting a fitness business, being a pt, it's a phenomenal way to be able to achieve that. And what's really interesting is there's so many similarities between the fitness world and the finance world. So you've actually got a head start. But what we often see is that the goalposts keep moving for people. They're like, oh, I just want to get to my first five grand month. If I get five grand a month, I'm going to be fine. And then if I get to 10 grand a month and then I get to 20 grand a month. And what ultimately happens is we suffer from what we call the cash flow creep that as our income increases, so do our expenses and we very rarely have anything more to show for it. So one of the things that we find is that most of our clients who come to us, and our clients typically multi six figure and seven figure business owners, and they come to us because they know how to make money, but they don't know how to keep it. And they certainly don't know how to put it to work for them. And they need to have those foundations. And what that foundation looks like is we must have a financial operating system that takes our emotion and our knee jerk decision making out of the process. And because the reality is most traditional wealth management principles are only built for about 10 or 15% of the population who are intrinsically wired to defer gratification and endure long term pain and suffering for decades. And that's not exciting, that's certainly not me. And I'm sure for many of the trainers that are listening to this, like you can see that in your clients, you've got 10 or 15% of your clients who will follow your training plans, who will do all of the reps, who will follow the nutrition, that they're the easiest clients because there's for some reason they're intrinsically wired to do that work. But what about the other 85%? You must drag them kicking and screaming, right? And if left to their own devices, they're never going to achieve their goals. And money is no different. So that's why those foundations are so important. Because without those foundations, you're more than likely going to fall into the 85% and fall short of your goals.

Yeah, completely agree. So when it, when it comes to, when it comes to that as well, because obviously everyone wants to improve their lifestyle, right? At what point do you then decide to increase the lifestyle? Do you just keep moving the goalpost again? Again for the lifestyle?

Yeah. So here's my philosophy. I believe that everyone should have the ability to have their cake and eat it too. Okay. And I hate the idea of deferring gratification because once again, people aren't wired for this. And this really hit home for me because early in my career I really struggled with deferring gratification. As a financial advisor, I was giving life changing advice to my clients. I took a lot of pride in the work that I did and they were accumulating wealth really quickly and achieving all of these goals, but I was not practicing what I was preaching because for some reason or another, I really struggled with that deference of gratification. And I come to realize later on in my life that I've got adhd. And one of the symptoms of ADHD is hyper fixation. And people with ADHD really struggle to take care of their future selves, which is why they don't want to defer gratification because their future self may as well be a stranger. Why should I sacrifice for this future version of myself that I have no accountability to? And what I come to realize is that the traditional wealth creation principles are based on scarcity. They are based on the underlying belief that you have a finite amount of financial resource and you must work within that finite amount of financial resource to achieve what you want. So it means you must defer, defer gratification, because you either live a great lifestyle now and you suffer later, or you suffer now and you have a great lifestyle later. So I challenged this and I said, well, what if I want to have both? I want to. I don't want to suffer either. I want to have a great lifestyle. And my mantra became live for today and plan for tomorrow. And I shifted the belief from you. Most people don't fall short of their goals due to an absence of financial means. They fall short because of an absence of financial planning. And to put that into context, if you want to achieve all of your goals, right, all we need to do is document them. All right? We need to get crystal clear on what they are, both lifestyle and financial. And for our clients, we actually map out all of their goals up to 20 years in the future. And all of them are linked to a specific number. How much money do we need at that stage to achieve those goals? What we then do is we reverse engineer that into an income target. And then I can tell you, Matt, if you want to buy your home, pay it off, travel every year, live an amazing lifestyle, go and eat out at restaurants, send your kids to private school, do all of these things and build wealth and have passive income. You need to earn, let's say, $250,000 a year. Then we can now start working out what's the activity required to achieve that outcome. And then we can reverse engineer that into how much business profit do you need? How much revenue revenue do you need? How many clients do you need? How much do you need to charge those clients? How many leads do you need? And now we can create intrinsic drive and motivation. So it's no longer a matter of, can I achieve these things? It's Am I prepared to do the work?

Yeah. Love it. It's so simple when you think about it. And even for us personal trainers, like we talk about long term consistency, but in terms of money and wealth and stuff, we kind of go into a different direction.

It's interesting, right, because once again the principles are the same and that's the great thing about being a fitness professional, is that you can transfer these principles across. All you need to learn is the subject matter and the frameworks that support wealth. Because I guess the benefit is people can achieve their fitness goals pretty quickly. Like even if you want to become a bodybuilder, you can build a huge amount of mass and cut a huge amount of fat in a relatively short amount of time. We're talking years, right? Whereas for many people in terms of wealth, we're potentially talking decades. And this is the challenge that we're working with. That's a benefit because we now have so much longer for the forces of compounding to work for us like a rolling snowball. However, the flip side of that is that because it's so far away, people procrastinate about doing the work that's required and they go, ah, that's, that's a problem for next year and that's a problem for when. And they keep pushing it back. So our role is to get people to start taking the action now and allow the company to take place and then of course, accelerate the path to get to where they want to go.

Yeah, love it. And I suppose, I suppose the idea is to, I would imagine, try and automate the process. I would imagine. So you don't have to really think about it too much.

That's right. So our system usually takes our clients about 30 minutes a month to manage once they've embedded it. And the whole philosophy of this is that we want to rise to the heights of our ambitions. What are these goals, dreams and aspirations that we want? Right. Particularly when you're involved in fitness, we're typically goal oriented people, right. So we have ambitions, but we want to fall to the quality of our systems and it's ensuring that we've got those systems in place. That if we've got a busy week or a busy month or we're not in the right headspace or where influenced by subjective emotion that we're not making irrational decisions, we want to make systematic, objective, pragmatic decisions that we can rinse and repeat over time with this, the shortest amount of bandwidth possible. Because let's face it, most of us don't want to spend every waking hour crunching spreadsheets and managing our money. So we've built a system that allows us to do it really, really quickly.

Yeah, you mentioned a good point. Because I even me personally, like, I have some financial goals, but I find that I'm. I'm thinking about it all the time, and, like, I go with one direction or the other direction. Like, I've. I've had property, I've got shares. I'm like, well, which one do I do now? Because, like, property is going ballistic. So, like, I suppose, easy. Is it easier said than done to, you know, automate that type of stuff, or is it a relatively simple process?

Yeah, what you've described is really common. All right. And the reason why I find it so common is that for so many of us, we are focused on the vehicles being the shares of the property or the business, and we're not clear on what the destination actually looks like. Because most people, they want financial freedom, but they haven't broken it down to the specific milestones that must be achieved and in turn, the path that needs to be followed in order to get there with the shortest trajectory possible. So the way that we need to look at this is kind of counterintuitive, and we call this the freedom factors. So the first thing we want to define is how much passive income do we need in order to be financially free? And for the vast majority of people, that number is probably anywhere between $100,000 a year and $500,000 a year with, typically, the clients that we're working with. So, okay, great. So if we. Let's say, for example, for me, it's 200,000 a year. The simple financial freedom formula that we can calculate is you take that passive income target and then you divide it by 5 and multiply it by 100. So for me, 200,000 divided by 5 multiplied by 100 is $4 million in net worth. So that now becomes my net investment assets that I need to create. The next thing I need to define is, well, by when do I want to achieve that? So let's say for argument's sake, I'm fortunate enough that I've already created financial freedom, but for somebody else to say, I want to get there in 10 years. Okay, cool. So I've got 10 years to get from where I am to where I want to go. So then what's my starting position? How much wealth have I got now? How much passive income have I got now? So that will then determine the gap. And the only way we bridge that Gap is through a series of levers. So time is already one. But reality is once you've set the time frame, you don't want to have to push it back. So that's decided. Second one is risk. How much risk are you prepared to take? And risk is determined by the the return that you can expect from your investment. So we want to be conservative. So when it comes to property or shares, both return on average about 8% per year over the long term. So we can say, okay, my average expected annualized return is 8%. Okay, and then my last lever is surplus. How much money have I got left over after I've lived my lifestyle that I can commit to wealth building? And then that turns into the income target, then profit, then revenue, then clients, then leads. Right? So then what we then need to do is then create some decision making frameworks. So the difference between deciding around property or shares for our clients comes down to what a framework that we help them implement called the Investment Operating System. And it's basically a logical process of yes or no decisions that allow us to accumulate as much of both asset class as we possibly can. So the first one is property. We believe property is the cornerstone for everyone building wealth. And the reason for it is, although it's performed about the same as shares, the difference is the leverage that we can use the bank's money to substantially increase our asset base and allow compounding to work on bigger numbers. Now let me just simplify my maths for a second. For everyone, let's assume the property only went up by 5% a year. And let's say that you had a 10% deposit, okay, so you had a hundred grand. And let's say for example, you went and used that to buy a million dollar property. If that million dollar property goes up by 5%, that's 50 grand. But because you've only put in 100 grand, that's a 50% cash on cash return. So it magnifies our money a lot faster. So our underlying principle is we buy as much property as we can. Now the decision making process is property accumulation is defined by two things. Equity position. So your cash on saved like that you've got saved or usable equity you've got in other properties. So typically where the loan is less than 80% of the value of that property. And then the second factor is servicing how much do the banks see that you can afford to borrow before you hit what's called your debt ceiling. So then the decision making process is, well, do I have equity, yes or no? If I've got equity. Do I have serviceability, yes or no? With that serviceability, does it allow me to buy a quality property within another framework that we set to do due diligence, yes or no. And then if I've got surplus after that, I invest that in shares. So it makes it very pragmatic and in a decision making process. And we run this decision making process at least once a quarter for our clients. So they're constantly re evaluating their financial position, looking to buy more property, looking to invest more in shares and shares we can automate more and then we rinse and repeat that process, which means that they're allocating more of their surplus funds to wealth than they would otherwise. That makes sense.

No, that's perfect. And like as I said before, I have property and shares. But you know, how do you know which one to, to go on? But I suppose my question just, just if I can pick your brain a little bit on the property side of things, is the for, for you guys or I suppose for your clients, is the, is a long term plan just to not sell and just use that as passive income?

I suppose, yeah. Look, in principle the idea is to never sell, but in reality that's very rarely the case. And that's for a couple of reasons. One, we've got to acknowledge that the benefits of property being that cash on cash return and using the bank's money is one of the biggest pros. Right? It allows us to snowball our wealth a lot faster. But there's two kind of core downsides for property. One, it's illiquid, meaning that you're all in or you're all out. You can't sell the kitchen sink if you need to raise some money. And two, residential real estate in Australia is shit for cash flow. That even the best yielding properties in this market are only doing 5% gross. Then you've got to factor in at least 1% for costs. Then you've got repairs and maintenance and all of those other things. So for most properties, they're lucky to provide a cash flow of 2 or 3% if they're lucky. Assuming there's no debt compared to blue chip stocks that pay dividends, can pay 5 to 7% dividend yields fully franked, meaning that if you're in a no tax environment, you can get a 30% tax refund and you have no tenants, no one's punching holes in walls, there's no leaky taps, it's just pure cash flow and we can diversify a whole lot better. So in Retirement. Very few of our clients hold on to residential real estate. Residential real estate is primarily a wealth accumulation strategy. So what we need to work on doing here Matt, for most people is we need to fill three buckets, okay, three wealth buckets. The first bucket is liquidity. That for everyone. Their undoing is being able to buffer against the unforeseen circumstances. So they need cash. How much cash do you need to have available to buffer against the unforeseen and have a war chest? For most people it's between three months of their expenses and if you're in retirement, potentially it's up to three years of living expenses. Right. Your next bucket is your income bucket. We need to hold assets that produce high income and that's usually commercial property and blue chip stocks. And the reason why we want that income is because we can eat the income, right? It's regular, it's consistent. And that's what tops up our first bucket, our liquidity bucket. However, typically income producing assets don't appreciate a lot. So then our third bucket is growth. And that's where we want growth based stocks and residential property and also building a business that can be sold because that's where we're going to compound our wealth. And depending on your life stage will determine the percentage that you should have in each bucket. And that's different for everyone.

Yeah, that's interesting. So like when you say the for business side of things to be, to be sold. So for I suppose for personal trainers, 90 of personal trainers are sole traders like that it's just the one person in the, in the business. So I suppose for most personal trainers mindset, it's nothing that they've really ever thought about in terms of exiting a business or scaling up to a point where that, that can happen. So just from other people's perspective, so I can kind of give them some value here. What, what would you kind of suggest in terms of the fitness industry? Do you think it's because obviously there's two ways you can go better? Obviously, obviously if you work for yourself, there's obviously a higher profitability, less expenses of course, but obviously higher risk. Because if something happens to you, then the business is screwed essentially. Or is it I suppose better off long term to scale yourself out of the business and then obviously potentially sell.

It's a really good question. It is up to personal preference and it's about understanding the various quadrants. So there's a book that was written by Robert Kiyosaki that's called the cash flow quadrant, which is a Phenomenal book. Highly advocate that people check it out. But it's summarized as follows. There's basically four quadrants that you'll find yourself in at any stage of your life. The first quadrant is you're an employee, which means that you have a job, okay? And the reality is you're at the mercy of an employer. You've got perceived comfort and certainty, but you pay a big price for certainty. And usually that comes in the form of capped income. And sure you've got some annual leave and sick leave, but at what cost? So the second quadrant is self employment, which means you own a job, you trade time for money, and that's where the vast majority of pts situation, and there's nothing wrong with that as long as you acknowledge that self employment or owning a job is all about cash flow and taking that cash flow to invest and turn into assets, which I'll get to in a moment. Then the third quadrant is being a business owner, which means you own a system and that system is creating leverage of your time and effort. And typically that system can one day be sold because somebody will put a premium on the value of that system and will be happy to pay a multiple of profits for the privilege of not having to build that system for themselves. However, if you're calling yourself a business owner but you're not building a business to be sold, then you're self employed and you're just kidding yourself. And there's a lot of people who do that, particularly in the fitness space, which I'll touch on in a moment. And the last quadrant is an investor, which means you own assets and those assets become your employees, but they work tirelessly for you 24, 7, 365 with no sick leave or no annual leave, assuming you buy the right assets. So the aim of the game is, irrespective of the other three quadrants, it's to get money in the investor quadrant. But the decision that you need to make as a self employed person or a business owner is whether you intend to just continue to trade time for money and turn those into assets, or whether you try and convert some of that time into a system that can then create leverage that somebody can one day buy. Now let's put this into context. In the fitness space, there are very few PT businesses, particularly sole traders, if any, that get sold, if anything is sold, you may sell your intellectual property. And I do personally believe that there will be an increase in the value of intellectual property over the coming five to 10 years. If you have a really unique tried and tested system that you've been able to use at scale because there's going to be other people who would be prepared to license your system or pay you royalties for your system or even buy it entirely if it's really, really good. Okay. The flip side is bricks and mortar gym, or creating a model where you've got multiple trainers underneath you and essentially you are able to get a clip of their time for the system that you provide them. But in saying that the fitness space is notorious with having very low multiples on sale. So we're even seeing at the moment, in many cases bricks and mortar gyms are being sold at one, potentially at a max of two times profit, which basically means whatever you make in profit for a year, they'll give you an advance of one year of that profit for the privilege of buying your business. So when it comes to the fitness space, the ways to build wealth is through your premises, of buying your commercial premises and not paying dead rent to a landlord if you need the space, or focusing on getting money into assets and building wealth outside of your business. Those are really the keys in my opinion.

Yeah, that makes sense. In terms of obviously a lot of personal trainers, a lot of people don't have any type of structure in terms of financial system. In terms of, they don't pay themselves a wage like in terms of servicing with, with the housing side of things. I just, I just refinanced my property and it took me forever. Because the banks are very strict with how you structure the business. So just for the people listening, do you find in terms of buying property, is it much better off to give yourself, put yourself on the payroll and pay yourself a set wage so the bank sees the consistency. Or you might do like a, like a director's fee, I suppose each week or each month, which is obviously can change depending on what happens in the business.

Yeah, it really depends. And what's more important is you need to acknowledge that every single bank has different policies of how they view self employed income. For example, some banks, when you say you're self employed, they're going to want to see all of your financials for the last two years and irrespective of whether you pay yourself a salary or not, they're going to look at everything as a whole picture. There's some other banks that if you've got a company structure and you've paid yourself a wage, they will ignore the company and its expenses and debts entirely and just look at your wage and basically treat you as if you're a PAYG person, an employee. So it's about making sure you've got a good broker. Now, what's more important is similar to what we've spoken about throughout this episode, is that we need to start with the end in mind and when you have a plan before we want to do something. Because the reality is for so many people, and I've been guilty of this in the past as well, when I was first starting to build my portfolio is that I'd say, I want to buy property, I need to save up first. And then I'd save up the deposit and then I'd go to a broker and. Or I'd go to the bank and then they say, oh, sorry, computer says, no, better luck next time. And then I'd fall flat on my face instead. You need to find people who are strategic and you need to go to them and say, hey, Mr. And Mrs. Broker, I want to go buy this property or I want to achieve this particular outcome. Tell me exactly what my financials would need to look like over the next 12 months within this financial year, based on current policy in order to get this approved. And what a good broker should be able to do is they'll say, hey, Matt, you should structure your business like this and speak to your accountant about looking at options to do this. This is how much profit you need to show. This is how much income you need to draw. This is what this needs to look like. And we do this with our clients. So basically it's a combination of their financial strategy, their tax structures and their accounting and the broken and making sure that we understand bank policy and we're using that to the maximum, our advantage. And what this will typically mean for most people, and I'm sure people listening to this aren't going to like me for this, is that if you want to build, we, you must pay more tax because the bank's servicing rules are based on your profit or your net earnings. And the issue is, for most of us business owners, our accountants tell us to rack up our expenses and show as little income as possible. So the bank's never going to lend you a dollar if you are only showing 30 grand of income, right? So the reality is, and just to put this into perspective, and I wrote about this in my last book, so I've done the scenarios of showing the difference between focusing on building wealth and paying more tax or optimizing tax, and which one puts you in a better situation. And in every single scenario that we've run the numbers on it, you end up multiple Times better off paying more tax on the upfront and building wealth than trying to minimize tax. So people need to shift their relationship with the tax man, realize that tax is a consequence of making money and realize that you're going to have to grow your income every year if you want to get past two, three, four, five properties. Because that's where people get stuck. They get a property or two and then banks go, yep, sorry, you're done. You've met, you've hit the servicing ceiling. We're not lending you another dollar.

Yeah, that's literally has been my mindset for a while, just trying to reduce my tax. So yeah, it's a bit of a wake up call for me, which is good.

And it's important that, because I understand why, because at the end of the day we're only feeling that tax money leave our bank account. And if we don't have a plan, particularly of knowing exactly what that's going to do for us, of course we, we're going to be defensive and say stuff that if I can reduce my tax, that's an immediate measure of success. Whereas when we work with our clients and we create this 20 year roadmap, we can specifically say, okay, you're going to pay an extra, let's call it 20 or 30 grand a year tax this year, but paying that, you're now going to be able to borrow another 600 grand and we can go buy a $600,000 asset. And if that compounds at 8% because we buy well and we focus on the fundamentals, then in nine months time, the expected growth in that property is going to pay the tax bill back. And then over the course of the next 5 or 10 years, you're going to get a 5, 10, 15x return on that tax bill. And then it puts it in perspective. So then it makes it far easier to make the decision when we're doing it blind. It's really, really hard.

Yeah, 100%. I think that's exactly what I've been doing because I don't know the, I haven't got the vision and I haven't been able to reverse engineer it to actually figure out what the exact, what that's actually worth is the better thing. So I think, hang on, you know, as you said, working out the specific numbers in terms of what that could actually do for you is, you know, it's gonna obviously make a huge, huge difference. What do, what do you tend to see? Like obviously, you obviously must work with a few fitness fitness people yourself, like what, what are Some of the common things that you see with people in.

The fitness industry, the most common thing that I see and look, our fitness clients are fantastic because they're driven, they're, they're motivated, they're disciplined, they follow the plan. The biggest thing that gets in the way for them is a couple of things. One, they tell themselves that they're not financially minded. They're like, ah, I'm not strong at this, I'm going to focus on my strengths. And they typically then look to abdicate responsibility or they end up taking a lot of risk, knee jerk, getting involved in speculative things that just aren't good. And the reality is you don't need to be a finance person, you don't need to have a mathematics degree or be super smart with money to get a good handle on it. I believe that everyone should be able, should learn these skills and should be in their financial driver's seat and should take control of their financial situation. And it's not that hard. I've literally spent almost two decades trying to make it as simple as possible. And I've even had people who have been financially dyslexic that they, they struggle with just basic math and be able to implement our system and get control and confidence over their finances. So that'd be the first thing. The second part is definitely that sexy and sophisticated stuff. Stop looking for get rich quick. Like, there's no crypto coin or property flip or hot stock that you're going to get that's going to skyrocket you to financial freedom. Much like you're not going to go and lift a thousand kilos on a Barbell and become Mr. Olympia tomorrow. Right? Much like fitness, it's about consistency of reps over long periods of time. And we incrementally add resistance over time. I call it money muscle memory. Much like you would never tell one of your clients to go under the squat rack with 300 kilos of plates on the bar. If they've never done a squat, you would get them to do it with the bar. First you teach them the form. You'd make sure that they were confident they weren't going to hurt themselves. And then you'd slowly add resistance over time. We do the exact same thing with money. And for some of our clients, that means that they get started with investing with like 200 bucks a month. We had some clients start with 50 bucks a month, but it then becomes a momentum building exercise. That 200 goes to 300, that goes to 500, then goes to a thousand and we build that momentum and that resistance over time. So stop looking to swing for the fences and just focus on the repetition, much like you do every day.

Yeah.

I think the third part is focus on defining the destination. Right. And stop focusing on the vehicle, because that's where we get caught up. Like, sure, it can be a bit sexy to talk about what shares we're buying and what property we're buying and that kind of stuff, but what's more sexy, in my opinion, is achieving the goals. And we only achieve the goals when we've got extreme clarity on what the goals are and why they're important.

How do you. Well, firstly, how do you kind of decide what is going to be the goal? Because, like, you know, a lot of people are like, I might want to be a millionaire, but, you know, how do they know if they actually want that?

Yeah, it's interesting. So there was a process called the Five Whys that was developed by McKinsey, and it was primarily used as a business consulting tool to help identify the root cause of issues in Fortune 500 businesses. Because what typically happens is that most people try and address the superficial thing, the surface level thing, but it's very rarely the root cause. Right. And, like, we see this in fitness as well. Like, some people have injuries and they. They think that it's a particular problem, but that's just been a cascade effect from something else that's going on. Right. Hip misalignment or back problems or whatever it might be. Right. So it's not until you understand the root cause that you're really able to identify what's the driving force. And we believe exactly the same thing when it comes to goals that we need to kind of go at least five levels deep. So we do a lot of mindset work, and there's a series of questions that we ask our clients that allows them to actually take the time and give themselves the space to go down to the level of their identity to understand the significance that is attached to this superficial goal that's presenting themselves. And what's really interesting, Matt, is that for the vast majority of people, it's not being a millionaire, because, once again, that's the vehicle. It is the lifestyle and the experiences and the opportunities and the people that they get to enjoy that with. And money just becomes the catalyst that enables them to do those things without stress or concern. And the challenge is that we're in this world right now, but particularly with social media and marketing being so prevalent that we're just bombarded with all of this Bullshit. And we're conditioned to be consumers. And when people actually take the time to give themselves space to ask themselves what we really want, it's very rarely Ferraris and Louis Vuitton bags and flying at the pointy end of the plane. And when we can get really clear on what each individual person's driver is, it becomes rocket fuel for them sticking to the plan.

Yeah, love it. So obviously I'll put some of your links in the comments but if people do want to, you know, work with you or find out more information, where is the best place to to find you?

Yeah, so we've covered a lot and obviously everyone's running their own race. That's another big part of so many people. It's like keeping up with the Joneses and lots of people compare their chapter one to somebody else's chapter 15. Right. So what's really important is understanding where you're at on your journey. So I've developed a 40 point financial performance scorecard that BAS basically allows you to evaluate where you are on your journey and then identify what's the lowest hanging fruit for you to focus on. So if you go to wealthhealthcheck.com it'll take you five minutes to complete the scorecard. You'll get a customized report that's tailored to your situation, giving you suggestions and actionable insights that you can go and implement. And as part of that you'll also get all of my best selling books and a whole the tools and calculators that'll help you action what you get from the scorecard. So if you go to wealthhealthcheck.com give that a crack and if you want to reach out off the back of it, there'll be details on there as well.

Happy days. Thank you again for your time. Jackson, it's been a pleasure.

Pleasure mate.