Birth to Net Worth with Scotty Tregellas - Episode 7

Good afternoon. Welcome to Birth to Net Worth, where we talk about financial literacy, attitudes, emotions, relationships to money and how that's changed over life and what we can do to bring financial literacy to the next generation. This week we've got a wonderful guy from Las Vegas, recently moved there from Lake Havasu in Arizona. Great, great guy. Solopreneur entrepreneur, many businesses and scaling greatly, huge experience. And I'm happy to introduce Scotty Dragalis. Scotty, welcome to the show. Just spending time with us. You're welcome. So as I mentioned a little few minutes ago, I would love to just have a conversation about how attitudes, emotions, relationships to money through life, how you've been aware of it as a, as a, as a young man, as you've grown up and now as an entrepreneur, how life has changed and attitude toward money, how you handle it and, you know, really, really cover some, some ground on what ideas and experiences you may have had. What was your financial education and how can we bring, you know, education to the younger generation to help them, you know, know, pick up the baton in a relay race and just kind of continue without any, you know, less financial challenges, understanding the basics of balancing checkbooks and so forth. So where, where were you born? What, what was your, you know, background? Tell us a bit about how you grew up.

So I was born in Tulsa, Oklahoma, and then soon after moved out to Las Vegas where I lived until third grade or so. So Las Vegas was with my mom and my stepdad and I would go back and forth from Las Vegas to Kansas. Kansas was where my dad was. And, you know, I grew up kind of both sides of the spectrum. You know, one family had money, the other had none. My stepdad here in Vegas, he was a major developer. So I grew up watching him develop real estate in Summerlin. So Sun City, Phoenix, Hilton Head Island, South Carolina. So I grew up watching him develop real estate and have good median income. And on the other side of the spectrum, when I lived with my dad in Kansas, we had no money and they didn't teach me anything about money, financial literacy or anything at all. So everything that I know today is just through trial and error of going from a wantrepreneur solopreneur to an entrepreneur and owning several businesses, starting been a roller coaster ride of trial and error.

So, yeah, fabulous. So extreme opposites and you're kind of in the middle trying to figure out unconsciously what we see right as wrong or at least how to manage between the extremes of maybe scarcity and abundance. Would that be accurate?

Yeah, yeah. It was never really finances or money or anything like that that I was, I was after. You know, I think because I did see both sides of the spectrum, what I wanted and what I'm shooting for is the freedom. Right. So when I think of financial literacy, I kind of just translate that to freedom. Right. If I work really hard now, will I, will it the outcome be freedom? Right. But you know, I also own a credit solutions company and it has a lot to do with finances, you know, and, and that's another platform that I'm working on where I can, you know, target people who don't understand credit finances, how to manage all that. Because it's something that's not taught in schools at all. And I actually found out what little they do teach in high school. It's completely wrong. I actually started my company in, and at the time he was a senior in high school, I actually gifted him 50% of the business just so he had something, you know, to work on as an adult. And as we started the business, he would go to school and learn on one side what they were teaching the school systems versus the real world. And what was actually going on. And it was complete opposites. So that's when I realized in the school systems, the very little they're teaching is incorrect.

Yeah, it just drives people completely off the start, sounds like.

Yep.

So yeah, that's, it's amazing. You know, many conspiracy theories are out there. That's probably intentional from some aspects to make sure that we rely on debt because debt's the only thing that's not taxed when you pull money out. But when you're paying it back and you're paying for sales, buying things with debt, obviously a lot more taxes paid, you know, the interest is just basically printing money that doesn't exist. So having that debt. What we don't understand is there's good debt and bad debt when you're using it as consumer debt to leverage what we would know as liabilities, you and I, where other people think they're buying assets and watches and all this kind of stuff. Some watches are arguably, you know, assets, but they're not cash flowing assets. They're, they're a commodity. But many other things like cars are, it's, it's buying things we don't need with money we don't have to impress people we don't like. And you know, more and more. So now it's the social media generation, which is really driving a lot of people to look rich. But when we look at the, the rich or the wealthy, they don't look rich or wealthy. They just look like everyday people in T shirts, jeans. They might drive a nice car, but they probably got a Beta like Warren Buffett drives a. An old. I know what is a Honda or something from like the 90s or something. But he, he very well says, you know, he gives the analogy of, I think it was somebody at high school or somebody he was going to give a car to. He said, look, I'm going to give you one car. I'll pay for it completely, but you got to drive it forever. What kind of car would you like? Or you could get, you know, Lambo or Ram, Rolls Royce or something like that. Cost of running those things gonna be pretty high. But the fact that you're probably gonna drive that thing pretty hard, it's probably not gonna last very long. And it uses the analogy of your body. Well, think about that as your body. Why would you drive your body at ridiculous speeds and without taking care of it? You can't afford the maintenance of it. Once you get to a certain point, you're shortening the life of your body. We also need to look at this with finances as well, is building up the health of our wealth through not only mindset, being mentally healthy, emotionally healthy, having good relationships with people, money and more, more so ourselves. We need to like ourselves, be confident with ourselves. So we don't need to go and buy things that make us feel good momentarily. But I think, you know, it's not necessarily what school's teaching there, but that's what social media is teaching people that. Oh, to be popular or to feel better. Look at all these people, these things, they look great, they're having a great time, but they don't see them, you know, 10 minutes or 10 hours after that video was shot, that they're bored shitless and not happy with life because that wasn't fulfilling to them.

100%. 100%. And another thing that needs to not be so taboo is just talking money in general, right? Where I come from in the Midwest, very small town. I graduated in town of around 2500. Even to this day, if I talk money or finances or it appears that I'm bragging, and that's, that's how it's perceived. I'm bragging, I'm flexing, showing off, you know, I'm better than them. And that should be the complete opposite, right? We, we need to talk finances. We need to talk real finances. This isn't bragging. You know, I'm not sitting next to a lamborghini saying, ha, look what I have, look what you don't have. You know, there's a message behind the finances, right. Like I created this brand new money movement to put out to the world. Like, hey look, someone like me coming from Nothing, homeless at 15, parents in prison. I was completely on my still graduated high school and became who I am today. Right. So New Money Movement. The message of that is the fact that anyone, no matter race, sex, religion, where you come from, what you've been through, creating financial independency is, is real and very possible for anyone. Yeah. And that's the message behind new Money Movement. And it's been really hard for me to kind of break that own barrier of okay, I have this message to tell the world. But also where I come from, talking about money is taboo. Right. Wrong. Or you know, so it's hard, it's hard to talk about finances.

Yeah. And I think if more people could say, some friends of mine that were, you know, they weren't in, they weren't in like terrible debt or anything, but they were talking about the Dave Ramsey, you know, to bring themselves back to neutral from, you know, having debt and just wanting to clear it out because it weighs people down, as we know. And just, just saying to somebody, hey Scott, thanks for inviting me out Friday. I actually don't have the money for it this week. I'd love to join you. Have a great time. Just those simple things is possibly self honesty and also the transparency to share with other people that it's okay to share those things. Where yeah, I'm just strapping down for a few months. I've got some, I got a vision whether it's to have a lot in the bank or just have zero in the bank and not be negative after a period of time or pay off cards that have high interest rates. I'm on a mission, Scotty. I'm committed to myself, my family. I'm not going to make it out for a couple of weeks, a couple of months, whatever it is. Can you support me in that? Why don't you come around my house or hang out, you know, I'll make dinner. Doesn't need to be the bottle service, the whatever it is that people might otherwise do. Even just going down the bar for every week endlessly. Do you know what I mean? It's not a huge switch, but it's a big change to what people perceive as is acceptable because their friends would probably understand that very well. I don't think many people would make fun of people being that transparent and that honest. But I think that there's an insecurity and a fear from survival. The fact I don't want to look stupid, I don't want to look silly. I don't want to look, you know, less than, you know, like a humble thing. And I think that, like you said, talking about money, you know, and having people. Scotty, I'm so proud of you. Look, you know, this is amazing what you've done. Tell me more about how you got there. How can I get to that point? That's what you would be so happy to share with people. Yet I think I refer to we got surviving and thriving. And obviously one of the first things that happened, a lot of the first, whether it was a seminar or a meeting with any of these investment groups, masterminds, whatever it is, it's looking at what does your life cost you every month? What is that basic number that you need to make to make ends meet and then break down all of your expenses, just being that honest. And I'm going through another of those, you know, reevaluations right now to what is my currently, you know, my current monthly need? What is my survival relationship with money? And I need to find that number again. And it's. It's like setting a thermostat. And I now need to aim at increasing my passive income so I know that I don't have to do anything. I can go to sleep, I can leave my business for a couple of weeks and know that from rentals, from wraps, from anything else that I'm doing, that monthly need is covered, whether it's 15, 20, $30,000, that. That just sets a foundation that that is my survival relationship. Once I'm above that, I'm in thriving zone. And then I might have some nice things, you know, for dinner a couple of times, three times a month with the survival. But beyond that, we know that it's a very more relaxing relationship to money because we've set that foundation. That's why you said earlier on not to struggle now, but sometimes to struggle, sometimes to sacrifice time, effort, to put that in, to build that foundation quickly makes the rest of life more relaxed. And it doesn't mean that we don't want other things and we don't up what we need. But as long as we don't increase our cost of living proportionate to the amount of money we're making and, you know, have no gap between the two, that's the idea, is to increase that gap so we can do more, we can give more away. We can make more of an impact around us. But even some of our family and friends, if we were to give them some money, they would probably feel embarrassed to receive money like that. They would see that as a threat. They would see that as a. As a, as a negative towards them, like an embarrassment. Well, how can I receive that when you're just trying to give them a hand or not? Just a gift, just a humane gift, you know?

Right, right. Yeah. I've done that analysis on myself several times. Broken down, you know, this business, this business, this business and my personal. What's the bare minimum that I need to make this month to be okay? Right. It's not going to be filthy rich, but I'll be okay. Bills are paid, foods on the table, not homeless. And I've also done that for a lot of friends back home who, you know, don't have the financial literacy that, you know, like you and I have. What we've learned through entrepreneurship and whatnot, you know, breaking down their bills. Look, get rid of this. You don't need this. You know, stuff like that is that stuff we've given up. When I first started, the entrepreneurial journey is okay, I have zero dollars, I have zero credit. I have nothing. What can I get rid of in order to, you know, get where I am today?

Right.

And that's what people, they don't understand, that you have to get rid of some things to accomplish others. So, yeah, no, several times I've had to break down that analysis for some friends of mine.

Yeah, I mean, it's the old adage, if there's no change, there's no change.

Correct. Yeah. You know, and I have to, as much as I don't agree with Dave Ramsey, but there's two people. There's Robert Kiyosaki and there's Dave Ramsey. You know, which side of the spectrum are you on? Ideally, I would like everyone to be on the Robert Kiyosaki side. You know, good debt versus bad debt. But unfortunately, not everyone can be entrepreneurs and capitalists. And, you know, when I do talk to friends from my hometown, I say, okay, you know, you have credit cards. What are you doing with those credit cards? Are you spending that money in marketing that's going to turn into dollars? Or are you paying for groceries, gas, whatnot? Are you spending recklessly? Are you going out on the weekends, et cetera, et cetera. You buying shoes? Right. You know, so I. There's. There's so many different sides of the spectrum when it comes to, you know, finances. It's just, you have to dial in what type of person you are, what you're trying to get out of it. To really give accurate advice to those people and what they need to focus on, what kind of. They need to pursue.

Yeah. And you know, through, through survival, through, you know, embarrassment or shame. Some. And it's not for us to impart that on others that don't welcome that. They have to be somebody that's wanting to have that help and ask for it ultimately because, you know, a man convinced against his will is of the same opinion still. So if you try and push it on somebody, it's either shame, pushback, not want to be a friend anymore because you're trying to assert something that you believe upon. It's like religion. You try and have a, you know, look at the Crusades, the Catholics, the Protestants going overseas and fighting just in the name of. Probably pissed a lot of people off. We just gone over there and made friends. Might have been a lot better, you know. Know what I mean? I sit down, had a discussion about it. Things might be quite different right now, but it's. It's like the power versus force, the power of, power of authenticity being genuine and open and transparent about. Yeah, I was in your position a few years ago, but it only took me this long because I was so driven and so determined and so clear on what I wanted. You don't need to do it as quickly if you don't want to, but at least have that intention, set the goal and then same as building a business. KPIs. How many calls am I making this week? How many dollars am I spending on what I said that I was going to spend it on? Yeah, we'll have a cheat day or whatever it is, but this is, this is the amount of money we're going to spend for fun this month. It's going to be less than others and we're going to be more creative in what we do, maybe spending more time together instead of iPads and ipods or movies and that kind of stuff, you know? Yeah, I think it's. Once it's put into the mind of somebody that understands and welcomes that change, then it's an easy, easy solution. You know, it's like when I gave up smoking, I tried to go smoking several times over a number of years, but until my mind shifted and I was, I, I was chose to give up smoking. That's when it could change. And I think there's the same now. I'm not saying it's an addiction with money, but it's a pattern, it's a behavior that we've learned and it's, it has a, it has addictive traits, I believe to it because it's just the way that it's been done our whole life. And until we see that there's a different way, there's an upside to it. And it's like going to the gym. You can't expect to go in there for 24 hours and never work out the rest of the year. Kill yourself and that day, being there all day. But it's this understanding that those abs are going to come over two, three, four years, but they're going to come with the consistency of doing the building up and working. Mine have been delayed a couple of years from the last six months.

Correct. Another thing that I think would help the youth and the future generations with financial literacy is financial transparency. You see all the gurus on social media with their Lambos and their mansions and their yachts. Well, what message is that sending to the people who want to get to where that person is? Right, yeah. They think that that person, in just a few years, it's got the Lamborghini, the mansion, on the yachts, when it's.

Completely untrue or woke up and suddenly had them there.

Right, exactly. That's another thing. One of my goals with new Money movement is the podcast and YouTube channel of talking to high level entrepreneurs and getting the truth, right, the transparent truth of their journey from being either a 9 to 5 worker, broke, homeless, whatever their story is, I want to hear the raw, uncut truth of where they came from and the journey there. I'm going to start with mine. People back home think I'm way more than what I really am. And I tell no, you know what, $100,000 a month sounds a lot to you guys, but if it cost me 80,000 to make that 20 and then I still have, you know, expenses, there's a lot of numbers that they don't understand, they don't see. Right. So that's, that's, you know, that's the truth that I want to put out there. And then I think it'll give more hope to the younger generation. Like, oh, okay, you know what, It's a little bit more realistic for me. Right. I can see myself getting there because they're not really, they don't own the 300 million dollar yacht, they don't own the $300,000 Lamborghini or the $10 million mansion. They're just taking pictures in front of it.

They can just see it within Reach. They can see it's there. They can see it and they can reach it.

So. And if they're more transparent on the journey, Right. So my journey, it's been a roller coaster ride. You know, I moved to Vegas because I've had major hardships in my companies, right. Solving one problem after another. And if people know that and knew that, then they'd be like, oh, well, you know what? One roller coaster ride at a time, you know, one. Right. At a time, one step to get there, and it's a little bit more realistic.

And I think that makes you more relatable because people see their win, you know, wins as well as failures. But by this, you know, by talking about the failures very candidly, you want, they understand that what you learned from the failure, it wasn't like a failure in what most of society sees as a failure or, you know, something that just went completely tits up and wrong. They quit. It was a failure that you learned from. In John. John Maxwell's book, Failing Forward, prime example of taking an opportunity. I mean, we can look at Edison with a light bulb. Thousands and thousands of attempts to get this thing right. Each one failed before it was successful. But then once he had some success, then he was tweaking it, looking how he can improve it. And it's an experiment over time. And life is an experiment. We try different things, different days, but we often repeat the same experiment, whether it's financially, with food, whatever that thing is. We repeat that experiment over, over, and we get the same results. But until we change the chemicals or the combination of the things in that experiment, we don't get different results. And it's. It's an interesting conversation to bring somebody into that level of openness to see what is possible. Especially when, you know, small town or whatever it is, people are very survivalistic in their. In their living, and they're very constrained to see what was possible in their small town, but don't necessarily see what was possible out here by them just moving.

Mm. Yeah. That was one of my biggest struggles, too, is not realizing what was possible. I mean, I always seen it. That's how I got here. But getting other people around me to understand it as well makes it a lot more difficult. When you have that simpler mindset. It's not wrong. It's simpler. But yeah, no, I feel like to lead that. As far as, you know, financial transparency, I'm doing everything I can to lead that. You know, for example, just earlier, I lost a $38,000 deal that was supposed to close today. Right. I didn't brag about any other deals that I've made. I posted the one I lost. Right. Like, hey, not everything here is perfect. Right. Not everything here is vacations and yachts. Right. So, yeah, I think that that's a big step forward.

Absolutely, absolutely. And, and also that everyday life isn't these conventions or these things that are going on. There's. There's an everyday office that's in your house or it's in, you know, some strip mall somewhere because you're renting an office space that's, that's reasonable and keeps your costs down. And it's not like a, you know, there's not Rolexes and cigars on the tables everywhere, you know?

Right, Yep.

So. But yeah, it's. It's just amazing shift that is happening in the world. I think even though there are some, what we would say, bad things going on, we're in one of the best places, best areas of opportunity. Forget the real estate world right now, but just as advanced as the world has become, there is so much opportunity. And then you add on the potential downturn in the market where there's huge opportunity for help people. The more people we help, the more money you can potentially make. And that's not an exploitative way, is. I think those people outside of real estate think you're kind of like car salesmen. It's like, oh, you're taking advantage of these people. You know, low cash offer. What's that all about? Well, there are so many elements to what's going on, and a cash offer isn't always the best way. But there are so many things you and I were talking about to enrich the lives in the future. Somebody dies providing a, you know, a financed loan from the estate which pours into the. To the living, you know, survivors of the estate or just helping somebody with their new rent that doesn't have good credit because they've just almost saved them from foreclosure. We can pour some money into them over time to help them get on their feet. So I think that regardless of wherever you look in this world right now, there are so many amazing things going on, and it may seem cliche that there's a silver cloud or silver lining in every cloud. There's a silver lining in everything. Even when somebody punches you in the face. Shit. I just learned a lesson there. I remember a lesson that I got when I was about 14, Kavan Higgins was his name, and he was leaning against the wall getting an ice cream at school. And, you know, your Legs are. You put your legs up, leaning in. One leg's normally tense and the other one's kind of relaxed. I knocked out his tense leg. He went forward, turned around, punched me in the nose. Still remember it now. I learned a great lesson run. You know what I mean? So, you know, if we can't see the lessons in things that we experience, then, you know, life's going to be more of a challenge just getting along with that, you know?

Right.

And it's very often that a lot of these successful people, like Simon Cowell from American Idol, he got down to his last, like, five dollar bill or five pound note in the uk Then having nothing to lose, his life started changing because he started seeing how little he had. There was no, no where further down that he could go. Then his life turned around and he saw whatever he saw in the life. And he's a person I'd love to interview too. Because when somebody's been so low, they've lost everything, maybe they didn't have a ton to begin with, but when you get to that level, there's no. There's no further place to go. The only way is up, you know, and when you can start seeing that from somebody else's perceptive without having to get there yourself, I think that's. That's pretty powerful.

Yeah, 100%. Yeah. And also the message, you know, for youth and anyone looking to learn, you know, financial literacy or entrepreneurship or anything, it's out there and it's a lot easier to find through TikTok, Instagram, YouTube, you know, you can skip college with these social media platforms these days, you know, so, yeah, with, you know, like your podcast and new money movement, that message is going to be out there, but also, you know, to help people take action and get moved forward. You know, that message I'm also putting out with the credit company. Right. How did I start? Right. What's the raw, uncut, the version of how I started? I wouldn't have been able to without credit. Right here. Let's throw that information out there for you too. So you have access to that, you implement it. Then you can go out and start on your journey as well. You know, that's the stuff that's not. They're not teaching in school, you know, transparency and the knowledge and then, you know, helping them take action. Really?

Yeah, yeah, absolutely. Yeah. The action is the big step that people, you know, myself included, falter on. You know, in many situations, it's the fear of. Fear of failure, fear of losing money to make money.

Yeah.

And like you said about, you know, spending that. That money to generate more. More return, it's an investment, not a cost. And most people in traditional sense see spending money as a cost instead of an investment when they can get a return on that. Yeah, no, no returns. 100% guaranteed. But there's many worse things you can do that are more volatile, like bitcoin stocks. Although they're great when they're going great, they're not very great when they're going down.

Right? Yeah. No. I've made many mistakes with finances, but I'm the type where, okay, if I have to spend $10,000 for this, I'm okay with not making money. What's the worst that can happen? Break even? I'm okay with that. I definitely don't want to lose money. But. Right. If I spend, let's just say, $10,000 on something and I don't make any money off of it, but it gets me one step closer to, you know, making $20,000 down the road, then that's the goal, you know?

Absolutely.

And that's. That's another thing that people kind of need to understand that mentality in spending money. Right. Or I like to spend credit. Right. The opposite of Dave Ramsey. Why? Because if that $10,000 in month one didn't make me anything, I have a minimum due payment, minimum payment due that I can make for 12 months. It says zero percent interest, right. So now I have, okay, month one, $10,000. I broke even, didn't make any money, didn't lose anything. Month two might spend another $10,000. Now month three, what did it get me? Wow. I made $20,000, and now I'm able to go back to zero. Didn't make any money. But you know what? That's progress. That's progress. That's another thing that I. I really want to put out there and help people understand is leveraging opm, leveraging credit without burying yourself.

Yeah, yeah, absolutely. I mean, it all comes down to underwriting and understand what the risk versus the reward is and using somebody else's money. You've got to understand that there's an accountability for that. It's got to be paid back some way or another. They may end up short if they have to take you to court or, you know, judgments, that sort of thing. But there's still that obligation to know that you're borrowing it, you're not being given it, and there's a responsibility to pay your dues and interest on that along the way. And any cost, you know, incurred But.

Right.

You know, but we also need to manage unexpected things as well to know that we're. We're not gambling, we're accounting for, you know, like airlines, they overbook flights. They know that, you know, 5, 10 won't turn up. Sometimes there are more people than they expected. They have to deal with that. But sometimes there's two or three short and they're okay. They can put a couple more people on. But same with money. We just got to know that sometimes it's not going to quite work out as we said, but we gotta plan well enough. We gotta. You know, they say if you don't. If you fail to plan, you plan to fail.

Correct.

And I think that's where you've got to be very careful on what you do. Not overthink, but just. Just put that foundation out there, get a second pair of eyes. And that's where I think we, in this industry, being so collaborative, we're willing to look at somebody else's situation. Hey, Scotty, this is what I think here. Is this what I. Is this something you'd be doing? How would you do it differently? Is there anything that I should tweak to, you know, see if it looks different to you, you know?

Right. Yeah.

So I think that's definitely a great thing. So. Yeah. Well, fabulous. So as far as new money movement is that you've got a website, you've got a podcast channel, and tell us more about how we can learn more about that.

So that's the goal. I've always had the vision of new money movement, and I think it's more just like we've been talking. It's about the raw, uncut version of creating wealth. I want to hear the stories about ultra successful and how they made it to where they are. Not what they did, but what they've been through. Right. And I want to start with my story. People say it's a good one. I don't really think it's that big of a deal. But I want to start with my story and then just go from there. The purpose is to one, financial education. Let talking about finances be normal and not taboo. And then also encourage people that do come from places like me and been through things like I have grown up, that it is possible to escape that. Right. And go do whatever it is you want to do. Right. Entrepreneurial, whatever it is. You know that. That's the purpose of it. You know, I'm creating my personal brand around it, bringing in some ambassadors. I do not have a website up. I do have Clothing made, I'll send you a shirt. But you know, no website up, nothing like that. Me moving to Vegas is really just a restart with everything with all of my companies. You know, I've lost my team in Oklahoma, you know, lost my credit team, delegated everything. So income is still coming in just to allow me to get moved here, get established, open up an office and rebuild and re, you know, redevelop. You know, that's part of the roller coaster ride that I'm not afraid to talk about, you know, and in that, you know, it's want to start new money movement and we want to really focus on that because it's a very powerful message and I think there's a lot of people behind it, a lot of support behind it that I really want to put out there.

Yeah. So on the topic of futures with money, one of the things that we're looking to do is to provide a portfolio of products for parents to get with their children. Such as like Roth IRAs, self directed IRAs, whole life insurance, other products that they can invest in themselves, but they can also start one for their kids. Because with these IRAs with whole life, you can start them at very early ages. And even if it's 10 bucks a month into a self directed IRA, when the kids 8, 9, 10 years old, that's starting to build up some money tax free. And then they can have that self directed through the parent into somebody else's investment. And whether that's a fund, it could be a crowdsourced fund. Obviously you're not going to be an accredited investor, I wouldn't think at 9, 9, 10 years old. But if the parent is, the parent could be invested in different funds. I'm, you know, very keen on, you know, talking more about this type of thing where it could be a syndication, it could be a crowdfunded crowd reg CF fund where non accredited investors like these people can invest in the fund. And I'm also starting a charity to provide free mental health care for teens. So the idea is that I start the crowdfunded, the crowdfund. That way we can have kids, their parents invest in that 20, 30% of the return is donated to the charity to sustain the charity and then the rest of the money comes back to them. They've got a deduction on their tax. So even when they're 16 years old, first job at home Depot, the movie theater, they've already got a way to write off the tax that they paid during that summer job. So then year one when they have a job and it could be 14, 50, I don't know when they work now, but at least at that point their first year, they never pay tax. So the second year, do they want to pay tax? No, because they now understand that through either depreciation, donations to charity, other financial vehicles that we have, we can get those returns put into the right context for the right person and bring them up to basically have a relay race. The parent and this child are both learning. Could be uncles, aunts, whoever it is, they can be investing in things together. By the time a certain age they've got a certain amount of money, they can go and buy their own cash flowing asset. If they don't want to be just investing in a fund at that point. And then they can start building up wealth through, you know, passive income, learning about, you know, rentals, buy and holds, short term rentals, whatever that looks like. And they could just be passive instead, but at least they can get the depreciation with those things, they can build up that fund. So they're handing over relay baton to the child. So the child already knows what these 10 houses do and why they're so powerful. Even though they're making money. They might be worth a million dollars, half a million dollars, five million dollars. But they know that selling the property isn't the end goal. The property is. The goal is to keep those properties going and then buy more assets that can then impact the next generation more positively. Because if the child learns financial literacy in some of these vehicles, they're going to naturally tell their children about that when they get to that age because it changes the curse of living checkbook to checkbook or you know, paycheck to paycheck. So by the time the next generation comes around, this is just part of the family's plan. Now this is like getting towards Rothschilds and you know, Duponts and all of that where they're just managing the family's wealth and they're having a great time doing it.

I like that, I like that a lot. How so is this something that you've already started or wanting to implement or.

I'm going to be implementing this soon. I'm doing a lot of research right now with different people and this is a, this is a book from 2016 that I'm currently reading. The author told me she's looking to update the book because there have been a lot of regulatory changes since that one. But yeah, I'm just researching a lot of the funds, you know, IRAs, whole life insurance, which I have myself. I'm going to get that set up for the kids this year as well. Maybe some self directed stuff, but it's just balancing what we do with the money so that we can use the infinite banking right away so that they can start having some investments. Because my kids, my oldest is 17, she wants to go and she wanted to go and travel, she wants to play music. Well, what if we get her a house and that takes care of traveling around the world for a year or two. Oh, you want a car? Okay, so let's get another house. Instead of, you know, spending $15,000 in a car, let's go and buy a, you know, creatively financed property through your self directed ira. Obviously some of that money would come in there if it was buying an asset. But if it was just investing through infinite banking, that could then come back to them through whatever the method is. It could be a, could be a purchase in the family trust and that then flows through to living beneficiaries.

Awesome, Awesome. I have something for you so thank you. Get a hold of me after this and I've got some material for you to kind of follow up on the funds and comparing and whatnot. And I'm actually learning about the same thing right now. I'd love to put a fund together so I'm studying all that.

Well that'd be awesome. That'd be brilliant. Well that, that with, with a couple of other people we're looking at one, one's already got kind of the found serious foundation for a curriculum for financial literacy for people. We're working on building that out. I'd like to have a panel of different experts of whole life self directed different products like that. And also people that are doing the financial literacy for kids route as well. There's a bank based in or a banking banking products company I think is the best way called Gravy Stack. And they're, they're producing bank accounts for children so that the parents can kind of oversee them and start to look at providing support for the parents, helping the kids. Mike Michalowicz that did profit first he wrote a book called the Money Bunnies. I don't know if you've heard of that one.

I love Mike though.

So, so the Money Bunnies was a kid's book. It's like 12, 15 pages, you know, just a few page words on each page. But it's about having a mini profit first system. There's everyday money, there's someday money and one day money. So you're saving up one of the, one of the jars is for one big purchase at some point, maybe a longer term thing someday. Money is, you know, maybe, you know, an ice cream once a week or once a month, something like that. And then the everyday money. But they divide it up into different amounts proportionate to what they want to do. But it just sets the goal and it already kind of brings the kid into. I've not got this one lump sum of money. I've got three little jars of money. This is what I can do. I can save up the everyday money if I want so I can buy something different. But it splits it up into a small budgeting program to start helping them understand segregating money into ways that they can more efficiently manage the money and be more intelligent about what they think about money and how they relate to it. So it's not just come in and they spent it before it gets in their pocket.

Right. Okay. No, I've never heard of that. I love that. If I can. If I can help you in any way with, you know, your fund and maybe coming in and teaching about credit literacy. I'm in real estate primarily, but I'm known as the credit guy in real estate.

Yeah.

So yeah, if I can help in any way with. With that topic, I'd absolutely love to.

Well, that'd be wonderful. I appreciate it, Scotty. Well, is there anything else you'd like to share?

I don't think so. I think I'm good. If you have anything else for me, we can keep going, but if not, that's fine.

That wraps it for me. That's been a wonderful conversation. Thank you so much for coming on and I really appreciate you being with us.

Thanks for having me.

Thank you so much. Have a great day. We'll see you next time. Have a great day, people.