BYOB - Be Your Own Bank with Chris Naugle
BYOB - Be Your Own Bank with Chris Naugle
Welcome to this week’s episode of the Thinking Big Podcast. Today I welcome America’s #1 money mentor, Chris Naugle to the show. Chris empowers entrepreneurs, and business owners with the knowledge of how money works. Chris is driven to deliver the financial knowledge that fuels lasting freedom. To date, he has spoken to and taught over ten thousand Americans. His success includes managing over 30 million dollars in assets in the financial services and advisory industry and tens of millions in real estate business, with over 200 transactions and an HGTV pilot show since 2014, and is the author of two books, including Mapping Out The Millionaire Mystery My biggest takeaways from this episode are: How to become your own bank, and have money start working for you. The lies, or misinformation we have been told about how money works. I can now get a Money Gun! Today we will be Think Big on money and how to use it Connect with Chris Naugle Connect with Sean Osborn at Thinking Big Coaching Episode Transcript Well, everyone I want to welcome Chris Naugle to the podcast. He is the number one money mentor, and before we get too much into what you do, me and my wife had had a disagreement for the last. I'd say six to eight months that I'm hoping you can help with. Oh, yeah. Okay, I want to go buy a money gun. You know, just load up money in there and just shoot that shit everywhere. I wanted money gun. She thinks that's not a wise investment of my money. What do you mean? You cannot go wrong with the money gun? Oh my god. She doesn't think money guns a good investment here. See? I'm gonna prove that it is Hang on one second. All right, I did. I wasn't prepared for this. But let me show you how important a money gun There we go. See? That gotta have a money gun. So when she watches this recording, and sees that man Oh, man, it might just look like a bunch of things going at the camera. But those are hundreds. So I am I am going to get a money guy. That's that's the first thing I'm gonna do. Come see. I knew it. I knew it. I knew it. I knew it. Got it now. Yeah. God, see, Snoop made it look so damn good that I just have to get one. So there we go. That's that's a no brainer. Now. Now getting into so my audience you know, a lot of my audience is young entrepreneurs, people who are new into their career, new into possibly doing a side hustle new into trying to get have their money, start working for them instead of them working for their money. And that's where I know that you can add absolute tremendous value to, to my tribe and to my listeners. Before we start, what are some? How did you kind of get you know where you are? What drove you to do it? Because to me, you know, success leaves clues. And knowing a little bit about your journey on on, you know, where you came from, and, you know, kind of where you get your journey where you are usually loved to hear those stories? Sure. I mean, you know, from a young age, you know, and I love you know, what you teach and what you talk about, she talks a lot about imagination and dreaming. And that's kind of where I began, you know, I grew up in a lower middle class family mom didn't have any money and dad wasn't really in the picture. And I had to just imagine things, you know, I wanted to be a pro snowboarder, and I wanted to skateboard in a dirt bike. And I couldn't just have those things. I couldn't just say, Hey, Mom, let's go buy a dirt bike, or Hey, I want to snowboard I had to first visualize it. Now, a lot of my upbringing was that was dreaming, visualizing so deep that you know, I would draw pictures of me doing it and then at night, I would literally dream about me actually doing that. And, you know, by the, you know, trying to remember how old I was like 15 or so, I was so dead set on being a pro snowboarder because I watched all the VHS tapes of these pro riders. And that's all I want to do. So that materialized and I did become a pro snowboarder, but it's not like you could just think of it and then all the sudden happens you have to go out there and do what everybody else is unwilling to do. So that's kind of like a lot of how my upbringing was right to my first clothing line that I started in mom's basement. And that was just a dream. I actually hated my job. I worked at a restaurant I was degraded so badly that that job led me to the point where I said, I'm done trading hours for dollars. And the only alternative is what call, I got to make money somehow to go on these snowboard trips. So started printing shirts with my art teacher Mr. Mahal ski and selling them in backpacks. And then I'd get friends that would come in, and I'd say, Hey, I'll give you a shirt if you helped me sell these to people in school, and it just one after another. And then on the snowboard journeys, we would stop at the stores, you know, along the way, and I'd map them out on a back then we didn't have GPS, just so everybody knows I'm a little older, we have actually a map, and we'd map out all the shops, and we'd stop and ask him to sell the clothes and that materialized. And by 17. I'm like, you know, this whole, traveling around with a bag of clothes is cool, but I want my own store. And that became my next big dream. And that dream almost led me to my first like, you know, failure. I don't want to say failure. But you know, where you get to a point and everybody tells you you can't do something. There's no way that's possible. There's no way that's going to happen. You're a fool. That's a stupid idea. You're going to lose it all kid, you know, like that movie, you'll shoot your eye out, kid. Well, that was that was me. And I almost gave up. And I remember I needed 70 grant to open fat man board shops in 1994. And I couldn't find 70 grand I had no idea how to raise it. Every bank said no. But I, I got one bank that said, Hey, if you can collateralize the loan, we'll give you 70 grand. And to me, I didn't even know what the word meant. And they told me and I'm like, great, I've got a 86 Audi 4000, I've got a dirt bike and a baseball card collection Will that do? And they said now we're thinking something a little bit more. My mom knew that this was like the thing that stood in the way of me chasing my dream and not and she put her house the only thing she had in the world I grew up in a 700 square foot two bedroom ranch out in Lockport, New York. And she put that house on the line so that I could get that loan and chase that dream. And that's, that's where life got interesting. Because I was becoming a pro snowboarder, now I had these stores and I had a whole new obligation that was don't fail or mom and you want mom and me lose the house, you know, I don't have a place to live. So that's a lot of pressure on a 17 year old man. That's where it began. And I'll never forget, you know, everything started going well. And by the early 2000s, I had multiple stores was highly leveraged. And then the.com crash hit and I really had to make some decisions, I was either gonna deliver pizzas or go do something and I put my resume out. And I got calls from Wall Street firms of all places. And that's kind of where the story begins with money as I landed in Wall Street, it was just like the movie Wall Street with Michael Douglas. I mean, that was what I was chasing. That's kind of in my mind what being a stockbroker was even though it's not it, that's what I envisioned. And I dove in. And at first, it was a temporary thing. But it ended up being something I was really good at something I really enjoyed. And I still continued running my stores, but I wasn't working in the store anymore. And I remember who's kind of weird like a pro snowboarder, because at that time had gone Pro. And now all of a sudden, every day I'm wearing a suit, kind of like messes with your mind, who actually you actually have to, you know, mindsets, everything, you actually have to kind of separate, you know, that whole two sides, like one side is I'm going to wear my jeans, my hoodie, my beanie. And then the other side is, I'm going to go be an advisor, I'm going to put the gray suit on with the black tie. And I'm going to do that thing. And that was hard for me. But I was really, really good at the advisor role and I was working on my stores not in them anymore. So the stores actually started doing a lot better. And that's when I started learning a lot about money and stocks and bonds and everything was like a dream. You know, at that point, I was making more money than I'd ever made. And, you know, I was running my stores doing the pro snowboard thing. And hash man, I remember like from 2004 to 2008. It was just like a fantasy world. And I remember, you know, I flipped a couple houses 2006 and seven in 2008. I decided to dive in and I bought a dilapidated paint store to convert it into a strip mall where my main Batman store was going to be and I mean, you know exactly where I'm going. Because in 2008, many of you will remember what happened. Some of you might be too young, but in 2008 was the great recession that thing hit me like a Mack truck and I was one payment, one payment from being bankrupt. And at that point, that was my first like crush. You know, a lot of people realize that and I remember, you know, I was so beat up so down in the dumps that I came home to my girlfriend who had just moved into my house like, you know, all of us have that girlfriend that moves into the house, right? You show up one day and our bags are there. Or maybe that's just me, but I like to think everybody goes through that. And I came home to her and I said Sweetie, I need your help. I need your help paying the mortgage. I need your help paying the utilities. And by the way, my friend Pete's gonna move into that bedroom and my friend Jessica is going to move in into the bedroom upstairs. Any questions that go? Yeah, well, I thought I had a 5050 shot it 150 percent she was gonna walk out the door and never come back. And I had a 50% shot that she was gonna at least help with some of it. And I think she kind of liked me because she actually did stick around. And, you know, we're now married, we have a 10 month old, but so you can see where that one went. But that's how I made it through that time. It was it was hard. Working from 4am till 10 o'clock at night, I had a lot of changes. But that was my first crash and then 2009 to 14 and I'm going to get right to the point of how I learned what I did here. I got into real estate real heavily and I I thought I was doing everything right I read the books, I you know, I'd watch some videos, and I just dove in and I got up to 36 units I was so proud of myself. I'm like, Oh my god, I got this real estate thing figured out and and everybody that's in real estate knows that nine to 14 man was that a good time to buy because everything was on sale and sometimes on sale. 70%. So I amassed 36 units at great prices. But where I made the mistake is I didn't understand how money really worked. And by the 37th unit, the bank said no more. You don't fit in a little box, we're gonna we're not going to give you this next mortgage. And I thought that was it. But that led me to getting a little behind. Then they froze my lines of credit so I couldn't finish units and then then that story in 14 and I had to sell all 36 units in a went quick. I remember I was having a hard time making ends meet. We me and my wife are well she's my fiancee then But me and Larissa had just bought our dream house, I had the two Audi's in the garage, you know, everybody envisions like you get to that point where you're doing well, but now all of a sudden, everything was crumbling under me again, this is like the third time this has happened in my life. So you can see, I'm on this crazy roller coaster. Right? I have money and then I then it's all gone. And then I have money and assets. And then it's then it's all gone again. And this one hit me the hardest because I really thought I'd figured it out. I thought I'd made it. And then all of a sudden, just one turn of events, one change, one thing happens. And now all of a sudden, I'm right back at the bottom and life is falling apart. I'm selling that dream house, I'm selling the audio in the garage, I'm selling all my rental properties. And I just felt so defeated. And I had dreamed this life I dreamed up this house I dreamed up that as for in the garage, like all these things, I had dreamt and imagined them happening. That just all fell apart. And I'll tell you the next part is pretty miraculous. And what happened in it was I got a postcard to go to a three day seminar to learn how to flip houses. And I didn't want to go, you know, I wasn't going to the seminar to learn how to flip houses, but they were giving away a free iPod Shuffle. And I was like, I gotta have that. So I want like a money gun. It's just like, you go to an event and someone shoots the gun at you, you know, it's like, you're just thinking that so I go there, and I was so bored. I'm like, I'm the advisor in this room. And these guys, you know, you don't have an ego, I'm not gonna lie. You know, you go through life. And you know, you think you make it and you get an ego. And it's hard to shed that ego. But two guys got up in front of Mike and Greg. And they start talking about money. them like I perk up I'm like old money or now we're talking about something my life. And they start talking about money in real estate and what they're doing and how they're using it, how they're being the bank, and I've never heard the be the bank thing. Like my hat says BYOB. A lot of people like oh, bring your own beer. Well, no, it's become your own bank. And that's what they're talking about. And they started saying things that I'm like, listening to and I'm like, No, it doesn't work that way. Oh, no, it can't be that way. You're doing what? How are you? You know, I start questioning. All these things are saying and these are the two rock stars, these guys were very successful. One had an a&e show. And all of a sudden, by the end of that event, I mean, I remember they do their call to action. I was the first guideline, credit card getting maxed out for money that my lawyer said moved back in and I thought she was going to kill me. But I knew that I had just heard something that was about to change my life. And what they talked about was that one thing that changed my life and it was so simple. And that's what I liked about it was like all I had to do to do what they were doing is change one thing in my life. And at that moment, 2014 I began that transformation that change. And that's when everything changed at that after that I started going to masterminds and I had mentors, and I couldn't afford any of this. I want everybody to be clear to remember I just lost just about everything. So when people think about this, like oh, you must have had all this money. No, folks, I did not you know what I had? I had a VISA credit card, same one I still have today. And I max that sucker out. Over and over. I just I knew I had to have what these people knew. Because I knew the answer to why I was riding this roller coaster was lying in the secrets of the wealthy. I knew that these wealthy individuals knew how to do it, and I didn't and I needed to bridge that gap. That's, that's very interesting because a lot of people won't, or don't spend the money to learn, they don't. And the way I look, the way I always look at is I would rather spend a few $1,000 and compress, you know, two to 10 years in two months, you know, learning what other people what other other people know. And then people who don't invest in other programs just aren't going to get very far. Now Now, one of the things you said I'm an I'm an out date you a little bit. So and we actually have kind of parallel back backgrounds a little bit. So I grew up in Colorado, and I was a skier. But this was way before snowboarding wasn't really even a thing back then. And I was actually and I was actually Hawking t shirts. That said, Give me Rossignol or give me head. Because those are the two big ski brands. My at the end of my first I had snowboards was my number one sponsors, really. So you know, and I was in like, I don't know, maybe sixth grade hockey and give me Rossignol or give me head. T shirts. So brings it brings back brings back some some memories. So what are you so money does not work the way that we think it truly does not. And there there is things that people with money know that people without money, don't know, there's assumptions, there's lies, there's, you know, just the perception of what what money really is, you know, what are some of the things that I don't know about money that I need to know about money, it's easy. We are brought up and it's no one's fault. We're brought up in a society in a world where we're literally lied to every single day about what money is how money works, and everything else. And the biggest mistake, all of us make, and myself included until I learned what we're about to talk about is we are not in control of our money, we have been taught our entire life to give up control of our best dollars, like I'm holding $100 bill, like we've been taught to take these dollars, and give them to somebody else, deposit them in somebody else's bank. And we just think that that's right, we think that's normal. And then when things happen, like my story, we're not in control of the dollars that we need to take advantage of the opportunities that present themselves, because we've already given up control because somebody somewhere convinced us that we are not capable of being a good steward of our own money. And I'll tell you break it down to every one of you, nobody, even a high level financial advisor like I was for 16 years, nobody will ever care more about your money than you do. So why? Why do we give up control of our money? The tool? Because that's all money is a tool? Why do we give it to somebody else? Why do we deposit money in the bank? Ask yourself, why do you do that? That's the simplest thing. You know what? Like, let me ask you, why do you deposit money in the bank? Because that's just what we do. That's what we've been taught. my paycheck goes directly into the bank app, I never see it. And it's because of what you just said, because that's what you've been taught to do with your money. And you just don't even think anything of it. What if I were to tell you that the bank makes 400 to 13 100% more money than you do on your dollars? Like you're like most people when I say that? No, they don't they can't they lend it out at six. And I'm making wonder if you're only making five? No, they're making 400 to 13 100% more than you are because what they're doing is they're moving your money continuously and consistently. I mean, most people when they take money into the bank it take this $100 and give it to the teller, you know, what do you think happens? You think when you hand that money to the teller the teller takes your $100 bill and puts it in a little box in the back with your name on it. Heck, no man that the money that bank takes your money and lends it out in those little glass cubicles, and does make 400 to 13 100% more because they're making the margin and they're giving you next to nothing. And we just think that's okay, folks, that's not okay. It's not okay. And then when you need your money, let's say you got a large sum of money or 10,000 or more in the bank and you want it all because you got a great opportunity. Go to the bank and try to take all your money out. Try just just, you know, a lot of people tried doing this back during COVID in March in April, and they realize the true fact they wouldn't give you all your money....