I Will Teach You To Be Rich - 97. Where Are They Now? Netflix Reunion with Frank

Episode Date: May 11, 2023

In this special limited series, we’re following up with couples from my Netflix show, How To Get Rich. Tune in to hear what’s new, what isn’t, and where their money conversations have gone since our taping. Today, we check in with Frank to hear how he’s adapting to life as a full-time influencer. This episode is brought to you by: Long Angle | If you've made a lot of money and you're looking for a community of peers to turn to for advice, go to https://www.longangle.com/ to learn more. DeleteMe | If you want to get your personal information removed from the web, go to https://joindeleteme.com/ramit for 20% off. Nomorobo | To protect yourself and your family from phone scams, go to https://nomorobo.com/ramit for a 14-day free trial. Links mentioned in this episode • Join Earnable • Get my New York Times best-selling book Connect with Ramit • Get Money Coaching with Ramit  • Download the Conscious Spending Plan • Get my no-numbers journal • Other episodes • Instagram • Twitter • YouTube If you and your partner have a money issue and you want my help, I occasionally select a couple to work with, free of charge. Apply for my help here. Produced by Crate Media.

Oh, I don't know if you know I end up putting my job. Yeah, I remember. So you went full time as an influencer. Yes. Yeah, it's been run. Going from getting paid every week to not getting paid every week, not getting paid every month, not getting paid every three months sometimes, as kicked my ass, if I can say ass. I think I went from like September to,

no, probably like August to November with no deals. When did you start getting worried? If I'm being quiet honest, I'm still worried today. If I'm being very honest with you, keep in mind now, deals don't stop. So things are still, my life is still moving. I'm still, my rent is still coming out every month. So what's happening now is I went through the deals that I did have. I've spent that money on bills. I've paid down some debt and now I'm

pulling out of my savings to leave. I was like, you literally quit your job to do this and this is not working out for you. Have made the dumbest decision of your life. How much longer can you go? Not long. Today you're going to hear my follow up with Frank from my Netflix show How to Get Rich. So if you haven't already finished the entire series, go do that right now. This is my one and only spoiler alert.

Now Frank left his job as a full time social worker to become a full time social media influencer. Let's find out how he's doing a year after the show was filmed. And as a quick reminder, you can listen to this on any podcast platform and you can watch on YouTube so you can see Frank's eye contact and body language, which is quite revealing in today's conversation. Let's get into it.

Frank! Don't feel it. How you doing? I'm good, but I can barely hear you. Oh, this is not good. Can you get a headphones that are plugged? So, we can't hear the music, but I just can't hear you hardly at all. It's really muffled. Let's do it when we can get this right. Get home, do your thing. Let's reschedule it for that sometime.

Yeah, I know, but we got to do it tight. So, will you be flexible with my team so we can get you on the calendar? When do you think you're gonna want it this when you think we got to do it this week? Soon if not did yeah, I don't know I'll leave it to them, but soon Okay, yeah, okay, all right. All right. Well, we'll get back in touch and then I do want to connect I mean, I obviously want to know everything about what's going on. I'm excited to hear it. But let's save it. So what we're rolling, you know, Frank didn't really come prepared to talk.

He was sitting in the back of a noisy cafe. So I suggested that we wait until he was in a better situation so we could hear each other. As you listen today, I want you to notice how that presentation, that lack of preparation was indicative of some of the ways that Frank treats his money. Let's go on to the next conversation we had where he was in a quieter place. Yes, Frank, how you doing? Great, how are you? Oh, you look great and you sound great.

Thank you. Oh, great. Thank you. This is so awesome. I've been following you on social since we talked last and I have so much to catch up on. Yes. So the last time we talked in person was in your garage and we had had a long day filming.

And I mean, it was great. I always have a great time talking to you. We chatted a little bit here and there. But I want to know just overall, how are things going? Tell me the good, tell me the bad, tell me everything. Oh, well, I don't know if you know, I ain't putting my job. Yeah, I remember. So you went full time as an influencer.

Yes. I've worked with some amazing brands, and they're a brand, McDonald's. I went to New York on Wednesday because they wanted me to do a review on a new show that was coming out. So getting paid to do stuff like that is kinda like, wait, you want me to just come to New York and just do a review and you're gonna pay me for it.

So it's amazing. I need to basically, after this show comes out, I think we have to do what we did again because I am in a totally different financial situation than I was in. But I feel like trying to reapply to this new lifestyle as an entrepreneur has been hard as H.E. double hockey stick. Going from getting paid every week to not getting paid every week, not getting paid every month, not getting paid every three months sometimes. As kicked my ass, if I can say, wow, yeah, you can say anything you want. Yeah, it's been real. Like so rough that I was about to call you and be like, Rami, I need you to tell me that entrepreneurship, it's okay, like the what you're going through,

but I don't have a lot of friends in that space where I could get a perfect example. I got paid, I'm gonna get paid $4,000 from what I did just to go to New York. I want to see that money for CC days though. Oh, yeah. And then you got gotta hold taxes back. And all that stuff, yep. Listen, first of all, you can call me anytime, right? Hit me up anytime, any questions you have, anything.

So it doesn't matter. Being an entrepreneur for the first time, especially if you don't have people around you, it's like you feel up one day, you feel super down another day, and you're not even sure if that's normal. Yeah. Yeah, it's been It's been run. Let's talk about the numbers for a second So back then you had a full-time job and you were doing some influence or work on the side I was making like six out probably I think around six thousand a month

Six thousand a month that was your salary and then you had some extra on top once in a while Okay, so you went from 6,000 consistently to zero. When you first went full time as an influencer, what was happening with the money back then? When I decided to quit, I had a deal with McDonald's that was a five figure deal. Now I was like, okay, this is, this is, this is my sign like I can do this. Like, I'm about to quit. That was an $11,000 deal. Cool. That was my first big deal like that.

And I was like, okay, like, I'm getting $11,000. And now I was like, you know me, I went out to party. I'm just talking. What? Hold on. How are your friends doing? The ones from brunch? God, I love that.

That was amazing. They're great. They're great. They're like, oh, it must be nice tonight. They're still working. So they just, they think my job now is just, oh, it must be nice. And I'm fired. Yeah.

Frank's galloping around to New York. Frank's getting a check from McDonald's. Okay. So, all right. So you went out party the little bit, I get it, and what happened to that 11K? Ooh, it went down. How fast? Fast.

Uh, uh, yeah. I've seen a lot of money coming in and go out fast. I think what I'm, what I, what I started noticing, it may be October, I think I went from like September to no probably like August to November with no deals. When did you start getting worried? If I'm being quiet honest, I'm still worried today. If I'm being very honest with you, keep in mind now bills don't stop So things are still my life is still moving. I'm still my rent is still coming out every month So what's happening now is I went through the deals that I did have I spent that money on bills I

Payed out some dead and now I'm pulling out of my savings to leave so I think November, in the November, after I went through probably like the lowest point of my life where I didn't want to get out of bed because I was like, you literally quit your job to do this and this is not working out for you. For about a week, I did not want to get out of bed.

I didn't want to get out of bed at all. Like I was sooner than like, you have made the dumbest decision of your life. You know, Frank already had a spending problem which he openly admitted, but now that he's a full-time entrepreneur, he has to have a lot of skills that are not commonly talked about.

And this is true whenever you go to a different phase of life, it can be moving into a house, it can be having children or getting a new job. You've got to develop new skills to handle the situation that you are now in. As an entrepreneur, he might have a $20,000 month and then he might go three months without making any income at all. As an entrepreneur, you've got to know how to spread your income out over these different months where your income might go up and down. Like I said, very if you talk about this, but very few of us actually want to hear this either. If you're going to become an entrepreneur, probably the last thing you're thinking of is how do I manage my sporadic income. Most people just

simply see something they want and they go after it without thinking about planning. But I like to plan. I like to plan for what can go right and also what can go wrong. So an $11,000 deal like Frank is mentioning seems like a lot of money, but when you put it in the context of being an entrepreneur, it's actually not that much.

Listen as Frank talks more about his new business. I get a lot of questions from people who have used my book. They've automated their finances. They've set their investments up. They go, all right, I did the basics. What's next? And when you've made a lot of money, you'll notice that there's not a lot of advice specifically for you. When you've made a lot of money, you'll notice that there's not a lot of advice specifically

for you. The blog posts that are typically focused around people who are just starting off or even people in debt do not really apply to you anymore. And it can also be embarrassing to ask, you can't really post about certain topics when you have money because your friends don't know how much you make. And nobody really wants to hear about how do I take cooler vacations? Or what do you all do for tax optimization? Because the first response is, oh, rich people problems.

I don't like that phrase because rich people problems are problems nonetheless. How are you supposed to find someone you trust, whether it's an accountant or a travel advisor? The usual advice that you find on Google doesn't really apply at a certain level. So if you've made a big jump in income or net worth and you wish you had a community of people who just get it, I want to introduce you to today's sponsor, Long Angle. The Long Angle community is composed of high net worth individuals with diverse backgrounds in technology, finance, medicine,

real estate, law, manufacturing, sports, media, and more. I'm a member of this community. There are so many interesting members of the community and the majority of them are first generation wealth. They're young, highly successful individuals, and they join the community to share knowledge and learn from each other, to get confidential, unbiased, support, knowledge, sharing, and networking. And you can do it online through their digital platform, as well as face-to-face connections at their long-angle in-person events. Now, members also have access to unique private market opportunities. And as I mentioned, I'm a member of long-angle. I like it because it's vetted. Everyone on there has a certain amount of net worth and therefore they are asking relevant questions

of the community. You're not gonna get people on there giving the same old advice like, hey, here's how you save money on celery. That's not the purpose of this community. Some of the topics that I've loved are multi-generational family trips or questions like, we wanna travel for six months with our children. What do you all do for school? How do you make travel more seamless for children?

I've seen topics I loved about concierge doctors. Topics that no one is really talking about publicly and on their online community there are groups for all different topics like education for kids, events, even philanthropy and how to become more thoughtful about giving. There are literally thousands of conversations going on right now at long angle, and I love it because it's a super high-quality group, and people are even starting to meet in person. Now, in order to join, members must show proof of at least $2.2 million in investible assets, liquid or illiquid, and a community organizer will hold a brief zoom call with every potential member to make sure it's a fit.

Go to longangle.com to learn more. That's longangleangle.com. One of my money dials is generosity. For example, I love tipping big, I love buying gifts and experiences for my family, and recently I bought my parents a subscription to Delete Me, this episode's sponsor. Delete Me is a subscription service that will remove your personal information that's being sold online. If you've ever Googled your name, you'll notice tons of search results with your personal information being shared online. That's not okay. It's not okay for you. It's definitely not okay for your family, including your parents.

Now, DeleteMe will remove it all. Your name, address, phone phone number all of it it automatically works in the background to scan and delete your personal information from over 30 data brokers, but they'll do customer requests on over 580 data brokers total. million Americans had their identity stolen in 2021. We've had a number of people on this very show who were victims of identity theft, and often it put them into tens of thousands of dollars of credit card debt and it ruined their credit. That's why I find delete me so valuable. It's a service that I personally use and I love it. They reviewed over 4,600 listings for me and removed dozens of pieces of personal information. I knew it would be important to protect my parents too, but I also knew that they probably wouldn't sign up themselves, so I just got it for them. So if generosity is one of your money dials, great.

If you care about your parents at all, if you have ever given them a hug, just sign them up. You know they aren't going to do it for themselves, but you also know that they probably need it. So if you want to get your personal information and the personal information of your loved ones removed from search results on the web, go to joindeleteme.com slash remeat for 20% off a plan for you or your entire family. That's joindeleteme.com slash remit, R-A-M-I-T for 20% off. I gotta deal with Penaerbriot.

And it was for $8,000. And I was, okay. I can, that's helping me. Then I got to deal with John. I'm a John ambassador now to the grocery store up here. So I got to deal with them and I was like, okay, okay. That's $8,000, this is $7,000, that's the momentum that I need in my head.

Like, okay, you know, it's coming in slow. I still ain't got that many. Oh really? That was last year. Whoa, why so slow? So, brands pay you, those deals were, because they're at the end of the year, counting in here, they're on a net 60.

Okay. It's not a net 60 from when you sign the contract, when you shoot the content, it's from net 60 from whatever day they receive and process the invoice. Whoa. Now, I won't say the brand, because it's podcast, but one of the brands, it's been passed net 60. It's like net 80, and I still have not got my man.

Wait, wait, wait, I read about to put this brand on blast. Why not? We don't have any, we have no minders, no nobody. It's just me and a few million people who are listening. Yeah, so it was, I see the thing is, it's never really the brand. It's usually the part, the people in the middle. Okay, you're right, you're right, you're right.

Yeah, it's not, you know what? I'll tell you offline, no. Okay, I know you will. And I love that you are the voice of reason in this conversation. I'm like, tell me Frank, Frank who is it and you're like So in terms of paying your bills right now. Are you still drawing from savings? Mm-hmm. Okay, let's talk about that because when we were shooting

You had got that money from winning the circle So we talked a little bit about what to do with that 75k. How much of that money is left? 20 20 K. All right, so we're from 75 to 20 and where did that money go? My livelihood bills Yeah, taking out of my savings. I literally take out of my savings to pay myself How much longer can you go? Not long. Yeah, not long, but see the thing is,

every time I'm almost like, okay, I'm going back to work, a deal falls off the sky. Like New York, fell off the sky. 4,000 miles or somebody else's is made and I be a lot of men but to somebody that that's a lot of men. So like things are happening

but they're not happening how I thought they would. And I think that's what stresses me out the most because it's like every time I swear, every time I go to my savings and I'm like, okay, I gotta take somebody to my savings. I hear from me, I hear you in the back of my head and I'm like, okay, I gotta take some out of my savings. I hear from me, I hear you in the back of my head and I be like, this is not what I'm supposed to be doing. Listen, I'll send you one of my headshots.

Going like this. Literally, I need you to stick it on there. I need it, I'm gonna put it on my wallpaper on my phone. Frank is what I call a believer. He believes that success is just one deal away. And believers use phrases like it will all work out or the universe will provide. In Frank's case, he actually loves the 0% balance transfers. He loves the fact that he's got to go out and find another deal. Quickly, make sure he can cover his expenses. And sometimes people even love net 60

because it gives them a purpose. And that chaos, which to other people would be intolerable is to them familiar. But in my opinion, it's hard to become successful if you are constantly hustling and hoping that success is right around the corner. Believers almost never take my advice about consistent saving and low cost long-term investing. You know why?

Because it's simply too boring for them. A lot of days, if I'm being quite honest, I feel like I'm moving backwards. Well, hold on, so those bills that you were hiding from yourself on the wall, what happened to those? I mean, I'm sure I got a few out there. I need to, I look at my mail the other day and I was like, I need to open that mail. Every time I look at the mail, I'm like,

it's full again. No, it's not full, but I literally have been storing things that they're like, I know, I literally got a ticket two days ago and I thought about you. Frank, those tickets, is this a joke? I'm not giving it my sickle. Listen, I've seen the craziest financial situations on the planet.

I've seen it all. Nothing phases me. But when I saw how many tickets you had, I said, is this for real? And the tickets, you know, was it 2016, 2000, it was years ago. It's a Frank, is this for real? And the tickets, you know, was it 2016, 2000, it was years ago. It's a Frank, is this for real? Yeah, I feel like that thing is going to be so fun. The look on my face, you know, all those everyone on the whole crew was dying because

nobody knew. It was just me. I spotted out of the corner of my eye and then the minute I said, hey Frank, what's all that stuff over there? You got real quiet. I'm sorry, won't you do on that? Yeah. My goodness. I talked to you about how I was, God, told me to put that job. Oh, I haven't hit my year market.

I told myself I was gonna give myself a year. And if I didn't, I could, I was gonna go back to work. So you've been full time as an influencer for eight months. If you add up everything you've made so far, how much is it? From being an influencer? Mm-hmm.

As of now, I probably would say, I had to guess maybe between 35 and 45. Okay. So over the course of a year, sounds like you're maybe making a little bit less than you used to make full time. Mm-hmm. Okay.

What do you need that number to be in order for you to decide whether to stick with it or not? Well, I needed to be by time July comes. Yeah. I think I will want it to be at least 75, 80. Okay. Okay. Yeah. 80, because now you're paying some extra taxes

that you weren't paying when you were full time. So that's gonna make the decision pretty easy, right? Yeah. It's like, if the numbers here, I'm on a good trajectory, keep going, if not, full time job. And if you do a full time job, could you still keep doing some influencer work? Yeah, because I think the jobs that I'm looking at now

are influencer marketing jobs. Thought would basically be in the same industry, working from home, remote, looking for other, looking for people like me to work on budgets for brands. So yeah, I think I'm really good at content creating. I'm really good in this space, but ideally, I would. If I'm going back to a full-time job that requires me to be on somebody else's time from 9 to 5, I want to be something that at least I enjoy. Yeah, is it the money thing? Is it a feelings thing? What is it for you?

Right now, it's a feelings thing. I don't want to. I've been in a place where I was comfortable. I haven't been financially like wealthy, but I've been in a space where I was comfortable. And I find myself sometimes in this entrepreneur journey, I'm not, like right now, I'm not comfortable. And I know that even the money that I have in my hands now, I've been in worse financial situations than what I am in now, but I don't wanna go back there. And I know that I'm turning the 30th and April, I don't want to be in a space where I don't feel that comfort.

Life has already been harder enough for me. I can't, I can't make it harder. You're anything that has to be. I don't deserve that. Yeah, I agree with you. You know, a lot of people will, you know, try to be a content creator or things like that and not realize that this shit is hard.

Sometimes the most valuable thing you can do is no when to quit. I have this program called Earnable. It helps you find an idea and start a business on the side. And in that program, we also talk about when to know if the idea is not going to work. So you can quit. That's because one of the worst things you can do is go what's called sideways. Just completely flat. Not failing abruptly, not succeeding dramatically, but just every day you wake

up and you have to just keep hustling. It sucks. And that's why it's important to know when something is working and when to quit. If you're interested, I'll add a link to the Earnable Program, which also includes coaching from me. And IWT, I'm all about teaching my listeners and students how to live their rich life, whatever that means to you. For me, a rich life is being able to invite my closest friends and family to a stunning resort in Mexico for my 40th birthday.

It's having a personal trainer plan, my workouts, and my macros every week, and it's never having to get a spam call. Think about it. How many times a day are you getting a call from an unknown number, or better yet a text from XF345Z claiming there's a problem with your electric bill? I'm busy, I want my day to be efficient, I don't have time to deal with these spam calls. That's why I want to let you know about this episode sponsor, Nomo Robo Max. Every single unwanted call is stopped dead in its tracks. Calls from people you know still get through, just like normal. And for those unknown numbers

that might be legit, like clients or delivery people, NOMO Robo's call screener will jump in and let you know exactly who's calling and what they want. Then you get to decide if you want to take the call. It even protects against spam and scam text messages. And the people over at NOMO Robo take your privacy very seriously. There's no ads, no tracking. The best part is it's affordable. You can protect your whole family for less than $7 per month. If you want to protect yourself and your family from phone scams, go to nomorobo.com slash r-o-b-o dot com slash remit r-a-m-i-t.

Today's episode is sponsored by Element, a very tasty electrolyte drink mix, and I want to read you a response that I got from one of our readers who started using Element recently. His name, D, he wrote, you convinced me to try element and I'm pleasantly surprised by how much I enjoy it. The magnesium is really helpful for managing headaches and getting quality sleep, but it tastes so much better than I was expecting given the salt factor. This will be my new go-to for workout recovery and the blistering Florida summer heat.

Well, first off, I love hearing about your experiences with our sponsors on the podcast. I want to pick the very best sponsors for you, so keep your feedback coming and thank you. Element can help prevent and eliminate headaches, muscle cramps, fatigue, sleeplessness, and other common symptoms of electrolyte deficiency. If you're sweating or feel dehydrated and you want to replace your electrolytes, consider element. They have 8 great flavors like citrus salt, watermelon salt, raspberry salt, and even lemon

habanero. Right now, element is offering 8 single serving packets free with any element order. This is a great way to try it all eight flavors. Get yours at drink element dot com slash remit. Try it totally risk free. And if you don't like it, they'll give you your money back. No questions asked. You have nothing to lose. This deal is only available through my link. Let me give it to you again. Drink L-M-N-T dot com slash R-A-M-I-T. That's drink L-M-N-T dot com slash Rameet. What's up with your expenses? When we talked, you were living in a very inexpensive apartment,

which I said, do not move. You still live there? Mm-hmm. You do? Yeah. My man. Okay. I told myself, this was my deal. And I did this, I said,

we're making it going to be proud of me for this. I said, if I'm going to, I say, I'm either going to quit my job and stay one more year in this place, or I'm going to keep my job, and then I will be able to move okay, so I didn't I didn't move I sacrifice my living but I do have good news tell me So this I have never heard of this happening, but I'm a manifesto and everything I said in my head come get happens I literally told my friend one that I said, I just create such great content that it will be so nice if an apartment complex

will want me to create content for them and live for free. That's happening. What? Yes. Wait, what? Explain this to me. I've never even heard of this.

Yeah, so apartment complex up here, it is, they're tailoring to where people can live and create. Okay. So they have musicians coming in, they have a shift coming in and they have a constant creator coming in and that constant creator is me. Okay. Very creative.

All right. I like hearing the creativity. When does that start? July. Oh, okay. And let's talk about the going out expenses. So has anything changed in terms of going out? Yeah, I don't go out as frequently.

I don't go out. I used to go out three days in a week and I don't do that anymore. I try to limit my skin into like $200. Luckily, people know me and they always want to drink with me. So they buy drugs for me. So yeah, but I don't do that sort of consistent thing. I'm not out every weekend anymore. I just, it doesn't make me happy anymore.

And it's a different scene that money coming out of your account when you give it on alcohol and having a good time. Week after week after week and your money isn't coming in like that. I was working, it was like, okay, like I got money coming in in two weeks or whatever. But now it's like, no, you just spent $300 out on Sunday and you ain't about to see $300 come into your account for maybe three months.

Yeah, realistic. I can't live like that. So every single thing has to be accounted for. And every single thing, I have to be accountable for how I stand. So, you know, if I'm going out spinning $300, can you recently do that right now? And no, I can't.

Not every weekend, and I may be once or twice a month, yeah. Cause I'm gonna go out, but cannot do it, how I used to do it, no. Wow. That won't give me the point where I wanna be. I wanna be wealthy. I'm gonna, yeah, but I'm gonna go out, but can I do it? How I used to do it? No. Wow. That won't give me the point where I want to be. I want to be wealthy. You put yourself in a position where nobody's coming to save you.

Is it Frank or that's it? Yeah. That really forces you to get honest and it forces you to get creative. This is an interesting point. Sometimes when you discover someone behaves peculiarly with money, you might discover that they have been enabled financially for decades. The most common example is someone who's had all their expenses covered by their spouse, and they just don't know how to behave responsibly with money.

I actually remember this interview with a famous actress who worked with a very famous actor, and they asked her, what was it like to work with him? And she said, what would you be like if no one had ever told you no for the last 50 years? What Frank will later admit is that he has been enabled in a variety of ways. He was given money as a child, not taught how to use it. When he won the circle on Netflix, he was enabled by this huge infusion of cash. He will even later explain that he felt his job enabled him because it was money in and money out never having to really look at the line items of what he was spending.

But something really interesting is happening here. Because he is now an entrepreneur, he has to look at how his money is flowing. He has to track where he's spending his money because if he doesn't track it, he doesn't have a job that's going to just pay him. He doesn't have more winnings coming from another TV show. He has to be in control. And in this way, a cloud has almost been lifted from his eyes, forcing him to get real about money. Incidentally, this is the only way you can get believers to change their behavior. And that is to pull the rug out from under them, because otherwise, they continue to be enabled and unrealistic with money. Talk to me about your debt. What's the state of your debt?

Not too much a change. I think that the student loan debt is still there. Of course, she is sitting very, I'm pretty. What is it now? How much? It's like 169, 175. Is it growing? No, I I don't, I don't, if I'm paying on it, I don't want to get bigger. I need to just stay where it is. So I'm, I want to pay something.

You need it to come down. Yeah. I'm gonna pay you. I'm gonna pay you. I'm gonna pay you. I'm gonna pay you. I'm gonna pay you. I'm gonna pay you.

I'm gonna pay you. I'm gonna pay you. I'm gonna pay you. I'm gonna pay you. I'm gonna pay you. I'm gonna on it, I don't want to get bigger. I need to just stay where it is. So I'm, I want to pay something. You need it to come down. Yeah. Okay. So yeah, that, that's that.

I have about nine thousand dollars left for my car. So I plan on paying that off really soon. When's that going to be done? I want to have it done by August. I really just wanna get a contract and knock it out. Okay. Just cause I don't, if I'm, if I go into it with the mindset

that I wanna be paying rent in July, and I don't have a card note immediately after that, that's a lot of money that I'm saving every month. So I'm gonna go ahead and knock that out. Pretty card day is not significant because I don't, that's another big thing I learned. This, in this journey, I was gonna celebrate with my credit cards because I was making a paycheck every two weeks.

Yes. Nobody told me how difficult it is to pay off credit card debt when you don't get paid. Yeah. And it goes up. Yes. So that was a battle too. I think in the bright one, I was used to, I had gotten used to, oh, I'm just going to put it on my credit card, blah, blah, and pay it all. But man, I think I want to say it was like around that time where the contracts weren't coming in. That's all okay. Well, I'm just using my credit cards and I get a contract. That was terrible. I did.

So I learned quickly. So I'm working on paying one down. I think about like three, I think I have like three cards. All of them are like $3,000 in total. I don't really know. And that down. Yeah. All of them are like $3,000 in total. Gotta get rid of them. And that down. Yeah.

And when I pay them down, I don't want to use them. Unless it's just for an emergency. Good. Because it's just, if I don't have it, I don't have it. And I don't need to be barring it from somebody else if I don't already have it. Notice the way he talks about paying off his car. He says, I really want to get a contract and knock that out.

This is the episodic transactional view of money. The idea that there's one deal right around the corner that's going to enable me to pay off my debt or pay off my car or pay for that trip to Morocco or whatever. I would never talk about money this way. For me, if I had a car note that I owed money on, I would say I'm paying $450 a month. I know the exact

month and year is going to be paid off. Here's my interest rate, et cetera. It would be part of a system. There would be nothing left up to chance. This is a much more advanced way to look at money, where you make a plan, then you map it out and you automate it. If you want to do this for your money, you can use my book, I will teach you to be rich, to set this up and then get on with your life. What are you most proud of from our work together? I'm proud that I learned that it's okay to talk about men. But now I'm very comfortable, not only having those conversations with you, I have those conversations with my friends.

We talk about money. I just had a very in-depth conversation with a friend about money. And I had the best to tell her that I was given her advice about money, and I don't think about it. But yeah, I was just basically telling her I was like, you know, the things that you're struggling to pay your rent, but you she wants to come in here for my birthday.

And I said, those things, so I understand you want to support me and you want to have a good time, but that may not be a good idea if you're struggling with your basic needs And I think you know, we're all We're friends because we all go through some of the same challenges and It never was a person to be like oh the old me. I would be like girl Fuck that ring and come on up here have a good time. You can pay them rents when you build now It's like no like we're getting older. We have to really say, what's important, what's vital? What do I need to do to make sure that I'm self-sufficient? And that's not you coming up here when you have some things at home you need to take

care of. So it's almost like you put on a new pair of lenses and you're looking at the same world in a totally different way. Yeah. When you signed up to do this show and and when you heard that somebody was gonna come knocking on your door and talk to you about money, what did you think this was gonna be? I'm not really going to learn a whole bunch,

and I'm not, I didn't think that you were really care to be that invested into my success. Well, I really think that, you know, you really want everybody you work with and everybody that reads your books and come across your content. You want everybody to, you know, experience a rich life. And I think we all can.

So I think that was probably the biggest thing. I didn't think you were gonna be really that invested. Yeah. I thought you was just gonna be like, okay, we're filming a few scenes. Like, here's the book, do what you gotta do. We showing up to do this and bye. It was, I definitely don't feel that way.

I feel like you are definitely the person where it's like, like I said, during the back of my head all the time, like, what will we meet, dude? Good. I appreciate you saying that. And, you know, one of the reasons that I did this show and that sometimes I would get upset

or I would get super happy. It was all over the place for me too, is that I do get invested. I'm talking to you and meeting your friends and hearing about your family situation. Of course I get invested and so that's why I want you to know it's not just right now that we're talking but you should text me, DM me anytime. It means a lot for me. Well I got a little idea and I think you're the

own person that can help me. Okay. All right. I remember that one of the reasons that I wanted to talk to you and that I was really excited to meet you was, first I looked at your finances while I was sitting in LA and I remember going, this guy likes to have fun. You know, he likes to have a good time and I like that. I like people who spend on the things they love. So I was like, I gotta meet Frank. That's all I knew about you is your spending

and your name, that's it. And then when we met, I was like, oh, okay, it's this kind of place, got it, got it. I get it, and your friends were awesome. And it actually taught me a lot about who you were to be able to see you in that dynamic with your friends. Yeah, I just think your story has been incredible. And I was just excited to get a chance to meet you

because I know you said, I don't want to repeat this generational lesson that I've learned. And I want to change it. And I was excited to be able to help you do that. Yeah, you did. I think the biggest thing that I've learned in all of this is that you will always find yourself in having issues with your finances if you don't change the way you think, all the way around, like even like how you spend, how you negotiate, what you do with your money.

If I get, you know how I'm investing my money, I think I'm growing. I'm getting to that point now, where it's like, okay, it's been like eight months. And you're not perfect at it, but you're waking up every day now, you're figuring it out. That's all I can do,

becoming more knowledgeable about just what I wanna feel and what I'd serve to feel. And the way I look at it is, you've put yourself under a lot of pressure. And I actually don't see that as a bad thing. I think that in the past you had money coming in and it allowed you to make some decisions that we're not serving you. You're now under a lot of pressure. You've

got like heat coming at you from every direction. And for me, I think that's a beautiful thing because it forces away all these layers of stuff you didn't need. And underneath, right at the center is this beautiful diamond. And you're looking for that. That is the true you. And that diamond might look a certain way. It might do a certain thing. You don't know. But those pressures are making you change so that we can reveal who you really are.

I agree. I agree. I agree. I feel if I am the closest to the person I'm supposed to be, I'm not there yet. But I feel even despite what I've went through in these past eight months, I feel that all of it was necessary. I'm almost there.

I feel like I'm on a journey and I'm through most of the darkness and the sun is about to come up really, really. Frank, it is so great to see you. We had so much fun together and I wanna keep the conversation going. So anytime reach out, I'm gonna be watching, you know, I watch all your social, I love it.

And I'm so excited for this show to come out for everyone to see your story. So this is your first time on TV like this. Yeah. Wow. Yeah. Crazy. You're gonna. I gotta get some advice from you. When I tell you it's crazy. Tell me what do I do expect? I think a huge amount of gratitude is the biggest thing I would say, just, you know, I'm not sure where

your path lies or where you thought you were being the world, but to know that, just your voice and especially for you, like your knowledge of what you put so much time into, it's worth being on a national network forever. So you'll always have that. I think it's just, it's so amazing. I mean, even for me, like doing this a second time, just getting an opportunity like this, it's crazy because TV is big and not a lot of people get on TV.

And it means a lot. So I say, take all of it in. Well, I really appreciate that. I have asked a few people who have experienced with this what to expect, and nobody has quite said gratitude, and it actually feels really good to hear you say that. Yeah.

I am thankful, and I'm glad you shared that with me. That was a lot of fun. I wanna share a few lessons that I took away from my conversation, catch up with Frank just now. First, he's talking about money in a much savvier way than when we first met. He himself admitted that when he had a job, he was just seeing money come in and he wasn't really thinking about where it went out. Now, he's a lot more conscious about how much he's got left.

So that's a good thing. He's more comfortable saying no to friends. That's a good thing. And he's aware he's starting to make rules for himself. I think I'm going to apply for a full-time job in July. That's exactly what I want to see with people. I want people to develop a point of view about money and ultimately even some money rules. You can go to Google and search money rules, remit, say, t, and you'll see my 10 money rules. Those are my rules. You should create your own. On the other hand, Frank has not paid off any of his debt, which is over $150,000. And his winnings, which I believe, if I remember correctly, were about $150,000 and 75 have now dwindled down to 20k. So that's not good.

This is a great lesson where sometimes people make impulsive decisions. And for becoming an entrepreneur, one of the things that I recommend to people in some of my earnable programs and things like that is before you jump full-time, create a rule for yourself. So it might be something like, I'm going to have three months of income before I quit my job and go full-time on this. In my case, it was, I'm going to make more from my business than my full-time job for three

months in a row. That way, I know it's not a fluke. What we're seeing with Frank is what doesn't get talked about a lot, which is you jump into this exciting entrepreneurship thing, but it doesn't quite work out and it becomes extremely stressful. While he's savvy or talking about money, it's also really stressed out because there's a ticking clock on how long he can go doing this. And I don't want anyone to feel that way. I don't want you to have your back against the wall with money. That's a very unhealthy way to live. The last thing that I noticed about Frank is a lot of gratitude. He had it the first time we talked. He still has it now and I just love that quality of him.

In fact, when I asked him what should I expect Because he's been on Netflix before I have not, his answer was about gratitude. And I think that's pretty special. So I'm wishing Frank the best. Personally, if it were up to me, although it's not, I would get a full-time job. I would keep doing the influencer work on top of a full-time job.

I would take the extra money and directly start investing it. I would pay off that debt. I would do those both at the same time. And I would give myself a long-term horizon. Meaning, I don't need to pay off this debt in one year. It's going to take time. It took years to accumulate. It's going to take time to pay off. But I would get comfortable being patient because a rich life takes time to build. So that would be what I would do. Ultimately, it's up to Frank. And I will be following along as he makes his decisions.

Thanks for listening to I Will Teach You to Be Rich. I'm Rameet Saytee. Please follow the show on Apple, Spotify, or wherever you listen to podcasts. If you haven't read, I will teach you to be rich. My book, pick up a copy. You can get it at any bookstore or any library, and it will show you the specific tactics for how to build the I Will Teach You To Be Rich system into your personal finances. for how to build the I will teach you to be rich system into your personal finances.