Money Rehab with Nicole Lapin

You had in your Rich Bitch book, I think like a template for spending.

And that was actually very helpful for me because I took the money that should have been going to like life costs.

Because at the time I just, I was living with my sister and piecing everything back together.

So I didn't have a rent or utilities.

And I put all that into paying off my debt and kept the rest of this as my spending money budget, as my savings budget.

And that helped me pay off most of my debt, which is having some set platform of like, this is kind of around how you should be budgeting your money.

It's not just, if you have the money, you should put it all in one place.

Because I was doing nothing, going nowhere, enjoying none of the things because I was like, well, I have to put all of my money into paying off this debt.

If I'm not doing that, then I'm just going to suffer forever.

And it's like, no, take a little bit for yourself.

It's okay.

Now you're on your seventh business book. So eight altogether. I called you when I was launching Rich Bitch. That was my first book 10 years ago. I didn't know what the fuck I was doing.

that the world does budgeting too. And the world kind of budgets how many people can buy the really expensive washing machines which are a few.

Number six, Rich Bitchness. Can you believe I waited until recommendation number six to bring up the gift of financial literacy? In my opinion, there is no better gift. Obviously. If you're looking to help someone in your life make progress on their financial journey without giving them the fortune yourself, you can teach them how to make their own fortune and look at apps like Magnify.

when I left my comfy job as a TV news anchor to write my first book, Rich Bitch, people told me it would flop unequivocally.

my first book is called Rich Bitch and my second book is called boss bitch

Listen, I wrote the book called Rich Bitch and Paws Bitch.

Yeah, I changes everything.

I have to rewrite Rich Bitch.

In your new book, you weren't supposed to see that, which is awesome, by the way. I have a copy of it. Can I hold it up? Yeah, of course. So this is the book. It's so pretty.

The idea behind the book is I did the Reformed Broker blog for 15 years. I wrote about the markets almost daily.

One of the chapters is my playbook for a run in the mill market correction.

One of the things that I've done and I need these kinds of psychological tricks. Some people don't. I do. One of the things that I've implemented and somebody taught me this a million years ago, I like to make a list of stocks that I've always felt I missed out on.

You also say in your new book that your first rule of corrections is to shut the fuck up.

He is a reformed broker bro, one of CNBC's top pros and an author with a new book out called You weren't supposed to see that secrets every investor should know which you can and should check out in the show notes.

In The Path, you talk about revocable living trusts.

So you say the opening line in "The Path" is the financial services industry is broken.

Well, I think it's a lot of things you've talked about on your show over the years, which is there's so many conflicts in this space. There's so many people selling products. There's so many people making things more complicated than they need to be. All of these things make it just a landmine for the typical person.

And people assume their advisor is well-intentioned. If you go to a lawyer, the lawyer, their job is to act in your best interest and get you the best outcome. And if you go to an accountant, their job, they have a legal duty to act in your best interest and get you the best outcome. Same with a doctor.

So you go to the financial advisor, you think it's going to be the same, but the reality is the overwhelming majority of financial advisors are really in sales. They're selling something.

Tony Robbins, who co-wrote this book with the duo, "The Financial World", didn't know it needed, but we did.

And while he doesn't have a show on Netflix just yet, there is a book about him. It's called The Art of Making Money, the Story of a Master Counterfeiter.

I've linked that in the show notes as well.

Yes. Miss Independent is amazing. I haven't got through it all, but what I've read so far is helping me, getting me to the heart. So thank you for that.

I've cleaned up that I've been reading your books. I've cleaned up the whole debt. I cleaned up all my stuff and now I'm just working on my businesses.

I do give her the tools, you know, and I try to kind of say here, you know, read this or here, you know, do this, but I can't make her do anything.

That was part of why I wrote my last book, Miss Independent, to find that independence from an abusive any relationship that you're gonna have. Like have that fuck you money.

But I have been doing a ton of research in the last couple of years listening to you and I'm a big fan of like Rameet Sethi. So definitely changed my mindset in that capacity.

That is exactly what I teach in my I Will Teach You to Be Rich system.

She has a new book called Nothing Is Missing, which she calls a Fresh Start Manual.

I talk about that for the first time in my book.

And I talk about that in the book as well.

I mean, you've written an incredible book that literally changed lives.

People come up to you and they say, like I did this thing from your book and it changed everything.

I have a new book called Nothing Is Missing, which she calls a Fresh Start Manual.

My next book is coming out and actually has a whole section on alternatives and sports memorabilia.

I really encourage people there's books like James Nester wrote Breathe Patrick McCune wrote the oxygen advantage.

Yeah, I mean, the body does keep score. That's a famous psychology book.

I think that's right, yeah, I mean especially this whole generation of people right. So, for example, e-commerce entrepreneurs, what are they really good at? It's like ad words buying and like optimizing your click-through rates and user flows, and so like it's a very natural extension that we go from optimizing every part of our business into optimizing ourselves.

This whole generation of people right, so for example, e-commerce entrepreneurs what are they really good at? It's like ad words buying and like optimizing your click through rates and user flows. And so like it's a very natural extension that we go from optimizing every part of our business into optimizing ourselves.

This whole generation of people right, so for example, e-commerce entrepreneurs, what are they really good at? It's like ad words buying and like optimizing your click-through rates and user flows and so like it's a very natural extension that we go from optimizing every part of our business into optimizing ourselves.

This the Tim Ferris kind of started this fire with Four Hour Body, Four Hour Workweek before that what do you think about that idea? I think that's right yeah I mean especially this whole generation of people right so for example e-commerce entrepreneurs what are they really good at? It's like ad words buying and like optimizing your click through rates and user flows and so like it's a very natural extension that we go from optimizing every part of our business into optimizing ourselves that makes sense.

I think that's right. Yeah, I mean especially this whole generation of people right. So, for example, e-commerce entrepreneurs, what are they really good at? It's like ad words buying and like optimizing your click through rates and user flows, and so like it's a very natural extension that we go from optimizing every part of our business into optimizing ourselves.

That's a Ryan holiday book. I want to make sure I give shout outs.

I came home from dinner with friends one night and I logged into Facebook and someone had quoted the book The Alchemist.

This deal showcased both the potential for massive profits and intense scrutiny and criticism that P.E. can attract.

But I have been doing a ton of research in the last couple of years listening to you and I'm a big fan of like Rameet Sethi. So definitely changed my mindset in that capacity.

My third book, as you might know, was focused all around burnout. This was an area that I didn't look into potentially there's a part two of it.

After Michael Collins book, How to Change Your Mind and some stuff Tim Ferriss was sharing.

His book is all about helping people navigate the ever evolving landscape of social media. It is such a helpful and powerful resource for brands and really anyone hoping to build a social following for business or for pleasure.

It's literally the followup to that book.

It's the most detailed marketing book I've put out that it just felt like it was different. It was more of what now I realize I've been doing for 20 years, which is Day Trading Attention.

He had written a book without me originally called "MONEY Master the Game". I had a lot of clients come in with that book and ask questions.

And he did not understand the very first point you brought up was he had told his followers in his first book, hey, I used to be at this broker. I found out I was paying these really high 401k fees, high fees on my personal account. I talked to my friends in the business.

He's got clients that are billionaire hedge fund managers and he wound up talking to John Bogle and Alan Greenspan and Warren Buffett and all these people.

And one of his takeaways is people should ask for a fiduciary. And later he found out from me and him talking that people can be registered as both a fiduciary and a broker. And he was very upset about that.

He said like, Peter, look, I spent hundreds of hours on this. I wrote a whole book about this. I talked to more great minds in finance than anybody in the last century, which was true in that book.

And so I kind of backed into real estate investing. And then from there, I was like, OK, how do I figure this out? And if I could double click really quickly on the 103% lending, what does that mean? So I had the primary loan on the property. So if I remember right, I think I had it 80 or 85% loan. Actually, it might have been more. It might have been 90. I would use the first time home buyers lending. Guys, this is 2002. So pardon me. I've slept a few nights over the past 22 years. That means like a 10% down payment. So you're doing 10% down payment. Yeah. And then I took out a second loan on the property, a HELOC and put. But at this point in time in 2002, they actually would refinance or allow you to pull out 103% of the home's value. We had not gone through 2008 or 2009 in this standpoint time. So in the bank's mind, real estate always goes up into the right. It always climbs. It doesn't take, right? Or I hadn't done so in over 25 years at that point in time. And so, yeah, I was like 103% finance, more money in my pocket. I was a little naive. I didn't know what that meant. I didn't know how risky that was. But they believed me and I'm like, oh, great. They believe in me. I should believe in myself. Let's go do it. So if you borrow more than 100%, you're underwater. Exactly. Not only did I owe the money to the bank for the loan, but say I took out 100, it's like buying $100,000 B and 103% means the bank gave me $103,000. If I lose the property or sell the property for anything less than $103,000, I now owe money back to the bank for that additional value that was not created on the deal.