Young and Profiting with Hala Taha - YAPLive: Good Money Revolution with Derrick Kinney | Uncut Version

Episode Date: February 21, 2022

Join Hala for a live Young and Profiting Episode with Derrick Kinney on LinkedinLive! Derrick Kinney is the CEO of Good Money Framework, and the host of Good Money Podcast. He has been named a Best-In-State Financial Advisor by Forbes Magazine, and has been featured in several interviews conducted by the Wall Street Journal, CNBC, Fox News, Money Magazine, and multiple primetime shows. Derrick is releasing his book, Good Money Revolution: How to Make More Money and Do More Good on February 22, 2022, which goes over the mindset needed to not only accumulate wealth, but use it to better your own life and the lives of those around you. His book talks about everything from crushing your debt to living in full financial freedom!  In this live episode, they will take a look into his new book Good Money Revolution, identify Generosity Purpose, the “why” behind maximizing your wealth, and so much more! If you’re looking to expand your wealth, you won’t want to miss this talk!  Sponsored by -  Athletic Greens - Visit athleticgreens.com/YAP and get FREE 1 year supply of immune-supporting Vitamin D AND 5 FREE travel packs with your first purchase. Brand Crowd - Check out brandcrowd.com/yap to learn more, play with the tool for free, and get 73% off your purchase. Derrick Kinney’s Book for Pre-order - Pre-order Good Money Revolution now on Amazon http://GoodMoneyRevolutionBook.com Shopify - Go to shopify.com/profiting, for a FREE fourteen-day trial and get full access to Shopify’s entire suite of features Woven Earth - Make Woven Earth a part of your night routine and save 20% on your order with code YAP on WovenEarth.com/YAP Social Media:  Follow YAP on IG: www.instagram.com/youngandprofiting Reach out to Hala directly at [e-mail] Follow Hala on Linkedin: www.linkedin.com/in/htaha/ Follow Hala on Instagram: www.instagram.com/yapwithhala Follow Hala on Clubhouse: @halataha Check out our website to meet the team, view show notes and transcripts: www.youngandprofiting.com Mentioned In The Episode:   Pre-order Good Money Revolution now on Amazon - http://GoodMoneyRevolutionBook.com Follow Derrick on LinkedIn - https://www.linkedin.com/in/derrickkinney/  Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode of YAP is sponsored in part by Shopify. Shopify simplifies selling online and in-person so you can focus on successfully growing your business. Sign up for a $1 per month trial period at Shopify.com-profiting. You can crush your fingers and all your toes during a data center migration. You can knock on wood, pluck a dozen four leaf clovers or look to your lucky stars for a successful office expansion.

You could hold your breath, shut your eyes, and say all the well wishes to help avoid cyber attacks. But none of that truly helps you. Because next level moments need the next level network. With the security, reliability, and expertise to take your business further. AT&T Business. The network you can rely on. You're listening to YAP, Young and Profiting Podcast, a place where you can listen, learn, and profit.

Welcome to the show. I'm your host, Halla Taha, and on Young and Profiting Podcast, we investigate a new topic each week and interview some of the brightest minds in the world. My goal is to turn their wisdom into actionable advice that you can use in your everyday life, no matter your age, profession, or industry. There's no fluff on this podcast, and that's on purpose. I'm here to uncover value from my guests by doing the proper research and asking the right questions.

If you're new to the show, we've chatted with the likes of XFBI agents, real estate moguls, self-made billionaires, CEOs, and bestselling authors. Our subject matter ranges from enhanced and productivity, how to gain influence, the art of entrepreneurship, and more. If you're smart and like to continually improve yourself, hit the subscribe button because you'll love it here at Young & Profiting Podcast. This week on YAP, we're chatting with Derek Kinney live on LinkedIn. Derek is the CEO of the Good Money Framework, host of the Good Money Podcast, and the author of the brand new book Good Money Revolution, which is out on February 22nd.

Derek has been named a Best in State Financial Advisor by Forbes magazine and has been featured in the Wall Street Journal CNBC box news Money Magazine and several prime time shows. Before founding Good Money Framework, Derek worked as a financial advisor for 25 years. He sold his company in 2020 to follow his dreams of helping people build their net worth and use their money for good. In this episode, we'll chat about how Derek first got into entrepreneurship and we'll uncover why happiness comes from what you do with your money, not how much money you have. We'll learn Derek's seven-step good money framework, including the importance of identifying your generosity purpose, and how tying your profits to a purpose can not only increase your impact on the world, but also increase your bottom line.

If you want to make more money and do more good, this is an episode you won't want to miss. Hey everyone, welcome to a live episode of Young Improfiting Podcast with Derek Kinney. Welcome to the show Derek. Paul, it's great to be with you. Thanks for having me today. Super excited.

So everybody, if you don't know, I'm the host of Young and Profiting Podcast. My name is Halla Taha. And today we're going to be discussing the core concepts in Derek's new book, Good Money Revolution. And we are the Young and Profiting Podcasts. So there's no better topic to discuss than making money and doing more good.

So I'm super pumped for this interview. And for those of you who don't know Derek, and profiting podcasts, so there's no better topic to discuss than making money and doing more good. So I'm super pumped for this interview. And for those of you who don't know Derek, he is the CEO of Good Money Framework and the host of Good Money Podcast. And he's also been named a Best in State Financial Advisor by Forbes magazine. So Derek, you may know since you're familiar with the show that I do a ton of research on the podcast. And I came to find out that when you were younger, before you became the money-making genius that you are today,

you actually did not believe that you were destined for success. You moved six times to your father's work and you say you were teased in school through big nose and you had breathing difficulties that resulted in many trips to the hospital and lots of loneliness. So your life actually changed when your mother gave you the book, go for it. So I'd love to hear how that book inspired you to take your life into your own hands and create your own identity. So let's warm things up with that story. Well, first of all, I can tell you did your research, Olla, you are a spot on.

You know, it's interesting. When I think back to my junior high in high school days, it was a hard time in my life. I think a lot of listeners can relate to that. I was bullied and teased and really made fun of, but when my mom gave me that book, I would rarely say to people that a book changed my life. But in this case, this book really changed the trajectory of my entire future. And the book itself, a chapter, and then it was on how to be popular of all things. And I had a big goal of running for office my junior year in high school to be student body president. And the idea occurred to me that as I looked around the school hall, there were all

these groups of people, but they were all silos. Yeah, the athletes and the students and the band people and the rock and roll crowd, etc. But nobody was together. We roll a bunch and nobody's, but with the heart of somebody. And the idea was, what if I got a picture taken with each of the leaders of those groups shaking hands with them, and on the poster would say, hey, vote for Derek or rock the vote with Derek. And what happened was, I won the election that day, but it wasn't me that won. It was all of us. It was everybody coming together.

A bunch of nobody's suddenly had a voice and felt important. And that's really why I wrote this book. Because I know there's people out there that have been told, you're not smart enough, you're not good enough, you're not intelligent enough to manage money. And I want to empower

people to make more money and do more good. I feel like that was a really pivotal point in your life and I feel like you might not have been an entrepreneur had you not taken the lead to put yourself out there and take a

risk at such a young age. So talk to us about your first job at a college and what kind of motivated you to start a side hustle and then eventually quit your job and then be in entrepreneur? Well, one of the things that motivated me was that my boss bounced my paycheck twice. And when you have a paycheck that you're depending on, newly married, you're telling your wife you're going to have a fun weekend together and your paycheck bounces, that's not good

for the relationship. And so what I realized was a year and a half graduating college, I worked for a very small software company. And I one thing I realized was a year and a half graduating college, I worked for a very small software company, and I was the one marketing person in this engineering firm. So I got passed over for a race. I got overlooked for promotions. And I began to realize where my dad had been probably 20 years earlier when he had made the decision to keep working for someone. And he realized that, you know, what someone else

could determine his worth, but I wasn't content with that. And I realized this was my moment and sort of my fork and the road of, if I stay at this company, I'm only gonna get the three to four percent cost of living raises or I can put the chips on the table. I know, Holly, you know what this feels like when you bet on yourself,

and you don't know if it's gonna turn out good or bad, but you know you're worth it. And that's what then led me while I was working full time to then go back and study to become a financial advisor, having taken one finance class in college. But I realized thinking back in high school, you know, what if I can help people feel valued and important and worthy of my service and advice, I could probably do pretty well financially.

So that's how the financial planning practice really launched. You said that growing up, your family didn't have a lot of money. Your dad was an engineer, your mom worked part-time, but you actually turned out to be very successful despite the cards you were given because you were actually never taught that money was bad. So let's talk about that. Why is it bad to think that money is bad and what's good about having a good perspective about money? Yeah, you know, looking back, I grew up in middle class, almost lower middle class, and

how I knew other people had more money was, you know, when I played baseball, for example, and everybody else had the fancy new cleats and I had the blue shoes from the discount retailer. You know, so it wasn't blatant, but I knew that we had less money than other people, but one thing to my parents credit, I never heard them banging their fists on the table or saying, you know what, if only we had more money, then we could do these things. Or they never said, there's the haves and the have-nots. And we were the have-nots. I never heard that from them, but looking back, I didn't realize how small of a house we

lived in, you know, having one car for transportation, getting places as best we could, but it was the life that I grew up in. And I think what caused me to realize that, Hall, it was the life that I grew up in. And I think what caused me to realize that, Hall, was growing up, getting my first job at age 15, I wanted to make money. And that's how I put some value on myself, because I learned, hey, the more value that I can provide people, the more money I can make, and then the twist occurred, the more good that I can do. And I remember just the feeling of making a contribution

anonymously to the local food pantry and to some homeless people on the road thinking, man, it's so cool to think that I'm adding value to people and I'm making money, but I'm helping make that person's life right now even better. So we have so many people tuning in right now. I'm just going to shout some people out. Shout out to Jaden, Travis, Andre, Sean, Berkeley,

Mohammed, so many people. I'm having trouble saying there's so many people. So thank you guys so much for tuning in. And the question I have for the audience is what did your parents teach you about money? Let us know in the comments. Did they teach you that funny, bad? Or did parents teach you about money? Let us know in the comments, did they teach you that funny, that bad or did they teach you that money was good?

We'd love to know. So let's get into your newest book, Good Money Revolution. By the way, when does that book come out? Yeah, so it releases 2222. I couldn't pass up on that release date. I love that 2222. Okay, so in your book, you share that money beliefs and mindsets are really key to wealth. So this is what we're

talking about right now. What are some of the attitudes about money that typically hold people back? Well, one of the attitudes and this may be a little bit controversial, but I know you're no not immune to controversy and bring it up topics that are interesting to people. Let me tell you something, and that is, I believe the economy right now is telling you what you are worth. Now, that may not be fair, that may not be right,

but when you think about a teacher who works extremely hard, 40, 50, 60 hours a week, then you compare that to an athlete that may make millions of dollars, and you criticize the athlete, but the reality is that athlete brings in concessions and merch and food sales, and it puts people in the seats to watch the game. So the bottom line is wherever you are right now is what you're economically worth. But what I want to do is I want to empower people to change that. If they're in a job where they only can earn a fixed income like a teacher, like a cop,

like a firefighter, and you've got a decision to make in terms of do you stay where you're at, or do you bring in a side hustle based on the talents and gifts and your ability to solve problems to make more money, or do you jump ship and you go into an entirely different field. The bottom line is, I do not believe that money is scarce. It's not like there's five people with all the money and the rest of us have to settle for what's left. If you believe and have an idea and can bet on yourself and your concept, you also can be just as wealthy as the person you've admired for a long, long time. I love that. So some people did go ahead and tell us what their parents taught them growing up about

money. So I'm just going to pull up a few. Money was supposed to be saved for a rainy day. Yeah. I mean, then think about it. That's, you know, that's a mentality that says, look, we don't have a lot of money. And so we need to save it. I mean, I think about my grandparents.

This may sound so foreign, but they would save everything, every rubber band, every plastic bag, every pen, every book of matches, because they wondered, what if we did without, we would have to be able to just survive. And that was the mentality so many people had. Then we have, money was not a discussion when, oh, that's interesting.

And he thoughts on that, Derek? Yeah. This one really pains me, all of because so many people want the money conversation with what they call the forbidden fruit of not talking about sex or not talking about politics or these other sort of off topic issues. And I believe money should be something that's talked about right around the kitchen table, but here's what I think holds people back. And I'll tell you a quick story. There was a couple I worked with,

and they felt inadequate because they had made so many bad financial decisions, and they realized, what could we teach our kids about money? And what I told them was, tell them about the mistakes you've made. Well, they were but side themselves. They said, Derek, how embarrassing would that be? And I said, well, it'll be embarrassing, but you're going to get their attention.

You know, when I come home and my kids say, Hey, Dad, how was your day today? If I say, oh, it was a great day, nobody pays attention. But if I say to them, you know what, Dad, really screwed up today? They are all ears. And your kids will be the same way.

They want to learn from the mistakes that you've made financially. And it can be one of the best coaching tools you could ever give your kids when it comes to money. That's a really good advice. So I want to read a short quote from your book. And it was really powerful. And I thought it really summed up a lot of the core concepts in your book. And that's happiness comes from what you do with your money, not how much you have. So can you explain what you mean by this and some evidence or examples that support it?

Well, first of all, I like money and I think people who have more money, like it even more, intend to be happier. The bottom line is what the research tells us is that once you get above 75,000, there's this, what they call a satiation point where long term, there's really not a whole lot more joy that you experience. Now, you might be able to buy the new truck or the computer, your favorite toy, your favorite phone, and that euphoria lasts a little while, but it doesn't last long term. And so one of the concepts of the book is not just making money, which is not a bad thing

at all, but how can you tie that to a cause that you care deeply about? Is there an injustice in the world that you see a wrong you want to write that you can say, this is going to be my motivation to go ask my boss for the race. We talk about that in the book. To go make more money in the company I'm at right now, even in my business, so that I can help change not just the world, but my local company. It's a really powerful way to remotivate yourself to go make more money. So I was reading your book, of course, and it's called Good Money Revolution.

And so many of your branding is Good Money, Good it's called Good Money Revolution. And so many of your branding is Good Money, Good Money Podcast, Good Money Framework. So I was curious, like, why Revolution? What is a Revolution that you're trying to spark? Yeah, so the word Revolution, I think, may be the most important word on the cover of the book, because so many of us in life, we tend to go on autopilot and we just do the same thing over and over again. We've been told you need to save her retirement. You need to reduce your debt. You need to have low interest credit cards.

You need to prepare your family's financial future. And we buy into that, which is not bad, and we do all that. But then I thought to myself, you know, with COVID, with Alma Cron, with everybody sort of rethinking who they are, why work is important to them, and why it matters. This was a perfect time to launch what I call the good money revolution. So it's a way not just to go make money and say, I just want to retire and the problem, Holly, so many people think, you know what, when I die, that'll be when I make impact. That'll be when I give the money to the cause I love or leave that legacy. What I want to do is imagine for a moment, people could be making money right now and

giving. It could be any dollar amount, but it's to the cause that you care deeply about. So when you lay your head on the pillow at night, you've lived a day of impact. You've added value to people. You've made more money and you're helping make your little pocket of the snow globe, your little snow globe, your pocket of the world even better because you were actively engaged. So I love this. This is the perfect segue to chapter five of your books. So that's called Generosity Makes You Wealth. And in it, you told the secret to

making more money, and that's actually giving it away. And you called this the generosity purpose. For me, this was the biggest takeaway from the book and really hit hard for me because my late father really embodied this. And so he was like pretty wealthy, pretty successful. He grew up super poor, but he became very wealthy. And he would just give his money away. He might have put 20 adolescents or young adults to college. He gave a lot of his money away to his family in Palestine. He used to give money to my friends that were not as well off as us. Like if we were going to the mall, he would give us the same amount of money. And like, he was just such a generous man. And I noticed from a young age and he would tell me,

you know, if you give your money away, you're gonna get it back 10 fold. And so I always had that in my mind. And I was always very generous with my money as well, even now with my company, I'm very generous with my money. And what I give to my employees and things like that. So I love this concept. And I would love to hear some examples from you

in terms of sharing a story of someone who became wealthy because they actually gave their money away. Yeah, so first of all, what you just shared with me really hit me hard because when you see people who model it and live it and you see the impact in people's lives, I mean, that is so powerful, Holland. That's just such a legacy that you were able to see. I really admire that. Well, let me tell you about gentlemen named Dave.

Dave was a long time client of mine. And you know those relationships you've got where you can just tell something's bothering somebody before you don't have to ask them any questions. Dave was one of those guys where he sat down in the office and you could tell the weight of the world was on his shoulders. We had some small talk and I said, Dave look let's just cut to the chase. What's bothering you? It's obvious there's something bothering you right now. He said, you know, Derek, you know, I was in here about a year ago talking with you, but I've lost my interest in running my business. He had a small manufacturing company

had his kids as part of the business, but he just said, there, I no longer have joy going to the office anymore. Just not fun anymore. And for some reason, the words just shot out of my mouth. And I said, Dave, is there a cause that you care deeply about? Well, I could tell the question kind of stunned him, his eyes got his biggest saucers. And he said, you know, a couple years ago, my wife and family and I went overseas on a trip. And this particular village we went to had a void that needed to be filled. And now as they needed a schoolhouse build to properly educate all the young people,

there was really holding back this entire village economically. And he remembered exchanging a glance with us, why about, you know, when we get back to the state, it's we need to do something about that problem. Well, they got back things got busy and so forth They got back into their business forgot about it when my conversation brought it all back And I said, Dave, what if you did this? What if over the next six months you set a goal a sales goal And you took half of that increase and you used it to fund the school took half of that increase and you used it to fund the school. Well, he was pretty surprised by that question and we exchanged some more small talk and he left, okay?

So he comes back in three months later. He looks younger, he looks reinvigorated, he looks all in. And he says to me, Derek, I need to be honest with you. I was a bit skeptical when you told me to go increase my sales and give half to that school. But I got to tell you, we've already funded half of that school. Now, I got to tell you, while here were two grown men, I'm not an overly emotional guy, but you feel it when you're seeing potential be extracted from somebody right in front

of you. And what he did was was he really had a call I was about helping clean up the oceans and helping make the world better. And so he went back and he told his very best customers that going forward, our generosity purpose is that we want to take a portion of our profits and help make the world better.

And here's how you get to play a part in that. So keep in mind, these customers could work with anybody, but they chose to work with him because not just the great service he provided, but now they were part of something bigger. And what it did is it grew his business. It was almost a five-fold increase over the next five years, all because he tied in a passion he believed in and helped service clients. So now imagine he's loving going to the office because he loves his customers. They're actually paying more to provide and get a premium level service. And he's helping impact the world every single day.

So no longer is giving just about if I give I lose and someone else wins. It's instead I use giving as a motivation to make more money so I can give more money, but I'm still making more money. So it's a beautiful concept that we've sort of flipped upside down thus the revolution. So, so interesting. I was going to say my biggest takeaway from what you're saying, you said it at the end was giving away your money and tying your profits to a purpose. So to speak, as you say it, it can motivate you.

It motivates you to feel like you're doing something beyond just making money. And then like you said, it actually helps the bottom line because your customers also feel like they're getting more purpose out of their spending their money and want to spend more money with you. So it's a beautiful cycle. It is a beautiful cycle. And even research supports this in a couple of ways. First of all, you know, you think about companies like Bomba Sox or Tom's shoes, it's kind of the BioOne, GetOne type of model.

And one thing we know about the millennial audience, which I love how millennials think about money because they're so purpose driven, they're actually willing to spend more money when there is a cause associated with the product or service they believe in. Now, let me be clear on this. What I'm not saying is use giving a generosity to cover up for a really bad product. Okay. You need to provide great value and you need to really overwhelm people with such solving of their problems that they want to work with you. The fact that they're part of something bigger,

a cause you believe in, or you might even pull your customers and say, what would be a cause that you care deeply about? The fact that they get enrolled in your story, something bigger, really can help drive businesses, and I'm convinced of it too. It helps de-commoditize yourself.

So many people can work with any real estate agent, CPA, attorney, salesperson, and there's really no differentiator. I mean, let's be honest about it. But if you can provide great value, you're a great negotiator, you provide great money advice, and you're tying in. Here's how we're going to make our local community better. You will be the advisor of choice, the relicor of choice, the CPA of choice, the business owner of choice in your local area, because people crave wanting to be part of something bigger

than themselves. That's such a great point. I never thought about that. Use it as a differentiator. It's a decomoditizer. That's brilliant. great point. I never thought about that. Use it as a differentiator. It's a decommoditizer. So that's brilliant. I love that. Let's hold that thought and take a quick break with our sponsors. Young and profitors, do you have a brilliant business idea, but you don't know how to move forward with it?

Going into debt for a four-year degree isn't the only path to success. Instead, learn everything you need to know about running a business for free by listening to the Millionaire University podcast. The Millionaire University podcast is a show that's changing the game for aspiring entrepreneurs. Hosted by Justin and Tara Williams, it's the ultimate resource for those who want to run a successful business and graduate rich, not broke. Justin and Tara started from Square One, just like you and me. They faced lows and dug themselves out of huge debt. Now they're financially free and they're sharing their hard-earned lessons with all of us.

That's right, millionaire university will teach you everything you need to know about starting and growing a successful business. No degrees required. In each episode you'll gain invaluable insights from seasoned entrepreneurs and mentors who truly understand what it takes to succeed. From topics like how to start a software business without creating your own software, to more broad discussions such as eight businesses you can start tomorrow to make 10k plus month, this podcast has it all. So don't wait, now is the time to turn your business idea into a reality

by listening to the Millionaire University podcast. New episodes drop Mondays and Thursdays, find the Millionaire University podcast on Apple episodes drop Mondays and Thursdays. Find the Millionaire University podcast on Apple Spotify or wherever you get your podcasts. Your dog is an important part of your family. Don't settle when it comes to their health. Make the switch to fresh food made with real ingredients that are backed by science with nom nom.

Nom nom delivers fresh dog food that is personalized to your dog's individual needs. Each portion is tailored to ensure your dog gets the nutrition they need, so you can watch them thrive. Nom nom's ingredients are cooked individually and then mixed together, because science tells us that every protein, carb, and veggie has different cooking times and methods. This packs in all the vitamins and minerals your dog needs, so they truly get the most out of every single bite. And Nom Nom is completely free of additives, fillers, and mystery ingredients that contribute to bloating and low energy. Your dog deserves only the best, and Nom Nom delivers just that. Their nutrient packed recipes are crafted by board certified veterinary nutritionists,

made fresh and shipped to your door. Absolutely free. Nom-nom meals started just $2.40, and every meal is cooked in company-owned kitchens right here in the US, and they've already delivered over 40 million meals, inspiring clean bowls and wagging tails everywhere. Ever since I started feeding my dog Nom-nom, he's been so much more energetic, and he's getting older, he's a senior dog, but now we've been going on longer walks and he's much more playful. He used to be pretty sluggish and sleeping all the time, but I've definitely noticed a major improvement since I started feeding him Nom Nom.

And the best part, they offer a money back guarantee. If your dog's tail isn't wagging within 30 days, they'll refund your first order. No fillers, no nonsense, just nom nom. Go right now for 50% off your no risk two week trial at trinom.com sash app. That's trinom and om.com sash app for 50% off trinom.com slash app. So speaking of generosity purpose, you tied your new book to a cause too. And for each book preordered,

you're making a donation to RIP medical debt. Can you tell us about that organization and how your book is going to support that? Yeah, yeah. So this is a really I get goosebumps talking about this

is a cool story because so many people are plagued by past due medical that now Now this can be made into a political discussion. I get that. But let's say that you have insurance, but there's a surgery that you need or your son or daughter needed. And your insurance just didn't cover it. It can seriously hold people back financially. So what RIP medical debt does is they go in and they buy bulk medical debt for pennies on the dollar. So get this. If I donate $100, they're going to pay off $100,000 of medical debt. And so what we're doing is we're tying the book to pre-orders.

Our goal is 10,000 pre-orders by 222, 222, because I want to get this movement out into the world because I firmly believe it will help people make more money and do more good, but also to tie it to a cause that I believe in. I think about people getting a letter in the mail. Imagine if you're drowning in medical debt right now and you've got a letter in the mail hall that said

your debt is canceled. I mean, that would literally change your life. And that's what this company does. And we've already paid off almost one and a half million dollars worth of delinquent medical debt. And we wanted two million as our goal to really knock the thing out of the park. Wow. That is so incredible.

Congratulations for already getting over a million and a half dollars supporting that cause. And we just stuck the preorder link in the comments. So make sure you guys click on that. Go check out Derek's book. I read the whole thing front and back. He sent me a copy, thankfully. And it was a breeze to read.

So I highly recommend it. And lots of great tips. We're going to get into some of them now, but we're definitely not going to be able to cover it all. So make sure you guys go get that pre-order and help them with this 10,000 book goal. Okay, so this is the perfect segue to your seven step good money framework.

We don't have time to discuss all seven steps, but let's get to the first framework and that's to discover your generosity purpose. We just gave some great overview in terms of what it is. Now, I'm wondering, how do we actually go about finding our generosity purpose? Yeah, so so many people start off with their financial planning, with their advisor or by themselves and they say, what do I want to retire? How much debt do I want to pay off? What goals do I have? Where do I want my kids to go to college? And those are all really admirable goals. But what I find is when push comes to shove

or God forbid if one global event leads you to lose your job, suddenly you're back to zero again. And what I find is people stay motivated when there's a cause they care about. You know, for example, you read all these stories about if you had a six-sunder daughter and you had to go work a couple jobs to pay for their care, you would find a way to do it. I mean, that just how we're wired as humans is we want to take care of the people we care

for and love. And that's why I wanted to flip this script of, you know, use your generosity purpose, find that clause that injustice the wrong you want to write, and let that be something you give maybe 1% to, maybe you've $5 to $10 a month, $25 a month, the dollar amount doesn't matter. It's about what impact you can have with that money, and especially people listening right now, that may feel like there's more month left

than there is money. This is your one chance to have control of your money. Even if it's $20, you could give that $20 to the homeless shelter or to the food pantry, help stop sex trafficking. Whatever the issue is for you, clean water. And now in a moment, you have control over that and you've impacted at least one person's life. It's a powerful emotion, but it can drive people

to become really, really wealthy. Yeah, and like you said, it makes you happier, right? Because you're giving your money away, and it actually makes you happier than spending it on yourself. You're getting more motivated because you've tied your cash to a cause, your profits to a purpose, your money to a movement, right?

So now you're more motivated to get things done, and your customers are more bought into you because they feel that they're doing good as well. And everybody wants to do good. It makes you feel good. That's right. Even it's interesting. Thank you back to when I started my financial planning

practice 25 years ago. I didn't realize what was happening, but I wanted to be a mentor to people in high school that I didn't get to have. And so I went back to my alma mater and I began to recognize a mentor to people in high school that I didn't get to have. And so I went back to my alma mater and I began to recognize a student of the month and a teacher of the month. I gave them like a $25 gift card and the teacher was a $50 gift card. It was nothing, but to them it was like winning the lottery. And what happened was, is I began to put that picture in the

newspaper, let people know about it, calls began to come in, people began to want to work with me, not because I could provide them great financial advice, but because they wanted to be part of something bigger. And it taught me early on, when you can align with the customers who need your service and love the cause you believe in, you will grow your business in ways that you never thought possible.

How about for people who aren't entrepreneurs, how can they use this framework, especially picking a generosity purpose when they're not the owner of the company? Yeah, so this is great. What a great question. And this goes back to the kitchen table and you're sitting there and you know you need to have that conversation

with your kids. Your daughter, your son is asking about having an eliminate stand. They want to invest and you feel inadequate because of your past mistakes. You don't feel like you have the knowledge to impart to them to help them do well financially. And what I encourage people to do is say, let's have a monthly family meeting. Again, this is all about thinking about money differently. So let's let our minds kind of go there. And again, this is all about thinking about money differently. So let's let our minds kind of go there. And as a family decide a cause that you want to support that month.

And you can ask your kids, hey, in school, are there any kids that have financial needs? Their moms, their dads, and our neighborhood, businesses that we do business with. And then you get your kids involved, and they begin to recognize, wow. So if I go make money in my lemonade stand I can take a part of that and help someone so in my class that's exactly it and the bottom line here Hall is this is I want to help people retrain their brain in terms of just because you've

made bad financial mistakes you feel like you can't come back from where you come from or you just don't have the knowledge of making money or you were told that money was bad as a kid. This is your chance to press that reset button. That successful people press all the time because they know that life has adversity, life has mistakes. You're going to make bad decisions. I make plenty of them in the days not even half over yet for goodness sakes, but it's a way to walk alongside your kids and be vulnerable and say, you know what, we're not perfect, but we want to help you not just be

the receiver of money in the form of a two-week paycheck, but the creator of money in the form of an income stream than nobody can ever take away from you. So I want to do an activity with the audience tuning in right now. If you guys have a purpose for your profits or a cause for your cash, put it in the comments. Let us know what organization you support or what organization you would like to support now that you've heard about the generosity purpose.

Okay, so let's move on to the second, third and fourth step of your framework. And that's to determine your top three financial goals to determine your desired income and then to review your options for earning money. Can you talk to us about these next steps of the framework? Yeah, so what I wanted to do was keep money simple. And I believe, Hall, that one of the things that holds people back from achieving

their financial goals is they make money too complicated. Not intentionally. Unintentionally, they began to set like 10 to 15 New Year's resolutions. I want to get out of debt, pay off my house, lose weight, get a dog, get a cat. I mean, it becomes overcomplicated. So what I want to tell people is just set three simple financial goals. On a sticky note, on a note card right out, your top three goals. I want to save $10,000 for retirement. I want to pay off $5,000 of credit card debt.

I want to save $2,000 for my vacation. And the goal is to be laser focused and so intense on those goals that you can't help but reach them because you're taking away all the distractions and you're not over goaling yourself, which is what so many people do. And what you want to do is put the sticky note on your bathroom mirror so you see it every morning. Every night, on your nightstand, keep it in your car. The goal is to stay laser focused. And then going down the framework, the goal is to stay laser focused and then going down the framework, the goal is to determine how much money do you need to make in order to reach that goal? You see, we only live, you know, what average at 80, 85, 90 years, we've got one life and I want to make sure that people get the most value for themselves and add the most value they can to other people. So what you want to figure out is to have those savings goals, how much money do I need to make?

And part of the book is dedicated to then determining what is the strategy that you will approach your boss or if you're a business owner, how you will increase sales or think like an entrepreneur inside of the business you work in to add value. So your boss wants to give you more money. And we're definitely going to talk about that last part that you just said about acting like an entrepreneur within your company because I thought that was so interesting. But before we do that, let's go on to

step five of your framework. So that is to create a simple saving and investment plan. And you mentioned three good money levers. The first one is to save more and I know that so many people struggle with saving especially millennia also I'd love to get your top tips to help us save more. Yeah so I want to keep it super simple it doesn't nobody any good to give a bunch of principles and nobody can apply so here's one that almost works for everybody I talked to first of all you want to look at those commoditized expenses, how I say what I think about there would be homeowners insurance, automobile insurance, renters insurance here in Texas,

our electricity provider, cable provider, your cell phone service mean all of those, you could get those services from almost anybody. But what you want to do is call them up and say, look, I'm considering making a change, or are there any discounts? Are there deals that you have to save money, bundle it, to keep me as a customer? You will be surprised.

It's almost about 90% of the time. They won't come back and say, yeah, here's a deal. Here's a way to save money. But here's the magic. What most people do is they find a way to save the money, but then they do what? They spend it. And suddenly the new truck is out front. So the new computer is on their desk or they've got the new phone. I call it capture and keep.

And that is capture the savings and then keep it by immediately directing that found money to your number one financial pain point. It could be you want to pay off the house early. You want to pay off your credit cards or you want to pay off the house early. You want to pay off your credit cards or you want to get out of student debt. That way you don't have to think about do I want to have fun this month or pay down my goal this month. It's set and forget. It's automatic savings. Use that one tip and I think it'll help your listeners find ways to save money and actually truly pay off their debt to a whole lot quicker. That's such a great one.

So let's talk about reducing debt. You did kind of touch on it now, but do you have any other practices or tips in terms of reducing debt? Yeah, this is probably the most crazy part of the book. And I ask people to walk through a scenario and that is if your boss came to you or your spouse came to you and said, look, we need to cut 20% of our expenses. Or we're going to go out of business or you might lose your job or we're going to have

to shut down your division of the company or to affect your job, you would find a way to cut 20% of your expenses. You would just have to do it. And so the game that I would have people play is, write down all of their expenses and what are the most commoditized expenses they have that they could replace or do without, and find ways to capture that money. I mean, if we're going to think differently about money, we have to act differently about money. And so what that does is, it causes people either to cut what they're spending or it really puts some fuel on the fire haul. Let's say I'm going to make a plan. I'm going to follow

what's in the book to go step by step with my boss. Here's how I can help increase sales, reduce costs, increase the value of the business. So I get a part of that. I'm more valuable. I'm making more money. And now I can save more money as well. All of them work in tandem together. I really resonate with this last one, Earnmore, because I tend to not care about saving or anything. And my mentality is like, let me just make as much money as possible so I can buy whatever I want and never have to worry about saving. So let's talk about Earnmore. What are some strategies to earn more income?

Well, I love that. And I would tell your listeners, don't feel embarrassed if you feel the same way. So much of our culture tells us, pay cash for everything. Don't have any debt. But yet those two things can be ways to really leverage yourself in a healthy way and really, really build your God world.

So what I would say to people is, you want to have a game plan of how much money do I need to make? If I'm working for a company right now, and we know according to news reports, this is the year. 2022 is the number one year for almost everybody to get a raise because they want to keep their employees, they want to retain them. Here's the problem. It's likely going to be a three to four percent cost of living raise that does nothing

because of the inflation. I want to empower your listeners to write out, here's how I could help increase sales in this company, here's how I could reduce costs. And here's an example. One of my clients worked and administrative in her company and she bought all the supplies. So she knew how much everything cost. She went to her boss and said, look, for every dollar

I save, how about you pay me a quarter? Well, her boss said, sure, deal on. I'm saving 75%. I'm paying you 25% because we're all aligned, rowing in the same direction. Another employee went to her boss and said, what if I get a specialized designation? What if I go back to school, get a certain type of degree that will help give you more capacity to grow the business? He offered her $5,000 upon completing that certification.

One other example I'll share real quick is the same woman went to her boss and said, look, what if you empowered the entire company that any lead that we gave to the sales department that generated new business, any of us would get a bonus for that? Well, the boss was like, yes, because we know most employers favor radio station

is WiIFM, what's in it for me? And the boss realized, my gosh, this is so value oriented. She walked out of there making $7,500 more than she did an hour earlier because she found a way to add value. She became more valuable and she was helping grow the businesses, what every employer's dream for their employees are. That's really, really great.

So we did have a couple people who gave their purpose for their profits and what they would do if they had the money to give away. And so we have, I would teach my child to donate time to help out shelters. Okay, cool. Love that. I would donate to Rising Tide Capital in Jersey City, New Jersey. Okay, cool. Love that. I would donate to rising tide capital in Jersey City, New Jersey. That's great. If I had an abundance of money, I would love to support animal welfare, homelessness, and food and security. Cool. Well, thank you guys. And for those who are just

tuning in, Derek, would you mind just recapping what the generosity purpose is? Yeah, yeah. The purpose of the book, good money revolution is all about shifting how people think about money no longer is it just about a go make money, go make a lot of it. But instead, I want to teach you and empower people how to make more money, but also use it for good. And let me go back to second one of the comments that the person mentioned is, when I have money is what I sort of heard her saying. And what I would tell you is, just take $5 right now. Take $10 right now with your kids, with somebody you love, and donate that and just see how it feels.

Because so many people I'm convinced to have been told by their mind that unless you have a lot of money and unless you have a lot of influence, you can't make a difference. And that is just not right. 100% it is totally not the case. So there is one quote from your book that I loved and that's that you actually make money twice. Can you explain that to us? Yeah, so so many people go to jobs that's most days they don't like. They put up with that sort of the cycle that they get their nine leave it five and then they're just hoping for Friday and then they get that feeling about four o'clock on Sunday and it's oh no it's Monday again and so many

people work hard for their money. What I want to encourage people to do is make sure their money works equally as hard for them. Now what does that mean? Well what it doesn't to mean is just simply saving all that into your checking or savings account. That's a guaranteed way not to make money. So going back to the good money levers of how do we save more? So many people think that can make money and I've dropped it into my checking account, but I would encourage people to do instead, more of a savvy way is to follow the consumer.

I mean, right now, as we record this, 2022, we see technology companies, we see NFTs, we see the metaverse, we see Bitcoin, all these alternative areas that we know millennials are buying upwards of 75% of them have at least one Bitcoin or one part of it because of the cost in their portfolio. So it doesn't make sense then to say, I'm going to take a part of my money and put it where the trends are. I mean, money flows where value goes. And if people are getting value from those products and services, it just makes sense

as you work hard for your money to place it in places where we're working even harder for you. So, just to recap, first you make money by working hard and then you work hard to wisely invest and grow it. So that is the moral of this little part of the podcast. You have four lanes of investing. Can you break those down for us? Yeah, so so many people again,

they make money so complicated. I like to think about investing like driving on the highway. So picture four lanes. You've got your far right hand lane. That's the check-in and savings account. Maybe it got your far right hand lane. That's the check in and savings account. Maybe it earns one tenth of one percent. It's the not to get rich, quick fund that you've got, but the money is accessible, ATM, easily available.

The next lane is that three to five year lane. So this may be the lane where you say, I wanna say for the down payment for the house, I wanna pay off a certain amount of my credit card debt. I wanna say for that big trip for my significant other and myself. Maybe that earns 2% to 4%. But the money is more accessible still there, but you're not going to get rich there. Now this next line over is the longer term link. So think about a retirement. Think about your 401k, your company, your self-employed, your IRA, think about annuities, real estate, stocks, bonds, all of those pieces there, S&P 500, that's where the investments are going to fluctuate, but they're likely not going to go under because they're diversified.

Okay. Now, the magic though, Hall is in this fourth lane over. I call that the fast lane. People typically get the most tickets there. That's where they have the most accidents for goodness sakes. But this is where you think about, I mentioned earlier, the bitcoins. You think about those alternative things where you may not have a perfect understanding of it. And that's what's held you back from investing there in the past. But you have to follow the consumer and say, because people are using this and they're buying this, I'm going to put a little bit of money there. What will happen is, in years where those investments do well and make sure other investments look like, what were they doing? But also in years where the investments don't do well, that are very, very aggressive,

you're thankful, you have a really diversified portfolio. One thing I mentioned in that chapter is, you want to think about your dollars as though you are the CEO of your money. And the example that I give in the book is, let's say that your dollars are hanging out in the breaker. And you haven't told them what to do. They're just goofing off. They get their late. They leave early. You want to tell your money before you get it, what the purpose of each dollar is

and how it can provide you the most value. I mean, we get so busy in our lives. Think about every, if you had to make a decision every week, well, do I save this or do I spend it? You want to set it up where there's less decision making and more strategy about how you can make more money. There's so many people I know, even to this day that are scared of investing.

They don't trust it. They're really scared of putting their money anywhere, no matter how low the risk is. What would you say to those people? Well, again, it's your strategy. And so money is all based on the individual person. So I'm not here to tell anybody right now. Here is the way that you have to invest.

What I would say is, look yourself in the mirror and say, what are you comfortable with? But what would be your next money move if you didn't have that voice in your head saying, you're gonna screw it up? If that voice wasn't there, what would be one thing that you would do? And that's what I encourage people to do is to rebuild their money mindset.

So for example, we know that if you park all your money and check in in savings, you're going to have what, not much money. Okay, there's just not risk rewards, people who take opportunity, and will take some risk. I mean, when I think about businesses I've owned in the past, I teedered on the verge of bankruptcy in one business because everybody that I bought the business from violated all of their agreements and I was faced with what do I do but I had to keep working through it one money move at a time. And I would just tell people to back it up a little bit and just make one step and I would be, hey, put in $50 this month into

the S&P 500, put in $25 into a theory. Just do something where you're putting your feet in the water to test it and see how it feels because we know if you do what you've always done, you'll get what you've always gotten. Right now where people are financially, I always tell people, look down because where you're standing is where you are right now where people are financially. I mean, I always tell people look down because where you're standing is where you are right now. It sounds like a fortune cookie. I get it. But so many people want to start with, you know, what I'm here, but I'm actually starting over there. So, you know, you're actually starting right here. And that's what I want to encourage and be a voice of reason and encouragement to your listeners, Paul, and say, look, where you are right now is where you are, but winners take the next move based on

where they're at right now. We'll be right back after a quick break from our sponsors. Hear that sound, young and profitors? You should know that sound by now, but in case you don't, that's the sound of another sale on Shopify. Shopify is the commerce platform that's revolutionizing millions of businesses worldwide. Whether you sell edgy t-shirts or offer

an educational course like me, Shopify simplifies selling online and in person so you can focus on successfully growing your business. Shopify is packed with industry leading tools that are ready to ignite your growth, giving you complete control over your business and brand without having to learn any new skills in design or code. And Shopify grows with you no matter how big your business gets.

Thanks to an endless list of integrations and third-party apps, anything you can think of from on-demand printing to accounting to chatbots, Shopify has everything you need to revolutionize your business. If you're a regular listener, you probably know that I use Shopify to sell my LinkedIn Secrets Masterclass. Setting up my Shopify store just took me a few days. I didn't have to worry about my website and how I was going to collect payments

and how I was going to trigger abandoned cart emails and all these things that Shopify does for me with just the click of a button. Even setting up my chat bot was just a click of a button, even setting up my chatbot was just a click of a button. It was so easy to do. Like I said, I just took a couple of days and so it just allowed me to focus on my actual product and making sure my LinkedIn masterclass was the best it could be. And I was able to focus on my marketing. So Shopify really, really helped me make sure that my masterclass was going be a success right off the bat, it enabled focus.

And focus is everything when it comes to entrepreneurship. With Shopify single dashboard, I can manage my orders and my payments from anywhere in the world. And like I said, it's one of my favorite things to do every day is check my Shopify dashboard. It is a rush of dopamine to see all those blinking lights around the world showing me where everybody is logging on on the site.

I love it. I highly recommend it. Shopify is a platform that I use every single day and it can take your business to the next level. Sign up for a $1 per month trial period at Shopify.com. Sush. Profiting again, go to Shopify.com. Sush.

Profiting all lowercase to take your business to the next level today. Again, that shopfify.com-profiting shopfly.com-profiting all lowercase. This is possibility powered by shopfify. Yeah, bam, if you're ready to take your business to new heights, break through to the six or seven figure mark or learn from the world's most successful people, look no further because the Kelly Roach show has got you covered.

Kelly Roach is a best-selling author, a top-ranked podcast host, and an extremely talented marketer. She's the owner of NotOne, but six thriving companies, and now she's ready to share her knowledge and experience with you on the Kelly Roach show. Kelly is an inspirational entrepreneur, and I highly respect her. She's been a guest on YAP. She was a former social client. She's a podcast client. And I remember when she came on Young and Profiting and she talked about

her conviction marketing framework. It was like mind blowing to me. I remember immediately implementing what she taught me in the interview in my company and the marketing efforts that we were doing. And as a marketer, I really, really respect all Kelly has done, all Kelly has built. In the corporate world, Kelly secured seven promotions in just eight years, but she didn't just stop there. She was working in I to five. And at the same time, she built her eight figure company as a side hustle and eventually took it and made it her full time hustle. And her strategic business goals led her to win the prestigious Inc. 500 award for the fastest growing business in the United States.

She's built an empire she's earned a life-changing wealth. And on top of all that, she maintains a happy marriage and healthy home life. On the Kelly Road Show, you'll learn that it's possible to have it all. Tune into the Kelly Road Show as she unveils her secrets for growing your business. It doesn't matter if you're just starting out in your career or if you're already a seasoned entrepreneur. In each episode, Kelly shares the truth about what it takes to create rapid, exponential growth. Unlock your potential, unleash your success, and start living your dream life today.

Tune into the Kelly Road Show available on Apple Podcasts, Spotify, or wherever you listen to podcasts. Okay, so the four lanes are checking our savings, two to five year lane, retirement lane, and then the play account, which you're mentioning where you could experiment with crypto and things like that. So, like, how much percentage of your money should you keep in checkings and savings, would you say? Well, this will depend on what people fixed income is. So, for example, if you're a, or you work in a field where you have a high level of job security, you can afford to have less in checking and savings because you know,

there's a very low likelihood you're probably gonna lose your job. But let's say you're on the entrepreneurial scale, you may wanna have six months to 12 months of committed living expenses or be working toward that just to give you a cushion that's there. Now, hall, I will say this. There are many people I talk to that intentionally like to have a low amount of cash reserves because

it motivates them to make more money and subsequently do more good. But I would just ask you, what is your personal risk tolerance? And you can talk to your significant other, talk to your financial advisor, but really get comfortable because the bottom line is, I want you to lay your head on your pillow at night and feel at peace and not have a lot of that anxiety as I've invested so aggressively, I can't even sleep tonight. That's a very, very good point. Okay, so you mentioned this briefly and I can't wait to get into it.

Let's talk about your good money moves. So you've got a bunch of these good money moves in your book. One of them is to treat your job as if you were an entrepreneur. So I'd love to talk about that one. Yeah, so so many people feel like when they go to their job, they're simply an employee. And I believe right now, for those people listening, that really want to grab the brass ring and say, this is my moment of opportunity to really stand out and stand up and be valued. This is your moment to add value to the business

because employers are looking for people right now who can think like entrepreneurs. I saw a study, this was about two years ago, and it was talking about recent college graduates and get this, the HR department, the Human Resource Department, typically would spend time training the people on the new company.

Instead, they were training people on how to have a job for the very first time. Now, that is pretty scary because this whole generation, many of them, when they get to college and beyond, if they go to college, that's their first job. And so this is a way for you to stand out. But also think about job losses, think about political events, global events, peoples transitions are on right now. And a young person may be competing with somebody who's been in the workforce for 20, 30 years, I want to make sure that you are the person to stand out where there's opportunities. When there's a challenge that comes up, they call on you as the go-to person and it's

all about a mentality that I think you want to lay the moment you get to the office and say, look, I want to be here long term. I want to think like an entrepreneur. How can I help you grow this business? And I will tell you, if an employee says that to me, that's gold. That is absolute gold because you stand out and we know that that person wants to add more value, and they're likely going to be making more money as well. And now to mention, if you work for a small startup, you're setting up yourself to eventually

get equity in that company. I mean, I can, like, I'm looking at my two top employees and they're getting equity in my company because they help me grow the business. And when you act like an entrepreneur, even when you're an employee, especially in a startup environment, you open yourself up to those types of opportunities.

That's exactly right. And I think right now, employees have a very unique unique opportunity so they can choose to stay mentally on this path of look I'm just an employee. I show up at the office. I do my work and I leave and you're probably gonna get paid Exactly what you're getting paid right now. Maybe three percent more this year or you can say you know what? I want to go out on faith I'm gonna say take what what Holland Eric on faith. I'm going to say, take what Holland Eric talked about. And I'm going to apply these principles and let's just test it. There's literally no risk to you to put a list together of, here's a ways I have found to help

grow this business or this part of the company. Your odds are going to walk out of that meeting with either an idea for three months or now if you do these things, you'll get a raise. You might get a raise on the spot, but you'll be valued as someone who's a team player and someone who wants to help grow this business. And that's what people want as a big decommoditizer for employees right now. Such a great lesson that he's talking about right now. So there's another money move that I love. And that's because me and you both did it, and that's to start a side hustle. My side hustle,

in particular, your side hustle too, but we both turned it into huge companies and ended up quitting our full-time jobs. So talk to us about the power of side hustles. Well, I think about a side hustle as it's a bet on yourself, but it's actually a bit easier than people make it out to be. What I find, Holly, and you tell me if you agree with this because I know that you did this very successfully before you left Disney, is people think to start a side hustle, I've got to have this team and I've got to build this entire network. I've got to do something really complicated. Instead, what I ask people to do is in the course of your day right now, what are the questions that you often get asked that you help solve people's problems? So, for example,

if you're a teacher right now and new teachers routinely say to you, well, how do you manage your classroom so well? How do you teach such complicated classes to the students? Well, you know then that you could probably monetize that in the form of a deliverable, a training, a session, a video, etc. Or for example, one thing I'm convinced of is that if you can teach kids how to do better in school and how to do better on the athletic field, you're gold. I mean, parents have proven they will pay obscene amounts of money for people who can connect with their kids and help them do better academically and athletically. But just ask yourself, in the course

of your world, what problems do you routinely solve for people? Because that's what I call your focus group. The people around you are telling you right now, here's how you could make money and here's why I would pay you to help solve my problem. I couldn't agree more. I give the same advice when somebody asked me to, like, how can I start a side hustle or how can I think of the idea? I always say, what are people asking you for? In my case, everybody who came on my show would end.

I would interview people like you, best-selling authors and CEOs after the call without me soliciting or anything before I even had an agency. They would say, could you help me with my marketing? I saw your videos and they were just so great. And then finally, I was like, sure, I'll do it. Everybody keeps asking me, right? So I think that's really true.

Well, what I love about that is that you're practicing what you preach. And you know, to all of your listeners right now, I have not done all of these things perfectly. But I stand before you as a person who's being authentic and vulnerable, saying, look, if I can do it, and I know I'm going to make mistakes, I know you can do the same thing as well. I just want all of us to make more money because you're going to feel a whole lot better about yourself. Your family is going to improve.

You're going to change the trajectory of your entire family. And you're going to make more good in your local community right now. I mean, imagine walking into a room and you're known as a successful business person who is also carrying about the community. I mean, you don't even have to say what you do for a living. People want to work with you because you carry this aura of I will have value to your life. And together we're gonna help make the world better. That's a

powerful combination. 100%. So guys, we're gonna get into the Q&A in a bit. So a lot of you guys gave your questions earlier. I'm going to say one more question to Derek and then we're going to go to the Q&A. So when it comes to making more money, you actually say the worst approach. And this is the approach I think most people take is to go bang on their boss's door and ask for a race. Why is that the worst thing you should do? Well, I mean, if that's your only option, I'd probably still bang on the door. But what that does is it just communicates

because of my own personal money problems, you need to pay me more money. And what that saying is, because my kids are in private school or I wanted to buy this car or this house, therefore you need to pay me more money to stay here. Well, there's no incentive at all for your supervisor, your boss, the owner of the business, whoever it is that signs your raise to give you that money.

Instead, if you can repackage that in a tangible way and say, look, here are some ways I've identified that would help actually grow the business. Here's what I've identified to help reduce costs. Here's what I've identified to help you free up your time so you can bring in more business. Here's what I've identified to help reduce costs. Here's what I've identified to help you free up your time so you can bring in more business. And by the way, I can help with that. You put yourself on a track of long-term value and picture this. I mean, Holly, you get a raise now. Well, now let's say you may want to change jobs or go somewhere else. Now you're in the driver's seat because you're already making more money. Now you can make the decision on this one keyword and that is culture. So many people jump

ship to think, I'm going to make more money, but they get their realize, I don't really like the people here. I don't like the vibe here. I don't like my boss. You want to go somewhere where you feel wanted, needed, appreciated. And that's part of what this book is all about. And I have to say that usually people get raises without asking. I will just look at my own experience. I got promoted five times at Huwet Packard and I never once asked for a raise. It was because I acted like an entrepreneur when I got there. So I think that that's a great lesson in itself is that if you act like an entrepreneur

within your company and care about the bottom line and give it your all, people will see that and you'll get a raise without necessarily having to negotiate for one, I think. And to your point, my guess is by having that added to you were probably communicating with your superior, you were part of the team. They knew that hey, if Hall is involved, there's action going on. They could see it and it wasn't some mystery as to why you got that raised because you added great value. Totally. All right. So let's move on to the Q&A.

Kate, pull up the first question. How do you balance the need for short term and long term money goals? Well, I think it's important to have money in two different buckets. You know, if you don't set aside money for the short term unexpected needs, the AC goes out, the heater goes out, there's an engine issue with the car, you get yourself in this doom loop where you're always putting things on credit cards. So what I would encourage people to do is fund those goals simultaneously. You want to set aside money in your short term check in the savings account

and have what I would call a brokerage account so it doesn't tie it up in your IRA where you can't get to it, but it's one step removed. You'd have to call and sell the stock or sell the investment, but it's earning more money and working harder for you. What do you say about taking risk in order to obtain the jackpot? I get the lottery. Oh, and you have a lot about lottery in your book. I do. And it talks about how just because you have a lot of winning doesn't mean it's going to ruin

you financially. But what I would say was take the opposite with this question. And that is how would you define jackpot? You know, so many people think it's the lottery, but you got to realize in working with lottery winners like I have, you'd be surprised the stories about how people would actually set up accidents where they would try to get them involved in a car wreck so they could sue them or they would have to completely change their phone number or change their address. It changed their life in ways they weren't expecting.

So when I think about the jackpot, think about, what would it look like to have your family when the jackpot? Those relationships you've got, those friendships you have, making money and getting paid, finally what's your worth, that would be like hitting the personal jackpot. And that's how I would encourage you to think about your money. I think that's really good. So I'm going to go ahead and pick a question from the audience right now that I can see.

So OK, I'll pick the next one. At one point does a side hustle become your new full time? Is it financially driven? Well, I think it can be financially driven. And part of it is not just financially, but also psychologically. Now, here's what I mean by that. When you think about a side hustle, typically that means some level of sacrifice in the

evenings, the weekends, your lunch break, your friends are having fun, you're working. And so you want to make sure that you have set aside time where you're doing something that you actually enjoy because it's taking away time that you're not going to be able to spend doing some things you enjoy. But if you can set a goal in Elhalla, you have done this masterfully. And that is you may want to set a goal of once I have six months of my current salary saved up in a reserve account or a year, whatever your comfort level is, then you want to make that move.

But what I would suggest people do is you can either go cold turkey, quit and go full on in the side hustle, or I like to kind of put my toe in the water. I like to ease into it. Much alike, when I work with executives that have large amounts of stock options, I never tell them, just sell all the stock. You want to gradually ease back out of it to ease the tax burden. And you can do the same thing with a side hustle.

You can ease into it and reduce the stress burden of leaving that full time security of that job. Yeah, for me personally, I waited until I was able to pay myself, and I was paying a lot of employees and stuff like that. But I waited until I was able to more than pay myself and I was paying a lot of employees and stuff like that. But I waited until I was able to more than pay myself a salary and cover my employee salaries for two months before I quit my job. That was my kind of thing. I needed two months to of being able to pay all these salaries. By

the time I quit my job at Disney, I had 35 employees. I was like, I need two months of feeble salaries plus being able to pay myself the same salary I was getting at Disney and it was a good job. And that was my trigger point of leaving. And the other thing that really impacted me was, when I first started getting my first US employees, to me, I felt ridiculous. Like, how do I have full time US employees?

And I'm not even full time. And I felt like that was like unaligned. And I wanted to be good leader so I decided to quit my job. Yeah and the last time I take away from what you said is it's a very personal decision but sometimes if you work better betting on yourself you know the book I talk about kind of putting your back against the wall and having to work your way out of it if that's a way that motivates you, that can be a powerful deal. But keep in mind, I'd rather you be conservative and complain. I stayed in the

full-time job too long, but then you were prepared to then launch that side hustle. That may be the smarter way to go. I totally agree. Kate, do you want to pull up another question? Would you pay someone to coach you about money? Yeah, yeah. So just like, you think about the top athletes that are out there. They all have coaches. I mean, as I'm watching the Olympics right now, you've got ice skating coaches, snowboard coaches. As I'm watching basketball, there's the basketball coach, there's position coaches.

So coaches, I think, have an important role, but you need to define as the paying customer what does successful coaching look like for you. For example, in the financial space you could work with somebody for an hour, they might give you guidance that could help you make tens of thousands of dollars of smarter financial decisions, or maybe a financial psychologist to help you unlearn how you think about money. The bottom line is, treat your dollar as demanding value from it. You work super hard from it, so I would define what would a successful coach look like and what is the deliverable I want and if they helped people solve the same problems I

have right now. That would be how I would start that coaching path. 100% or you could just go get good money revolution. So I do want to touch on retirement before we close out and I know that you have the ultimate retirement redemption plan. Talk to us about that plan and just some of your key tips when it comes to retirement. Because I do think a lot of millennials do not have a retirement plan. Yeah, and one of the things that we know about millennials is, is they're questioning, why am I saving? You know, they've seen some very traumatic financial events in their lives.

They've seen the great recession, they've seen, you know, Omicron, they've seen the COVID situation and how the economy can crumble. So there's a lack of faith in the financial system right now. So I get that. What I would tell people though is when it comes to retirement, so many people feel like they're behind. And so what I realized was in 25 years

of working with clients, there's what I call the sweet spot. There's this moment of time hollow where your house is about to be paid off, the kids are just about out of college. You're making better money than you have been, and suddenly those things converge where now you can catch back up on your lack of savings,

but here's how to do that. So many people are ingrained thinking that, you know, when I hit 60 or 65, that's retirement. The problem is, a lot of people realize they really like working, they like the interaction, they like the emotional connection with other people, and when they leave, it can be very traumatic, especially people like their job.

So what I encourage people to do is have what's called a phased in retirement, meaning they're working, let's say, for the next five or 10 years, What I encourage people to do is have what's called a phased in retirement. Meaning, they're working, let's say for the next five or ten years, but now they're gradually easing off how much they're working, but they're working in a role that they really want to work in. So, it's motivating, it's a way to catch back up, and it keeps them in the game because we know that most employers these days don't like to lose all of that intellectual talent. It suddenly just retires and walks right out the door. And so true, and I think people are living older and hopefully everyone is starting to take care of their brains better,

where some of this like dimension Alzheimer's hopefully goes away soon because we're starting to learn what causes that. And so our brains are going to be working for much longer. And so I think that people in general are going to start working for much longer. So I think that's a great strategy. Well, one thing that I would add is, you know, one of the reasons that I really like the work you're doing, Hulla, is this millennial audience takes money seriously. And I believe right now they are positioned, I mean, just categorically,

to have more wealth than the generation in front of them. And so all of these points are based on, I want you tomorrow to go into your employer and feel like this is a new setting for me. And this is like a reset button. And if I've never thought about having a side hustle, boy, Hollanderer kept empowered me. It is like a reset button. And if I've never thought about having a side hustle, boy, Holland Derrick have empowered me. Let's do this thing and start working toward that because I really feel like if you don't take action right now in the next probably two

weeks on some of the things that we talk about, you're going to drift right back to where you were and the money making move that you could have taken will cooled off dramatically. I think that's so true. So if you guys are tuning in, I am live with Derek Kinney. My name is Halata. I'm the host of Young and Profiting Podcast. Derek has a book, Good Money Revolution that is coming out on February 22nd.

We have the pre-order link in the comments. If you guys enjoyed this interview, please comment right now. I'll let Derek know how well he did. I thought this was a phenomenal conversation. It's one of my favorite ones so far this year. So before we wrap up Derek, question for you. This is how I end every show. I ask a couple of the same questions. And then at the end of the year, we always do like some fun things where we kind of like mesh everyone's answers together. So the first question for this year is what is one actionable thing that our young and profters can do today to be more profiting tomorrow? What I would say is to further simplify money, what is one financial goal

that's important to you for the next 30 days? Whatever that is, it's to pay down a certain amount of debt, save a certain amount for retirement, because what that does is when you quantify that, it lets that subconscious mind of you are stepping into problem solving mode and begin to say, how do I create a plan to achieve this goal? Because if you have that goal and it's powerful, you're going to want to have a generosity purpose. You're going to want to make more money. But it starts with that one single goal.

I think that's really smart. And do you have any guidance in terms of like, how big that goal should be, or how to create that goal, or write that goal, or an exercise that people can do? Yeah, so some people tend to be ultra aggressive, and they may say, I wanna pay off my house of $100,000 in the next six months,

well, not everybody may be able to do that, and that could lead to frustration with a capital F if you do that and you fail at it. What I would suggest people do is take about 48 hours, if you're married, if you have a significant other, talk about it together and say, what would be a goal that could stretch ourselves that we would feel really good about if we accomplished it. And then here's one way to supercharge that, and that is what emotion would we feel upon achieving that goal, what we feel powerful, what I feel strong, what I feel confident, what I feel like I could do anything, and that emotional word you can attach to that goal and I can really drive you when things get hard because you really crave that emotion.

I love that that goes with something that I talked more or superior about which is adding emotion to your affirmations. Sounds really similar to that, adding emotion to your goal so that you feel like really passionate about that. I love that. Okay, so the last question I asked all my guests, what is your secret to profiting in life? Well, for me, and again, I write about it in the book, and that is my generosity purpose. You know, I have a passion for education. I grew up in the absence of mentors. I grew up in the absence of people investing back into me. And I want to be the person I wish was around when I was back in school. And so that is what drives me, but also I love recurring revenue. I just love it.

I love the fact that you and I are talking right now and there's recurring revenue occurring on a regular basis. And I'm adding value to people's lives. So the whole concept of recurring revenue you've build at once keeps repeating itself, is a powerful motivator for me. Derek, I have to say I really enjoyed this conversation and I'm about to make a bunch of intros to some of my podcaster friends that I think definitely need to have you on their show. So where can our listeners find your book, where they can, where can they learn more about you, where can they hire you, tell us

more about where they can find you. Yeah, so my big goal right now, kind of my B-Hag, big area audacious goal is 10,000 pre-orders of good money revolution. And we hit that goal, we're going to be making a big donation to help retire medical debt for people which will change their lives. So I want people to be a part of that. You can go to goodmoneyrevolutionbook.com. What I did is I prepared a couple of that. You can go to GoodMoneyRevolutionBook.com. And what I did is I prepared a couple of videos, bonus videos that will teach people how to

save more, how to make more, and how to ask for the raise that you deserve. So you get those before you get the book, that way you're already getting value. And the website, of course, is GoodMoney Framework. Always listen to us at the GoodMoney Podcast. But right now, my goal is to get this book into as many hands as possible. So good money revolution book. Amazing. So you guys heard it. That's good money revolution book. I'm holla. This is the end of my young and profiting podcast live interview with Derek Kinney. Derek thanks again for coming on the show and to everybody else, this is Hala and Derek, signing off. Thanks guys for tuning in. What a great interview with Derek.

I absolutely love doing these interviews live on LinkedIn. It's so much fun to get the audience involved and if you guys want me to do more lives and you enjoy them as well, be sure to let me know. You can reach out to me on Instagram, at Gap with Hala, or LinkedIn to tell me your thoughts. And of course, you can always drop us a note here at Young and Profiting Podcast by leaving us a five star review on your favorite podcast platform. Before we close, I want to remind everyone again to go check out GoodMoneyRevolutionBook.com. Money is good, and you should have more of it.

But not for the reasons you may think. After 25 years of growing a successful financial planning practice recognized by Forbes and working with thousands of clients, Derek started to notice something. Money doesn't make your life better unless you actually connected to a purpose, to a cause, or a passion you care deeply about. You deserve the tools to do that, to earn more, save more,

and then give more. In good money revolution, Derek teaches us how. In today's episode, we talked a lot about having a generosity purpose, which is attaching greater meaning and purpose to making money to help you achieve your financial goals and improve your sense of satisfaction in life. Having a generosity purpose will actually motivate you to accomplish your goals. You'll feel a new sense of motivation because you've tied your cash to a cause.

And it will also help you attract customers because those customers will also feel like they're part of a bigger purpose when working with you. And this is where Derek really diverges from many of today's financial gurus. Rather than just building wealth for the sake of hoarding money, Derek wants good people to use their wealth for self-betterment and for worthwhile causes. Wouldn't it be so awesome if we could all earn more, save more, and then give more to the world? And speaking of

a generosity purpose, Derek actually tied his new book to a cause as well. For each book pre-ordered, Derek will make a donation to an organization called RIP medical debt, which helps people eliminate their medical debt. That's why I'm supporting Derek right now to help him push this new book because it has a really great cause attached to it. So head over to goodmoneyrevolutionbook.com. If you want to support the cause, and then of course learn how to make more money and do more good. The book is jam packed with so much valuable information. I definitely flew through it and I wouldn't recommend it if I thought it was a good use of everyone's time and money. So I'll stick the links in the show notes and you guys can find all of Derek's info there.

Thank you so much for listening to Young & Profiting Podcast. I want to give a special thanks to my app team for all their hard work for helping me put out this live event and then helping me replay it on the show. This is your host, Halataha, signing off. Are you looking for ways to be happier, healthier, more productive, and more creative? I'm Gretchen Rubin, the number one best-selling author of the Happiness Project. And every week, we share ideas and practical solutions on the happier with Gretchen Rubin podcast. My co-host and happiness gu Guinea Pig is my sister Elizabeth Kraft. That's me, Elizabeth Kraft, a TV writer and producer in Hollywood.

Join us as we explore fresh insights from cutting-edge science, ancient wisdom, pop culture, and our own experiences about cultivating happiness and good habits. Every week we offer a try this at home tip you can use to boost your happiness without spending a lot of time energy or money. Suggestions such as follow the one minute rule. Choose a one word theme for the year or design your summer. We also feature segments like know yourself better where we discuss questions like are you an over buyer or an under buyer?

Morning person or night person, abundance lever or simplicity lever? And every episode includes a happiness hack, a quick easy shortcut to more happy. Listen and follow the podcast happier with Gretchen Rubin. Text us to receive up to five automated marketing text to your number. Consent to receive marketing text not required. Message and data rates may apply. You want to lose weight and get in shape, but every time you try, it only lasts a couple weeks. Well look, it's not your fault because it's super hard. I'm Carl, the founder of Body.

That's Body with an eye, and here's a secret. Most fitness and diet programs don't work long-term because they aren't designed to fit into your lifelong term. That's why I created the world's first health esteem app, and I want you to text me to try it free for 14 days. Body shows you how to enjoy your life while you get healthy and lose weight. Sound too good to be true? Don't say that to our millions of happy members.

The next 500 people to text me the word better to 30-30-30 can try body for free for two weeks, or get 50% off a paid membership. Text better to 30 30 30. It's gonna work, but first you need to be one of the next 500 people to text Better to 30 30 30.