How Wealthy Agents Actually Spend Their Money

0:00They don't win because they buy better things. They win because they refuse to buy certain things. I closed on the biggest deal of my entire life. I bought a golf course, 100 units, 40,000 square feet of commercial out in Georgia. I deserve it. If you ever hear yourself saying those words, you know you're in trouble. No costumes don't make you wealthy. They're the outfit you put on for people you wouldn't even have over to dinner. You want to be rich and anonymous, not poor and famous. All right, welcome back to the Be Wealthy podcast with Brett Tanner, the show where we deep dive into the strategies, mindsets, and real-world tactics that unlock true financial freedom in your life. Today, I am here solo after a crazy week at our mastermind. We had our entire Be Wealthy crew in, our group that gets together about three times a year. If you're interested in more about that, you can go to bewealthy.com. That's not what I'm here to talk about. We're here to talk about your money. And actually, wealth is so much more than money. And I go across the country teaching this to real estate professionals and business people. And

1:02it's funny, we all think of it as money, but it's actually more than that. It's experiences. It's actually personal to you. It's It's why they actually call it personal finance. And so, as you go through today, we're going to follow up on two episodes I did prior with Katelyn. The first one was, "What does it take to be rich?" where we discussed what it actually takes to be rich in America right now. And we went through that. Go back to that episode. You can take a listen. It was part one of six. The next episode we did was, "Why earning more money doesn't make you richer." We talked about the emotional spending trap. It was part two of this episode. And we walked through what money looks like at different levels. Like, what does it look like if you make $100,000 a year versus $200,000 a year versus $500,000 per year? And I think the challenge for many people out there is they take advice from random groups of people, and yet those people might may not be able to speak to your situation. In other words, the way a $500,000 income earner is going to spend money is radically different than the way you should think about it if you're making $200,000 or $100,000 a year. And so, taking advice from people that A

2:07aren't in your situation, and then B might actually might not be managing their finances correctly, could be dangerous. You know, we think about money, most of us are running 40-year-old programs in our head that came out or were like planted in our heads when we were about 10 years old. You know, I give this at a presentation, but I go back, I go imagine that conversation when money was brought up in your household at 10 years old. And how was it talked about? You know, was money, you know, were all those probably growing up most of us have said you don't talk about it. You should never ever talk about money. And the reality is you should absolutely talk about it. You should talk about it with other people. You should talk about it with strangers. You know, people say don't talk to strangers, the reality is strangers have everything that we want. And you're just spending the bulk of your life out there talking with strangers. And And so, it's just crazy advice that we hear growing up. And so, when money's brought up at that dinner table, you know, it's either going to be scarce or abundant. And how that conversation is had around scarcity or abundance is going to be a part of your story that you're going to run for the next 40 years. And most people are running that story implanted in them by their parents or some family member, and now they're 45 years old

3:10still making decisions off a prior generation that did radically different things and may or may not have been wealthy. You know, I'm blessed to have two of the greatest parents ever, and they've actually given me some really good financial advice, but not all of it would have worked out for me. You know, my dad always said don't get into real estate, and I do the voice I do for my dad is the Nutty Professor, and don't ask me why cuz he sounds nothing like the Nutty Professor, but it's like, "Brett, don't get into real estate. It's nothing but toilets, tenants, and trash." And he doesn't own any rental real estate. He's had farm ground, but never had rental real estate, and it actually has nothing to do with toilets, tenants, and trash. I mean, those are things that are a rental property, but I don't even know what that means. And then years later, he's like, "I'm really glad you didn't listen to me cuz real estate worked out really well for you." And had I listened to him, I might have been a different career and a different thing and real estate has served me very well. The point of that story was that sometimes we listen to people that love us and they might want what's best for us, but their advice is not be what's best for us. Their advice is based on their situation and what they're experiencing. It doesn't make it invalid. You can love the person and not honor the advice. And so as we jump into

4:12today, we're going to talk about episode 3, which is what the wealthy people actually don't spend money on. There's a whole bunch of things that they do spend money on, but what do they not spend money on? And we'll kind of go back and forth of both of those frameworks today. Uh before we jump in, I have the coolest story ever to share about a week ago, I closed on the biggest deal of my entire life. I bought a golf course, 100 units, 40,000 sq ft of commercial out in Georgia. And about a week into owning it, which was about a week ago as we're filming this right now, I got a text from our GM and he said, "Hey, we've got a former Masters champion playing the course right now." Tommy Aaron won it in 1973. If you want to go to my Instagram at The Wealthy Bret or you want to go just Google it, you can see a picture of him getting that green jacket. And I wasn't there for it, so that's not what makes it actually cool. You know, it was just a surreal moment for me. You know, I've loved golf my whole life. I've always wanted to own a golf course. I never dreamed that I would have. And now I have one. And to think that there's like a Masters champion playing your golf course is just a surreal moment. And so the point

5:16I want to talk about is that maybe there's things in life we should own and we shouldn't own. And I want to be clear as we go through today. I didn't buy the golf course to be cool. I got it I bought it to make money. And the deal has to make sense, otherwise you wouldn't do it. And so many things in our life we're doing because they're emotional. And we're human beings and we make very, very emotional decisions and then we go back and we try to justify those with logic. And that really doesn't work out for us very well. And so we've got to have models in our life. So as we go today, I want you to think about the things that wealthy people spend money on and don't are models that you could apply to your life. Uh I came back from a recent trip to Korea and a year the year prior I took my boys to Japan. And so each year I go on spring break with wherever they want to go and this year happened to be Korea, but a year ago when I was in Japan, I heard this Japanese legend and I think about it a lot and and it goes like this. It says when you're when you're when you realize when you get on the wrong train, get off at the earliest station. The longer it takes you to get off, the more expensive

6:18the return trip will be. And so as we go on your day, what's the wrong train that you're on right now financially? Right, maybe you overpaid for your house or you've got some crazy car payment that's completely insane that you made an emotional decision and you're deep down that road. Well, the longer you stay in a bad decision, the worse it's going to get. So, I want you to think about that legend. Once you're on the wrong train and you realize you're on it, get off the nearest station. It'll make things a lot easier. Before we jump into today, I'm going to give you my word of the year which is a new episode thing we're doing on the podcast that we're never going to do again, but my word of the year is optionality. And I really have been using a lot with my team and what I really want when I make any decision is I want more options. Right, if I ask a question there's only one way to do it, that's not an option. If there's two choices, that's a dilemma. It's like this or that and maybe those aren't perfect for me. I really in everything I think about from a business or money perspective, I want to have three or more options and the more the better. I want total optionality to make the best possible decision cuz I believe that human beings

7:21were actually really really smart and if we thought about it, we had enough enough options and we really thought through them logically and not with emotion, we would make the best decision. So, let's jump into today's episode and talk about where the wealthy refuse to spend their money. So, there's something that surprises people the first time they really see the wealthy. They realize that they don't win because they buy better things. They win because they refuse to buy certain things. Even when they when they when they easily can, they don't. And one of my favorite books, this is my favorite author right now, which is the psychology of money by Morgan Housel. He wrote three books. He wrote The Psychology of Money, he wrote Same as Ever, and he wrote The Art of Spending Money, his newest book. I do that all of those, in my opinion, are mandatory reading for anyone that wants more out of their life. But the psychology of money really walks through the emotional part of spending and how you can think about spending money differently without emotion. So, this episode's about that skill. We're going to jump right in. Today's about subtraction.

8:23Because wealth isn't built by adding everything you can afford. It's protected by knowing what you say no to. I talk a lot in business that I believe all the money you make in your business is going to be what you say no to. You have to say no to really great options in your business so that you could say yes to the excellent thing that can completely change your life. But people don't do that. What do you do in business? Most people are serial entrepreneurs and they got into this because they had lots of ideas. They start their core business and really quickly they got five or six or seven different business ideas running down the road and really quickly they're fractionalized, they're not getting as much out of their core business, and then everything's kind of average. Instead, they should have said no to the majority of those to pick the really great things. Right, one or two things that you can be absolutely excellent at. And it's the same thing with your money. So, the first people the first thing that rich people absolutely refuse to overbuy, they refuse to spend too much money on it, is the biggest expense that everybody has, which is housing. Right, it's the most dangerous category, it's highly emotional, people are going

9:25to have all kinds of emotional reasons to justify why they need a bigger house. You don't understand how hard I work. You don't understand I deserve it. If you ever hear yourself saying those words, you know you're in trouble cuz that is the language of you're playing for an external scorecard. I deserve it. No, you don't deserve anything. You deserve where you're at in the present moment. And you should be grateful what you have while you're ambitious for more. And so, when you look at housing, wealthy people absolutely love nice homes. They love them. But they're not It's not the only thing that they have. They're extremely disciplined in how much of their income goes to housing. Specifically, the total amount of the payment and the total cost to run that facility as a portion of their income is how they think about it. Really, really well wealthy people, they talk of their home like a facility. You know, when I run annual budgets for my cabin, I run annual budgets for my primary residence. I treat it like a business. You know, people listening this right now might be laughing. And yet, here's what I would tell you. Show me something that has $150,000 a year going into it or $150,000 a year going

10:29out of it that you absolutely don't track and don't actually pay attention to. And that's called your personal life. Right? Most people pay no attention to money flowing into their personal life and actually learning how to manage that and to capture some of that and to harness it through sweep accounts or some other banking system could radically change your life. Same their house. Most people's housing payment, the way their There's the cost associated their home represent the largest expense of their life. They don't track it. They don't manage it. They don't know what it is on an annualized basis. You To get better at your money, you've got to know every single number. What's the interest rate on your mortgage? What's your escrow account? What are taxes? What are insurance? These are numbers you should know off the top of your head. Why? Because if you know the numbers, you can change them. How do you know the right amount for your escrow account or know if you're paying a lot or a little if you don't even know what it is. And so, we've all got to get better at these basic things that all should have taught in school. And so, the wealthier crazy about the cost to run their facility. In the book The Millionaire Next Door, which I really feel should be mandatory reading, especially in this time. And if it was published today, I think it would sell literally zero copies other than

11:32maybe two to his mom because it really talks about quit playing for social comparison. The Millionaire Next Door was written 20 years ago, 30 years ago. I I read it about 15 years ago. And in that book it just talks about millionaires don't actually spend money like you think. The Millionaire Next Door doesn't live in some crazy house. They drive an old car. They actually have the lowest expenses at home you could possibly imagine. And so they don't overspend on houses and yet you see that's the social status symbol most people pay. You know, a couple strategies that come to mind as I think about this. Number one, I think your house that you buy for your first house should be an ideal rental if you decided to move up. In fact, you know, and and I don't know if this works in all markets across the country, in a perfect scenario you'd buy your first house, hopefully it's really close to covering that amount of rent, you'd move out, rent that property out, and move to the next one. And go house, house, house, home. It'd be a fantastic way to build wealth. If you want to buy a duplex and you want to live half and then half of it, they call house hack idea. I don't agree with that entirely yet if that's what lowers your cost of

12:33housing in the very beginning and allows you to save more money to invest to get ahead, I think that's absolutely awesome. And so look at your house as a way to hopefully lower your costs. One thing I would never do, if you're renting something right now for say $2,000 a month and the total house payment is $2,000 a month and I hear people all the time I should totally buy a home. You should absolutely not buy a home because there's so many more costs that go into owning a home than just the the taxes and the insurance and the principal and the interest. There's so much more. You're going to do highly emotional things like putting in a pickleball court or rip up all the floors or go and redo your bathroom. You'll do all these things that the next buyer will absolutely not pay for and absolutely not care about. And so your primary residence, the reason you want to buy a home and own it forever is because you lock in your long-term fixed housing. Right? It's fixed for 30 years and then if you paid it off then at that point and made 360 consecutive payments it would go to zero. As opposed to renting, we all know that inflation is real and over time rents are going to rise. It's one of the reasons you want to own a home and it has a lot of benefits. That being said,

13:36if it triples your cost of housing, it makes no sense and you should instead go get what you can afford. And so, there's a really good book called "Buy This, Not That" by Sam Dogen. He's known as the financial samurai. Samurai. And Samurai or Samurai, we don't know, we'll let you decide. But, he has this idea called the 30 33 rule. And it's a really good model to think about your house. And so, the first rule is spend no more than 30% of your gross monthly income on the housing pay- on the house payment. Your house payment should be no more than 30% of your gross monthly income. Second, save 30% down payment on the price of the home. He's not saying put 30% down, but save 30%. You're going to put 20% down so you get the best financing rates and terms. And you're going to save 10% for all those extra things that could happen. The AC breaks, something plumbing issues, something goes with the electrical. You've got the money saved so you're never put in a position of pain right out of the gate. And lastly, this is the hardest one. You got to

14:38limit the max purchase price of this home to three times your annual income. Three times. By doing If you didn't do this, you're not in trouble, it just means you might have spent more on your housing than you should have if you wanted to be able to have more capital available to invest to get ahead. In my life, that would be a massive, massive problem. My house payment is less than 2% of my total income annually, on an annualized basis. It's wild. I bought a very conservative home at the time. I could have afforded something that was exponentially larger, 10 times larger, and I chose not to. Because I wanted to get other cash flowing assets so I could get completely financially free in my life as opposed to never having that happen because I put pressure on my money and there was no more money available to invest. And so, if you follow those rules, you cap the monthly payment 30% of your monthly gross income. You save 30% down, and you make sure the purchase price of the home is no more than three times your annual income, it will put you in an incredible spot to start building wealth.

15:39Jeff Bezos is an incredible example of this. He lived in an incredibly modest home even though he was absolutely crushing it and was ridiculously wealthy at Amazon. He understood that most founders learn fast. He wanted flexibility when future outcomes are uncertain. He's crushing it at his Amazon, but do you remember the early days of Amazon? It wasn't wickedly profitable. He all his money was tied up in the stock. And he didn't want to radically increase his housing costs and put pressure on himself financially, so he might have had to make different decisions in his business. I see that all the time as I coach some of the top agents and entrepreneurs is sometimes they want to level up to that bigger house and it puts pressure on your money and because of the pressure on your money, they stop making great decisions. They start making erratic decisions that causes them pain. And so, overspending on your house is one way to do it. The punchline here is that wealthy people buy homes that fit their lifestyle and not their ego. If your home is just an ego piece and it's too much, it's causing you pain, you can come back and get it later. Sell that house, get out of debt, and do the right thing and get something you can absolutely afford. All right, the second thing wealthy

16:42people refuse to spend money on is upgrading their cars every time their income goes up. Yes, wealthy people have nice cars, there's no doubt about it. They've got great cars, but typically, right, those cars are around making their lives better and easier. I don't care what car comes out right now and I'm so frustrated that Elon quit making my car. I believe the the Tesla Model S with full self-drive is the greatest car ever. I haven't driven a car in 3 years. I use full self-driving everywhere I go and it has been a life-changing thing. Yes, I'm paying attention, but I'm allowed to just look ahead and think and I have had more incredible ideas by being in full self-driving than you could possibly imagine. And now I've got to drive a different Tesla, poor me. But the point is, I don't buy the car because it's cool. I'm not driving it because Tesla's cool. And if someone else came out with a better car that made my life easier and more efficient than Tesla, sorry Elon, I'm out. I would move over that car. I feel really good and that he's in a good spot and that's not going to be the case, but if it happened, I would happily switch to another car. And so, in your life, are

17:44you buying things that are to impress other people? Or you buying the car because it made your life better and simpler? It actually saved you something, whether it's time or money or it's more efficient. You know, another great example here is the IKEA founder, and I'm going to absolutely butcher his name, but it's Ingvar Kamprad. We'll see how well I did there. But he's one of the richest people in the world, and I think it's so fascinating to see how they live their lives. His entire life flew economy, he drove old Volvos, he completely did not care about car status. He just realized that his car didn't compound in his life. How other people said, "Wow, that's a cool car." had no compounding benefits, so why do it? Again, when it comes to when you come to the wealthy, they think about it, they just don't drive their net worth. I see influencers online that have the Bentley and the Ferrari, and the reality is if you actually went and looked at their real estate portfolios, they're laughable. And yet they've got the car that they try to sell some course or something that they actually don't do. And it's wild. I could go buy 20 McLarens

18:47tomorrow and it'd be completely irrelevant, and I actually could not want that less. I don't want to have that look at me, look at me thing cuz I'm not playing for someone else's standard, and you shouldn't either. I'm not playing for some outside scorecard. Third thing, what people rich people refuse to spend money on, they refuse to spend to look rich. It wouldn't take very long scrolling on Instagram to see how many people are doing this, and they just got this wrapping all going on to try to impress people that they don't know with things that they can't afford and it's crazy. Wealthy people are deeply skeptical of status spending. They don't want to spend money on status. They don't care. Again, in that book The Psychology of Money, it's a Morgan Housel says, "People spend money to signal success, but the only people impressed are those doing the same thing." Think about it. You're trying to impress other people, but you're only getting the people that are trying to impress other people. You're not actually getting the people that you're trying to impress. Status spending, it has no finish line. It's ever increasing.

19:49If you go from getting whatever purse of today, the Tory Burch to the Louis Vuitton to the Hermes or whatever the next thing is, where does it actually end and what does it signal? Well, it signals a couple things. Constant upgrades, right? This There's There's always another level to that status game. And then you get into new groups that have new expectations and it's always moving down the line. I can give you an example of my own my own life. Early on I was having success in the real estate and I wanted to look more successful, I guess to other people. I don't even know what I was doing. It wasn't even that well thought out. So, I went and bought these crazy expensive suits that I absolutely could not afford. I mean, I was paying them off, but it was such an amount of money that I should have saved and used for an investment. And I was in this costume every day going to work to try to impress people I didn't know that weren't impressed. And it's so weird and I look at how today is how many people are doing that. And there was a point about, I don't know when it was, 7 or 8 years ago when I just realized it wasn't me. I wasn't some fake dude in a suit.

20:52I was just a dude in a black t-shirt who wanted to help people. And so today I wear black t-shirts that don't cost a lot. You can really afford just as many black t-shirts as you want, but I I don't want a lot because it's more things to manage. And And my point in all this is if you really go out look at the world in the high power business rooms and you see a bunch of people in suits and one person in a black t-shirt or hoodie, that's actually the person who's running the meeting and making the decisions. No, costumes don't make you wealthy. They're the outfit you put on for people you wouldn't even have over to dinner. Think about it. Mark Zuckerberg, even when he was at the peak of his game in Facebook, wore a gray t-shirt and a hoodie every single day and he could afford anything. And he did it for simplicity. It's almost they get to a uniform. The really wealthy people actually wear the same uniform every day cuz they don't want to make decisions. I wear gray jeans or black jeans and a black t-shirt or black shorts every single day of my life. I never have to make a decision and it has cleared out more mind share than you can

21:54imagine. Your filter here when you're going out there, would I buy this if no one ever saw it? Would you buy that weird dress if no one ever saw it? Would you buy those crazy pants, dudes, if no one could ever see it? Would you? So, what the wealthy do say yes to? They say yes to things that actually create convenience and not dependence. They refuse to spend money on dependency. So, wealthy people they love convenience, but they only buy it when it buys freedom. In the book The Essentialism and 4,000 Weeks, there's a really clear theme when you read those two books. Convenience that removes friction is good. Convenience that removes agency is dangerous. Let's talk about some examples of good convenience in your life. What the wealthy say yes to. They will always say yes to a shorter commute. Why? Saves them time. Anything that saves you time. I actually bought an office building that was closer to my home for that exact reason. It was one way it was in traffic was taking me 45 minutes each

22:57way. I bought the building and then it it saved me I got it down to 15 minutes each way, and that time was extremely valuable. It was worth the $300,000 it cost to buy the office building at that point in time. It was a long time ago, but it was worth it to save me that time. They say yes to outsourcing low-value tasks, whether that's in a software or a system or a virtual assistant that can help them with that. And they say yes to systems that reduce decisions. They automate as much as they can. What do they say no to? They say no to lifestyle subscriptions. You can't unwind things like timeshares. You'll never see a ridiculously wealthy person that has one. You'll never see it. It doesn't happen. They say they don't say yes to some crazy travel club that's $5,000 a month. Inspirato users, right? No judgment there. If you're ridiculously wealthy, you can do it, no problem. If you can't, you shouldn't be doing it, and you know which ones you are. All those things create dependency and things that you're hooked in. Right? Systems that collapse. You want to keep your expenses as variable as

24:00they can be, and your fixed expenses, the things you have to spend every single month, should be as low as they possibly can. My second favorite author, who used to be my first, Naval Ravikant, wrote an incredible, incredible book. It actually isn't even his He didn't actually even write it. It was his Twitter posts brought together by someone else. The book's called The Almanack of Naval. And in there he says, "You want to be rich and anonymous, not poor and famous." Think about that for a minute. I would actually argue that society thinks about it the other way. People would happily be willing to be poor forever if everyone knew their name. And in reality, the really wealthy people I know, they would love to be the wealthiest person and have and actually take less money if not everyone would be know their name. They want no one to know their name. They actually like just being someone that's anonymous and out living their life and doing their own thing. And so, convenience should buy you freedom and not trap you. All right, the next thing the wealthy they refuse to spend money on things that do not compound. They think about everything in

25:02compounding terms. Relationships, money, time, knowledge. There's so many things that compound and we don't think about. We all think money, but there's so many other things that compound in our lives. And in the book Die With Zero by Bill Perkins, which is again I think mandatory reading and I disagree with the entire premise of burning all your money, but his idea around experience points in life is a concept that had a huge impact on my life. And in that book he just argues that the best use of money is buying meaningful experiences. You know, my belief in life is that everyone wants lots of money for one reason. They want epic experiences with the people that they love most. And as I talk around the country giving presentations, I can tell you that that message I've yet to have anyone that that message didn't resonate with. And so wealthy people, they apply that same idea to everything. They're skeptical of spending money that leaves in nothing behind, that requires repeating to feel good, and doesn't improve future outcomes. They're much more willing to spend on

26:05the following categories. They'll spend their money on their health. One of my mentors challenged me to spend my money in two ways. Take 10% of my annual income and spend it my health. And every year I I try to do that. I'm into weird modalities. I could go off on a whole I got a shock chair that goes there. I'm into every weird modality out there. I spend about 10% of my annual income or try to on my health. The next thing my mentor said was spend 10% of your annual income in your education. And as your income grows dramatically that gets harder and harder to do and I could say that every year that is my target amount I spend on this beast right here, the 6 in between my two temples, the most valuable real estate in the world. I spend that to try to get better every single year. So the second thing wealthy people are willing to spend money on is skills. So first First health, second one's skill. The third thing they want to spend money on is their network. They want to expand their network and get with like kind of people that are on the same journey, solving the same problems, going to the same destination. Next, they spend their money skills before and education. I'm going to tie those together. Kind of two different ways of thinking about it. Specific

27:07skills, overall education. They spend their money on systems that scale. They will overspend on a system that will save them lots of time and it would scale and save them even more time in the future. And the last thing is they'll spend money on anything anything that saves them time on an ongoing basis. Reed Hastings that started Netflix is known for heavily investing in learning, talent, high-leverage systems. But he avoids spending money on anything that doesn't move in that the outcomes. Netflix culture emphasizes it, freedom without responsibility. The whole point of this section here, optionality. You need more options. If it doesn't compound, wealthy people don't do it. All right, the next thing they wealthy people refuse to ignore small leaks at high income. Here's the counterintuitive part. As income rises, wealthy people stop worrying about small one-time expenses and become obsessive about reoccurring leaks.

28:10It's so good. Let me say it again. They stop worrying about small one-time expenses and become obsessive about reoccurring leaks. Think subscriptions, memberships, automatic things that come out of your account. In Atomic Habits, James Clear says small decisions repeatedly repeated consistently create massive outcomes. Wealthy people, how do they do that? They regularly audit subscriptions. Go to your iPhone, go to subscriptions, look at everything you signed up for. Go to Amazon, go to subscriptions, look at everything you're signed up for. Create a plan to audit that all the time. Whether you use an online tool or just check it yourself, but I am psycho about removing all the subscriptions I signed up for on my phone that I'm no longer using. They get rid of memberships they're not using. They look at automatic upgrades, the sell it and forget it spending, right? They regularly audit all of those things. Reoccurring costs, they scale silently, they reduce margin, and they kill optionality. Look at the things, all the subscriptions in your life that you're not using effectively. Can you reduce them? Could you prepay them at a discount or can you absolutely get rid of them? Jack Dorsey started Twitter. He

29:13was known for middle minimalism, tight systems, and high awareness of where attention and money leak. Every business that I purchase, the first thing I look at is where are we losing money? I told you last week about the golf course. When I took it over, we looked at the ways that we could go, where's money just leaking out of here, and repair. Should we bring in a new golf cart fleet? Like, how are we thinking about the ways that we're spending money? Can we plug those leaks so we can create better margin, create a better business, and create more security so we can get free. So, one leak in your boat will not sink your ship, but a hundred will. And most people, when I look at their finances, they got a hundred leaks out of their boat that they don't even realize exist. All right, the do not spend list. Wealthy people that they refuse to spend money on. Maximum housing. They absolutely watch their housing costs and they keep it as low as possible, way less than what they could afford. Constant car upgrades. They have nice cars, but they really buy something nice and drive it until the wheels fall off. They're not signaling status, they're not buying things that make them look cool.

30:15They're not making irreversible commitments with high fixed monthly overheads. They're not stress increasing purchases and just all let's buy buy buy buy buy. And they're not they they anything that kills optionality, they're absolutely not spending money on it. They're not cheap, but they're very, very protective. And so, I hope you got a ton out of today's episode of well what the wealthy spend money on and what they absolutely refuse to spend money on. This was episode three in that series. In episode one, we showed you where money goes. In number two, we showed you how they decide. Today, we showed you what they don't buy. Here's the unifying truth of the Be Wealthy Spending Framework. Wealth is not built by what you add, it's protected by what you subtract. When you remove the things that increase your stress, that lock you in, and steal your flexibility, wealth finally has room to compound. You've got to have more optionality in your life. Options help you create more wealth. My name is Brett Tanner. This was our episode for this week. Please, if you love what we do, leave us a review. Your

31:19review literally is the inspiration that keeps it going, and it allows us to share what we do with more people. Thanks again for listening. I'm Brett Tanner. See you next week. Go out there and be wealthy.