This is the third and final episode in a three-part series. Dr. Brad Klontz and Adrian Brambila join us to share 21 harsh truths about building wealth.
This episode focuses on the final 11 harsh truths, following up on their previous conversations about the first 10 harsh truths.
The conversation begins with a key distinction: poor people buy stuff, while rich people buy time. They explain how wealthy people focus on building passive income streams rather than trading hours for objects. Brambila shares how he learned this lesson personally, discussing his pickleball court purchase through investment income rather than active work hours.
The duo challenges common assumptions about luxury brands, arguing that people who constantly show off designer items are usually compensating for insecurity. Klontz shares his own experience of buying an expensive watch early in his career to prove his success.
They examine whether college, marriage, and homeownership are necessary for wealth building. While data shows these traditional paths often lead to higher net worth, they acknowledge these aren’t the only routes to financial success.
On the topic of retirement, both guests argue that completely stopping work can be psychologically harmful, sharing examples of successful people who stayed active well into their later years.
They break down specific money-saving strategies like getting roommates, using public transportation, and cutting your own hair. Brambila demonstrates how women can cut their own hair during the interview.
The discussion covers specific side hustle opportunities, with detailed explanation of how to make money doing Amazon product reviews. Brambila shares how his videos have generated significant income, including $2,000 in a single day during Black Friday.
They address money myths about credit cards, particularly the misconception about carrying balances to improve credit scores.
Real examples and personal stories illustrate their points. Klontz shares how his 11-year-old son is making $5,000 monthly doing Amazon reviews, while Brambila discusses living in a van while earning six figures to demonstrate that wealth isn’t about outward appearances.
The episode concludes by connecting financial security to Maslow’s hierarchy of needs, explaining how building wealth enables higher-level personal growth and positive impact.
Timestamps:
Note: Timestamps will vary on individual listening devices based on dynamic advertising run times.
0:00 Introduction
2:02 Poor people buy stuff, rich people own time
13:20 Wealth mindset invests in passive income vs trading time
21:20 Only insecure people flex luxury brands
30:00 Debating necessity of college, marriage, homeownership
38:20 Why retirement can harm mental health
48:40 Wealthy people aren’t afraid to ask for help
54:40 Don’t rely on politics for financial freedom
1:03:20 Complaining keeps you poor
1:05:20 Alternative saving strategies: roommates, bus, sobriety
1:15:20 Netflix binging vs side hustles
1:19:40 Making money with Amazon product reviews
1:28:20 Credit cards must be paid in full monthly
1:31:00 The importance of thinking rich
1:33:30 Where to find more resources and bonuses
Thanks to our sponsors!
Indeed
If you’re looking for amazing talent to bolster your team, you need Indeed. Go to indeed.com/paula for a $75 job credit to upgrade your listing and start hiring today.
Shopify
Diversify your business by selling physical and digital products through Shopify’s all-in-one platform. Go to shopify.com/paula for $1/month trial and get full access to Shopify’s entire suite of features.
NetSuite
NetSuite is the number one cloud financial system, bringing accounting, financial management, inventory, HR, into ONE platform, and ONE source of truth. Head to NetSuite.com/PAULA to download the CFO’s Guide to AI and Machine Learning.
Quince
Quince offers a range of high-quality items at prices within reach. Go to Quince.com/paula for free shipping on your order and 365-day returns.
Wayfair
Wayfair is the go-to destination for everything home, no matter your style or budget. Go to wayfair.com or the Wayfair mobile app to get everything you need to summer your way.
Source: Afford Anything
iOS and iPadOS 18.1 launched this week, with Apple Intelligence the biggest addition. But the…
MacReady's signature accessory is up for auction—along with more amazing horror memorabilia. Here are our…
If you need evidence that sometimes the biggest blessings can show up at our door…
The icy moon Miranda is the latest satellite in our solar system to spark hope…
We’re three episodes into the fall season of Fire Country, and things are already blazing…
Lexar's Professional Go Portable SSD and Hub, which raised over a million dollars on Kickstarter,…