Going Long Podcast_SOLO Episode 433_Billy Keels

Thu, Jun 27, 2024 9:56AM • 15:21

SUMMARY KEYWORDS

money, hours, euros, people, tough decisions, gain, son, lower middle class, podcast, realise, billy, recognise, solve, jobs, share, problems, continue, life, grew, pay

SPEAKERS

Billy Keels

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Billy Keels  00:00

Today's conversation is sponsored by the Billy keels advisory programme. If you want to learn more about how to make your nine to five optional, just go to Billy keels.com. Forward slash advising. Once again, that's Billy keels.com, forward slash advising.

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00:10

You're listening to the going long podcast, the number one podcast for the strategies, tactics and actions high wage earners need for living an intentionally designed life of wealth and resilience.

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Billy Keels  00:24

Welcome to the Golang podcast, we're back once again to continue to help to educate you so you feel much more comfortable as well as confident and building the wealthy and resilient lifestyle that you're looking to lead and be able to do that much faster. I'm your host, Billy keels, and I am super excited to welcome you back to another episode, this one is going to be super, super awesome. It's going to be brief as well. And before I do that, I just want to say thank you to each and every one of you that continues to download the podcast you continue to share, you continue to tag us on social media, which is amazing on channels like LinkedIn, on Instagram, we really, really appreciate that, because it continues to help the going on family grow. Also, if you want to leave an honest written review, as well as rating, we've got a nice little video that you can follow and leave on the Apple podcast platform, we really appreciate any and all feedback that you provide us because we use that to make the podcast even better for you got some awesome things coming up very, very soon. Also, too, if you want to pick up any of the over 430 plus episodes, just go to Billy keels.com forward slash podcast once again, that's Billy keels.com forward slash podcast. Now today, I want to jump into something that is, man, this is so close to my heart. And it is something that, you know, if you have come from a background where maybe you're a middle class, lower middle class, and you have been you've received right education, you've gotten job and you've been able to gain more finances or more wealth over time. And you're kind of stuck between this the way you grew up and the way you are now and you also want to be able to share lessons with your kids. This is like just going to be a couple minutes. But it's going to be worth it for you to sit here and take in and then take the action afterwards to be able to to make even more impact. Because what I'm going to do is I'm going to talk about how to make tough decisions between time and money. And this is something that I wish I would have truly understood early on. But now that I do understand how to make tough decisions between time and money, I want to make sure that I am sharing that with you. And this is actually inspired from a conversation that I had with one of my sons just a couple days ago. And I thought it was relevant to be here and share it with you. So and also to like just to give you a little bit of a point of view like we're Where do I come from, I come from a lower middle class family. And you know, work hard work more hours in, the more hours that you work, you're going to be able to make more money, the more money that you have in your bank account at the end of the month, the more that you are going to be problem free, like that was the process and so work more hours, make more money, and work on getting money in the bank. And so once you have money in your bank account, your savings account, then life is going to be good. Well, that's the way that I grew up. And I've also been able to be influenced by a lot of other people. But that's the point of view, was working more hours to make more money. Right, the decision was already made, making more money only came as a result of working more time and your job. And so as I continued to realise and have had lots of different experiences, whether that's working in big corporates, and I know I've talked about that constantly. And even when you're making even more money, like big six figure salaries, or some people seven figure salaries, right, it's just a matter of working more hours. But at a certain point, it becomes a law of diminishing returns, you can only work so many hours in actually your dollar per hour or your whatever currency you're in per hour, it starts to go down. Because usually I do have a fixed salary, the more hours you work than the less money you gain over time. So we'll maybe we'll go down that rabbit hole on a completely different thing, but are different, different episodes. But so constantly as I became an adult, you start to realise that you're looking for these teaching moments all the time. And not too long ago, I was having a conversation with with one of my sons. And he brought to me this scenario. And I was like, Oh my gosh, this is really interesting. Because whenever there's an opportunity to make an impact, especially without unduly influencing, I was wanting to get the opportunity. And I know that you want to have these opportunities to have interactions with your son. And so when you come from one background, and then you're living in a different background kind of between two worlds, it can sometimes be a struggle. So let me just tell you what happened the other day. So you know, as we're looking to help you understand how to make tough decisions between time and money. This scenario is one that I know is going to be really helpful so someone comes to me the other day and he's talking said hey daddy, you know what I've given I was just have this chance to be able to do some tech jobs in these jobs. Were gonna pay five euros an hour. Let me just warn you, I'm going to switch back and forth between euros and dollars, but more than likely will finish in dollars because this is kind of conceptual. So as my son comes to me and he says, Hey, listen, I'm wouldn't be able to make five euros an hour to be able to do this, which I thought, okay, and five euros and I was pretty interesting. But normally I was just able to earn like 50 cents or $1. It didn't matter how long things took me. But anyway, this is New Age new kids. So five euros an hour, he's just going to be able to make to be able to do some odd jobs to pick up things and stuff like that. And that's what he told me. He was super excited about it. And I thought, Okay, well, this is an opportunity for a learning moment. And I said, Okay, well, that's really cool. So five euros an hour and how many hours you think it's going to take you? And he said, Well, I don't know, probably over the next couple of days, five hours. Oh, wow. That's really cool. It's like that. So I'll make a lot of money, right 25 year olds? And I thought, yep, you sure will, like comparatively speaking, you sure will. Kids are adolescents and preteens and stuff like that. So it's decent money. And I thought to myself, This is my chance to also help because aside from being able to help my son's, like pouring into my sons and helping them to understand the value that they have, because they are so young that they have time on their side. They don't have a lot of money at this point in time. And, and I know that they both have a desire to be able to help others and things like that. So I said, Hey, you know, it's really interesting. I have a friend of mine. In this friend of mine, of course, I'm making this up. I said, you know, I have a friend of mine who I have a friend who actually charges. People like the thing when he's helping people solve their problems. He charges them $1,000 an hour. And he said, What, $1,000 an hour? I said, yep. I said, and he's actually looking for somebody to work with him. So oh my gosh, really? Okay, daddy, you know, who can work for him? I said, Actually, he's looking for really young people, like teenagers, stuff like that, to work with him be able to take notes and stuff like that. And he said, Oh, man, I'd love to work with somebody who's making $1,000 an hour. I said, Okay, I can talk to him. But there's just one kind of, there's one catch, and he said, Well, what's the catch dead? I said, he's not going to pay you any money. He said, Well, I'm not doing that. I'm not doing that. Daddy, I can make 25 year olds doing this. If I'm, if I'm going to work for somebody and use all my time, and then I'm not going to make any money. I said then that he said that, that doesn't make any sense. So okay, well, that's one way to look at it. So let's imagine that you're working five hours doing both of these jobs. And I said, Son, the first is you have exposure to art, you're gonna have a chance to work and you're gonna make $5 times five hours, and he's going in his head, because he's done all his multiplication, stuff like that, of course, he's five times 25. Okay, so that's five times five is 25. So I would make 25 euros said, Okay, and so if you were to work with my friend who's charging $1,000 an hour for people to come to him to solve their problems, first of all, do you think the problems that my friend solves are big problems or small problems? Daddy? Well, if it's $1,000 an hour, they seem like pretty big problem. Yep. Big problems. That's it. So what kind of problems do you want to solve when you get older? Because you've told me you wanted to solve problems? You said, I would rather solve big problems. Simple, why? Why big problems, not small problems. He said, what could you make more money? I said, Well, that's, that's an interesting way to look at it. I said, but that's, that's one way that you can definitely look at it, is it so even if my friend doesn't pay you, he's looking for someone that's going to be on the front line on all the meetings with him, whether it's a zoom call, or he's going to people's offices, and you have to take notes, and you have to be there, but you're on the front line? You're listening to all the conversation, you're seeing all the things he's like, Oh, well, that seems pretty cool. And that's it. So if you think about the $1,000 an hour He's charging, if you work with him for five hours, how much is that five hours times the $1,000? And he's like, I could see it working in his head a little bit more, but I think it's 5000. I said, Well, five times 1000 is 5000. So how much value Have you been able to see, by working with my friend for free? Now, at this point, I can see him in his mind. And he's going well, I don't know. But Daddy, I'm not gonna make any money. So you're not going to make any money. But how much value are you being exposed to? You said, Well, I guess in theory, it's five hours times $1,000 an hour, which is $5,000. I said, Okay. So which is more valuable to you? Because you're still a pretty young guy, like, it's $5 times five, or five euros times five hours is 25, or $5 times 1000. An hour is 5000. Now, at this point, he's going okay. I said, Well, what's one of the things that you want to be able to do when you grew up? He said, Well, I want to be able to help people, I want to help solve problems. And I said, Okay, so if you're working in solving jobs, or solving small tasks, you're making five euros an hour, five times five hours, that's 25. But let's imagine that you're helping my friend for the entire month. So you're going to work 40 hours a week? Well, let's just say a week, so you're going to work 40 hours. And at the end of that 40 hours, how much value would you make? And so this this point, I kind of took out my calculator and I said, Okay, well, let me let me help out. So it's 40 hours times five I've only gotten was 200. And then I said well, and then it's 40 hours times 1000. And that's 40,000. So between 5040 1000. And now I start seeing in his mind that he's starting to really see what's happening. And I said, are you still you still want to be able to help someone? Would it be valuable to you to be able to help someone by learning from someone who's already done it, because you know that people are paying him $1,000 an hour to solve their problems. And he said that well, data, you know what, that does make a lot of sense. Because if I can learn from someone who's already doing it, and I can make, quote, unquote, needed the air quotes, things $40,000. Then when I'm helping other people, I said, Well, what will you have? He said, Well, I will have had experience because I've been working, watching him in the meetings, even though if I'm not doing it, I'm hearing it, I'm seeing everything. And eventually people will know that I have the experience, because I've actually watched it, I start early, but maybe more and more as we work together, I can start doing more things. And so one of the main things so as I see you starting to understand it, I then asked him, I said, Well, so what do you think is more important to you? Right now in your life, money, or your time. They said, Daddy, I think that the what makes the most sense is being able to go build more skills, have more experience, and learn from people who have actually done it already. Because if they're making already charging a big figure to help solve problems, then I can learn from them directly. And then later, I have more experience, I have more knowledge, I have more exposure. And then I can also do the same to help solve bigger problems. And so the reason I share that with you is like, my son is still going to do the small jobs. He's doing the small jobs to earn the money. But more importantly, is the mindset. Now he's realising and recognising that he can actually work for quote, unquote, free. And that decision to work and use what he has right now, which is his time, he leverages his time to later be able to make money, then that's something that he recognised. And this is also one of the things that I recognise that later on in life. And this is probably very similar for a lot of you, that have come from lower middle class family, and you recognise that, hey, listen, it's about stacking cash in the bank. So you have all this cash in the bank, but then you're actually not creating more time for yourself, the money sitting in the bank, but you're doing more and more of the tasks. And usually those tasks are very similar to the five euro an hour test that my son was talking about. And so when it comes to making the tough decision between time and money, the question is, what do you have on your side? Are you someone who is less than 20 years old, or 20 years old, and you have nothing but time in front of you? So is it best to utilise the time or use the time that you have now to gain the experience to gain the knowledge so that you can then later add more value based on the experience that you have? Not based on a pipe dream that you have? Or is it best to say I want to actually use my time? Or is I actually want to use my money, currency as I like to call it to be able to gain more time. That's the question. And so I just wanted to use that example. Hopefully, that example has been very, very helpful for you. And it gives you an example of how you can make the tough decision between time and money. It's which which do you have on your side, you also want to get your basic needs covered, I understand that. But just conceptually, these are the things that I wish I would have known when I was my son's age, to be able to really focus on really gaining as many skills as possible. Without having the worry of having things paid for my parents were paying for things early on in life, but use what you have on your side. So if you want to have more time and you have the money, then release the money to gain more time, make sure that you're investing in the right people on your team or the right advisors with the right mentors, the right coaches. And if what you have on your side is time, then look to invest that time with people who can show you the path to where you want to go. So with that, what I would say is if you know somebody who's feeling stuck, that they don't know they got money, and they just seem to always be bombarded with extra activities, very typical of a type a high performer person that always wants to do everything, share this episode with them. It's going to give them some new ideas they can hear about the conversation I have with my son. And you can also be in that conversation with them, share it, share the episode, talk to them, share the ideas go from theory to practice so that you can actually gain more momentum. And also to have you want to leave a review let me know that this work for you does not work for you just go ahead and fill out and sign up or send an honest written review. But one way or the other. I'm going to be here preparing for the next episode. So until then go out and make it a great day. And thank you very much. Today's conversation was sponsored by the Billy keels advisory programme. If you're looking to make your nine to five optional you Need some help? Just go to Billy keels.com forward slash advising once again that's Billy keels.com forward slash advising.

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