"The Hustle" with Daz Bea

The Chase Immortal Podcast - Episode 0002 - "The Hustle"

Introducing Daz Bea our resident finance guru. 

Daz will be joining the team to host "The Hustle" where we'll explore all things money, investing, increasing cash flow, monetary history, bitcoin and the idea that money is ultimately a tool that creates optionality. And who doesn't need optionality in this hard to navigate thing we call life. 

When money works, it helps us direct our time and attention toward the things that matter most. When it doesn't, it distorts them.

Aligning deeply with The Chase Immortal Mantra, Daz will help you set yourself up to have that option to retire earlier than the government system dictates. Learn the ins and outs of the whole monetary system and Chase Immortality through wealth, health and happiness. 

You don't want to miss this one. 

New episodes of the Chase Immortal podcast out weekly on all platforms. Head over to our YouTube channel to find all the extra clips, stories and other projects soon to launch under the Chase Immortal Banner. 

Let's do this! 

Transcript

SPEAKER_03 0:09

We are coming off two very hot podcasts that we've done already. It's the third in the series. We're gonna introduce another segment today as well. We're gonna have Dad join us in a little bit. He's making it from Cairns, he's in the tropics. He's gonna come on and have a chat about some finance investment, all things Bitcoin, all things set yourself up for a financially stable future. We've got myself and Bree in the studio today. Because we are both very, very naive when it comes to this sort of stuff. We've kicked out the two other boys. They're invested in everything at the minute. I've told them to hang around, but they don't want to hear it. They can um throw their money away when they want to, but I'm gonna sit here and have a chat to Daz and see what he's got to say. Now, introducing Daz. If you've been on the website and had a look at what he's got already, Daz has studied everything to do with this for the last however many years. He's read every book there is to know about Bitcoin. I've known the bloke personally since I was 13 years old. He's an absolute legend, a very good human, and I'd like to introduce him right now. Welcome to the show, Daz.

SPEAKER_01 1:12

Thanks very much, guys. Absolute pleasure, super pumped for what you guys are building here, and um just yeah, super humbled to be included, Benny. Um, you know, like you said, we've known each other since we were little tackers, and amazing to sit back and and see, you know, as people mature the journeys that they take. And um, yeah, I think there's a real turning point witnessing what you have built for yourself over these last couple of years. This is these are the general themes, right? That um we've taken the time and effort to try and wind up ourselves. Um, and it's that sharing that knowledge to bring everyone else along with a journey because life's getting hard, life's hard to navigate. Big part of that is finances, and that's what I'm looking to help um bridge bridge the gap.

SPEAKER_03 1:54

I always thought I was in control of my finances, always earned decent money ever since I moved to WA anyway. Earning the big money, thinking, yeah, I'm all over this, but it's doing nothing. Like I had it sitting in property, had a house that I thought was worth plenty, sold it and made bugger all. You know what I mean? Like, I have no idea about this stuff does, so I'm gonna be tuning right in, and I want you to help me set myself up so there's a big fat nest egg sitting there when I retire. If this podcast doesn't make me millions, that is.

SPEAKER_01 2:26

That's that's that's the whole goal. Um, and and you're right, mate, it's really hard to navigate. And um, some would argue it's um purposefully opaque in that regard. Um, you know, it most people will be slaves to debt for most of their lives. Uh, and it's a sad reality. Um, you know, and you're at the government's whim to tell you when you can and can't retire, and they changed the goal, they moved the goalposts. They've just recently done a budget in Australia. If you haven't um whenever this goes live, obviously post-budget of um the Labour government just recently, 2026, and um all of those changes. So they can consistently move the goalposts. Um and unfortunately, superannuation is no guarantee in this country. I and I say that um not as a trigger, um, as a real genuine concern. And these are the type of themes that we'll get into after you know a few episodes of of this pod because we're keen to it, you know, we can't fix this in one pod. This is going to be a a journey. Um, we're gonna go right through from the history of money to where we got to today, why it's hard to navigate. Um, so we'll come up with facts, with history, with historical facts, with provable uh historical um data to back up why it is where we are today, and more importantly, what we can do to fix it.

SPEAKER_03 3:44

Like when I built this company, it was all about helping people, helping people set themselves up for the future. And that's through health, fitness, looking after your body, looking after your mind, looking after your relationships. But you need cash in the bank, is the is the main thing you need to retire early. It's no point working until 70 years old when you're no good to bloody do anything because you've got no money in the bank. And I'm sure everyone, all these good things we're doing, I reckon this one here, this episode, the hustle, is gonna be the highest viewed one out of the whole lot because who doesn't love money?

SPEAKER_00 4:22

Who doesn't need it? Everyone needs it.

SPEAKER_03 4:24

Exactly.

SPEAKER_01 4:25

Yeah, and it's one of the themes that we'll continue to sort of touch on is there's no get-rich quick schemes, they don't exist, unfortunately. Sorry, you're not gonna get one in this podcast, but we'll show you real actionable things that you can do to better your circumstance, and that's absolutely will be true. Um, money doesn't buy happiness, that I believe that firmly, but what it does is it buys you optionality. So when you're financially comfortable, you can then go and point your um attention towards things that motivate you as a human. Um, and we'll we'll dig right into psychology of money, praxeology, which is basically the study of human action, how us as humans show up, and money is actually one of the core communication mediums between how humans communicate value to each other. So it's how we show up in the world and how we direct our time and energy. That actually has a direct tie to um to money. And money, the the system that we operate through now, which we'll again we'll get right into over time, but it's it's control it's controlled by central governments who can print it out of thin air, and it actually distorts money, it distorts value, so it's actually distorting us as humans how we show up, and that's leaks into uh I'm sure we're gonna tie some really powerful parallels with like Breeze podcast um in and around relationships. Children, you know, mum and dad are at work, they're slaving their guts out, trying to get ahead, they're not there for their children. So children are starting to grow peer attachment. Um, you know, that that that mother-child bond is starting to get eroded. It's one of the most beautiful things in human history, in in human action, is is the mother-child bond, and that unfortunately is getting eroded, and it's not sort of celebrated enough from my mind, because we've created this system where everyone needs to work. Everyone's got to work to try and get ahead, and it's it's it's diabolical, really, at its at its core. Um, and you know, that's what we'll start digging through is what that actually means. Like there's a lot of words that I've just thrown at you there, but there are some really good studies, some really good books, some really good um actionable things that you can go and take away as well. So, you know, I come with facts, I'll come with book recommendations as well if you're that way inclined. Um, you know, we're really lucky these days with technology. Um, information is readily available to everyone. Most people, you go back 10 years, never heard of a podcast. Now we've got people like ourselves who've gone and lived it now starting to share that experience. And if you are, you know, if you like reading or you like audiobooks, um, you know, all this technology enables us to be able to dial right into that. So um really looking forward to being able to share that journey with you guys, what I've been on sort of in the seven plus years is really where I've honed in on inflation, honed in on finance, honed in on why, the question why. So um I've read a ton of books on finance, I spent thousands of hours. So I um and probably help. I'll pause there in case you guys have got any questions, but it might actually help if I tee up a little bit of my journey.

SPEAKER_03 7:30

Like well, that's uh that's pretty much where I was gonna where I was gonna get to before you kick off. Let's go back, does introduce yourself. Who is Das B? Where have you been? What are you doing? Give us the Daz B story before we get too far into this.

SPEAKER_01 7:46

I'll give I'll give you the abridged version, I suppose. But um uh, you know, grew up in Winham, in Brisbane, uh, with my boy, moved to Cairns when I was about 20, uh, worked in sales, okay, okay jobs, earned okay money, um, you know, nothing nothing um uh extravagant in that regard. Went overseas for a while, wet, met my now wife, we've been together 20 plus years, um, married two beautiful boys, um 9 and 12. Uh and when just before we started hitting um planning for family, we got married, waited a couple of years, this realization of well, one, need to afford a house, two, we need to afford a family, and sort of come to the realization that you're never gonna have enough money for those things. Um quit quit delaying.

SPEAKER_03 8:37

So just on that, when you bought your first house, was that in Cairns?

SPEAKER_01 8:41

It was, yeah.

SPEAKER_03 8:42

What'd you, if you don't mind me asking, what was the housing market price like back then in Cairns?

SPEAKER_01 8:47

So we bought um land and built, and we probably the land and the build was probably around 300,000.

SPEAKER_03 8:55

Unreally.

SPEAKER_01 8:56

At that time. Now that same probably we don't live in that anymore, but that same property's upwards of a million bucks.

SPEAKER_03 9:02

And how do they justify that?

SPEAKER_01 9:04

That's a yeah, and we'll we'll talk about this. So it's we we now operate in a world where money doesn't work. So what that actually means is that everything else attracts what we now understand to be a monetary premium. So when your money doesn't work, when you can't put it in the bank and save it for the long term and come back and and hope that it buys you something pretty, um, you turn towards anything else in order to store your your savings. So uh, and that's what we now understand as monetary premium, and that is expressed grotesquely in Australia through real estate. But um well, I'm sure we'll come right back into that. So yeah, um, after that that first sort of house we got married, um, and then I was in sales. Sales are one of these jobs where uh depending on the sales environment, right? But um couldn't shift the needle, knew I needed more income, but you know, it didn't matter how much I got paid a salary, so it didn't matter how much time I spent or effort I spent, I was getting the same amount. So I was always interested in um electronics, so started teaching myself electronics and then decided to become an electrician at the ripe old age of 29. Um, now 44, so that's sort of 14 years on. Um, why electrician? Um, had to do the hard yards first, apprentice wages. First year we brought our first child in. So it was actually really hard going. Um, probably probably bad timing in hindsight due to finances, but it sucked us dry, and we were living hand to mouth for four years until I got that apprenticeship done. But it's just um one of those things that was worth well worth the effort after because um, you know, a trade is one of these professions in Australia where if you put your hand up and you want to take a little bit of overtime, you can actually the hustle, right? You can actually a little bit more and put it to work.

SPEAKER_03 10:49

When I've been talking to people about this this segment, the hustle, people are like, oh, investing, yeah. Where do we put our money to get this and that? I'm like, Daz doesn't do that, Daz looks long. He's gonna show you how to set up for your future, and that is a direct what you said then is a direct reflection of how you live your life. You put in the hard yards on the apprentice wage because you knew in the long run it would be beneficial. Yeah, so that's perfect 100%.

SPEAKER_01 11:18

Yeah, there's no quick wins in life, and that's that's the whole theme of the hustle. Like um Benny and I were talking about what we're gonna theme this around, and and yes, it's finance, and that's gonna be a large, large port of um portion of it, but we framed it up as the hustle because that's what it takes, it takes grit, right? Benny's gone through this journey these last couple of years. I've seen him go from a tubby boy to shaping his body like an axe. Like that takes grit, takes effort, takes determination, and that's what's gonna happen with with finances as well, unfortunately. Like I said, no quick wins, you're not gonna get rich tomorrow, but you can put real good, sustainable um goals in to make meaningful change in your life. Um, and and you can look at that if I hustle now, I don't have to hustle as bad later. I've done that hard yards and like comfort. I still work a f a fiat job, and I'll that'll become clearer over time too, what I mean by fiat job, fiat slave. But um, I still work a job, um, but I have optionality now. Uh just as an expression of that optionality. So last year um my wife and I took the kids out of school for a whole year. We jumped in the caravan, we spent a whole year traveling around this beautiful country of ours. That's the optionality that my hustle over the the preceding couple of years gave me optionality. Can I retire tomorrow? No. Would I? No, because I enjoy the hustle. But what sort of your finances will allow you to do is then direct your time and energy to stuff that fulfills you, right? Like I said, I'm never probably ever will retire. I I mentioned uh a bit earlier, I'm a part-time musician. Um, I love doing that.

SPEAKER_03 12:55

Very good.

SPEAKER_01 12:55

Can I do that sustainably as a job? No, doesn't shift the needle enough for me to provide for the family, all the things that we want to do. However, once my nest is feathered, accelerate it a few more years, it's a perfect job for me to sustain income while I do option, yeah, buy into those options around, well, how am I gonna direct my time and energy now? Now I don't have to earn the 200 grand a year, right? I can roll that back um and and you know, a couple of hundred bucks just to you know.

SPEAKER_03 13:26

That's it, but there's a lot of people out there that aren't setting themselves up like that. Like, there's a lot of people that haven't got that window where they're going, right, I'm gonna work till 50, then I'm gonna go do what I want to do. Because they haven't got the option. Like it's not there for them. Like you can't do it. They're gonna have to work till they retire and hope they've got enough money left over to keep going, or what's the what's the other option? There's nothing. So if you don't dial it in soon, like you gotta you gotta get on top for it, it'll nip you in the butt real quick. Yeah. Like real quick.

SPEAKER_01 13:54

And that's the that's the other thing. I don't think enough people take the time to really understand their superannuation, and we can talk about that too. Um, is it enough? Uh, and and this insidious thing called inflation, we are gonna bang on about that. Like it's easy. Most people kind of have a general understanding of inflation, but I'll tell you what, it's not CPI, it's not this um this the CPI metric that they tout to you. Like everyone's inflation rate is different depending on your stage of life, if you've got kids, if you're ill of ill of health. So the CPI number that they tout every year to say, oh, it's you know, inflation's only three and a half percent. That's that's it's it's bullshit for most people. Um, there's things they call hedonic adjustments in that. So over time, technology's ended up more and more into that basket of goods that they say is CPI, but technology is inherently deflationary, so things get cheaper in technology terms. So it masks the real inflation through food, energy, you know, healthcare, schooling, all of these things that affect mums, dads, and you know, just about every grown-up trying to navigate this world. Um, it's getting masked by technology. Does technology make life better? Absolutely, no one can argue that. But you know, uh the way that they communicate inflation to you is actually, you know, it it's it's it's it's a lie, um, masked in trying to tell a uh suit a narrative, right? Um and just just so to really put a pin in that, I suppose, for now, because we'll spend a lot of time talking about inflation, but um if if your wage is not going up every year at the same rate or more of at least CPI, you are going backwards, you are losing money. So, and this is the other, you know, real diabolical thing in this country is is that trend of I don't want to ask for a pay rise every year. Um, you know, I got employed at 60 grand five years ago, I'm still getting paid 60 grand. Unfortunately, you've just had a massive, massive haircut, particularly over these last five years.

SPEAKER_03 15:54

It should be a given to get a pay rise every year. If you're doing your job, it should be a given. Yeah.

SPEAKER_01 15:59

And it's not in a lot of industries, it's not.

SPEAKER_03 16:01

It's crazy. But see, that there's terms there you've said that I don't have a clue what they mean. You know what I mean? I know what inflation is, pseudo, whatever that was. No idea. So when we get this going, break it down from the start. We need to start, like you said, we'll go through the history and we'll just work through this. And I guarantee it's gonna help a lot of people. Like a lot of people struggling with relationships, a lot of people struggling with fitness. But finances and money is massive. I got advice from someone probably nine, ten months ago. They said, Do you salary sacrifice into your super? And I'm like, nah, what does that do? And they're like, Well, you don't pay I don't know if this this might be wrong, but you can correct me if this is wrong. So, like, if you put money into your super before you get taxed, it actually gives you more money and you pay less tax and blah blah blah. So I started putting $300 a week and then $500 a week extra in my super, and I just watched it go through the roof in a matter of 10 months, like wild, crazy.

SPEAKER_00 17:01

You know, obviously not everyone can do that as well.

SPEAKER_03 17:03

No, no, obviously not, yeah.

SPEAKER_00 17:04

But anything is better than that.

SPEAKER_03 17:06

Anything's better than nothing, yeah. Any figure going in. But how does that like stuff like that? How do you break down how that works?

SPEAKER_01 17:11

Like, yeah, we well, there's there's a whole heap of you know, little schemes that the government puts into play that you can take advantage of. But I think Bree's probably hit the nail on the head, right? Um, it's around number one, increased cash flow. Number one. There's all sorts of little extra benefits we can do to um, you know, contribute to superannuation and navigate tax-efficient ways to to invest in in the future. But the number one is to is the hustle, try and increase your cash flow, try and even get second, and and this is kind of contrary to the uh to to the end goal. End goal is obviously retire, right? But for now, if you are struggling to make ends meet, you have to make some change. Um, so you've got to sit down, critically assess your budget, and we'll go through all those tips and tricks on what to do where money is leaking out of you, and particularly in this day and age, it's really quite um uh I guess it's easy to have your blinders on with subscriptions.

SPEAKER_00 18:10

Yeah.

SPEAKER_01 18:10

Like you do not need three Netflix Prime Stan subscriptions. You do not need them, you need one. And that's okay. You know, it's those sort of hints and tips around just looking around, and it sounds simple, right? But sometimes all it needs is very simple uh ideas to sit down and go in action right now to go and see where is money coming out of my pocket? Yeah, where is it leaking out of some of those things? Um, there's one fantastic book, which is probably the number one recommendation. If you don't, if you only read one finance book in your life, make it the barefoot investor. That's an Aussie guy, it's Aussie centric, very easy, actionable. And that was probably, if I'm to think back, probably the first or or at least the most impactful finance book I ever read. I've read in excess of 60 odd finance books post that, but that is still for me one of the most impactful ones you could do because it doesn't necessarily teach you anything you don't already know, or or it's not in easy to in, you know, to to to um to to get your head across, but it's just small little steps, read it in small chunks and make those make those changes in your life. Um, and you know, it it is when you sit down and you actually say write down, be very actively conscious of where money is coming out, it's actually like kind of scary.

SPEAKER_03 19:35

Yeah, it is very scary because you sign up to these things, you don't even know you signed up. Like I've signed up to a few things, and then next minute you get a notification going, Oh, this just got taken out of your account. And I'm like, what is that for? And then you think it's a scam, so you contact the bank and it's something you've signed up to that's got an automatic subscription renewal on 30 days or something. Yeah, 100%.

SPEAKER_01 19:55

And again, and it's everywhere you look. We live in a subscription society, right? So nothing's buying it. Nothing you don't buy a one-off anymore, like you know, Microsoft used to buy Microsoft Word, and it would last you forever until you got a new computer. Now you've got to buy it every single year for a lot more than it used to cost us, right?

SPEAKER_03 20:12

Crazy. Yeah, it is crazy.

SPEAKER_01 20:15

Um the the the other thing I was I was gonna just um just quickly highlight there was um with the barefoot investor, probably one of the downside things to the barefoot investor is his investment. So that book is really great about getting your house in order, getting it all clean, uh minimizing what's going out, um, setting up your bank accounts, reviewing your superannuation to make sure that all of these fees and everything's not eroding your cash flow. But one thing it it it kind of, and I and I get why he does it, but he does stress like you're probably not good enough to go and invest on your own. So he suggests all these other vehicles to go and and I'm gonna I'm gonna put a uh a tear a shred right through that because um it it is within everyone's um um everyone's capability to uh to invest on their own.

SPEAKER_03 21:05

But back when back when that book back when that book came out, was it different different environment?

SPEAKER_01 21:10

Was it harder or was it no not necessarily and I guess if you weren't interested enough to go any further, the advice is still sound, yeah, right? Um and and I guess the other real thing for me, Benny, I guess to the takeaway out of that book was the hustle, like really instilled the hustle. So, you know, he he his whole framing is in and around if you're not making enough money now, you need to change. You do. First, go and have that conversation with your boss to ask for the payrolls. You deserve it, right? Go and frame it up. Second, what else can you do? What are your interests or your hobbies that you could potentially turn into an income stream? Um, I think he talks a little bit about passive investing, but we'll talk about passive, I'm sorry, um passive income. We'll talk about passive income. Um, so a good example of passive income is I've spent all this time reading all these books, become a bit of an expert on Bitcoin, realized there was a gap in the market for a Bitcoin book that actually spoke about how Bitcoin works. Really simple distilled down. Took us about a year to write, and that's passive income now. I I I did the hustle, produced it, um, and and now it published it, and now it's available, and I get a slow, steady income every single month um from that book being out in the market.

SPEAKER_03 22:24

You'll have to put the link to that book in this once we launch this as well. 100%.

SPEAKER_01 22:28

Yeah, yeah, absolutely. Yeah, and we'll talk a lot about the content in that book as well.

SPEAKER_00 22:32

And and and yeah, so maybe you could even just explain what fiat is compared to any other kind of um money, finance.

SPEAKER_01 22:41

Fiat fiat currency, it's a really good question. Um, fiat currency to cut a long story short, fiat literally means by decree. So your government says, here's the money you must use. Uh, and by the way, it's not tethered to anything. So there's a lot, a big, massive misnomer. And you could probably ask senior people in your life, whether it be parents or grandparents, if if they think gold um money is backed by gold, and there's still a massive misunderstanding that a lot of people still think it is backed by gold. And I'm telling you, no, it is absolutely not. Not since 1971, has money been backed by gold.

SPEAKER_02 23:17

That's correct.

SPEAKER_01 23:18

And that's what we now call fiat currency. And what it really means is governments can and have a history of absolutely doing printing money out of thin air, right? So when I can print units out of thin air and distribute them amongst, and and there's a real insidious way that that's distributed as well, which benefits people closest to the money spigot, and we'll talk talk more about that as well. But when um they print money out of thin air, it's basically just introducing more units competing for, you could argue, the same amount of goods, right? So you can you can imagine you're playing Monopoly, and we all start with the same amount of money, and there's only so much property on that board. But imagine if I I'm the banker and I give the guy to my left of me a few more thousand, right? What's he gonna do? Every lap he does, he's gonna scoop up more and more property while you're still struggling. That's exactly the same analogy as what exists in this in in in every government across the world. Is fiat currency is money printed out of thin air. And what that does, like I mentioned earlier, it distorts how we show up, it distorts markets, it distorts assets. And this is where assets put and it benefits people who already own the assets, right? Is that they keep printing and assets just keep climbing up, and all you have to do is look around the Australian real estate market and you go, that's exactly the the the outcome of doing that.

SPEAKER_03 24:41

Is that every bank in the world? Is every bank in the world run by Reserve Bank now?

SPEAKER_01 24:46

They all have their own central banks, um, all with, you know, uh, and depends on the country, right? So some use the US dollar, but overarchingly, we'll we'll talk a lot about the US dollar because they are the global reserve currency, and a lot of what they do, everyone else has to repeat to keep up. So um, and part of that monetary history will talk about why that is and why the US dollar become the supreme sort of dollar currency throughout the world. Um now, since they left the gold standard back in 1971, they now what we know now as the petrodollar system. So basically they went to Saudi Arabia and said, hey, you guarantee you sell your oil and US dollars, which creates demand for US dollars, which means if I've got demand for US dollars, I can print. Because there's there's demand. So you you're you're hampering inflation somewhat by making sure there's demand, and you make sure that you sell US dollars, uh sorry, oil and US dollars, and we'll provide you an army. That's what's basically the regime over the last couple of decades.

SPEAKER_02 25:50

Yep.

SPEAKER_00 25:50

But everything is everything eventually inflates anyway. You know, like look at look at the way that we're living now.

SPEAKER_01 25:57

It's totally different five years ago, and that we have had you you go back through centuries, there's been regime after regime of fiat currencies, every single one of them collapses. And we are arguably going through a fiat currency collapse right now. That's why we've got so much geopolitical tension. Um, geopolitically um there's there's there's economic tension as well. So they're fighting wars now on the economic front, not necessarily with kinetic energy, like blowing people up. Um, it starts to express itself hot as what we now know as hot wars, right? Now, you know, with Iran, but arguably it's a downstream effect of this petrodollar system. Um, the war in Iran, the war in Iraq, Afghanistan was all underlying. There's many reasons, right, that they gave. And I don't want to necessarily focus too much on um I'm I'm as conspiracy theory as the rest of them, but I think it sometimes it distracts the message.

SPEAKER_03 27:00

There'll be a late night show about the conspiracy theories, though, won't.

SPEAKER_01 27:03

Late night, yeah, exactly. And I want to stay away from that, right? Because um you can sometimes lose the message um by getting caught up in narrative, right? And and at the end of the day, we can peel the narrative back and just look under the hood, and the mechanics uh and the evidence is real. So we don't have to paint it with narrative necessarily. The most important thing is that you understand the mechanics, you understand the mechanisms of how these things work and and and how to best navigate them, and that's all we need to do. Um, you know, that's all we'll need to communicate and bring people on that journey. Um, I've got lots of theories as to why, and um, you know, there's there's there's lots of things out there, but I would say that over time, what we've now known, right? If you go back to Iraq, was map weapons of mass destruction. Now all of the CIA files have all been declassified, and it was turned out no, there wasn't weapons of mass destruction, it was Saddam Hussein trying to sell oil in gold in euro. And that's a big no-no you sell it in US dollars and US dollars alone. So that's now what we are starting to understand after the fact. And I bet you, you know, in another couple of years' time, it the story will come out around Iran. Um, you know, Gaddafi was the same, he started selling oil and gold, and there's a lot of examples of threats to that US hegemony over the ability to print money, okay? And they're a very powerful, powerful entity. Um, and why we focus on the US dollar, and a lot of things are US centric, is because they're a very big, sophisticated market. We've got a lot of information in and around um the US dollar and how money works because of them. So a lot of the references that we have is all US centric, but it's equally you copy and paste and apply to Australia on a smaller scale. If the US prints, we have to print. Because otherwise you get too much fluctuation in like dollar strength and all that sort of thing. And we'll show you graph and graph and graph of information to support all that thesis around you know the extent at which they've printed money, right?

SPEAKER_03 29:10

Now, to get back to Australian soil, something that's in the news at the minute, you see it all all these reels and stuff popping up about the negative gearing, how they backflipped on negative gearing. Explain that to me. What have they what have they actually backflipped on? What have they changed with the negative gearing?

SPEAKER_01 29:30

So essentially what they've done is just change, made a recent change to how negative gearing. So negative gearing is actually uh I don't I've never liked negative gearing. I'm an investor who loves to increase cash flow.

SPEAKER_03 29:44

So just negative gearing. Back one more step. So negative gearing, say you buy a house, right? And then you like you rent it out for less than you're getting for your paying for your mortgage, yeah. That's negative gearing.

SPEAKER_01 29:57

Correct.

SPEAKER_03 29:58

And then you can claim that whatever the difference is sort of comes back in the wash.

SPEAKER_01 30:02

Yeah, so negative gearing is I'll explain it. So um I buy a property, say it costs me $800 a week to service the property, but I can only rent it out for $600. I'm in the hole, $200 a week. Now, in normal investing, right, you make a capital gain and capital loss. Like if I buy something and I sell it, if it's a gain, I've got to pay tax on that. And if it's a loss, I can carry that forward against more capital gains. Okay, that's the the buying and selling of assets. The difference with negative gearing is it was a mechanism to try and spur on the property market where it's a it's a unique situation that if I make a loss, I can deduct it against, like make a tax deduction against my income. That's not normally how it works. So if I earn $1,000 a week, right, and then taxman comes along and taxes me, at the end of the year, I can tally up all those $200 a week that I was in the hole and reduce my taxable income from my wages. Now, they normally treat assets completely separate from wages in the respect that you can't deduct against income that the the the wage that you make, with the exception of houses. And this was the negative gearing loophole.

SPEAKER_00 31:16

So it's sort of like they're making houses as currency in itself.

SPEAKER_01 31:21

Um potentially, yeah. That's a that's a really interesting way of thinking. I'd have to think about that a little bit more. But um, that's the outcome of money not working, yeah, is the fact that you actually have to save in something, right? So if you can't save in the bank for all these reasons that like inflation and all that, which we'll get into, that's why you turn towards other assets. And because Australia doesn't have a very big, sophisticated stock market like they do in the United States, it's more easily expressed in real estate. And that's why people turn to real estate. You can go down to, I bet you you're at your family barbecue, there might be 20 people there, let's call it 10 couples. I reckon at least eight of them would say, my number one goal is to buy an investment property. That's everyone's idea of making it, right? Um, and the reason for that is it's because it's understandable. People get it, right? And because there's been these little um loopholes that the tack, you know, our Australian government has given us to make that a little bit more palatable, right? Now, if you look, take a step out of that and you look at the most famous real estate book on the planet that's ever been written, is a book called Rich Dad, Poor Dad by a guy named Robert Kiyosaki. It was a Hawaiian-based guy whose dad worked as a teacher, but his best mate's dad was filthy rich. So it was about his experience in comparing the dads growing up. Why does my dad, you know, not have a lot? Why does this guy have lots of, you know, lots, lots of um assets and why is he wealthy and why does he drive a flash car? And that book's probably the most famous investment book of all time. Well worth reading. Now, Robert Kiyosaki was on a podcast getting interviewed by an Australian probably about five years ago, and he was asked his thoughts on negative gearing. He said, I have never seen as much bullshit shaped up in a you know and painted with a ribbon as negative gearing. He says, your number one goal when you're investing is to increase cash flow. This whole notion of I'm actually excited to go into debt and lose money is a crazy notion. And people think, well, if I'm $200 down, I get to claim that at tax time. But you're still $200 out of pocket because you don't get the $200 back. It's a $200 reduction against your taxable income at which they will reassess your tax. So it's always a marginal rate to get that back. Now, the Albanese government's done a backflip on negative gearing. So I personally don't actually think it's too bad. And I'll probably get shot down in flames by the myriad of properties.

SPEAKER_03 33:58

But what have they, what have they actually what have they actually done to be to call it a backflip?

SPEAKER_01 34:02

What are they what's so they've grandfathered it. So if you already own an investment property from today moving forward, no problem. What they're trying to fix is supply, real estate supply in in this market, right? So if you now go and buy a um an investment property, um an existing property, you are can no longer negatively gear against income. Okay, that's the change. But you can do it for a new house. So if you go and build a new house as an investment, you can still negatively gear. I'd I'd have to just probably go and double check all of that fact, Benny, because that all of that's very new. It's still coming out. Um and it will probably even it's still going to get through Parliament.

SPEAKER_03 34:44

No, we're just launching everything you say is getting launched on the internet without any fact checking. You're going straight up there, mate.

SPEAKER_01 34:50

Straight up there. Um that that's how we understand it today, right? Is is what is the change that they're making. And a lot of people are in uproar about it. And understandably, yeah, okay, if your only um way to get ahead in life is through invest investment properties, then yeah, okay, it's a it's a it's a major blow, right?

SPEAKER_03 35:08

Seems madness to madness to me to run that sort of negative gearing setup. That just sounds mad to me anyway. So yeah.

SPEAKER_01 35:15

Yeah, and and this is again like part of what we'll start. Like it's it's most investing, is I would argue, purposefully opaque. Really hard to understand, really hard to navigate. They don't want you knowing too much about it, right?

SPEAKER_00 35:31

Definitely not they don't want to make it easy for you.

SPEAKER_03 35:34

It is extremely hard. Like it's real hard to work out where to put your money.

SPEAKER_01 35:39

Yeah, yeah, 100%. Yeah. Um, and stock stocks are um another, you know, we'll talk about ETFs, we'll talk about superannuation funds, we'll talk about a lot of um the way that we show up there uh in terms of returns and and why that's potentially not a good thing over the long term as well, um, using ETFs and and all of that to invest. Um, because basically you're you're going in blind, right? Um, so and and we'll talk a lot about that. I've got a whole episode planned on ETFs and um there you can read you know most of the top uh investment books that have ever been published will focus on a theme value investing, momentum investing, all of these things will again we'll get into. But at the end of the day, most of them will end up with if you can't beat the market, buy the market. Okay, if you I'll say that again, if you can't beat the market, buy the market, that's where the intel, um sorry, the barefoot investor sort of ends up in his book as well, as ways to buy the market because you won't out compete it. But what that's essentially done is maintained a way for early investors to use exit liquidity, namely your retirement, to get out of their positions um with you doing no work. So I'll put I'll put this, I'll shape this up. Like I said, I don't want to spoiler alert for future episode, but it might just wet the whistle a little bit because um let's imagine you go down a coffee shop, okay, and you want to go and buy this business. What's the first thing you're gonna say to them?

SPEAKER_03 37:12

How's business?

SPEAKER_01 37:13

How's business? How many cups of coffee do you sell?

SPEAKER_03 37:16

Exactly.

SPEAKER_01 37:17

What are your overheads? What does it cost to buy the cup that you you sell? What's your rent? What's your electricity? So if you're gonna buy that business, you're gonna do that due diligence, aren't you? You're gonna ask them, you're gonna look at their numbers, you say, give me give me your balance sheet, what was your income last year? What were your overheads? What were you left with? How much profit? And based on that, I might make a calculated decision. I might say, All right, I'll give you three years worth of your profit because I want to own it for 10. That's a reasonable economic calculation that most people can understand. When you go to the stock market, and then I'm talking about the ASX, so that's the Australian stock market, I'm talking about the US stock market, I'm talking about every stock market, okay? You're essentially doing the same thing. You're going and you're buying a fraction. So it's like me and you, Benny, now going into the coffee shop, we're going partners, and then we loop brilliant. We're gonna go 33%, we take, you know, 33 shares out of 100 each, um, and we're gonna share that business. You're doing the same thing when you buy a stock in any stock market, but what most people, and I would guarantee it's just the the number would be as high as 99.9% of people are doing zero due diligence on what is that coffee shop worth. Just because I'm buying BHP, I should actually be doing similar economic calculations on what is BHP actually worth. And I'll save you the trouble. Uh, after reading 60 odd books, I taught myself how to read balance sheets, this um how to do um discount cash flow, how to read cash flow statements, how to read um balance sheets and income statements. I taught myself how to value certain companies during that using that same methodology. And I'll tell you absolutely for free right now, nearly every single company in the world is trading at multiples upon multiples upon multiples upon fair value. So if we take back to the coffee shop, if they say I sell $10,000 a year worth of coffee, okay, I'll pay you $30,000 for your coffee shop. We are operating in an environment where that same $30,000 valuation of the coffee shop is trading for a million bucks.

SPEAKER_03 39:22

Whoa.

SPEAKER_01 39:23

That is the same thing. And then what we do with superannuation is we use these ETF vehicles. So this comes back to this saying around don't beat the market by the market because it is actually really, really because of all these things, it's really hard to actually outperform just being in the market in general. So what they do is they use these ETFs, right? ETF stands for Exchange Traded Fund, and it's a really fancy way of just packaging up whole EPA companies in one to make sure you're getting exposure to the market. And it removes risk in a way of having to go down the route of understanding how to value all the all of these companies, right? And that's the sort of branding they try and package it up in is um if you buy the whole thing, you're spreading your risk out, and therefore you don't need to know how much Apple stock's worth. Okay. The real challenge with doing that is that every dollar that comes out of your superannuation and goes into that in um into that ETF, it's doing zero price discovery, it's doing zero due diligence on is Apple actually worth what we're paying for it. So every dollar that floats in, if you're buying an ETF, and I'll keep it in simple terms, but if you're buying a like a market weighted um, you know, SP 500, so top 500 stocks in the US, if you put a dollar in, two cents of that's automatically going to Apple. One cent's going to Tesla. You know, it's broken down across those 500 based on how much they're worth in terms of market cap. Okay. You're not doing any due diligence and you're not asking the question, is Tesla actually worth that price? You're just going in going, well, I automatically have to buy two cents worth because it's Apple and it's part of this index.

SPEAKER_03 41:03

I've learned something already because I didn't know they put them all together and you can just put money into the whole lot in one group.

SPEAKER_01 41:08

And that's they're the vehicles that your superannuation are using to invest your money, right? But the question we need to ask ourselves is who's selling? It's a market, right? For every buyer, there's a seller. So the dumb money is coming in, and and that I don't mean to be triggering, right? That's not supposed to be a triggering word, but that's the term they actually call us is the dumb money comes in.

SPEAKER_02 41:31

Wow.

SPEAKER_01 41:31

We passively go and buy you know two cents worth of Apple for the dollar that we've put in, and there's someone on the other side selling that, knowing full well that that's oversold. Uh it's overvalued. It's like I've got I've rung it dry. I'm I'm quite prepared to offload it here because I already know it's grossly overvalued. But now what we've created is globally over 45% of our income goes into markets passively, passive investing. 45% of every trade going in is going, I don't give a shit how much you charge me for this.

SPEAKER_03 42:06

I just want it. Just stick it in there and hope for the best.

SPEAKER_01 42:09

That's a crazy notion, isn't it?

SPEAKER_03 42:11

That is crazy.

SPEAKER_01 42:12

It's very high.

SPEAKER_03 42:13

Now for every episode, we need a tip that can help day-to-day life. People out there, day-to-day. I've got a myth busted, a myth that I want you to either confirm or deny.

SPEAKER_02 42:26

Yeah, right.

SPEAKER_03 42:26

When I set up my home loan, I was told always run a credit card link to the account, yeah? Use that for everyday spending for the whole month. Leave all your money sitting in your variable offset account, then once a month pay your credit card off. Confirm or deny that's is the way to run it.

SPEAKER_01 42:47

That's a loaded question. Um it can work if you're disciplined. Credit cards in I haven't had a credit card, I'll tell you that, I haven't had a credit card in like 15 years.

SPEAKER_03 42:57

Yeah.

SPEAKER_01 42:58

I hate them. Don't like them.

SPEAKER_03 42:59

So the argument was all your money you're earning, say my wage for that month is sitting in my offset account, bringing me interest rate down on my mortgage. Yeah. And then you're using the credit card link to that, which is the bank's money for the whole month. And then when that whatever you spent, say you spent three and a half grand for the month on the credit card, then you once a month you transfer that money out of that bank account into that, then you use your credit card again for everything else.

SPEAKER_01 43:24

Are you making money or losing are you making money on interest or it's it's not a bad strategy in terms of reducing how much um actual money you're paying on in terms of interest because you're lowering your principal.

SPEAKER_03 43:38

Yeah.

SPEAKER_01 43:38

Uh that what they're calculating on. I would argue that there's better things you could do with that money.

SPEAKER_03 43:45

Beautiful.

SPEAKER_01 43:46

Okay. Um, you're not probably saving all that much in in its um, you know, if it's if you're if you're running dry, pay comes in by you know the following Tuesday, it's gone. Like you're you're probably not shifting the needle that much because it's coming. Now, too quick for you to make a benefit anyway. Um, in in saying that, it's it's not bad, it's not a bad strategy to do. But um, I I would argue we can explore things that if you've got like a lot sitting in your offset account and your redraw, um you know, you're saving yourself 2.7% return or 6.5% return, whatever your interest rate is, right? But you could potentially be putting that to work and earning more.

SPEAKER_03 44:26

Let's put it to work on the case.

SPEAKER_00 44:28

That's most definitely where I am at at the moment with um my money not making money for me.

SPEAKER_01 44:37

Yeah, and that's the the whole danger. I'll keep coming back to this understanding monetary premium is is because your money doesn't work, right? Because we've had and it's been accelerated, it hasn't worked since 1971, since we went on this fiat currency regime regime, but it's been worse since COVID-2020 because they turned the money printer on like hell for leather. And I'll show you a graph on maybe episode two that explains that. We've got money monetary base that goes like um if if you're if you're only looking, but I've got my hand up, right? It's going up to the right, okay. Uh 2000 dot com crisis, it goes up a little bit at a steeper angle. 2008 global financial crisis, it goes up a little steeper, and then 2020 it literally rockets up like this. And that shows up in price inflation. Now, when your interest rate in your bank is below your rate of inflation, it means that your money is buying you less at this inflation rate and you're only earning at a lower rate. So you're never, ever, ever going to get ahead. And if you're trying to save for a home, houses are accelerating at an even rapid more rapid rate than inflation. So you're always chasing your tail. And that's why we we now know money doesn't work, okay? And that's why now we're starting to see monetary premium showing up in everything else. And like I said um many times already tonight, mostly in Australia, that's expressory real estate, but it's also express through like stock markets.

SPEAKER_03 46:06

Well, there you go. That is a lot to unravel for episode one, there does.

SPEAKER_01 46:10

She's a heavy, she's a heavy one.

SPEAKER_03 46:11

This is good. I love it.

SPEAKER_01 46:13

Yeah, yeah.

SPEAKER_03 46:14

I've got a lot to learn.

SPEAKER_01 46:15

The the the actionable item, Benny, just to come back to your point, I think the actionable item is to start looking cleaning up house. Okay. Start really assessing, go out and buy that barefoot investor. It's super easy to read. Read it. If it takes you a couple of months, it's a couple of months worth worth doing. Um and get your house in order.

SPEAKER_03 46:35

Let's set a target for every episode because it's going to be a lot of stuff, right? We're going to have to go back through and listen to these a couple of times. Well, people like me that don't take information in that quick. We'll listen to your talks a couple of times, but at the end of every episode, let's give them something to walk away with. Today's Barefoot Investor. If you haven't read it, get out and read it, read it. Go and read Daz's book as well. We'll link that into the um comment section as well. And the bottom of this on YouTube and our Spotify. Go and have a read of that. And episode two will give you something else to walk away with. But Daz, appreciate it, mate.

SPEAKER_00 47:07

Lots to learn.

SPEAKER_03 47:08

That was awesome. Sensational. Make sure you tune into the next episode of the hustle. Um, we've also got another episode coming out of our main show, the raise the bar show. That'll be out in uh probably three weeks after airing of this one. We've got a lot going on. But yeah, look up does on our website, ww.chasemmortal.com.au. There's a few links there for the show. We'll link his book there as well. We'll link all the good work he does on his looking glass. Give us the uh website for looking glass there, does.

SPEAKER_01 47:40

Yeah, so we created a um education platform called looking glasseducation.com. On there you'll find something called the Bitcoin course, but it talks um it's not just uh a course about Bitcoin, and we'll get to why Bitcoin. Um I really want to spend a lot of time for you listeners um explaining that thesis um because most people who've come across Bitcoin think it's risky, um, and it and we'll we'll start to understand why I challenge that, um, to be honest. But the Bitcoin course is free, just use your email to sign up. We don't spam you with anything, uh, it's just uh to stop the bots. Um but that talks a lot about monetary history, where we've come from, where we've got to today, and more importantly, what what are your investable options navigating this fiat currency um situation? And then part two is actually the book. Um the book we've published, but it's also if you don't have the cash available for it, all that resource is free. Um, just got to put the time and effort in to read it.

SPEAKER_03 48:34

Yep. Spot on. Thanks, Doug. Thank you. Thanks, Bray.

SPEAKER_01 48:38

Thank you, appreciate it. Thanks, guys. Thanks for having me.

SPEAKER_03 48:41

See you guys.