October 5th, 2021
With Rennie Gabriel, founder of The Financial Coach, Inc., philanthropist, and multi-millionaire. After two divorces and a business failure Rennie went from broke at age 50 to multi-millionaire after learning the three secrets of the wealthy (despite failing high school math). He now donates 100% of the profits from his online programs to a charity that trains rescue dogs for wounded soldiers. His award winning, best-selling book, Wealth On Any Income has been translated into eight languages.
Join us for this fascinating conversation on how Rennie changed his relationship with money and completely changed his life. You will hear about the single most important thing you can do on ANY income that could change everything for you, some of the secrets of wealth creation that the wealthy know, and a bit about Rennie’s story which will inspire you to feel like it is not too late in your own life to make changes! (It is never too late!)
Rennie shares openly about a topic – money – that can be tough for many of us to talk about, especially if we feel like we have had or are experiencing failures in that department. You will love the way Rennie “relieves the pressure” and invites you to think about this topic in a different way, as well as what you can begin to do to change your own story in regards to money and wealth building.
Rennie also shares the joy of his philanthropy efforts – and how meaningful that is it to him to be able to donate 100% of his profits in his coaching business to a non-profit organization that he cares so much about. Join us to be re-inspired on your path to tackling the tough topic of money and wealth creation in your life!
Biggest takeaways (or quotes) you don’t want to miss:
- “9 out of 10 people in the population are not taught anything about handling money effectively.”
- “It’s the simple act of someone else being there for you.”
- Why Rennie says everyone should treat themselves like they matter and pay themselves first.
Check out these highlights:
- 0:00 Listen to …
- 5:03 Why Rennie believes that “wreath creation is a team sport, not a solo sport.”
- 20:00 What Rennie believes we get from our parents and the three reactions that we have.
- 24:16 The concept of paying yourself first.
- 43:00 Why “someone with a wealthy mindset instead asks questions.”
How to get in touch with Rennie:
On social media:
Find out more about Rennie:
Watch Rennie’s Tedx talk here: https://www.WealthOnAnyIncome.com/TEDx
Check out Rennie’s book, Wealth on Any Income. You will hear Rennie’s TEDx Talk and can request a free 27 page Roadmap to Complete Financial Choice™, and receive a weekly email with tips, techniques, or inspiration around your business or money.
Imperfect Show Notes
We are happy to offer these imperfect show notes to make this podcast more accessible to those who are hearing impaired or those who prefer reading over listening. While we would love to offer more polished show notes, we are currently offering an automated transcription (which likely includes errors, but hopefully will still deliver great value), below.
GGGB Intro 0:00
Here’s what you get on today’s episode of Guts, Grit & Great Business™.
Rennie Gabriel 0:05
When I talk about what we get from our parents, I talk about their three reactions we can have, it doesn’t matter if it’s how you raise children or how you handle money, or what you do with food. The three choices are you do what your parents did choice number one, choice number two, you rebel against what your parents did. If your dad was a miser, you want to be a spendthrift. If your mom was a saver, you want to be a spendthrift or your mom was a spendthrift, you want to be a saver? That’s just a reaction to how your parents were. And the third is, you determine what works for you and you choose freely. That’s what most people aren’t aware of. They’re either reacting to what their parents did, or just doing what their parents did.
GGGB Intro 0:58
The adventure of entrepreneurship and building a life and business you love, preferably at the same time is not for the faint of heart. That’s why Heather Pearce Campbell is bringing you a dose of guts, grit and great business stories that will inspire and motivate you to create what you want in your business and life. Welcome to the Guts, Grit & Great Business podcast where endurance is required. Now here’s your host, The Legal Website Warrior®, Heather Pearce Campbell.
Heather Pearce Campbell 1:30
All righty, welcome. I am Heather Pearce Campbell, The Legal Website Warrior®. I’m an attorney and legal coach based here in Seattle, Washington, serving entrepreneurs throughout the US and around the world. Welcome to another episode of guts, grit and great business. I am so excited to share my friend Rennie Gabriel with you today. Welcome, Rennie. Thank you, Heather. Thank you for having me. Yeah, absolutely. So Randy and I are in a mastermind together. We actually connected some time ago and Ronnie, I know you’ve got quite a story to share. So I’m really looking forward to digging into that. For those of you that don’t know Rennie his business is called the financial coach Inc. and he raises philanthropist by educating you how to handle money powerfully. Rennie has his own really powerful money story that we’re going to hear today. But the quick overview is that after two divorces and the business failure, running went from broke at age 50. To multi millionaire after learning the three Secrets of the wealthy, despite failing high school math, he now donates 100% of the profits from his online programs to a charity that trains rescue dogs for wounded soldiers. His award winning best selling book wealth on any income has been translated into eight languages. Benny, welcome. I’m so excited to hear your story. And have you talk to us today about wealth about philanthropy about anything that comes up.
Rennie Gabriel 3:09
Oh thank you, Heather. It’s so funny. I’m listening to that introduction – it makes me sound like a big mucky muck.
Heather Pearce Campbell 3:15
(Laughing) A mucky muck? in what way?
Rennie Gabriel 3:16
Ahhhh, you know, author and philanthropist and all you know, it’s just like, Hey, I’m the neighbor next door like, Jimmy on the block.
Heather Pearce Campbell 3:29
Well, and I love that and that, you know, it is something really important to remember about titles, I think titles quickly, kind of allow us to categorize people relate to them in certain ways. But the thing actually, that I love about this podcast is like really digging into the human element of who people are and what has shaped their lives. And you know, all of us have brilliance and gems to share with the world. And that’s really the point of this podcast is to help people with mindset with their endurance with their commitment and resolve to doing good work in the world and staying on their path. Because, I mean, even you and I were talking, you know, before we went live about the homelessness issue, you know, you’re in LA, I’m in Seattle, like there’s a lot of ways that we can get knocked off our path and particularly in the middle of a pandemic. I feel like support and stories around, endurance around mindset around rebuilding are just they’re so important.
Rennie Gabriel 4:32
They’re crucial. I truly believe everything boils down to mindset. It’s the old Henry Ford expression. If you think you can, or you think you can’t, you’re right.
Heather Pearce Campbell 4:48
Yes, exactly. And you know, and yet it I think it can be so easy in life, especially when things start layering on to forget, you know, to forget really how powerful our mindset is.
Rennie Gabriel 5:03
Yes. And one of the things, you know, it will get to my story or we will get to my story, I don’t care. But it reminds me of an expression I created. And I say it all over the place all the time, that wealth creation is a team sport, not a solo sport. And it also applies if you’re building a business, it also applies if you’re looking at mental health. It also applies if you’re wanting to be in the music business, the entertainer, I don’t care where you look, trying to do things by yourself is completely ineffectual. Yeah, it is and effectual and I agree. And I’m going to put a pin in the fact that we will get to your story, I do want to talk a bit about what you’re saying right here about, you know, doing anything alone, building a business, you know, becoming a philanthropist creating wealth. And yet, the interesting piece of that is that our culture is so enamored with this idea of kind of the lone wolf, the, you know, the rogue, independent guy, or, or gal who just, you know, powers through and does everything on their own. And
Heather Pearce Campbell 6:14
it’s just so interesting to look at reality versus sometimes the story that gets told in our culture, in media, in books on TV, right? And I think it’s so important to be talking about this, because you dig into anybody’s stories, even somebody who claims to be that way, you know, self made millionaire, this kind of talk drives me nuts, because, hey, I can’t know nobody does that by themselves.
Rennie Gabriel 6:42
You’re absolutely right. And, and you, I mean, if someone watched my TED Talk, they would think you’re quoting from it. Because if you’re looking at Hollywood movies, if you’re looking at fairy tales, if you’re looking at books, if you’re looking at TV shows, that’s the impression you’re getting. And people end up buying into these stories, which are made up. And well think of it this way. If you were to make a movie, and you wanted to sell a lot of tickets, would you pander to people who have a little money? Are you or would you pander to people who are ultra wealthy? Right? You pander to the poor people, because there’s more
Heather Pearce Campbell 7:30
There’s way more of them, and they’re going to probably buy the thing.
Rennie Gabriel 7:34
Exactly. So yeah, create your story, that it’s better to be poor. And wealthy people are evil and dreadful and self centered, and no one wants to be wealthy, you’re better off to be poor. Yeah, where people happy in their buying the tickets.
Heather Pearce Campbell 7:53
Well, and there is that too, that’s a really interesting component that you that you speak of, and, you know, I’m still like, even the title of this podcast, right? guts, grit in great business. And, you know, I feel like grit, resilience, right? It’s a really important topic. And we often have it backwards. We often think that, you know, the grit and what it takes to power through often go along with some of these iconic stories, and a lot of what gets sold to us in media and culture. And yet, if you really dig into grit and resilience, people who who understand grit and understand resilience and understand endurance of any kind, building a business, creating wealth, or whatever, they utilize strategies that often are exactly the opposite of what what you’re sold, when it comes to thinking about grit or resilience, right? It’s not about powering through, it’s about calling on resources and our network and our connections and asking for support in our life. And when you do that, right, it starts to break down the idea that grit is this like, solo path of endurance and strength and more about our relationship to resources in our lives and the ability to ask for and call on those resources. And, and it also, you know, I think we have to be really, really aware that some people do not have the same level of resource as others.
Rennie Gabriel 9:28
Absolutely correct. And it’s because some of the people that don’t have the resources bought into the fantasy that it’s a solo project. And I just today, read something about Clint Eastwood. He’s one of my favorite Hollywood people. He’s a fabulous director is a fabulous actor. He’s 91 years old. And people look at him as you know, Dirty Harry tonight josey, Wales or whatever, you know, there, but you know what? The people who have been supporting him, in helping him make his movies have been the same people for 30 years or longer.
Heather Pearce Campbell 10:10
Isn’t that fascinating?
Rennie Gabriel 10:11
Hi TEAM does this. I mean, it’s sort of like, oh, Clint is gonna do another movie. He’s relying on the same people he’s been relying on for 10, 20 and 30 years.
Heather Pearce Campbell 10:21
That’s such a, it’s such a powerful thing to remember. And there’s a guy here locally named Dan Price. I’ve mentioned him other times on this podcast, but he’s the founder of the portion of the company I use, this is gravity. Well, they’re gravity payments, I use the gravity legal side of that business. He’s got such a great culture in his business. And he is one of the CEOs that speaks out and speaks openly about, like, I could never be here without my team, like, my business is great, because my team is great, right. And he’s, he’s disliked by a lot of other CEOs and people in business, because he is so vocal about taking care of team paying fair wages, doing all of this stuff to take care of people. But he speaks to this point of like, nobody gets to the top and builds a phenomenal company on their own, you just don’t.
Rennie Gabriel 11:15
Exactly know what and I’ll give you another slice of that same thing that you’re talking about with Dan price. I teach a course at UCLA on how to buy and manage apartment buildings for profit. I haven’t yet spoken to a property owner, who has the record I have with my properties, I have 100% of my tenants who’ve paid 100% of their rent, except for one last five months, through the entire pandemic. That’s amazing. I take care of my tenants. So they pay their rent, we have a relationship. I can’t I mean, I get brokers all the time, who talked to me and say, you know, Randy, do you want to sell this? Are you having a problem? Do you have issues that they can seize that? No, I don’t have those problems. Because I act like Dan price. Yeah, yeah, I walk my talk to same thing I teach my UCLA students.
Heather Pearce Campbell 12:13
Well, it’s so glad that you are speaking out on this issue, because there need to be more people that are willing to give credit where credit is really due, right. And it’s, it is on the collective it is on the team, it is on the people that help any of us get to where we’re going, whether it’s our network, whether it’s our staff, or support people that we build into our business. So thank you for that. I think it’s a really, really important message. I do want to backtrack a bit and hear Yes, hear about your story. It’s, I know, you teach people about wealth, you’ve got experience in real estate, but take us back a little bit to your, you know, kind of business building path. And then I know there was a point where you lost a lot?
Rennie Gabriel 13:00
Oh, well, yeah. One of the things that I believe it’s important to understand is that nine out of 10 people in the population are not taught anything about handling money effectively. And I’ve spoken in front of groups of, you know, 2030, hundreds, even 1000s. And I always ask this question of large groups, because it’s such I get such an accurate answer. And it’s, how many of you learn how to handle money from your parents? How many of you learned how to handle money in high school? It is never exceeded one out of 10? Yeah. And parents can’t teach what they don’t know. Teachers can’t teach what they’ve never learned. And I found I, you know, I hope this isn’t true. But there was a conversation I had with my daughter, she directed me to a couple of articles that talks about large financial institutions lobbying against financial education in schools.
Heather Pearce Campbell 14:02
I believe it because what’s the first thing that happens when kids leave for college, they get their first credit card, and they set high get up through the roof, they start spending because they don’t know how to manage spending.
Rennie Gabriel 14:15
Exactly. And so I’m doing what I can to counter that. But the reality is, it isn’t taught anywhere. CPAs I’ve asked I say in your coursework, where you taught how to create a budget or teach your clients how to do budgets. No, I was certified as a financial planner. It was not in my coursework either. Not amazing. It’s frightening. But I dug and I dug and I dug and I found the answers. As a matter of fact, some of the answers I found in a 12 step program called debtors anonymous. And I’ve always struggled with financial stuff up until the last 2020 years and 73 now so this didn’t turn around for me till I was 53.
Heather Pearce Campbell 15:02
Well, and I you know what I so appreciate you sharing your story for anybody listening that is thinking, it’s too late for me, right? I can’t figure it out, right? I mean, and I think a lot of people like finances is, in our especially our personal financial lives. There really is this whole, like bubble of shame that happens around our relationship to money, right? And I think all the time we think like, Oh, well, somebody else made it, I should be able to figure it out or make it like I should be all the things we tell ourselves. I should be farther along by now. I should have developed that habit by now I should be stronger when it comes to willpower or budgeting or numbers or any number of things, right?
Rennie Gabriel 15:46
Absolutely correct. And it is, that gets back to it’s a team sport, not a solo sport. You know, you’re looking at someone else’s outsides and saying, Oh, I should have that on my inside. Yeah, yeah. And there was a there’s a great book called The Psychology of money. I’m looking over my bookshelf to see if I could remember who the author was. Morgan, who’s Allah Haussler? I’m not sure how to pronounce the time anyway. One of the things that he talks about which is realistic is that rich is something you see, like someone who’s rich, who makes a lot of money, you see it in the clothes they’re wearing in the jewelry they have in the car, they drive the house, they’re living in wealth, you do not see. And wealth is also not taxed. of it. It’s Yes, no one knows what I’ve got based. I mean, I’m driving 2015 year old car.
Heather Pearce Campbell 16:46
Right, right. Yeah, mine is 21 years old, right? And we it’s a Volvo. We just call during that thing along like my husband he loves because he, he’s kind of like looking around thinking we need to, you know, we need to be looking for our next family car. And I keep thinking, Oh, we can get 10 more years out of it.
Rennie Gabriel 17:06
No, they stopped making the parts 10 years ago, right?
Heather Pearce Campbell 17:10
I know, it’s kind of a joke. I know that at some point, that little car is gonna be done with us. But I love I love what you just said about rich. You can see well, you cannot people know exactly what you’re talking about when you describe it that way.
Rennie Gabriel 17:26
Yeah, exactly. And it’s, it really has to do with what people aspire to in life. You know, do they want to show off to strangers who don’t give a darn right? Or do they want to know that? within themselves? Everything is okay. Do they want to be comfortable in their own skin? Or are they trying to impress other people? And you know it when they’re honest with themselves? It helps.
Heather Pearce Campbell 17:54
Yeah, that does help. Talk to me about your because you know, you saying you you finally figured it out 20 years ago, but it sounds like you had a strained relationship with money or Well, up until then, you know, I think I think a lot of people but a lot of people can relate to that, right? Even just the statistics that you’re citing about how none of us are truly taught about, you know, money or educate like finances, you know, any financial education in our youth unless we happen to have parents who are able to teach us that right? And what percentage do teach us right are able to and do?
Rennie Gabriel 18:34
Yes, as an example, Barbara stanny wrote a book called Prince Charming isn’t coming. She was an heiress to the h&r block fortune. And, okay, they know how to build businesses. They’re in the accounting field. They taught her her dad taught her nothing about money. He gave her millions of dollars with a sock, she’d get married, the husband is supposed to take care of it. Why? Because that was kind of like, the role that he was. And the husband had no skills at it, and blew millions of dollars. Right after the second time this happened in the second marriage. She finally realized she’s got to figure this out. Because her parents didn’t teach her. Yeah, and we’re talking about the people you know, know what to do. Yeah,
Heather Pearce Campbell 19:27
Well, it’s you know, and there is even the book that you mentioned the psychology of money. I had a woman on the podcast a little while ago that talked about this idea that we can get an inherited psychology around money from our parents like there there is a psychology that goes along with our relationship to money right and it until we really break it apart and examine it. It can drive are either bad or good behaviors with money, you know, kind of from the backseat without us really Knowing?
Rennie Gabriel 20:00
Yes. When I, when I talk about what we get from our parents, I talk about their three reactions we can have. It doesn’t matter if it’s how you raise children or how you handle money, or what you do with food. The three choices are you do what your parents did choice number one, choice number two, you rebel against what your parents did. If your dad was a miser, you want to be a spendthrift. If your mom was a saver, you want to be a spendthrift or your mom was a spendthrift, you want to be a saver? That’s just a reaction to how your parents were. And the third is, you determine what works for you and you choose freely. Yeah, that’s what most people aren’t aware of right here either reacting to what their parents did, or just doing what their parents did,
Heather Pearce Campbell 20:52
Right, being governed by some internal drive to do the opposite, or, or respond in a way because they didn’t like their their version of the upbringing.
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Okay, back to today’s amazing guest. So where did you, you know you can share whatever part of your story you feel like it, where did things start to click for you? Right? So you have probably what is a typical experience for a lot of people in relationship to money. Where did you start to figure it out?
Rennie Gabriel 22:54
I tried figuring it out in my 30s after reading, oh, let me put you on the spot, because that’ll help the story. Okay. Now, there’s an attitude wealthy people have, there’s an attitude ordinary people have. So I’m going to ask you a question. And it’s likely, because you know, I kind of know you, you probably be able to answer this, but you might not. Have you heard of the expression pay yourself first?
Heather Pearce Campbell 23:23
Rennie Gabriel 23:23
Can you explain it?
Heather Pearce Campbell 23:26
Well, I can try. My understanding of pay yourself first is that you, you know, however, you are creating money in your life, whether it’s you know, for me, it’s through a business, right. But what we end up doing wrong often is paying ourselves last paying all their bills, paying for other people, paying the expenses, and then whatever’s leftover, we end up doing what we need with it. And it’s often not enough. So prioritizing your money so that you’re paying yourself first, and then creating a bit more structure and parameters for the rest of it. But it allows you – my understanding is it allows you to invest and to build the way that you want to rather than subjecting your business or your financial life to the whims of whatever’s left when you do all the other things.
Rennie Gabriel 24:16
All right. Well, that’s that’s pretty darn close. Because, you know, and I love asking this question to the podcasters. Because they’ll say oh yes I’ve heard of it. And then so to explain it, some don’t get anywhere close. Some do get close. Very few are practicing it. Yeah. Yeah. And the point of it is this deals with my story at the beginning, I read a book called The Richest Man in Babylon when I was about 30. And it was published like 100 years earlier. Oh, wow. And it’s based on clay tablets from an excavation of the city of Babylon and the tablets were 5000 years old and you If someone knew how to read hieroglyphics, whatever they were, you know doing in that age, they were able to trace someone’s life through the clay tablets that showed someone who got into trouble in Babylon fled the city figured out how to do better came back made demands. And the bottom line was, he paid himself first. That’s what the book is about. The way it works is really simple. It’s not just about paying your salary to yourself first. It’s about taking a part of whatever money is coming in, setting a percentage of it aside, to keep for the rest of your life down. And that money is what you invest, that money creates the passive income. So you can choose to work or choose not to work. So I tried it first, when I was 30. I’d saved up $3,000 in 10 months, $300 a month. And I just, I mean, so proud of myself $3,000. And then the IRS came along and said, Oh, Randy, you owe $3,000 in income taxes. All that money I saved up in 10 months gone in an instant. But I wasn’t talking to other people about it. I was on this solo journey. Had I shared with what was going on to someone else. They said, well Rennie. Realize if you hadn’t saved it up, you know, had to borrow the money to pay the taxes and paid interest on it. Thank goodness, you will maybe you need to be saving more than the 10%. You were saving. I was earning 3000 a month. But I wasn’t talking to anyone. Yeah. Okay, started again in my 40s. The second time I read the book, and then got divorced the second time. And so by the time I’m 50, and I’m starting over again, for the third time after my second divorce, I’d had a business failure along the way. It was like, hey, in 15 years, I’m going to be 65. Either I’m going to be eating cat food, or I’m going to be eating tuna. I got to get it together. Yeah. And so now I really took it seriously. And there was nothing there was going to interrupt or get in the way of my paying myself first. And then three years later, between age 50 and 53. I’d saved up $18,000 and my final best greatest wife had a real estate person who said, Brittany, you should buy this little triplex. $18,000 in Los Angeles doesn’t buy anything. And it didn’t 20 years ago, either. So the realtor said, Well, you know what, this is such a good deal. I’ll buy into it. Also, my wife came up with 18,000 he came up with 36, the three of us bought the building teamsport teamsport. And that was the beginning. And we went from that three unit purchase to 55 zero units in five years. Wow. So by age 58, I went from broke from age 50 to 50. I went from broke in eight years earlier to a multimillionaire. Yeah. And I didn’t do it by myself.
Heather Pearce Campbell 28:24
Well, it’s a powerful example of First of all, how quickly things can change when you get it right. Right when you make the next right decision. Yeah. And I think I think it can be challenging because I know a lot of people are exactly where you were 20 years ago, especially now pandemic job losses. divorces, how many of us plan for a divorce? Oh my gosh, right. You don’t get married planning or her divorce? Oh, through one my husband’s been through one. Did you plan for it? Absolutely. did not plan for it. Right and mine happened in the middle of the economy tanking in 2008. Right. So to actually 2007 2006 2007 timeframe, marriage fell apart. I was living in a house we had bought to flip and torn it totally to shreds torn everything out of it because I was redoing it top to bottom few months into that, like marriage no longer exists. We’re in the middle of a divorce. It was the fastest divorce ever. We were you know divorce in a few months because we agreed on some things. But I had to pay him to go away. I had to carry that project myself. I had you know, there were a lot of things that I had not planned for, that I was stuck with. You know, and I think that can really throw a wrench into the pathways even of people that are pretty diligent about saving about monitoring their money, right. You somehow Unexpected life event like that can really send you off course.
Rennie Gabriel 30:03
Absolutely correct. And, and you’re right, you know, most people aren’t planning for those things I now have, I would say a high level of insecurity. And what I’m getting at is, if no tenants paid their rent, if none of our investments paid any income, I have enough cash in the savings and checking accounts to cover us for the next two years. Yeah. And now, you know, anyone with some financial knowledge is that, how could you have that much money sitting doing nothing? Right? I’m that insecure?
Heather Pearce Campbell 30:43
Got it, but it makes you way more stable than average at this point.
Rennie Gabriel 30:48
Is it? Oh, yeah. Right. In other words, you know, hey, the pandemic didn’t mean a thing to us. Because if, like I said, if no one paid rent, we still go to yours and not worry. But the fact is, every one of our tenants pay their rent.
Heather Pearce Campbell 31:01
Well, it sounds like you’ve got other things to teach about nurturing those relationships before, I think maybe was it before we went live, you talked about how, you know, other people can be really suffering right now, as landlords holding, you know, holding all kinds of properties and especially where they’re passing laws where people are being let off the hook and that you can’t, you know, you can’t move them out. It’s, it’s a really tough time. I know that we’re losing landlords here in Seattle, because of the pinch that’s putting on people.
Rennie Gabriel 31:32
And we’re losing landlords here in Los Angeles. Yeah, can’t hold on. They have tenants who aren’t paying rent. They’re selling just to get out from under the properties. And large corporations are picking them up. Right.
Heather Pearce Campbell 31:45
And the more international buyers, right, a lot of international buyers. Yep.
Rennie Gabriel 31:50
Mom and Pop landlords that provide decent housing, a decent prices are disappearing.
Heather Pearce Campbell 31:57
Yeah. And they’re the ones that are also living in the neighborhoods and keeping eyeballs on those properties. And actually, you know, at least for me, personally, the last thing that you want is a really absentee landlord that does not care about the property or the tenants rights, purely financial transaction.
Rennie Gabriel 32:15
Yes, I agree. Yeah. And so yeah, you’re right. And the pandemic has just created even more of that than there ever was in the past. Yeah.
Heather Pearce Campbell 32:25
Yeah. Well, what do you have to say to folks right now that are in the place that you were what, like, you know, for somebody that is, at an age, let’s just call it middle age, right? And feeling really frustrated about where they are financially. And I know you’ve already listed some great resources, by way of books, you know, things that have been pivotal for you. What else would you have to say to folks that need me to boost me to leg up,
Rennie Gabriel 32:52
Yeah, way that I explain that to people that I think lands really well, is by telling them, they deserve to treat themselves like they matter. And the only way to take action, and treat yourself, like you matter is to put yourself first in line, and pay yourself first money you will keep for the rest of your life. And that transforms everything. And when we have a little conversation about psychology that parents pass on to children about money. Well, it’s the same thing when you begin treating yourself, like you deserve to own the money. You don’t feel as much like a conduit where it comes in one hand and goes out the other. Yeah, and I’ve seen this over and over again, when I’ve convinced clients to do it. And I remember several people, but one stands in my mind right away as a psychologist who said, Oh, I can’t do that. I won’t be able to pay all my bills. If I pay myself first. I am only me. I make 90,000 a year. I spend 90,000 a year I said, I’m telling you just do it. You hired me to coach you. This is what I’m telling you to do. She said Alright, fine. So she did it. And her income jumped to 120,000 a year. It’s sort of like, wait, a secondary income didn’t drop when she paid herself first. Now psychologically, she recognizes I will have something to show for my work. Yes. Well, no, say, yeah. Treat yourself like you deserve to own some of the money. Keep it.
Heather Pearce Campbell 34:38
I love that. And you know what you said about a lot of people feeling like a conduit, right? Like how many times has somebody even in their business like generated more money and then just had it go out the side door because of additional expenses or something else coming up. I think that’s a common pattern that a lot of people can relate to.
Rennie Gabriel 35:00
Yeah, I, you know, I had this I remember another situation, it was a general contractor. He was earning a good living like 300,000 a year or something. And I said, I’d like you to take a small percentage and set it aside from all the revenue that comes in is I can’t do that. I won’t be able to pay my subcontractors won’t be able to pay my office staff, my materials, my grandma, all that say, Wait a second. Are you trying to tell me that if you get $1,000? Check, you can’t set aside 10 bucks. Let’s talk about 1%. Just fine. Okay, I’ll try it. Well, within six months, he’d saved up $50,000. Wow, from having nothing before. And I made some other suggestions. his net worth increased. When we met from 900,000 to 1.5 million. It grew by $600,000 in six months. That’s awesome. Obviously coachable. Right, Wayne is all he did was what I told him to do. pay yourself first treat yourself, like you deserve to own some of the money that’s passing through your hands. Prior to that he was just a conduit.
Heather Pearce Campbell 36:15
Yeah. Well, and I think so often, you know, we have priorities, it’s a little bit like the concept of, you know, if you want to call it time management, letting the urgent get in the way of the important, right. And I think that analogy translates to our money as well, I think so often, we’re letting the urgent get in the way of the important that we’re not actually doing the priorities that are really in our hearts that we want to do, right, whether it’s save for our future, or our children, or be able to invest, or you know, all of these things that are on the list. And I love this paradigm of flipping that around, do that first actually commit to those priorities, and then see what happens.
Rennie Gabriel 37:00
Yes. And I talked about how great my book is, and the name of your book, wealth on any income,
Heather Pearce Campbell 37:11
I’m looking at it behind you, I just wanted you to say it out loud for our podcast listeners.
Rennie Gabriel 37:16
And by the way, if they go to the website, which has the same title, wealth on any income, and put forward slash TEDx, okay, they’ll be able to hear my TEDx talk, where I talk about how we’ve been indoctrinated to believe it’s better to be poor now, and I provide the cure, which is a nine step roadmap to complete financial choice, along with the point I was getting at was that no book is as great as a human being. And here’s what I mean. A book cannot interrupt faulty thinking. If If you read a book, and you’ve got attitudes that are off track, the book can’t say, Heather, that’s not accurate,
Heather Pearce Campbell 38:00
right? I’m spotting this thing and your process or your thinking that doesn’t fit.
Rennie Gabriel 38:04
That’s right. Yeah, yeah, book can’t do that. Second thing a book cannot do. I don’t care how good it is. It cannot hold you accountable to the things that you said you were going to do. Heather, if you said, You know what, Ronnie, I’m going to set aside a percentage now to keep for the rest of my life. I’m going to use it to buy more properties, or do some more fix and flips with someone or whatever it is. And you said that to me, I say, Heather, you said you were going to start putting away the money. Did you do that? Right? Look, I can’t do that either.
Heather Pearce Campbell 38:37
No. And a phrase that comes to mind that I found so funny, I’ll just drop a current show if anybody’s not watching Ted lasso. This came from Ted lasso, because I have to provide the quote, but it was a woman on there who said basically, if I’m going to be your mentor, sometimes I have to be your tour mentor.
Rennie Gabriel 38:54
You’re right. That was the psychologist working Yeah.
Heather Pearce Campbell 38:58
And I was like, that is so brilliant. But it speaks to the point you’re making right now, a book cannot be our tour mentor, right? Because it cannot hold us accountable in the way that a live person can to say, look, are you really doing the work? are you really doing what you said you were gonna commit to doing?
Rennie Gabriel 39:15
Exactly. And so all I wanted to bring out is it just continues to emphasize the theme. wealth creation is a team sport, not a solo sport.
Heather Pearce Campbell 39:25
Yeah. Well, and I, you know, I can’t underscore enough the importance of what you said about having somebody be a pattern interrupt. The reason we get ourselves into trouble is we have these stories in our head, right? The stories that we tell ourselves about why we can’t or about what the priorities are versus what they should be or whatever. And it’s so helpful to have an actual pattern interrupt when you’re caught in a loop like that, especially around habit change, right? habit change and psychology. Those can be difficult complex things and Being able to actually hash it out with a person is, is life changing?
Rennie Gabriel 40:05
Absolutely correct. Yeah, it is. And, you know, you look at the the 12 step programs like Alcoholics Anonymous, were just people getting together, yes and keep other people sober from otherwise they could end up killing themselves. It’s just the simple act of someone else being there for you.
Heather Pearce Campbell 40:27
Yeah, the accountability is huge. So we definitely I’ll be posting links to your book, it sounds fabulous wealth on any income. I do want you to talk a little bit, just briefly to the point about philanthropy and how, yes, how somebody can get to the point of donating 100% of their profits.
Rennie Gabriel 40:52
Great question. Well first, I got to tell you about the charity that gets 100% of the profits from the Yes, it’s called shelter to soldier. They rescue dogs from high kill environments, places where they could be euthanized or just die on the street. And if they have the right personality, the right size, they are trained as service animals, for soldiers who’ve come back with post traumatic stress disorder, traumatic brain injuries, other issues that might have otherwise committed suicide. The rate of suicides among our veterans returning is about 20 to a day or almost one an hour. But not one has received their service dog is committed suicide. Yeah, that’s amazing. This charity saves two lives at a time, they get 100% of the profits from the work I do, raising philanthropists, teaching other people how to handle money powerfully. Yeah. And now I’m trying to think of your question,
Heather Pearce Campbell 41:53
Which is how do how do people get to that point? How does this strategy that somebody can learn to incorporate in their own work or their own life?
Rennie Gabriel 42:01
It starts with the things that we’ve been talking about, it’s treating yourself like, You matter, it’s paying yourself first. When you’ve gotten to that step. Now you can start exploring, well, where do you put your money, so that it generates money? So your money’s working instead of you working? But it starts, step number one is paying yourself first? Yeah. And that’s what I did. That’s what transformed everything.
Heather Pearce Campbell 42:27
It’s amazing. I love I mean, I love the simplicity of that message. Right? I think everybody can hang on to that and figure out some way to do that. Tell us for a moment, because I know that you also in your journey, have learned secrets that the wealthy know that the rest of us don’t, right? Yes. Can you want to share a few of those?
Rennie Gabriel 42:48
You bet is primarily around attitude. And you remember I asked you if you’ve heard the expression, pay yourself first? And yes, yes. The ordinary mindset will respond by saying, oh, I’ve heard of that, or I know that are or that’s not new to me. The ordinary mindset will make a statement when they hear familiar information. But someone with a wealthy mindset instead asks questions when they hear familiar information, like, hmm, where would that fit for me? or What can I do? Or where would I put the money? Or when will I begin doing it? Or who could support me with that? Yes, those questions lead to the actions produce results, where the statements take no one anywhere.
Heather Pearce Campbell 43:41
I love that, well that that that not necessarily but in some cases, beginner’s mind, right? How could this apply? What do I not know about this? That I should know about it? Right? And especially that question that you just asked, How could I get support with that? How is this serving? Me? Yeah, right. Right. Yeah, I love that.
Rennie Gabriel 44:02
I think there’s a book out called something about ask who not how
Heather Pearce Campbell 44:07
Yes, it’s a very I just heard of this in the last couple of weeks. I’m trying to remember who it’s by. Yeah, find out.
Rennie Gabriel 44:13
Yeah, I don’t remember. But I mean it that’s so crucial. It’s like, you don’t have to figure this stuff out on yourself on your own. Yes. All you need to know is who to ask.
Heather Pearce Campbell 44:24
Well, and even to the point whether it’s wealth building, whether it’s business building, ask who not how it looks like it’s by Dan Sullivan and Dr. Benjamin hardy but you know, they’re like it’s a little bit there was a mentor earlier that and people will probably know of her but she says say yes. And figure out how right So Laura Ling Meyer quote, and I think she wrote a book, say yes, and figure out how and I think people that are in the business of building anything, you know, have to have an approach similar to that like there’s a pathway I’m gonna figure it out. But I don’t have to do it myself. It’s right back and coming back full circle to the it’s a team sport. People with a wealthy mindset know this, they already know this.
Rennie Gabriel 45:11
Exactly. And one of my mentors who since passed away, had another attitude that wealthy people adopt. And it’s avoiding either or thinking and adopting the I can have it all. Because I used to have it, it’s like, well, either I can do this, or I can do that. Or either I can have this, or I can have that. And she said, No, no, you can have both. Now, all you have to do is figure out how to have both.
Heather Pearce Campbell 45:43
Yeah it’s a powerful shift. And you know, and I can relate to both sides of that, having mentors that you know, and as a mom, because part of my struggle has been, how do I raise two tiny children that need me and be as devoted and committed in my business as I want to be right? And so at times, those things have felt very conflicted. And similarly, one of my mentors that said, you can have it all, just not at the same exact time. Right? So looking at the overarching flow of your day, your week, your month, you can have it all within that time frame, just maybe not both at you know, 9am on Monday morning, so yeah, that was helpful reframe as well.
Rennie Gabriel 46:29
Yep. Great advice.
Heather Pearce Campbell 46:30
Yes. Well, Rennie it’s been such a pleasure to connect with you hear a bit about your story. And you know, this cause that you’re so committed to it sounds like a really, really powerful one. Where are you at online? For folks that are listening that want to connect, learn more about wealth on any income? That’s both the name of his website and his book? Where do you like to show up on online money?
Rennie Gabriel 46:54
If someone types My name into Google, if they can spell it, you know, it will take the first three pages, awesome, but most people can spell wealth on any income. Yeah. And that will take them to my website. And that’s the easiest way to connect
Heather Pearce Campbell 47:08
Perfect, and I’ll share your your social media links your website, as well as the gift the TEDx talk and access to your roadmap. So if you’re listening, be sure to pop over those are going to be in the show notes. Go to legal website warrior comm forward slash podcast, visit rennies episode and grab the show notes. I’m so excited for people to hear your TEDx talk and your grab your roadmap to complete financial choice, you know, back full circle, like there’s three ways you can respond. And that third one of having full choice is you know, where we all want to get to. Rennie, what final advice do you have for folks that are listening? Is there something that they should go do right now or any takeaways that you really want to burn into their brains here in the final minute or two?
Rennie Gabriel 48:00
I don’t care if they’re a business owner, they’re an employee. They’re self employed, it doesn’t make any difference. It would be what we spoken about, and that’s to treat themselves like they matter and pay themselves first money that they can keep for the rest of their life.
Heather Pearce Campbell 48:16
Hmm. I love that so simple, so powerful. Rennie. Huge. Thank you for being here today. I’m so happy to be connected.
Rennie Gabriel 48:23
My pleasure. Thank you, Heather, for having me on the show. Absolutely.
GGGB Outro 48:32
Thank you for joining us today on the guts, grit and great business podcast. We hope that we’ve added a little fuel to your tank, some coffee to your cup, and pep in your step to keep you moving forward in your own great adventures. For key takeaways links to any resources mentioned in today’s show and more see the show notes which can be found at legalwebsitewarrior.com/podcast. Be sure to subscribe to the podcast and if you enjoyed today’s conversation, please give us some stars and a review on Apple podcast, Spotify, or wherever you get your podcast so others will find us too. Keep up the great work you are doing in the world and we’ll see you next week.