Show notes and transcripts powered with the help of Castmagic. Episode Transcriptions Unedited, Auto-Generated.
Tyson Gaylord [00:00:04]:
Welcome to the social community show. You're welcome. Yeah. Our goal is to help you learn, grow, and transform into the person you wanna become. For past episodes and links to everything we talk about here today, you can visit the socialchameleon dot Show. Today's episode, who's got my money? This episode will bring be bringing you awareness about money, Where your money really is and some ideas on making your money work harder for you.
Ransom Ryman [00:00:33]:
Yeah.
Tyson Gaylord [00:00:34]:
Start this out. I think I think I think we should start this out with, like, a a nice story to kinda bring everybody in.
Tyson Gaylord [00:00:41]:
Okay.
Ransom Ryman [00:00:41]:
Okay. Let's see some
Tyson Gaylord [00:00:43]:
the characters. We have
Ransom Ryman [00:00:44]:
Like, the characters.
Tyson Gaylord [00:00:46]:
Mister Yeah. Thurman will play the employee.
Ransom Ryman [00:00:49]:
Yeah. That'll be me.
Tyson Gaylord [00:00:50]:
We have Titus of Titus Incorporated.
Ransom Ryman [00:00:55]:
Titus Incorporated.
Tyson Gaylord [00:00:56]:
And we have big daddy bank. Big daddy bank.
Ransom Ryman [00:01:05]:
Well, I mean, the the whole premise behind the story, right, is this kind of Most people think that I get paid. Right? So for me, as the employee, I get paid every week, say, $1,000. And my My check goes directly into mister big daddy bank over there. Right? So it goes from Titus Corp. Yeah? Because Titus Corp also banks with big daddy bank. Right? So Titus has his money there. So, basically, for me, what it looks like is I log in to my bank account, and I see $1,000 every Friday. Yeah.
Ransom Ryman [00:01:45]:
But for big daddy bank, What he sees is he sees $1,000 in a section held for Titus over there, And that $1,000 just moves from Titus' section into my section. So I know it's a little bit of complication, I guess, kinda most people think, the I have the money. I have access to my $1,000, you know, but they don't really understand that the money never really changed hands. Big daddy bank is over there, and he's still holding the money until I actually go physically take it out or I pay for something. Right. That's kinda kinda interesting.
Tyson Gaylord [00:02:32]:
Now I thanks, bud. I appreciate it. Yeah. Thanks. We'll see you later. That was fun. So now now I hear in my head, I hear the comment section. Ransom, Tyson, you're full of shit.
Tyson Gaylord [00:02:47]:
I work.
Tyson Gaylord [00:02:48]:
I clocked in. I made that money. I see it in my account. It's mine. You're full of shit.
Tyson Gaylord [00:02:55]:
Big Daddy Bank don't own that. That's my money.
Tyson Gaylord [00:02:56]:
I'll go down it right now, and I'll take it all out.
Ransom Ryman [00:03:00]:
Well, I'm not gonna disagree with you. I mean, if 1 person wanted to go take $1,000 out of Big Daddy Bank? Yeah. You're right. No problem. Easy. You can go do that. But if every single person in big daddy bang let's just you know, I don't know how big he is, but let's just say big daddy banks about $2,000,000,000 he's got $2,000,000,000 of of money in the bank account. If every corporation, right, Titus Incorporated wanted to go down there, Bank of America, you know what I mean? The biggest corporations were Apple.
Ransom Ryman [00:03:34]:
Google wanted to go down to big daddy bank and withdraw Every single dollar that they had in there, they have a really hard time doing that. And in fact, somebody's not gonna get their money.
Tyson Gaylord [00:03:46]:
Listen. Big daddy take care, so, we don't need to do that now. We don't gotta get a big daddy bank take care of you. Don't worry about it.
Ransom Ryman [00:03:54]:
Don't lie. Well, you know, there's gonna be some big daddy provisions here. If you if you read here clearly in the reception of
Tyson Gaylord [00:04:02]:
of your man.
Ransom Ryman [00:04:03]:
Your agreements that you signed, you need to wait a few days to do like, if every but seriously, seriously thinking, if everybody wanted to Pull out every single dollar that they had in the bank. Like, 1,000,000,000 and 1,000,000,000 of dollars. Like, they they wouldn't be able to do it. Right.
Tyson Gaylord [00:04:19]:
I mean, not only Would a getting a hold of that type of cash be practically impossible? I mean, the best case scenario which you could do is They get to share everybody cashier's checks for the most part, give out the small sums of money. But even beyond that, okay, listen. Let's just let's just take this. Take all your guys' money. Take it all. Take all 2,000,000,000. I'm good. Because guess what? I've already loaned against that $2,000,000,000.
Ransom Ryman [00:04:46]:
Well, technically, right, you 9 90% of it. Yeah. We did the Google search.
Tyson Gaylord [00:04:50]:
Of the 2,000,000,000 I've so I've loaned out $1,900,000,000.
Ransom Ryman [00:04:55]:
Yeah.
Tyson Gaylord [00:04:57]:
You can take all your guys' money out.
Tyson Gaylord [00:04:59]:
Just 1 one point one point. Yeah.
Tyson Gaylord [00:05:01]:
But I'm already gonna be collecting every month on that money. I've already loaned out.
Ransom Ryman [00:05:07]:
Yeah. See, that's the thing people don't also understand is, like, there's a scenario we talked about earlier. Right? It's like the banks are only required to hold 10% reserves. Right? So for the $1,000 that I have inside big daddy bank, he can Do whatever he wants with $900 of that $1,000.
Tyson Gaylord [00:05:26]:
Would you Don't ask the whole one loan, mister Ryman?
Ransom Ryman [00:05:29]:
And see, and that's that's the other thing too is, like, see, for me, my $1,000 isn't really enough every month, so I gotta go get a loan. And then what's the first thing that I think of? Hey. I bank with big daddy bank. Why don't I go to big daddy bank to get a loan? And it's like, okay. And then big daddy bang looks at his balance sheet, and he says, mhmm, Mattson has $1,000 in here every week. You know what? I'm a give him a loan for $900. So what he's actually doing is he's taking my $900 that I have deposited with him, And he's giving me a loan for it, and he's charging me interest on it.
Tyson Gaylord [00:06:07]:
I'll give you good rates though, Brad. Don't don't worry about it.
Ransom Ryman [00:06:11]:
Big daddy take care of you.
Tyson Gaylord [00:06:12]:
Big daddy take care of you.
Ransom Ryman [00:06:16]:
You know? And it's like, Most people, like, you know, again, we're not we're not here to raise cynicism or or be cynic about the situation. Yeah. The idea is to show you that things are happening on a grand scale and that you yourself, if you Get financially savvy. If you understand the things that are going on with your finances, right, you get down to it and understand the numbers, You know, you can have a lot more control with what you wanna do. I mean, that's how these big banks do it. They they have the financial premise. They understand how money Close. Right? It's not necessarily the fact that you have or holding on to money.
Ransom Ryman [00:06:59]:
Because like me, I didn't bring out the crops It's like because in real life, the only money that I have right here right now is in my piggy bank. Like, this is the only money that I physically have. I think I have, like, $10 My wallet. I have $10 cash in my wallet, and I have my piggy bank right here. This is actually my son's piggy bank. But, anyway, This is the only cash that I have on hand. I'm I'm the
Tyson Gaylord [00:07:22]:
only wallet I have.
Ransom Ryman [00:07:24]:
Google. No endorsements here. No endorsements here.
Tyson Gaylord [00:07:29]:
It's not even work
Tyson Gaylord [00:07:30]:
no more. He stopped
Tyson Gaylord [00:07:31]:
doing it. But anyway
Ransom Ryman [00:07:32]:
Right. But the idea is that the rest of the money is actually held up. So if you look at what big daddy bank is doing, Right? Big Daddy Bank has a section. Right? He's got Titus Incorporated section where Titus Incorporated's money is here, and he's got Ransom's money, which is here. Right? But he's holding all the money if you think about it. Big Denny Bank is holding all the money. He's just Keeping it safe for us. Right? Keeping it safe.
Tyson Gaylord [00:07:59]:
Keeping it safe in the safe.
Ransom Ryman [00:08:02]:
In the safe. Right? So from there, if big daddy bank is smart and he understands how the money flows From 1 person to the next, then he can kind of make, what I wanna say, educated guesses. Yeah. I'm gonna say assumptions. He's gonna make educated guesses on, you know what? This is how much money Titus Incorporated keeps on a regular basis. Then from here, this is how much money Ransom keeps on a regular basis. Right? So if I know that they have a Tendency. Right? I'm gonna make a educated guess that they're not gonna spend this money this amount of money, then I'm gonna go Take the money that I have.
Ransom Ryman [00:08:47]:
Mhmm. Right? Big daddy is gonna take that money, and he's gonna do something else with it and invest it and get a better rate of return. Right.
Tyson Gaylord [00:08:56]:
And that's the thing. Ain't big daddy's money, but I'm I'm using your money To make myself money. You know, just just for your privilege of you to have a bank account.
Ransom Ryman [00:09:09]:
Yeah. I'm gonna go I'm
Tyson Gaylord [00:09:12]:
gonna loan against that, and I'm gonna, you know, give out loans, give out mortgages, car loans, whatever.
Ransom Ryman [00:09:18]:
And it's not
Tyson Gaylord [00:09:19]:
I mean, it's not necessarily a bad thing. It's just understanding where your money is and what it's doing and how it's circulating around the world.
Ransom Ryman [00:09:28]:
Right. It's like it's not just being parked. Right? I've I've heard that before when you park your money. Like, most people think when you put your money in the bank, like, it stays In the bank. Like, that's that's the idea. It is your money. You can pull it. You know? Again, not everybody's gonna pull their money out at Same time.
Ransom Ryman [00:09:45]:
So, yeah, you could go and pull your money out when you want to. Right? However, the bank is not just holding that money.
Tyson Gaylord [00:09:54]:
And a lot of times When you're taking money out, you're just changing digital currency from one location to another. Just Right.
Ransom Ryman [00:10:03]:
It's just it's like the speed of money. Just like when you go to withdraw money from the bank, you're standing in line. You know? Right. The the person before you is making a deposit for $100. I mean, when you go to the teller behind the next person, like, okay. I need to withdraw $100. Like, she's basically took the $100 she put in the thing, and, Oh, here's your $100. $100.
Tyson Gaylord [00:10:23]:
Yeah. It's not yours. This is collective sum.
Tyson Gaylord [00:10:26]:
Right.
Tyson Gaylord [00:10:27]:
Everybody pulls from you. It's just organized in a Digital format.
Ransom Ryman [00:10:31]:
Yeah. And so I guess kind of, you know, getting off the whole big bank section is kinda like, let's just focus this back on the individual person. Mhmm. And so on the individual person, granted, we we've all had hard times, Like, you know, where you where you have too much month at the end of the money. You know what I mean? Yeah. So I've been there. Had a
Tyson Gaylord [00:10:54]:
couple of times. The reason I was still there. You know what I mean?
Ransom Ryman [00:10:57]:
Like, Hawaii state task collector called me out
Tyson Gaylord [00:10:59]:
the other day. Like, hey. Look, buddy.
Ransom Ryman [00:11:02]:
We we got this situation here. I'm like, oh.
Tyson Gaylord [00:11:04]:
You know
Tyson Gaylord [00:11:04]:
you know she's doing the 15th, right, and not June?
Ransom Ryman [00:11:09]:
So yeah. But, anyway, I mean, so we've all been there where we live paycheck to paycheck. You know? Or sometimes we get involved with credit card Situations, and it's like, you know, we don't necessarily have the means to cover, Right. You know? Was that your your body's writing checks? You can't cash. I guess, like
Tyson Gaylord [00:11:31]:
And and and that's and then, You know, if you're in that situation, as hard as it is, you gotta recognize, like, listen. You're 1 flew away, 1 unfortunate Accident or a bent away from, you know, from, you know, something like that where you miss your credit card payment or you miss your car payment or something like that.
Ransom Ryman [00:11:49]:
Yeah.
Tyson Gaylord [00:11:49]:
Average person lives very close to that to that every day. Yeah.
Ransom Ryman [00:11:53]:
You know? So, you know, if there if there's people out there watching this that are, you know, in those Situations, right, where, like, you can't even wait for your paycheck to come. You gotta go to, like, payday loans or something and and cash that check out. Don't make that face. You've been there. You've been there.
Tyson Gaylord [00:12:09]:
You've never never been payday loan place, but I've been I've been Bro,
Ransom Ryman [00:12:12]:
you've been there. You've been there.
Tyson Gaylord [00:12:13]:
Oh, yeah. So let me let
Ransom Ryman [00:12:14]:
me borrow $100, bro. You're pretty far away.
Tyson Gaylord [00:12:16]:
Yeah. Because I ain't gonna go to that payday loan place Thank you.
Ransom Ryman [00:12:19]:
But you but you know what I'm saying, though. It's like if if you're in that situation, like, you know, my number one recommendation is go seek professional help. Like, Yeah. You know, there are bankruptcy attorneys. You know, again, I'm not saying you you gotta file bankruptcy, but, you know, this is show is about awareness. Just go out there, Get that awareness because there are people that can help you. I mean, there's
Tyson Gaylord [00:12:41]:
programs and
Ransom Ryman [00:12:43]:
tons of programs that you can get out there and qualify Try to pay your debt back some you know, 60, 70% on a dollar, sometimes even less than that. Yeah. And you'd be you'd be surprised at at what can happen if you if you just Do that to turn your life around. But for, you know,
Tyson Gaylord [00:12:58]:
for the
Tyson Gaylord [00:12:58]:
Sorry. Some of those programs, like, I've heard of, you know, like, 5 years and all your debts paid off.
Ransom Ryman [00:13:04]:
Yeah. Exactly. Granted, your granted, your credit's gonna take a hit.
Tyson Gaylord [00:13:08]:
But It's plausible. Yeah.
Ransom Ryman [00:13:10]:
But at the same time, in 5 years, like, you're out of this hole.
Tyson Gaylord [00:13:13]:
But even even beyond that, the immediate thing that's gonna happen is you're gonna be less stressed, and then you're gonna get less sick. Yeah. Focus on
Tyson Gaylord [00:13:22]:
All those
Tyson Gaylord [00:13:22]:
future thoughts.
Ransom Ryman [00:13:24]:
Yeah. All those creditors, and you'd be like, you know what? I have somebody handling my account. Here's their number, and you just kinda bypass that. You know, you don't have to be scared about Answering your phone and, like, you know, people, you know, trying to negotiate with people and all that kind of stuff. And granted, there are some people out there if you're strong enough. Hey, man. Call these creditors back and be like, look, dude, I owe you 50,000, but I got 10,000 in my bank account right now. Like, You wanna take that, and sometimes they'll be like, yeah.
Ransom Ryman [00:13:50]:
You know, we'll settle for 20. And it's like, really? You can give me a $30,000 discount right now if I give you 20 g's? Okay.
Tyson Gaylord [00:13:58]:
Be aware though you may have to pay taxes on that money.
Ransom Ryman [00:14:01]:
Yeah. But I'm but I'm just saying, though. It's like, you know, you'd be surprised. Like, you know, if if you're a sales Person, if you're a good negotiator, get out there and and see what you can negotiate with these people.
Tyson Gaylord [00:14:11]:
And a lot and they want to in in in the most part, they wanna work with they wanna help you. They want their money back.
Ransom Ryman [00:14:17]:
Yeah. Or at least a portion of it.
Tyson Gaylord [00:14:19]:
Right. Some they don't wanna if they have to write off half the loss, that's surely better than all of the loss, and they really do wanna work with
Ransom Ryman [00:14:25]:
But anyway, you know, we've been on this train for just a little section on this episode. I'm not trying to you know, again, if you're in that situation, You know, there is help. There is hope. Go do that. But for the for everyone else out there that, you know, you don't necessarily you're not in that trap, but, you know, you just When I asked you, how much money have you spent on, say, fast food this month? You know what I mean? How much money you spent on Starbucks this month? Do you even know?
Tyson Gaylord [00:14:51]:
Yeah. Well, Most people don't. I mean, I I bought myself dinner the other night at a, a fast food place, You know, late at night when I was out, and it was $20. And I was like, what? I had to I had to ask the cashier. I was like, excuse me. Like, I I just bought 2 hamburgers. Like, I was like, how is this $20? Like, I was like, It's like prices keep going up, bud. And I'm like, hang, like, I'm not I mean, it's not something I normally do, but so simply, if you ate out once or twice, you know, a week or My day
Ransom Ryman [00:15:25]:
sometimes Oh, yeah. That's all quick. Yeah. But, I mean, there's just a lot of people. Like, they don't they don't know, like, man. You know, what happens with their money is, like, can you do you know how much you spend on gas? Like, there's there's a lot of people. Their money just comes into their account. Mhmm.
Ransom Ryman [00:15:42]:
And, you know, they just go about life, and then they just swipe, swipe, swipe. And, you know, and and that's fine. You know, if you if you're not behind and you're living a lifestyle like that, I definitely think you're doing okay. However, I think If you took some time to manage that and you kinda got down to the nitty gritty as to what you actually spend your money on, you can be like big daddy bank and you can, You know, start to get leftovers with that money, or you can possibly use your money in a in a different way to actually make it work for you a little better. So I'm not sure.
Tyson Gaylord [00:16:19]:
And, you know, a lot of times, you you know, they they say the impulse purchases are are they consider $250 or less. I don't know about you, but I don't make no $250 impulse purchase. But, like, you know, we get we get caught up in the in this consumer mindset. And we gotta we always gotta go shopping every weekend. We gotta get the new shirt, the new shoes, the new this, the new that. And and a lot of times, like, you know, like like we're talking about, you don't realize, like just that money just goes, goes, goes so quick. Right. Yeah.
Tyson Gaylord [00:16:49]:
Sounds fine. I got the new iPhone 8. It's only $22 a month. But you don't realize it. You're paying a 100% of Price. Like, did you need the new one? You had the 7. Did you need the 8? You know?
Ransom Ryman [00:16:59]:
Don't know, man. I got things.
Tyson Gaylord [00:17:01]:
You know, like, You can you know, you go to Starbucks every morning. So, yeah, well, it's only whatever, 6, 7, 8 dollar. I know these things are minor things or whatever, but, you know, I I don't necessarily advocate for, you know, cutting out these minor things or whatever. But if you start to think about these things, they they can slowly add up. You can buy a really high quality, You know, bag of coffee, way better than what you're drinking at Starbucks. Most of that shit is much sugar, you know, and it's not really good for your health. And You can
Ransom Ryman [00:17:28]:
Well, I mean, you know and, again, we're not we're not trying to get out there and change people's lifestyles. Like, if that's what you wanna do and you wanna take it to the extreme and, like, cut out everything, by all means, try it for a while. But, again, this show is just about getting better. Right? Like, we talked about that in 12 rules. Like, all you need to do is just get 1% better. Like, that's it. If you just wanna start with one thing, just take Starbucks And put a limit on it. Right? I don't know how much Starbucks is.
Ransom Ryman [00:17:56]:
I don't know. Maybe $5 $5 for a cup of coffee. You get one of those maybe every weekday. You know what I'm saying? 5 days a week.
Tyson Gaylord [00:18:06]:
That's what I do. Like, usually, like, Like, Thursday or Friday I'll go over and I'll get, like, this 6 shot thing from a coffee place over here I like, but
Ransom Ryman [00:18:12]:
Right. But if you take into account everyday you work, you get a Starbucks coffee at $5 a pop, That's $100 a month. Right? Yeah. That's, like, easy $100. You don't see it because it's $5 at a time, But that's $100 a month. So, you know, just those kinds of things about numbers, those kinds of things that get out of calculate and just be, like, hey, look. What What what do I do? Like, put a limit on that kind of stuff. Maybe you only wanna spend $35 or it's like or 50.
Ransom Ryman [00:18:43]:
Get a coffee from Starbucks every other day.
Tyson Gaylord [00:18:46]:
You You
Ransom Ryman [00:18:46]:
know, I mean, like Tyson saying, go get a bag of coffee and a coffee maker. You probably get that for under $100, and you got coffee for the
Tyson Gaylord [00:18:54]:
whole month.
Tyson Gaylord [00:18:55]:
Yeah. Maybe even other things like, you know, you start looking at all your expenses as a as a as a whole, you'll start to find most likely These big chunks of things you're spending, sometimes you're not even realizing. Like, I spent that much on work clothes this month. Like, Jesus. I really haven't even worn a lot of those things. Or, like Like, I have cable and Netflix and Amazon. Like, do I need all these things? Like, maybe I can get rid of 1 or 2 of these things that I'm not using, and it's just You know, you're not going to the gym, but they're pinging your credit card every month for whatever, $35.
Ransom Ryman [00:19:26]:
Right. And it's just because of you know, That's the human element in things. Right? We're humans. We're gonna do all these things impulsively. That's that's the reasons why banks like Big Daddy Bank can Can do what they do. Yeah. It's like because people, they know, then they understand that there's a human element to people, and they're not always gonna be on top of their Finances are not always gonna understand what they're doing with their spending, so they put their money in a bank. Mhmm.
Ransom Ryman [00:19:51]:
You know? And that's that's kinda what they're Banking on. It's like, so
Tyson Gaylord [00:19:57]:
Hey. But, you know, pick that and take care of it. Don't worry. You know? Don't worry.
Ransom Ryman [00:20:01]:
You know? But I I I know out there Tyson doesn't hype on everything that there's, that Dave Ramsey has. But they if you if you have He has that book out there. Right? Total Money Makeover. I'll put that in the links. But, he basically has, like, a a cash system that you that you use, envelopes. I'm here trying to get envelopes. I just use this. But, basically, you got 1 envelope for groceries.
Ransom Ryman [00:20:25]:
Right? You got the next envelope for, I don't know. You're Entertainment. You're entertainment or whatever it is, and so it's like, oh, we're gonna go grocery shopping. So you take a look, and you open up the 1st envelope, And you're like, this is all the cash I have for grocery shopping for the next week or the next 2 weeks. So when you go through that process, you start, like, you start realizing, like, hey. I can't just There's this money is not unlimited in this envelope. Like, there's only so much that I can spend. So when you go through the The the exercise.
Ransom Ryman [00:21:03]:
Right? This is this thing. Like, humans are creatures of habits. So when you start getting into these habits of just physically handling cash, When you start to pay attention to the stuff you're putting in your shopping cart. Yeah. You know? And that's just kinda one of the one of the examples. And same thing when you have a envelope entertainment, it's like, we're gonna go out tonight. You reach in here, and you you grab this entertainment envelope, and you're like, okay. What are we gonna do with this? This is all the entertainment that we have for 2 weeks.
Ransom Ryman [00:21:32]:
Right.
Tyson Gaylord [00:21:32]:
Like,
Ransom Ryman [00:21:32]:
you start to you start to better do with with that money.
Tyson Gaylord [00:21:38]:
Yeah. That that stuff is great, especially, if, you you know, in the beginning, if you're having, you know, problems, you've done problems in the past with, you know, credit cards and over Spending, maybe overdrafting your bank account. Yeah. Those are good good things to get into those habits. Absolutely.
Ransom Ryman [00:21:55]:
Yeah. Yeah. I know, but you you were saying earlier, like, you're not sure because he says, like, credit cards and all that kind of stuff.
Tyson Gaylord [00:22:01]:
He doesn't he doesn't advocate for credit cards and loans and things like that and stuff. And if you have problems spending, like, yeah. Woah. That's you can get a lot of trouble real quick with a credit card.
Ransom Ryman [00:22:12]:
Oh, yeah. Definitely.
Tyson Gaylord [00:22:14]:
Absolutely. But you've gotta understand, like, the power of credit cards, mortgages, loans. Like, these things, You know, you can leverage $1,000,000 a whole lot. You know, you would you know,
Ransom Ryman [00:22:26]:
you Right.
Tyson Gaylord [00:22:27]:
Million, you can get 10 versus if I only have 1,000,000 in cash, and that's the way I'm spending it, That's all I got.
Ransom Ryman [00:22:34]:
Right. Well, I I live in Hawaii. It's like the median price is, like, 700, $600,000 for a home. It's like, How long gonna take you to save up $600,000 to buy a house, like, called cash?
Tyson Gaylord [00:22:45]:
You might not ever save that up your entire life. No.
Ransom Ryman [00:22:49]:
So, you know, it just kinda depends on what what the situation is and and definitely leverage. But I like Dave Ramsey's system because it you know, it Teaches you a habit. You get into good habits of knowing that, hey. Look. This envelope, that's all I got. So when I look in here, like, I gotta use that wisely. Yeah. And then the same thing
Tyson Gaylord [00:23:10]:
foundational system. Yes.
Ransom Ryman [00:23:12]:
Yeah. You you get back to basics just like anything else in your life. Whenever you whenever you find yourself getting spinning way out of control, You gotta hit the brakes. Right? Put that shovel down. Stop digging. Digging. Right? And then formulate a new plan. It's like, okay.
Ransom Ryman [00:23:29]:
How did we get here? We started from basics. And then from basics, we went to advanced things that took us way off the map. Yeah. So now let's get back to the basics and kinda get back on track. That's the thing I like about the system.
Tyson Gaylord [00:23:41]:
Yeah. I agree. I I mean
Ransom Ryman [00:23:44]:
If you're out there and you're more savvy and you have the basics down, Then you can go out there and use credit cards because, you know but then again, like, maybe you wanna adopt a similar system. Have 1 credit card for groceries. Know what that limit is. You know, nowadays, we got these smartphone things. Go ahead and check your balance after you spend it. Right? Go in there and look. I'm like, k. This is how much I have left for groceries.
Ransom Ryman [00:24:07]:
I mean, use 1 for gas. The Costco card is really, really good for gas because we're, like, 3 to 5% depending on
Tyson Gaylord [00:24:13]:
I think it's 5 if you At the Costco gas station, maybe something like that. Yeah. I understand.
Ransom Ryman [00:24:18]:
Just whatever. I know for sure. It's almost always 3, and then occasionally, they have promos for 4 to 5%. So So whatever money you spend on gas with that card, you get it back. But just make sure at the end of the month that you're paying that card back to either zero balance or whatever your balance was when you installed it. You know? Although some people like me, I I just keep, like, maybe A thousand, sometimes $2,000 balance on the card. That's just for my own purpose. I got, like, a little cushion, but whatever.
Ransom Ryman [00:24:50]:
I always bring it back Down to that balance at the end of the month. And that's
Tyson Gaylord [00:24:55]:
what I like to do. I I have, like, I have 1 card. All the possible bills that can Possibly be debited off a of a credit card comes off of that. And then I'm getting 1 a half percent or sometimes more cash back on by Netflix, You know, and all this stuff. And, you know, grocery shopping, you know, I get, you know, other cards. You know, you get 2, 3, sometimes, whatever, you know, different percentages, cashback, miles, travel rewards.
Ransom Ryman [00:25:22]:
Yeah.
Tyson Gaylord [00:25:23]:
So many things.
Ransom Ryman [00:25:24]:
Yeah. I've heard of people like, they have, like, a reward system. So I I know somebody personally that They're part of that reward system. They can get, like, gift cards to their favorite restaurant. Yeah. And that's what they do. Like, they go out and they you know, as long as again, you gotta keep it under control. If you know that every month, you're only gonna spend $300 on groceries, Then you should be getting $300 in those type of rewards, and that's what they do.
Ransom Ryman [00:25:52]:
And then from there, they get the they get that gift card, and they go out Once a month to their favorite restaurant for free, you know, just like, oh. And then other people, a lot of people use miles. Like, they go ahead and they buy gas and they get miles. And, you know, for us, we fly to the 9th island out there in Vegas.
Tyson Gaylord [00:26:11]:
Right. Wow. I like cashback. I mean, I make 1,000 and 1,000 of dollars every year on cashback. Yeah. And that's money a lot you know, majority of that is money that would have been, you know, just gone. You know, it's just normal, you know, Netflix and groceries and
Ransom Ryman [00:26:27]:
Yeah. I call it I call it, like, phantom money. Yeah. If you would've if you would've put it out there as cash, you wouldn't have got that. But
Tyson Gaylord [00:26:34]:
This is
Ransom Ryman [00:26:34]:
what most people don't understand. Like, when we were growing up, the the thing was, you know, certificates of depreciation. I mean, sorry. Certificates of deposit.
Tyson Gaylord [00:26:43]:
Hey. Big Data Bank likes when you use those.
Ransom Ryman [00:26:46]:
You know, but the thing back then is that's what banks were doing. Right? Banks were doing incentive for people to keep their money in the bank, Right? So that they could lend 90% of it out to somebody else, and that's how they did it. So, like, we'll give you a certificate of deposit for, let's just say, twelve Percent interest. So, you know, I'll take my $1,000, give it to big daddy, and he'll give me 12% back on that money. Yet, He's gonna also give me a loan, and my loan is gonna be, like, 15, 14%. So he's still making money on top of that money, Just kinda interesting. But nowadays, if you wanna go open a savings, savings account, you get, like, 0.5% interest back on yeah. I don't know.
Ransom Ryman [00:27:32]:
Savings is not
Tyson Gaylord [00:27:33]:
I definitely yeah. I mean, please, god, people don't keep tons of money in a savings account or in your checking account for no reason. I like personally having a little Instant cash on hand in case there's an emergency or on some unexpected thing happens. But, I mean, personally, the rest of my money is is gone. It goes out to investments, automate a lot of things. You know, every every month, you know, Things automatically go places to I like I really like Wealthfront. I know I've talked about it before. But there's lots of things like that that are just Automated.
Tyson Gaylord [00:28:07]:
They go ahead and they take care of all the investments. Money comes out of my checking account right to them. I don't think about it. It just happens.
Ransom Ryman [00:28:14]:
Yeah. And then, you know, if you have extra money, definitely keep some way for a rainy day. I mean, you never know when you're gonna get sick and you can't go to work or you never know when. Yes. You know, emergency things are gonna happen when your your shower explodes and you have water flying everywhere, and you gotta fix that. But, you know, nonetheless, You know, you should if you if you do have some leftover cash, you should be doing something with it other than parking it in a bank. I, for 1, just recently opened up a investment account. And For my son's birthday, I I got him shares of Snapchat.
Ransom Ryman [00:28:52]:
So
Tyson Gaylord [00:28:52]:
Nice.
Ransom Ryman [00:28:54]:
You know? I mean, it's
Tyson Gaylord [00:28:55]:
That's cool.
Ransom Ryman [00:28:55]:
There's just something out there. Like, for him, that's cool. He knows what that is. Like, you know what I mean?
Tyson Gaylord [00:29:00]:
That's cool.
Ransom Ryman [00:29:00]:
So in the future, hopefully, that's going to Get him more money on it, and, you know, he can he can take that somewhere else. But You
Tyson Gaylord [00:29:10]:
go to school and say, hey. I'm a Snapchat shareholder.
Ransom Ryman [00:29:15]:
Yeah. You know? But, like, it's it's something you know, again, it's something else other than parking at a bank. You know, I was granted without parking it with Snapchat, but still you know what I mean? If Snapchat gonna give me a better return on my money, Yeah. That's the goal.
Tyson Gaylord [00:29:30]:
Right? Hopefully, Snapchat will give you more than 0.5% return.
Ransom Ryman [00:29:34]:
Yeah. Definitely.
Tyson Gaylord [00:29:35]:
And and History would dictate that to be very plausible.
Ransom Ryman [00:29:40]:
Yeah. And seeing that's the kind of thing too is, like, other people don't always understand return on investment. I don't I think we talked about it, but I don't I don't really sure we really We
Tyson Gaylord [00:29:49]:
did probably I'm definitely sure we went through it on episodes 9 and 10, but there's always a good Time to repeat it and keep, you know, having this knowledge repetitive. And the more you hear it, the more you'll you'll you'll learn it and you'll
Ransom Ryman [00:30:00]:
Right. So, basically, you wanna Try to get the best return on your investment, you know. And I know right now we're talking about money, but we can talk about about other things too. But But the return on your investment is you're gonna put x, y, z down. Right? Like, you're gonna put $100 down. Yeah. I know. Hopefully, I'm gonna get this Right.
Ransom Ryman [00:30:18]:
And if you get a 10% ROI, right, like, that means that for the at the $100 that you put into something, You're gonna get $10 back.
Tyson Gaylord [00:30:27]:
Yeah.
Ransom Ryman [00:30:28]:
Right? And I understand that when you when you talk about those kinds of small numbers, yeah, a 100, you wanna get 10 back. Like, yeah, that that Seems small, but just add a few zeros on there. You know what I mean?
Tyson Gaylord [00:30:39]:
Even even beyond that
Ransom Ryman [00:30:40]:
$100,000 down, you're gonna get $10,000 back. Like
Tyson Gaylord [00:30:44]:
But even even even let's just take let's just go back to the $100. So, okay, you start at $100. You did nothing, and now you have a 110. Yeah. And that's the whole thing. Is you're gonna get now you're gonna get 10% on $110.
Ransom Ryman [00:30:59]:
Yeah.
Tyson Gaylord [00:31:00]:
And over the years and over time, this will become A large sum of money. Right.
Ransom Ryman [00:31:04]:
And this show, again, is always about awareness. We're not looking for that. Yeah. There is no get rich quick Steam or anything like that. And even if it is, it's very, very transitional. It's there's a small window of time in which that's available, and after that, you're not gonna get those types of returns again. Right. Just like we're talking about getting 1% better.
Ransom Ryman [00:31:23]:
Like, that's that's all we need. You guys get better at mastering 10% ROI, guess what? There are you'll find a vehicle out there that's gonna get you 12, 15, 20%. Like, ads
Tyson Gaylord [00:31:35]:
Let's say you don't right now invest that, But you can save yourself 10 or 15% a month. It's just it's the same thing.
Ransom Ryman [00:31:43]:
Yeah. And then once you you know, again, so, like, I guess Trying to recap because we we talked about a lot through this episode. Yeah. Just if we wanna do a quick recap.
Tyson Gaylord [00:31:53]:
Mhmm.
Ransom Ryman [00:31:53]:
Right? The story in the beginning was kinda help you understand that there's better ways to use money. We're not here to say banks are evil. We're just here to say that banks have figured out how to control finances, And they're taking advantage of it. Right? You can do the same thing. So first thing, get down to basics. Right? You gotta understand how much money comes in to your account every month, and you gotta understand how much money comes out. And you hopefully, hopefully, yeah, you got something left over at the end. If you don't have anything left over at the end, try, Try try your way to figure out how you can get some.
Ransom Ryman [00:32:32]:
Dave Ramsey has a good system. If those of you that are not hard on cash Like, Tyson is, they have programs out there. Most financial institutions have some type of financial software. You just go online and just look for their financial software. It's built into online banking almost Yeah. All the time.
Tyson Gaylord [00:32:51]:
If not, there's free stuff like Mint.
Tyson Gaylord [00:32:53]:
Yep. I mean, that's all.
Tyson Gaylord [00:32:54]:
Will help you, you know, with your credit and seeing these things. I think they have something as well similar to Mint.
Ransom Ryman [00:33:00]:
I
Tyson Gaylord [00:33:00]:
know Bank America has something built in, and I think they have some new thing they just launched.
Ransom Ryman [00:33:05]:
Yeah. But anyway, this these are all part of the basics. The basics are understand what comes in, Understand what goes out, and at the end of the month, hopefully, you have something left over. Yeah? So for those of you that are spending you know, that You don't have anything left over and you practically what I call breaking even, you get $10 at the end of the month. K? Start using things, like, Within control now. Right? Within control. Don't go out of control with credit cards.
Tyson Gaylord [00:33:34]:
Mhmm.
Ransom Ryman [00:33:35]:
But start with I say the Costco Card is amazing. If you have a Costco membership, go apply for a Costco card and just start with one thing first. Don't jump out and go crazy. Just start with gas. Get a Costco credit card and buy gas with it, and at the end of the month, pay off your gas. Yeah. That'll give you instantly 5% on whatever you spend on gas.
Tyson Gaylord [00:33:59]:
It's free free money.
Ransom Ryman [00:34:00]:
You Free money.
Tyson Gaylord [00:34:01]:
Spending it any
Ransom Ryman [00:34:02]:
that you can do. K? And then for those of you that once you have something left Over, I mean, you can still do the the Costco gas card trick thing too, but for those of you that have something left over, start looking into other investments. Like Tyson Said you can use Wealthfront. K? For those of you that wanna go try in the stock market, go do some stock market things, or Take your time to get educated on how that works. You know?
Tyson Gaylord [00:34:27]:
If you're if
Tyson Gaylord [00:34:27]:
you're in the market for a a better credit card that gives you some of these rewards,
Tyson Gaylord [00:34:33]:
I'll
Tyson Gaylord [00:34:33]:
link the the website. NerdWallet's a really good resource
Ransom Ryman [00:34:37]:
Oh, okay.
Tyson Gaylord [00:34:38]:
For showing you what you're interested in, Cashback or miles and based on your creditworthiness and all these such things, it'll whittle down the top cards for you. It's a really good resource, if you're looking to use that to leverage The money you're already spending.
Ransom Ryman [00:34:53]:
Yeah. Definitely. Definitely wanna get out there and leverage it. And, You know, so once you have something left over, try to find stuff that's gonna get you a better return on your money, you know, using the Wealthfront thing Or getting into stocks. If you're gonna get into stocks, like, you know, go again, go slow. Just take take small little steps. I definitely recommend things that you already use. Like, for my son, Snapchat, it's like he knows what that is.
Ransom Ryman [00:35:22]:
All of his friends use it. If who's your phone carrier? You got AT and T? You got Verizon?
Tyson Gaylord [00:35:28]:
Yeah.
Ransom Ryman [00:35:29]:
You got Sprint? Go look. You know what I mean? Like, hey, Google. What's what's Verizon stock price? And they'll tell you. You know? You can go
Tyson Gaylord [00:35:40]:
Whatever the thing
Ransom Ryman [00:35:40]:
is,
Tyson Gaylord [00:35:40]:
look around your house. You like Samsung TVs. You like Apple stuff. You like, Instagram. Go buy Facebook stock. I mean, there's tons of things you can do.
Tyson Gaylord [00:35:49]:
I have. A lot of people.
Tyson Gaylord [00:35:50]:
First before you just go buy these things.
Ransom Ryman [00:35:53]:
Take care. But I mean, like, that's the thing that's the thing too. It's like if you shop at Costco, right, like, you know what's going on with Costco. If you like Apple, You know when the new Apple phone's gonna come out. What do you think's gonna happen to Apple stock when the Apple phone come the new Apple iPhone Phone 11 comes out. Chances are the stock price of Apple is gonna go up on the day that phone comes out. And you know what? If you are into Apple, you know when that phone's gonna come out. Yeah.
Ransom Ryman [00:36:25]:
I mean, if you're into Apple, you know when the new MacBook is gonna come out. What do you think is gonna happen to the stock price when that product comes out? Like, these are the kind of things that, you know, you don't have to be a Super savvy, smart. Like, you don't gotta go to, like, some 10 course class on how to trade stocks. Like, you just kinda have to pay attention. What's around your house? What do you use every day? Where do you go shopping? Yeah. You know what I mean?
Tyson Gaylord [00:36:50]:
A 100 shares. You can buy 1 or 2 or 5 or whatever you can afford.
Ransom Ryman [00:36:54]:
Yeah. Whatever you can afford. You know? It's just like there's there's a way to take that leftover money and put it into something. You know? For those of you that got a lot of leftover money, go buy a house. You know, I'm I'm in the real estate. Like, go buy a house. Like, that's the number one thing That most people either they either make money in real estate or they hold their money in real estate.
Tyson Gaylord [00:37:15]:
Yeah. There's even ways now you can, like, Pure fund people's buying their houses. That's another way of maybe not getting in the real estate game, but being in the real estate mortgage game.
Ransom Ryman [00:37:25]:
You know? But see, that's the whole thing. Right? Like, we use the big daddy bank as an example that from there, You can sit down and manage your own finances. Right? Figure out the best way that you can do your finances. And then whatever money you have left over, Like, granted, there is a lot of risk that's on the table. Right? Usually, the more risk that's involved, then the more rewards you're gonna get from that. But There are definitely low things you can do. You know? Again, we talked about this in if you're in the e quadrant, go put that money into a four zero one k.
Tyson Gaylord [00:37:59]:
Yes. Yes. Go put
Ransom Ryman [00:38:00]:
it into a retirement account, something that's simple, something that's easy to use. You know, we we talk about these things because at the end, right, we we're talking about endgame. Mhmm. Again, game the idea is to get passive money coming in. Like, that's that to me is the total end game.
Tyson Gaylord [00:38:16]:
And like we talked about in episodes 9 and 10, the cash flow quadrants. Go go out and find these, these professionals, these tax people to help you find the, you know, the the most money you can save on your taxes. These financial people to help you look for these type of investments. You know? You can, find business brokers that, you know, are are, selling businesses. You can get in on on something like that. Go seek these professionals and and, find out what's available for you and out there, and see what they have say about your situation, how they can help you grow your money.
Ransom Ryman [00:38:48]:
Yeah. And again, we talked about it earlier, but for those of you that, you know, you're you're In the hole so deep you don't know how to get out, there's also professionals there that can help you. Yes. Yes. Talked a lot about it Earlier, but just as another reminder, you know, if you may made it through this whole episode thinking I can never do that, this is never gonna be a possibility. I'm so far behind. Don't lie to yourself. That's BS.
Ransom Ryman [00:39:12]:
That's your belief system. You gotta get your mind right.
Tyson Gaylord [00:39:16]:
I I I've been through some of that stuff myself. I have friends that have have gone through bankruptcies, and and and within a few years, they, you know, they were able to buy a new car And then buy and then buy a house and and and a lot of things. It's not the end. There's a lot of things out there. You it's gonna take time to take effort, But you're gonna feel so much better when you're not wondering what you're gonna do on Wednesday because you don't get paid till Friday.
Ransom Ryman [00:39:44]:
Yeah.
Tyson Gaylord [00:39:45]:
It's gonna be a lot better feeling. You're gonna be able to have more future thoughts. You're not gonna be as sick. You're not gonna be as, Potentially unhealthy and and and stressed out. Seek the help. Don't be ashamed. It's there. Yep.
Ransom Ryman [00:39:57]:
That's good, man. Alright.
Tyson Gaylord [00:40:00]:
Anything else? Or are we good here?
Ransom Ryman [00:40:03]:
Yeah. I I think we're good, man. I think
Tyson Gaylord [00:40:06]:
I think that's it. We got those
Ransom Ryman [00:40:07]:
do got those giveaways you wanna tell people about?
Tyson Gaylord [00:40:09]:
The giveaways, you know me, I love my giveaways. It's so much fun to give. This This month, all of June, I know we're coming to an end here. We got at the time of filming, we got about 10 days left in this giveaway. It is Gary Vee's crushing it. Amazing book. New York Times smash hit number 1 bestseller. And also, episode fifteen's Author, another New York Times smash hit bestseller, 12 Rules For Life by Jordan Peterson.
Tyson Gaylord [00:40:38]:
Enter to win both of these books, not 1 or the other, both books. Head over to the social chameleon.show/ Pick me and enter for your chance to win both of these amazing, amazing books. Cool. And some speaking of books, Here's the folks we got on this topic to help people on their journey journey either to, Finding the basics or getting from the basics down to the next level.
Ransom Ryman [00:41:10]:
Yeah. We got the total money makeover by Dave Ramsey. Mhmm. That's the one where he talks about just getting envelopes of cash and labeling them for, you know, for your whatever your basic necessity are, and that's all the money you got. We also got Rich Dad Poor Dad by Robert Kiyosaki. For those of you cynics out there, he talks about it in his book too, how banks are just using your money To lend to other people, and, you should be the bank. That's what he, you know, he teaches the fundable, the fundamental principles of trying to be the bank for people. Yeah.
Tyson Gaylord [00:41:43]:
And then another my some of my 2 books on, understanding a little bit more of this, and then also understanding, when you've got the basics down and you're looking to get to the next step, money master the game is like the original, book from Tony Robbins. He did right, shortly after the recession, in 2008, if you guys are old enough to remember that, he went and interviewed, I think it was 50 of the wealthiest people that were self made wealthy in America. He got to talk to them, and they got down to living out Lot of nitty gritties and things that did. That book's a little thick and heavy. The book he did after, he kinda broke it down a little bit more, was Unshakable. Same basic concepts and principles, either 1 or both of those books. If you're looking to head to the next step, When you get into the, you know, intermediate or advanced level, check those out for resources there.
Ransom Ryman [00:42:38]:
And then
Tyson Gaylord [00:42:38]:
our challenge, mister Ryman, What is this week's challenge?
Ransom Ryman [00:42:42]:
Alright. Challenge. For those of you out there, build a basic foundation And understand how you're using your money. Yeah. Once you have the basics down, there's some of you out there that already have, find ways to leverage your spending And ways to invest your money. Right? Like, the way you use money, either use a credit card, get some bonus miles, get some rewards. For those of you that got money that's left over, go do something with that money. Get a better return on your investment.
Ransom Ryman [00:43:11]:
Whatever you whatever you're doing now, maybe you just have it in a savings account. Maybe you got it in some stocks. Maybe you got it in some real estate. Whatever you're doing, get out there and try to find a better rate of return on your investment for sure.
Tyson Gaylord [00:43:25]:
Or more of what you're already doing if you're into some of those more advanced things.
Ransom Ryman [00:43:29]:
Yep. Definitely.
Tyson Gaylord [00:43:31]:
And final thoughts here. You know, as always, our our mission and goal here is to become aware what financial institutions are doing with your money. Not hating. Become aware of what you are doing with your money and how you can learn to better Leverage it. On that note, as always, in between shows, you guys can connect with us At the social chameleon on all your favorite social apps. Also, you can either listen if not listening to this on a podcast, You can install on your favorite podcast apps as well as the video format on YouTube and Facebook. We also have a Patreon page now if you'd like to Donate to the show to kinda help, give us get some better gifts for people, whatever it be, investing in yourself, investing in your education. This is a Small way you can do that.
Tyson Gaylord [00:44:23]:
Mhmm. And if you can like, share, and subscribe to this on your favorite podcast app or wherever you're watching or listening to this now, Share it with somebody that you think this can help. And until next time, we'll see you guys. Hello. For past episodes and links to everything we've talked about here tonight, you can visit social community dot show. And until next time, keep learning, growing, and transforming into the person you wanna become.
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