Git Gelt Episode 6: Save First: Don't Wait to first know where to Invest

a 70 year old big zider that you can't even Shake him finally some of the thoughts that you were impregnated with became factual became something for here to stay you're the type of a person when you start something you finish it I'm the type of a person that starting and finishing doesn't have to go hand in hand could be I'm starting and I'm not finishing I'm trying very much to be like you if it's not for you write it for your children if not for your children for your friends and if not for your children and your friends maybe for your grandchildren great grandchildren I don't know when is going to be also but somehow they don't learn how to manage money how to organize yourself with money I don't know why you know the children don't want to spend less for the they want to spend more don't take the not knowing how to invest as an excuse why not to say just has gratitude be a grateful person so I want to make it so simple that there's no excuses no absolutely no excuses whatsoever why not to save [Music] money good morning shulam how are you welcome to another week morning how are you I'm doing very good I think today should be a special uh a special session a special podcast because my new book isem out but but but but here's the thing in yish it's already out people buy it already you can buy it online you can buy it on the phone line you can buy it in the in the local stores so let's talk a little bit about that and also it's very exciting it's very exciting I I I I think I have to make [Laughter] a okay so maybe we do you no I tell you the feeling it's very interesting it's a very interesting feeling but before I say that I just want to I just want to mention that um you can buy it on Amazon put in KX in the search you can buy it on my website K x.com c i m e k s t i n.com you can buy it on the phone the Yiddish one what what were we speaking about the sh I want to I just want to share with you schulam something you wanted to say something no no no I want to share with you because I know that you were in middle of writing a book and yeah after you know after the book was out I got this analogy and I think it's true it's like when you when you write a book you start writing a book by the way I started to write many many books that didn't come out I have many books in my computer that's only through chapter one I have some books that I only finished introduction now I still hope some of these books are going to be completed and finished but if not I consider it a miscarriage so okay I look at it I look at it as a pregnancy where in the beginning of the pregnancy is the biggest risk for the child not to be born once you are at a certain stage it becomes more uh less risky let's put it this way and then once it's born it's even less risky and then once you know it takes time until it becomes a a a 70 year old big zider that you can't even Shake him but but I think the feeling of a book that comes out is the feeling of a child that is born because now you know that there's a lot of thoughts I had these thoughts for years you know years and years of thoughts that I always spoke about it but I never I never uh it was always me speaking and and when you see it in written in a book the feeling is that finally some of the thoughts that you were impregnated with became factual became something for here to stay that people will be able to benefit forever it's a tremendous feeling you know you'll experience it very soon when your book is finished I'm already experiencing it I I think just the process of writing the book has been incredibly it forces you to articulate your thoughts in a way that you wouldn't otherwise you're forced to really crystallize what it is you you've been saying and talking about for so long but to put it into a Word format on a in a book different world yeah you know why you you already experience experience it because you're the type of a person when you start something you finish it I'm the type of a person that starting and finishing doesn't have to go hand in hand could be I'm starting and I'm not finishing I'm trying very much to be like you but sometimes I succeed sometimes I don't but I I I I think just the mere fact that you even started is is is is half the battle you know there's a beautiful R say I think it's G that you should have t you should have a ownership over over your talet over your learning so the rashash says it's should be taken literally Rings literally write down your learning because the process he says the process of learning forces you to get a better understanding of what it is that you're you're you're doing you know like I said writing something down it's a different world than just thinking about it or speaking about it when you're writing it it's it's it forces you to to really take ownership over your thoughts your feelings how you want to express it all that comes together when you put it down in pap paper so you know it's absolutely absolutely um the reason I wanted to speak about this is not so much to impress you but you know to impress upon you upon the listener so many people have so much thoughts in their kishkas and their guts and they don't bring it out and a lot of times and I I can tell you it's by me I saw it many many times that you know are you familiar with impastor syndrome okay I thought that you know only I have it but but impastor syndrome impastor syndrome basically is something that a lot of people who bring value which you know it's almost everybody and they don't understand why people will even would even pay them for the value that they bring they don't understand why people should appreciate should recognize them should appreciate their the value they bring because for them it's so pushup that they don't understand the value from it so for example give you an example in my situation I have a certain way that I look at certain things but this is part of me so and it's so simple and it's so part of me that I don't even understand why it that some people it's not part of them and when when you have such a syndrome then you don't you don't think of writing books about it because it's so pushup you know everybody knows it you know it's like my wife she's my wife is a wonderful Baker when I tell her how amazing cakes she bakes she will tell me yeah big deal it's it's only the I just I just add the recipes and it comes out the cake I tell her I don't understand so many people have the recipe books and the cake doesn't come out good but she doesn't understand that I have to keep telling it to her the same thing she cleans the house she's doing a wonderful job the house is always organized house is always in order now big deal I just I just organized the stuff no it's it is a big deal because I go in so many houses you go and it's not like that the dishes are washed whatever it is and and the same thing is also happens to me also whenever I have an idea sometimes it's so push it for me that I don't why should somebody even want to pay it why should some pay for it why should somebody want to listen to it why should it be a wow but then I see that I write down stuff I speak about stuff and I get feedback from people that I change people's lives some you know just two weeks ago somebody told me the whole his whole life changed because of one conversation on colas five years ago I didn't even I I it doesn't make it didn't make sense for me but I see this as the fact and the same exact thing with I think with almost everybody people who are not succeeding in a big way is because they don't understand that the unique values they have it's so simple for them they don't even understand how they can make that they can make something big out of it matter of fact it's it's it's it's a skill to be able to identify your value and to be able to articulate it and present it is it doesn't come naturally it it's a skills it requires intentionality and it requires really making a plan to focus focus on that but and this is something that I personally deal with when I work with clients is really pushing them to focus on their value because now with ai ai has replaced so much of what you what people could we used to be easily we could slip into because you know we didn't want to really we had an impostor string so we could fall back on on our skills on our experience education whatever it is but today AI takes care of all that so really the real selling point that we have if we really want to be successful is our unique value that that AI cannot cannot um replicate and so it's so much more important particularly today whether you're looking for a job or you're looking for a promotion or you're just looking to be more successful in business you know with ai ai is doing so much of what everybody used to do we we can only uh we we really find our our value is really going to be the driving force our unique value is going to be the driving force behind our success yeah okay so I just wanted to speak about that before because I think um I I I want to try to transfer my excitement and my enthusiasm to The Listener because I know I know so many of you so many of you I know it because I speak to many I spoke to many of you and I keep speaking to people so many of you have so much value to to share and and uh and it's the same as art you know you know that most famous artists who uh most famous ARS artists who their paintings are sld for millions of dollars are usually not alive to see that correct yeah why why is that I think that's because of impastor syndrome because when they were alive it was so simple for them I just expressed my emotions through ART they didn't even understand why somebody should pay for it and then once they're gone another person comes into the picture and he say he says wow wow that's unbelievable you the art the same exact thing is with the book and uh I'm just you know I talk about it because in case there's somebody who's going to get inspired and also write a book if it's not for you write it for your children if not for your children for your friends and if not for your children and your friends maybe for your grandchildren great grandchildren I want I you know this by the way this is one of the thoughts that helped me fight Pastor syndrome because whenever I found something written down from my late great great grandparents I was so excited wow this is he wrote that and then I'm trying to connect to him to my my uh you know one of my Els this and I'm thinking to myself I'm wondering if Bishi wrote that he he thought that his IAL his grandchild will one day see it and appreciate it and be so happy for it for it that's number one number two if he thought about he's not going to live forever maybe he also thought you know most people think they're going to live forever only other people are going to die did did he also did he also think that and when I think about that I have no idea maybe in a 100 years from now or you know 500 or a thousand years who knows I don't know you know I don't know when is going to be but whatever it is somebody's going to pick up on what I wrote and read it and they're going to be from it they're going to have see something it's it's unbelievable so if you want if you don't write it for anybody alive you know be selfless a little bit and write it for your great grandchildren next what else are we going to talk about I think what you're going to talk about I I had a conversation uh that was two days ago I had a conversation with a client and it occurred to me a very interesting thing that a lot of people they don't save money because they don't know what to do with it they don't know where to invest it they don't know how to invest they're not familiar I have no idea why but somehow in the school system they don't teach that I don't know why no problem and it's interesting that it's it I don't know in all the circles I don't think it's specific to one Circle and and you go to a Yesa you go to a school where besides all the learnings that you that you uh that they learn learn you know in in an orthodox school they learn how to be and they sometimes they have secular studies also but somehow they don't learn how to manage money how to organize yourself with money I don't know why I don't know why and I think it's something that needs a big big um tick let's put it this way right absolutely I I I wish I had such an education everybody wishes and I think I think the reason is because usually most of the teachers didn't get it they they got from the rabes what did they get they they got TOA beautiful but I think it's something that if if a Yesa somehow can bring in I'm not talking about giving away hours a day just give them the theas the foundation what they need for their life this B this girls these girls are one day going to have to manage a budget these girls are one day going to have to know how to save and and everybody is busy to to for reactive planning you know once you have a problem everybody's going to be there to help them we have organizations for everything we have for six sick people we have that gonna help with we have you know we have to put out fires we have everything but we need some proactive as and that's what we don't have unfortunately but I hope it's going to change but I do think there's a fear that if we spend too much time thinking about that it's going to um it's going to make you know younger people concerned about reaching for for going out and just reaching for their dreams because they're so concerned about how they're going to afford to to to live I think there's a kind of this fear that if we spend too much time talking about finances people are not going to get anywhere in their in their in their aspirations they'll get um I'm not I'm not talking about talking too taking too much time for it talking about speaking about the little that you need think about this think about this they keep saying you know I think we had a conversation about this already on one of the episodes you know the children don't want to spend less for the they want to spend more it's not the case you didn't speak to them about money explain them what it means $5,000 explain them what it means $10,000 nobody explained it to them if if the didn't give them the education nobody gave it to them I think it's very important it's it's part of to you know money I would love you know I don't know how we got into this conversation but I would love if any Yesa any mo any principal any of the top in any school is willing to be open-minded enough to bring in such a curriculum I would love to help out in such a thing there is there is such a doesn't there is an organization that has created such a curriculum already msila I think it's called there are organizations have done this right but msila you know msila is doing a lot of things a lot of great great thing but I don't think they're any AI us I don't think I don't think it's they're not I say you're saying it's because the curriculum is not I I want it to become part of the curriculum in the yeshivas in the schools that I'm not talking talking about changing the structure of learning I'm talking about take half an hour a year and talk about money why it you know n whatever do something that in times that you don't learn I don't know M shabas and summer right so the question is the question is what what what can be done to make that happen right you know we can talk a lot about that but I think what needs to be done is awareness number one we need to you need to understand whatever it is you need to understand that this book is relying on you for the sought for his life money is part of the you sought for his life if you want whether you want you like it or you don't it's part of it so you can't hide you can't be like the B I'm not gonna look at it and it's not gonna come it's like the second he stands under his and it gives a he's signing that he's going to support his wife he's going to support his family and you need to recognize that for a Matas you can't just hide that's the okay that's once you realize that then you'll do whatever it takes to bring in the curriculum or to bring in the information and it's something that absolutely needs change and our children when I look at my children I see in their eyes you know poor child nobody's teaching them about how to live the Matas of the finances they need that so it's our responsibility to do that otherwise it's going to be terrible the Next Generation as well and it you know anyway let's not talk too much about it anyway a few days ago I had a client who is making a beautiful beautiful income but he wants to save he wants to save but he is not saving why is he not saving because not because he can't he can save but he's not saving because he doesn't know how to invest it where to invest it he's asking me for an investment plan Ki to give him the encouragement to save okay and it bothered so much you know you don't save because you don't know how to invest okay but first save you know you patch gu because you don't know how to invest anyway we had a conversation after a long conversation I told them step number one what you should do is don't invest it anywhere just save it and go open a high yield savings account and you know today you it could be somebody's going to listen to listen to this uh episode in a year from now I don't know what it's going to be then but as of today you can make between four and 5% a year and adjust a high yield SEC high yield savings account okay so psychologically psychologically sometimes all you need is a high yield savings account to tell you that your money is really working for you so I'm not saying I'm not saying you should leave it there but all I'm saying is don't take the not knowing how to as an excuse why not to save right I think what you're saying it's aligned with I was recently reading the book Atomic habits I don't know if you've seen that the nameing never read it it was it's a been a big bestseller past couple of years it's it came out a couple years ago but phenomenally successful but is you know like all these books is is relatively simple don't be the person in this case don't be the person who saves money become a Money Saver in other words you know it's don't just be a person who also saves money change your identity that your identity is a person who is money a person who money is who who's a money saer I don't know how El to put it but you know it's a big difference gratitude don't be a person who's just grateful or who I'm sorry don't be a person who just has gratitude be a grateful person you know and Y we're we're we're we're all day long we we we Express gratitude but are we really grateful people is that is that a part part of our identity and and and and that's hiside and I think it's what you're saying here you know get out of the the idea that I'm I I'll save I'll be a money saver when I know how to no I I'll save money become an identify as somebody who saves money and you know and you know and you you'll end up saving no matter how it's going to express itself whether it's a high yield account or in real estate but you're not just saving money you're a money saer and and it's a different with that perspective and that that that shift in mindset it's a whole different world yeah I think you you said it so well but I think what's gonna happen a lot of are gonna think what these guys are recommending my identity should be money saver that's not my identity my identity should be I'm a you know of course that should be your identity but look at yanini the yanini also understood that the the root is that you should save every you know anything that belongs to you you should save right and the reason for that is you know said that and the reason for that is because it's it's money that they work you know they they didn't steal from anybody they did they did what they were supposed to do and and the alternative to that we're not talking about being you know uh making you you know being Frugal in in a way that you should you know all your old family should suffer from that all we're talking about is that don't be a posit in a way that doesn't make any sense when you don't have how to pay foras you don't have how to cover your budget and you just pent like you just spend like crazy I I'm reminded of a very interesting story that I remember when I was a when I was a child there was a a you know a welltoo ye that came and Sh every day he was an older guy was probably like 80 years old he's not alive anymore he was like 80 years old and you know he was a let's put it let's put it this way and I remember one of his children were always playing it bck was always playing it bck you know he was always in the network of theam he was always partying with a with a with a big names and he was always you know he always had to be uh like one of the and I remember one day this older guy comes in and he starts you gave to my son-in-law aidas please give him Panos [Laughter] also so the point is the point the point is that didn't give you a why do you think you have to play oer you don't have to just do whatever you're supposed to do and Save in order for you to be able to to live the love that hm wants you to live right but you're touching on something so and you brought this up before but it's so fundamental money is an ex as as a reflection it's not it's not not the purpose it's the means to the end it's a reflection of really how clear you are about who you are as a person you know and and then if you're not clear on yourself who you are what's your priorities in life what's important to you and and all these different things regarding your act your life then the money is going to is also going to reflect that and it's going to be all over the place and it's not going to be accounted for and you're not going to be intentional about it but you know it saving money or or having a financial plan is is really tied into doing a lot of self aware self-awareness work and just really knowing yourself and recognizing what are my priorities in life you know and not everybody has a goal to be wealthy you know some people prefer being a teacher or taking a job that you know may not pay a lot of money but that's that's okay that's what makes them happy but then the parnasa has to reflect that as well absolutely your goal is not to have you know abundant money then you should make sure that you save every penny and you shouldn't have to be a or you shouldn't have to collect fored hasem should God forbid somebody needs to okay he needs to but this should be the focus and this is kazal by the way is and you know all the is is filled with that that people should make sure that they should be conscious of you know what's going to happen should they should they should be able to to to arrive to the destination when it happens with a means to make it happen I thought I'm going to share with you this website that I see very very interesting um for people who are looking for high yield savings accounts just you know just to know that you have a place to park your money I just put into Google you know high yield savings account that's what I did and usually this one comes the first nerd wallet and and uh you just scroll down and you know you have Sofi American Express City Bank you have big names here that you can make four and a half uh four to four to between four and 5% as of today and I think it's a great idea to do it especially if you can do it in a place that's you know that's not typical with your uh um it's not typical it's not a place where you hold your other phones it's not your and it's not your your m& bank and this way you know if you need the money you have to do an extra step you have to go somewhere and get it this way you're not going to use it so easily I can tell you one thing somebody who doesn't know how to open a high heel savings account or somebody that doesn't save any money because he doesn't know where to invest it yet so he doesn't understand the stock market he doesn't what do you want from him you want them to go to some crazy new ideas that somebody came up with unfortunately a lot of Eden lose their wealth because of that lose their money with this you have to be so careful so and and the more complicated you made it you make it the more complicated you make it the more excuses the person has why he do he doesn't save money so I want to make it so simple that there's no excuses no absolutely no excuses whatsoever why not to save money you don't know how to invest save it you want to make something in it open a checking account before you did that before you checked off that why are we talking about not step two we're not there yet maybe step two is going to be open a spy you know putting your money in spy ETF you know we can talk about different things simple stuff but first make sure nothing is going to matter most not nothing is going to matter more than start to to to save and start going in the right moving in the right direction become a money saver yeah that's so good become a money saver and and I tell you what the more you're going to be proud about that identity the better job you're going to do the more you're going to think that it's not your ideal thing it's only NE I have to be a money saver the worst of a job you're gonna do 100% when we when we ingrain it within our identity that maybe that's the wrong word but when we have that mindset it's a GameChanger you know it's it's it affect it's your whole perspective shifts okay so yeah become a money saer and be proud with the identity and teach it for your children and I want to tell everybody who listens to this that even though the schools doesn't teach it but you can teach it to your children and be proud to teach it and I think we'll we'll finish with this for today have a wonderful day okay fantastic [Music] the wisdom for your wealth