The Get Ready Money Podcast

Start Sharing Your Money Knowledge

• Tony Steuer

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On this episode of The Get Ready Money Podcast, I spoke with Nate Hoskin, Founder of Hoskin Capital and Co-Founder of N2 Content Marketing about changing the way we think about money and sharing our knowledge.


In this episode we discussed:


  • Ask your audience what they want to know.
  • Establish yourself as a source of trust, most people don’t know what you know. 
  • Basic financial information is the most useful, and opens the door to more complex topics. 
  • Understand the true power of compound interest. 
  • Money is a product of generosity and risk. 
  • We need to believe that money is abundant rather than scarce.


Connect with Nate Hoskin, CFP®, AWMA™: 

  • Hoskin Capital Website (here)
  • N2 Content Marketing Website (here)
  • Instagram (here) 
  • LinkedIn (here)
  • TikTok (here) 
  • YouTube (here)


Resources mentioned:

  • Free resources from Nate for advisors (Freebies page).
  • The Power of Compound Interest: The Get Ready Money Podcast (here)
  • Humphrey Yang (YouTube)
  • Monarch Money (money management app): https://www.monarchmoney.com
  • Quicken Money (here)
  • Rich Habits Podcast (here)
  • 100M Offers: How To Make Offers So Good People Feel Stupid Saying No by Alex Hormozi (Bookshop)


Bio: 


Nate Hoskin, CFP®, AWMA™ is the Co-Founder N2 Content Marketing and Founder of Hoskin Capital. As one of the first financial advisors to embrace short-form video, Nate built his firm Hoskin Capital without any selling whatsoever. Instead, he built trust at scale by providing massive value for free on social media. Today, he has grown his audience to over 250,000 followers and has earned over 150,000,000 lifetime views. His guiding light is making financial literacy a basic human right. To multiply his impact beyond his own audience, Nate helps other financial advisors build trust at scale with short-form video through his other project: N2 Content Marketing. Nate is an Investopedia Top 100 Most Influential Advisor

Support the show

The Get Ready Money Podcast and its guests do not provide investment advice. All content is for educational purposes. Guest opinions do not necessarily reflect the opinions of The Get Ready Money Podcast and Tony Steuer.

Speaker 1:

Are you looking to get ready, be prepared and transform your financial future? Then you've come to the right place. This is the Get Ready Money Podcast with Tony Stewart, where Tony has insightful conversations with financial experts who are changing the way we think about money. Catch up on the latest financial trends and hear practical advice from Tony and his expert guests so you can build healthy habits that work, Be empowered with tips for implementing small changes that can have a big impact on your financial future. So sit back and get ready to hear from today's guest. So sit back and get ready to hear from today's guest.

Speaker 2:

Welcome to the Get Ready Money podcast changing the way we think about money. I'm pleased to be joined today by Nate Hoskin. Nate is the co-founder of M2 Content Marketing and Hoskin Capital. In this episode, we'll be discussing Nate's insights on how we change the way we think about money and sharing our knowledge. Nate, welcome to the Get Ready Money podcast. Thanks for joining us today.

Speaker 3:

Tony, thank you so much for having me. It's a pleasure to be here.

Speaker 2:

Yeah, I appreciate your time and insights, and so, to jump in, tell us a little bit about yourself. What is your origin story?

Speaker 3:

Yeah, so my origin story really started with my uncle. So he was a portfolio manager at Capital Group when I was still trying on jobs like cowboy and astronaut and that kind of thing, and when I looked at what I wanted to be and started to grow out of that a little bit and figure out what jobs I really wanted to work, his was the first one that really piqued my interest and I think as a 13 year old, I saw the Porsches and I saw the tennis courts and that sort of thing and it was very clear that what he was doing was working. So when I went to college, I was a finance student. I knew that that was the direction I wanted to go. I majored in quantitative finance, so I did a lot of coding, I did a lot of probabilistic forecasting, that kind of thing, backtesting, knowing that I wanted to work for an ETF shop or something on the buy side, that sort of thing.

Speaker 3:

And in 2018, I was a junior. I was freshly a junior in college and my uncle died. He had been. He had been diagnosed with prostate cancer. He had a brutal three-year battle with it and I vividly remember that he introduced me to the first potential mentor and he died two months after that and I very much felt like, selfishly, I felt robbed of an opportunity to play a part in his life and get to know him better. We had very much started to cultivate this relationship of me wanting to learn everything that he knew, but in the fallout of all of that, in the fallout of his death, I learned a couple of very, very serious lessons about money, because now I was older, and now I wasn't just seeing the Porsches and the tennis courts. Now I was older, and now I wasn't just seeing the Porsches and the tennis courts, now I was seeing the fact that his work had put a lot of pressure on his family, because he was always traveling. One of the things that he described in the final months of his life was that he wished more than anything that he hadn't woken up thinking about what the Chinese markets had done overnight. He wished he'd woken up thinking about having breakfast with his family, and so suddenly I had a much more rounded, if rather cruel, view on money and had to figure out how I was going to tangle with that in my own life, and so the result was that I made the transition to wealth management.

Speaker 3:

I didn't want to be behind the scenes coding. I wanted to be working with humans and, more specifically, I wanted to be working with humans who really would benefit from that sort of work. They didn't have 100 advisors banging down their door to manage their millions. There were people who couldn't get the help that they needed management firm for a couple of years, but then COVID struck and I was laid off from the firm in April of 2020. And I graduated college in May of 2020.

Speaker 3:

And so I had to figure out what the heck I was going to do, and I moved up my five-year plan.

Speaker 3:

I started Hoskin Capital. This little app called TikTok was coming on the scene, and so I started making videos sharing the information that I had with people who could really use it, and luckily, it was super, super successful. I'm lucky enough to share financial literacy and share financial education with millions of people every single month just through the work that I do on TikTok, not to mention the work that I do as a financial advisor, and the culmination or at least the most recent culmination of my origin story is that now I teach other financial advisors how to do the same thing on social media, because, aside from just being quote machines and having amazing ways of talking about things. Financial advisors just also have a wealth of knowledge that unfortunately sits behind a glass door most of the time, and I fundamentally believe that social media is the way that we break down that glass and really share this information with everyone who deserves it. So that's my origin story. I'm sure that was a little more than you were expecting.

Speaker 2:

No, that's an awesome origin story, you know. Sorry to hear about your uncle. I mean, those things are absolutely devastating. I want to back up before we get into the sharing knowledge and everything, because you mentioned a term that I'm sure people have heard and have no idea what it means quantitative finance. So if you could take a second and just define that, that'd be awesome.

Speaker 3:

Yeah, absolutely so.

Speaker 3:

The idea behind quantitative finance is that you can use data to make extremely rational decisions about money, and so a lot of us talk about the stock pickers or the brilliant people who just happen to pick the right stock at the right time.

Speaker 3:

The idea of quantitative finance is that we can systematize, that. We can understand specifically the parameters around risk and figure out okay, if I'm going to take this risk, if I'm going to invest in this stock, if I'm going to buy this thing, what is my potential for return? And then it's up to us as humans, or up to the computer, as the algorithm, to decide whether that risk is worth the potential upside, and doing that in a systematic way that can be repeated and become highly profitable. And the way you do that on the back end is you essentially code all of it. You code a series of decisions getting as close to the decision-making trends that humans would follow, but removing the emotional and irrational components. At least that's what we hope to do. But removing the emotional and irrational components, at least that's what we hope to do. It turns out.

Speaker 2:

It's a very challenging thing to achieve. Yeah, I would say so, you know, and, coming from the insurance field, I mean that's what insurance really is is pricing a risk appropriately, and that's, you know, no matter what you do, even if you're betting on football games, you got to price that risk accordingly. So that's important. So, yeah, that's awesome. Appreciate you defining that. So you know, let's jump in a little bit more about sharing your knowledge, because I know, with my advisor network and a lot of people watching listening to the show is, you know, how do you start to, you know, make that decision, to share your knowledge to you know, to feel like you have the credibility to do so? So many of us feel like maybe we don't really have that credibility. How do you start to gain the confidence?

Speaker 3:

I think the first thing is realizing that not everyone lives in your fishbowl. For example, for any of the financial advisors listening knowing that the Roth IRA max contribution is $7,000 or $7,500, that feels very simplistic, that feels like everyone should know that. Or we can even go one step further and say that the way you calculate a SEP IRA contribution is by taking your net self-employment income, subtracting out half of your self-employment taxes and then calculating as a percentage of that. Those are things that we can just rattle. We know that information off the top of our heads.

Speaker 3:

First, understanding that, as a baseline, 99% of the population does not know what you know. And so if you spend even a couple of years as a financial advisor, much less achieved an accolade like getting your CFP or your CPA or your CFA, for that matter. You know so much that other people would find extremely valuable. And the other step is realizing that they might actually find the things that you consider to be simplistic more valuable than the things that you consider to be complicated. Just the baseline, basic financial hygiene, I think, is so, so important. Any financial advisor is qualified to speak on that.

Speaker 2:

Well, I love that you're saying that, because I think that's something that the whole financial service industry tends to do is they go so heavy on the complex topics and you can see people blowing up when they're just talking about lab budgeting or you know fire, you know just these concepts that are relatively simple, but you know they really resonate with people. I mean, if you found that you know with your own TikTok channel that those types of messages resonate, yeah.

Speaker 3:

Oh, absolutely. I think those types of messages resonate. But, more importantly, they open the door to the more complicated topics where it's pretty rare to get someone to watch your first video if it's too complicated for them to understand. But if they've already established that you are a source of trust and that you're someone who can explain things in a simple, brief way, then they're willing to take a risk.

Speaker 3:

On a video that might feel more complicated, they say, okay, I did not understand the first five seconds of this video. None of that made sense. But I know who Nate is and I know that if he's saying it, it's probably important and they will take that risk to reach that new level of understanding, which is just an amazing journey to watch someone go through and to have someone in your comments that you still don't know because they are still anonymous to be saying, hey, I've been following you for years. I've been following you for years and I started with contributing to my Roth IRA, but now I have a business and I'm doing complex tax planning and I have never met, and will probably never meet, that person who left that comment.

Speaker 2:

That's cool. It is a really cool feeling. You know, I've had that over the years, where somebody will, you know, write me or, you know, email me or whatever, and say, hey, you know, this really touched me and I've been following your stuff and it's like, okay, that's cool. You know that people are connecting and I think that's something advisors also need to understand is that we're all very different and people are going to see different things in each of us. You know, the person who follows me may not follow you or vice versa, but that we each have our own unique message that we're bringing. So you know, that's probably part of it is how for advisors, how do they know, how did they start to get in touch with their authentic message and who they are?

Speaker 3:

Yeah, I mean the cop-out answer is just to make a lot of videos and you'll figure out very quickly what you enjoy talking about and what you don't enjoy talking about. But really I think the true answer is I believe an advisor should go in to making videos or making content of any sort. Whether they're writing blogs, they're posting on LinkedIn whatever they choose, any sort. Whether they're writing blogs, they're posting on LinkedIn whatever they choose and really they should post it from the perspective of would I want to read this and do I want to post this, rather than the trap I think most advisors fall into, which is I need to make profit off of this. I need to drive revenue. This is marketing no-transcript.

Speaker 2:

Yeah, I would agree with that 100%. You know, for people watching listen to the podcast, they know that. You know, all of my guests are people that you know I'm curious about and that I hope that my audience can learn something from, and so I think that that's really valuable. And I think that's something advisors know because they work with your clients. To think about what your audience wants to hear with your clients is to think about what your audience wants to hear. Normally, you go in and you ask your clients what are you thinking? What's your steps? Instead of just coming in and saying, hey, this is the investment portfolio I'm advising for you, you stop and talk to your clients and find out something. I mean, so has that been part of it for you? As you've grown, your audience is being able to reflect on the feedback that you get from your audience.

Speaker 3:

Absolutely. I think the feedback is really important and I also love once you have an audience, even if that audience is five really bought in people asking them what they would like to know. And I say this all the time, whether it be to advisors or my clients, whatever it is, whether you're thinking about business or marketing or making videos, do it for them. Don't do it for you, which sounds really esoteric because it's like wait, what do you mean? Do it for them. But what I mean is, if you're making a video, make a video that they would want to watch, not a video that you think they should watch and to do that, you have to listen to them. You have to look at the questions that they're asking, and then you just get this unlimited source of content because now you have an audience that's asking you questions. You can just answer that question. You don't have to think about what content you're going to produce next.

Speaker 2:

Definitely yeah, and I think people overlook that is. You know that. You know like on LinkedIn is you can see what people are commenting on and what they're interested in. They'll tell you, but you know it's not really listening if you're reading on LinkedIn, but it's the same essence of listening to what your audience is looking for and helping them figure that out. So you know, people hear the term content marketing all the time and I'm not sure too many people know what content marketing actually is. Do you mind giving us a quick definition?

Speaker 3:

Yes, content marketing is generous. So, rather than paid ads or something like that that is just designed to tell people about what you do or to make them an offer bluntly, content marketing is generous in that it is providing something that someone will consume with no intention of buying anything from you, and they will still find it valuable. So when we use that as the definition, you can see that content marketing can take pretty much any shape. If you write a blog, that's content marketing. If you do a podcast, that's content marketing. If you do an in-person seminar or you take everyone out to a steak dinner, that's technically content marketing, because what you're doing is you are providing something to them that is valuable without them needing to buy something.

Speaker 3:

Right, but it's marketing because now they know about you, now they know what you're doing or, more importantly, they are interested in you. It's designed to pique that interest of. Okay, here is this person who just spent an evening with me telling me everything about retirement, understanding taxes, understanding withdrawal sequences, understanding sequence of withdrawal risk. Now, they're interested in what you have to say and what you might have to say in addition, if they pay for your services. That, at its core, is what content marketing is. It's a generous thing that gets someone interested in you and what you do, rather than just telling them what you do and what you offer.

Speaker 2:

Yeah, and I think people connect with humans and, as you point out, they get to know who you are rather than just you know, because they can research anything if they want to know what a 401k is, and most people don't really want to watch a video on 401ks anyway. You know, they can find that out in a lot of places, but finding somebody who talks to them is a very different thing. So, yes, really well said that's, that's awesome. So one of the things I know is that you talk about is focusing on a niche. Why is it important for advisors and their clients to focus on a niche like you're focused on Henry's?

Speaker 3:

Yeah, I think the riches are in niches. Of course, I think that is a very commonly held belief, but I think advisors often choose the wrong niche because they assume that their niche needs to be doctors, their niche needs to be lawyers, their niche needs to be people with equity compensation, that kind of thing, and I believe that all of those work, and I think that that is better than saying that I work with retirees that have more than a million dollars.

Speaker 2:

You're like really.

Speaker 3:

You're a financial advisor that works with retirees who have more than a million dollars. You're like, really, you're a financial advisor that works with retirees who have more than a million dollars Crazy concept. But if you can pick that niche, you are way better at solving the problems of that niche. That's the big thing. And so, yes, I think advisors should choose niches, but I would urge pretty much every advisor to re-identify their niche and figure out what is actually the most valuable to them, and the way I would have them do that is take a look at who you serve right now and create a little Venn diagram the same problems that you solved for each and every person that you've worked with so far. Because you might have a client that needs the distribution strategy because they're in retirement, but maybe your niche isn't people in retirement.

Speaker 3:

So what problem did you solve there? You solved the cashflow problem. Then you have another person who is not retired. They're a high earning tech executive or something along those lines. You solved equity compensation Maybe there's some deferred comp or some non-qualified stuff in there, but you solved that cashflow problem right, because you're now selling their vested RSUs or something along those lines to produce income or to invest in their future. Or to invest in their future. When you create that Venn diagram, rather than having a group of people, you have a group of problems. Now you just have to go out and prove that you can solve those problems and the people with those problems will work with you. I think that's how you truly define an advisor niche.

Speaker 2:

Personally, I think so as well. It's so easy to get caught up on a service, but what we're really doing is solving problems. That's what people need help with. When they come to you, they have a problem. They're not coming to you usually just for the heck of it. They're feeling maybe not feeling pain, that might not be quite the right word but they're feeling challenge or pressure, and so they want to get something done.

Speaker 3:

So that's awesome advice. I heard this quote that really stuck with me, which is that buying is not a person. Buying is a state, and so when we look at it from the sales side or building our businesses, you're not looking for a person who's a tech executive. You're not looking for a person who's a lawyer. You're looking for someone who is in a state where they need help from you. Right, they enter that state when they have the problem that you solve. That's kind of how we come back to that niche selection.

Speaker 2:

Yeah, that's awesome, I love that. So you know, let's switch up and get into what I call the get ready questions, and these are the questions I ask all the guests. The first one is what basic money concept do you wish people knew?

Speaker 3:

no-transcript in and it compounds until all of the money you've made is from the gains, not from the amount that you saved. That is what, at the end of the day, convinces me to save my money is that I know that when I was 20 years old and still in college, and I maxed out my Roth IRA at 6,000 bucks and still in college, and I maxed out my Roth IRA at 6,000 bucks that that's going to be worth about $450,000 by the time I hit 65. That is the scale of what compound interest can achieve, and I just wish people understood that at a base level.

Speaker 2:

Yeah, me too, and that's one of the most common things that my guests bring up. And for everybody who's watching and listening, as you know, I have an episode that's just about compound up. And for everybody who's watching and listening, as you know, I have an episode that's just about compound interest and, as always, I'll link to that one in the show notes so everybody can check that out, where we just talk about compound interest for an hour. So everything you want to know about compound interest Definitely the most popular answer on the show. Next one is what is one simple thing people can do each year to set themselves up for financial success?

Speaker 3:

Yeah, I might be in the boat of common answers again on this one, but I'm a big believer in the financial audit. I'm not a huge fan of budgeting. I really think that figuring out the categories and getting the notifications that you're over budget on something just doesn't really feed a healthy financial ecosystem. But I do believe that knowing what the heck is going on is really, really valuable. So I think that can happen on an annual scale In December or in January.

Speaker 3:

It's very simple for me as a business owner, because I need to close my books on the business anyways. So what I also do is I close the books on my personal life and I understand how much I made, how much I spent and where that money went. And that allows me to understand both where I am now compared to where I was a few years ago. Easy example is how did inflation affect me? Am I spending exactly 18% more on everything? Is that how my spending changed? Or am I spending double? Or am I spending less because I bought different things as a result of inflation?

Speaker 3:

Those are the types of takeaways you can get from a financial audit, and so to do that, I love tools like Quicken, monarch Money, that sort of thing, because with those tools you don't need to use the budget piece, you can just use the cash flow piece. And cash flow is going to tell you everything you need to know to do your financial audit. It's how much did I make, how much did I spend, how much did I save? If you can answer those three questions every single year for five years, you will be blown away by the results on your money.

Speaker 2:

That's awesome and I love that rephrasing it because you know budgeting is a word that a lot of people are sensitive to. It's like dieting, you know, because it's got that whole restrictive thing. But it is important to know, kind of like you're talking about that overall picture. You know what, what the cash flow is, because you do have to spend less money than you earn.

Speaker 3:

And that's where you get in trouble. It's a simple concept, but I think much like dieting. Dieting to me feels like standing on the scale once a day, right, which is going to give you a lot of jump scares and not a lot of great results, because your body changes day by day, the same way your budget changes month by month. I mean, I just drove down from the mountains a week ago and was on ice skates because my tires just were not up to snuff and so I had to go buy new tires.

Speaker 3:

The month of January is not me breaking my budget, but I'm spending significantly more than I might in an average month because I had that one-time expense. So if I quote unquote stood on the scale and looked at my budget, everything would be flashing red and telling me I was screwing up. I don't mind, because I'm not going to care about that until next January to see how everything panned out in total?

Speaker 2:

Yeah Well, and I think that's important. The other thing, too, is putting it into context is, you know, sometimes you need to do something that you don't expect to do, and you have to have some flexibility. I mean, we could talk about emergency fund and all that, but that's why you have to always plan for contingencies and have a plan B, because things do happen. So what is one simple habit that people can change when it comes to their money?

Speaker 3:

My favorite one I actually learned from my brother, which is pay yourself when you decide not to buy something. So when we were younger we would get allowance in cash and so we would go to this hilarious store in Silverton, colorado you guys can look it up, it's called the Old Arcade, it is bright orange Colorado, you guys can look it up, it's called the old arcade, it is bright orange and it had silly little gimmicks in there, like plastic bows and arrows and that sort of thing, and we would take our allowance and we would go down and we would buy pop rocks and we would buy the little snappers that you throw on the ground, and I would spend all my allowance in one go. Easy, it was gone the moment I got it. But my brother, instead, would be doing this weird thing where he would walk around the store and he would look at something and then he would pull the money out of his wallet and then he would put it back in and then he'd walk away from the thing. And I was.

Speaker 3:

I asked him at one point I was like what are you doing? What's the point of this? And he said I'm paying myself every time I don't buy something. And that little motion of saying no, I'm paying myself, created this whole reward system for him, where not buying something felt just as good, if not better, than actually buying that thing. And so, even today, I haven't carried cash in years. If I don't buy something online, or I choose not to order something off of Amazon, I will take the money out of my checking account and put it in my brokerage account and say congrats, nate, that was $23 that you just paid yourself, and I swear by it. I'm a huge fan of just little habits like that that train your brain to do something different with your money little habits like that that train your brain to do something different with your money.

Speaker 2:

I love that. I think that's the first time I've heard that, but that is a great concept to do. You know, I've heard a lot of. You know wait 24 hours to buy. You know that type of advice. That's great advice, a different way to look at it, and it's something tangible that people can look at. Because I think that's the other thing is, people need to see success. We all want to know that what we're doing is actually helping and you know, sometimes waiting 60 years to see if your retirement plans panned out is there's a long time for most people. So that's awesome. You can see a little progress. So what money myth are you trying to break?

Speaker 3:

there are. There are a lot, that is for sure. Um, I think the biggest money myth, though, is that you need to be doing something complicated. I think that people are sold a lot of things they don't need with the promise of simplicity, like, oh, it's going to, it's super complicated what we're doing, but it's not going to be complicated for you, and I think it's just as easy to not spend the money and keep it simple for yourself.

Speaker 3:

So, when we look at it through the lens of money, that would be setting up your financial ecosystem to be as simple as possible. You don't need five credit cards, each with different points, rewards on different things that you spend, and then going through and really trying to optimize getting the most points or getting the most cash back. Really, you will get 90% of the value just by having a credit card, because you will get fraud protection, you'll get some cash back or some points, and you'll build your credit cashback or some points, and you'll build your credit. So that's a super simple thing that you can do. The myth is things need to be complicated to be effective, and the overcome for that myth is you can keep it really simple and achieve just as much, if not more than the people who are making it hard on themselves.

Speaker 2:

I love that and I'm with you is that you know, for the most part, is so many things can be simple and then it takes a lot less time and stress and it's easier to figure out. I can't tell you how many times. You know, my background is, as a life, a fee-based life insurance consultant. I'd review so many of these insurance policies and they're so complex and it's like why? And somebody would say, well, I get this benefit if this happens, and I'm like, okay, well, that's great. Well, is that really what you're planning on?

Speaker 3:

No, yeah Is that really worth it. Well that's such a good example of how complexity sells because most people will react to one of those statements on their insurance policy and go well. I trust whoever is selling this to me, because I don't know what any of this means, and so they will shell out the money to not have to think about it, rather than saving the money and keeping it simple.

Speaker 2:

Yeah, and I'll tell you, there's so many insurance policies where I reviewed and that was exactly well. Why'd you buy this? Oh, I trusted the agent. They were my friend, they were my golfing buddy, whatever, and it's like well yeah, but they didn't really know what they were doing, but that's okay. So that's powerful advice. So how do you feel we can improve the money conversation? Do you have a quick tip for us on how people can better talk about money?

Speaker 3:

I think this actually ties back to another myth that I really want to overcome, which is propagated to some extent by financial advisors, but really it's also bad training from our parents and from our heritage, I suppose, which is you shouldn't look at money, you shouldn't look at money, you shouldn't talk about money, and from the heritage training or the instinctual training, it's like you shouldn't look at that bill, you have to pay, you should ignore the credit card statement, that sort of thing. But from the financial advisor side, it's also you should invest your money and then not look at it, you should just leave it and not think about it. And I can understand where advisors are coming from, because they don't want you to be making emotional decisions. But I think that money needs to be front and center both in our vision but also in our conversations, which means, like I'll use the example of me and my girlfriend our conversations. Which means, like I'll use the example of me and my girlfriend we sit down once a month at least, right before the credit card bill hits and we go through every single transaction on the statement.

Speaker 3:

So the money is front and center in our vision because we're looking at it, we're understanding what we're spending money on noticing patterns, but it's also front and center in our conversation because it's not something that we avoid. It's not something we try not to talk about. We've scheduled a time to sit down and talk about it. So I think that's. The big thing that people can do with money is they can actually schedule moments to look. That way they don't spend their lives wondering if they should be looking or not looking. They can say, nope, I won't look for a while because I know I'm going to check in on it.

Speaker 2:

That's awesome. I love that advice and that's what I encourage people to do is have family financial meetings. Same thing, you know, accountability partner. If you don't have a partner, you know, have the meetings with a friend and just talk about money.

Speaker 3:

But yeah, it's, when you keep it secret, then you end up keeping it secret and never have this conversation and you wonder what happened to it because you weren't watching, and I think this is kind of crude, unfortunately. But money is kind of a cruel mistress Like if you don't tend to it, it does have a habit of leaving you.

Speaker 2:

Exactly, exactly. Yeah, with you a hundred percent. So, nate is you know, let's get out the time machine for a minute, is? So let's go back, you know, to that pre-college Nate. What advice would you give your younger self If he could go back in time, knowing what you know now about money, what would you reset?

Speaker 3:

I actually gave this advice to a finance class at my alma mater about a year and a half ago and I said look, each of you guys are going to get some sort of summer job, some sort of income, whether you're working for your parents' office, filing books, whatever it happens to be.

Speaker 3:

If you can save half of that and you can put it somewhere, if you can put it in a Roth IRA, even better, because you're not getting taxed on that money you are under the standard deduction but at the very least in a savings account or in a brokerage account, you will set yourself up so well for that air gap between college and real life.

Speaker 3:

And I think that is the scariest moment where people make a lot of mistakes, because they come out of school, maybe they're not quite employed yet, whether they're coming out of high school or college, and in that moment they also have to consume all of this financial education. I should get a credit card, that's the piece of financial education. But they have no money, they have no credit, and so they get a crazy high interest card and they spend it up and they make all of these financial mistakes. If there's one piece of advice I could give to past Nate. It would be save a little bit of that money so that when you leave college, even if you have 10,000 bucks or 20,000 bucks, it would have radically changed my stress level making that adjustment.

Speaker 2:

That is awesome advice have a little bit of padding when you graduate college, because that was exactly like what you're talking about. I got that first credit card when I was in college and thought it was great.

Speaker 3:

Ended up paying for that Free money. This thing swipes as much as I wanted to Exactly you know my friends love it.

Speaker 2:

I love it. It was great. So you know, to start. To wrap up, what's your number one favorite money resource, whether it's a podcast, book, newsletter, app or website. What's the number one thing you go to?

Speaker 3:

That's a good question. I am definitely an avid student of YouTube University and I'm lucky enough to exist kind of in the content creator sphere. And so some of my great friends Humphrey Yang, austin Hankwitz with his rich habits money podcast, that sort of thing those are the people that I follow and that I look up to when I think about money, and I think they do the best job of making it simple and concise in a way that anyone can take something really valuable away from it. So I would say the Rich Habits podcast and Humphrey Yang's YouTube channel are just fantastic resources. And then, to go a little bit deeper, I love to read, but I don't really like nonfiction, and so, rather than reading money books of like Think and Grow Rich or Rich Habits, something of that sort, I believe that reading books about how money should be used is more valuable.

Speaker 3:

So, on the side of making money, a book like $100 million offers by Alex Ramosi I don't care if you work a W-2 job or you want to be an entrepreneur or whatever it happens to be you are always making offers to people, whether you are making an offer of your services to be an employee of that company, whether you are making an offer of a product that you're selling, whatever it happens to be. Understanding the science behind how to make an offer is so, so valuable. And then, on the other side, understanding that money is a product of two things generosity and risk. That money is a product of two things generosity and risk. So in the stock market we make money off of risk, we put our money at risk and we get some rate of return to compensate us for that.

Speaker 3:

But in the rest of the world we make money from generosity and so Unreasonable Hospitality, I think is a really good, non-sequitur book that has radically changed the way that I think about money. And then, finally, the book called this Is Strategy by Seth Godin. That is an amazing way of structuring the systems of your life and understanding that the world operates and speaks in systems. Those three books had so much more of an impact on the way that I treat my money than something like think and grow rich. Or there's another one that I read by Tony Robbins that I'm now forgetting, like those just fell flat, unfortunately.

Speaker 2:

That's cool. No, I appreciate that. Those are some great suggestions and for people watching and listening, I'll make sure there's all the links, but I think you know what's important is that you're talking about how to think about it rather than just the tactics, because I think that strategy component is so critical.

Speaker 3:

Yes, that's the hope at least.

Speaker 2:

Yeah, so, to wrap up, what is your number one tip on changing the way we think about money? Yeah, Hmm.

Speaker 3:

I think that the number one thing that needs to change for most people is the belief that money is scarce, that money is just never going, there's never going to be enough of it. If you spend it, it will be gone forever that sort of thing. It creates this caginess around money that makes it really really hard to break out of the paycheck cycle, because it keeps you from putting money at risk in smart ways. It keeps you from investing both in yourself, in your future, and in your actual investments. But, more importantly, it creates this huge amount of stress around money, and I think there is some privilege in the statement that money is abundant, and I think there is some privilege in the statement that money is abundant, but I firmly believe that there is enough to go around and at the end of the day, it's about doing that in a way that isn't exchanging your mental health for that money, and that is how I think people should change the way they think about money. I know it's a hard thing to do and a lot to ask of people.

Speaker 2:

Yeah, but you know it's something to think about and you know, as we've talked about is there's little steps you can do to help yourself. You know go down that road. So where can people find out more about you? I know you've mentioned TikTok. Hopefully TikTok will still be around by the time this episode rolls out.

Speaker 3:

That's the hope.

Speaker 3:

We will see. Luckily, I'm on every single platform. My tag is net worth Nate on everything, so it's really easy to find me on YouTube, on Instagram, on TikTok. I'm even on Facebook Pinterest, for that matter. You name it, you'll find something. And my firm is Hosking Capital. We work with Henry's high earners not rich yet and we manage their money and we do their taxes for them to make their money life as streamlined as humanly possible. And then, when I'm helping advisors do digital marketing and work on making short form videos, the firm there is N2 Content Marketing and we've just had an absolute blast there. We just got a studio here in Denver, so we're having advisors out in person to record with us. We're just crazy, crazy excited about helping advisors get their message out there.

Speaker 2:

That's awesome. Well, appreciate it, appreciate all your time and for everybody watching and listening. As always, there'll be links to all of Nate's social media profiles and to his websites so you can check out what he's up to. So, nate, thanks again for joining us today on the Get Ready Money podcast.

Speaker 3:

This was such a pleasure, tony, have a great rest of your day.

Speaker 2:

Yeah, you too, and thank you always everyone for tuning into this episode of the Get Ready Money podcast. If you learned something today to change the way you think about money, please be sure to subscribe and to tell a friend. Until next time let's change the way we think about money. You.

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Tony Steuer

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