From Poverty to Prosperity: Building Generational Wealth (w/ Scarlette Rojas)

Ready to break free from financial limitations and build generational wealth? Wealthy AF is your ultimate guide to overcoming psychological barriers and achieving financial freedom. Join us as we interview top investment advisor Scarlette Rojas, who transformed her life from poverty to prosperity.

Discover how to unlock your financial potential by rewiring your mindset with practical strategies inspired by David Schwartz's "The Magic of Thinking Big." Learn to identify and challenge limiting beliefs, harness the power of positive self-talk, and create a wealth mindset.

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https://www.instagram.com/moneymindsetmami/
https://www.linkedin.com/in/joyce-rojas-speaks
https://moneymindsetadvisors.com/author/joyce-rojas/

This episode is brought to you by Premier Ridge Capital.

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Transcript

Speaker 1: 0:30

Building wealth isn't just about personal gain. It's about empowering yourself and your community. This is Wealthy AF, your ultimate guide to understand what it truly means to be Wealthy AF. And today we have Scarlett Rojas with us Visiting today. Welcome, scarlett. And Scarlett is a finance powerhouse transforming the money game, an MBA graduate with an esteemed career in banking investment roles. She's raised by immigrant parents and she's also a licensed investment advisor and broker who brings a unique psychological approach to wealth building. Today, her and I are going to be talking about building generational wealth, more specifically for the immigrants, you know, being that we both come from immigrant parents. Let's talk about that, but let's talk about just general building generational wealth. Give us an example of someone that's got their financial thermostat set at a 70. Give us an example of, for instance, of what that looks like, so people can understand, because it's very difficult to uncover what the unconscious mind is doing, right. I'd love to hear an example from you, and then I'd like to share my old financial thermostat with you.

Speaker 2: 1:35

So an example of someone that, for example, gets into debt, gets out of debt and then a year, two years passes and they're right back in debt. Someone else might look like you're making six figures but for some reason you're not growing wealth. You're not seeing that in your investment account, you're not seeing that in your savings account, you're not seeing growth in your life. They one don't have the correct habits in place. Two, they see themselves at a certain temperature, right, and they cannot break through that. Because the moment they do break through that, let's say, they pay off all their debt. Well, their mind knows I'm someone who is typically in debt, or I'm that poor kid from back in the day, and you become that poor kid again. So it's basically your six-year-old self, your seven-year-old self, that is making decisions for you now, when you're in your 40s, your 30s.

Speaker 1: 2:45

Tell us your story about that, because I know you had it and you had to work on it and you had to overcome it, just like I did.

Speaker 2: 2:52

Yeah, yeah. So really, what my mindset, the biggest block I had was well, two things actually. One of them is I hadn't seen what's possible, right, so I didn't know it was possible that I could buy a boat. Who thinks like that? Right, I grew up in a city. I was afraid that if I left my bike outside it would get stolen. So imagine going from something like that to oh hey, you could buy a boat, you could be walking into these super luxurious stores and actually buy stuff there. That wasn't my mentality. So that was one stumbling block that I didn't know what was possible for me, right.

Speaker 2: 3:35

Number two was this concept of I am not them. So, because I grew up low income, it almost felt like there was these people that did have it together kids that got the field trips, that got the clothes, that got the piano lessons, ballet lessons, all the things I wanted. I'm not them. So that immediately told my child mind that I can't get there. I'm not one of those people. And I see that a lot with first gen, the people that came here and saw their parents struggle. They see themselves as this is me, these are my people, and then they can't get past that. And when they do get past that, they have this survivor's guilt. So that was what I had to go through and get past to go through and get past.

Speaker 1: 4:35

So you know I and I'll share a quick, quick story with you when I was 24, I met this. I was selling insurance and life insurance in New York city and I met this. This gentleman's name was Harry and I was making $50,000 a year and at the time I was 24, I had two kids and another one 20,. I had my third on the way and I was struggling. Right, I had a house. At this point I was struggling, I was making $50,000 a year and this guy was making $70,000 per month.

Speaker 1: 5:06

All right, A month in commissions, right, You're in the financial world, so you know what I'm talking about. And he, I was tired, I was sick and tired of being broke, struggling. And I said to him I said, hey, Harry, what in the world are you doing that we're selling the same product in the same city for the same company. How the heck are you doing 70K per month and I'm making 50K per year? It's just the imbalance was just out of whack. And he recommended a book. He said go pick up this book. If you really want to know, go pick up this book and read it. And it was the Magic of Thinking Big by David Short. I don't know if you've read that book. It's an amazing book, Changed my world Immediately.

Speaker 1: 5:46

After reading that book, Scarlett, I made $104,000 within 12 months after not just reading, because you said something really important, it was reading and applying. So I made $104,000 within the next 12 months. The preceding 12 months, that was my dream income, right? This one going back to 2002, 2000, 2002. And that was like back then, that was like holy shit, six figures, like a hundred grand, was like the big, big deal still is, I suppose. Um, and I made.

Speaker 1: 6:16

But here's what happened? My thermostat wasn't that bright. So I would have this yin and yang thing and I just want to share the story with the listeners Cause if this is them, this is something you need to work on. I would have this yin and yang thing, so I would have a great month and I would make 15 grand a month or 10 grand a month in commission and then, unconsciously, my thermostat will come back down. I would like unconsciously get lazy self kind of self-sabotage, if that makes sense. It was weird because it was like I was. I needed to step back and then my money would go low again and then that would motivate me again and I would come back, light it up and get back. So that's so. I had reached that plateau of 100 grand and anytime I would make more I was like unconsciously slow it down. This was all happening unconscious.

Speaker 2: 7:08

Yeah, yeah.

Speaker 1: 7:09

All this stuff was happening. Yeah, it's that comfort and the comfort level that you have of being the old you, yeah, correct, right, correct, correct, correct. So you know how did so. How do people overcome that right, how? You know? I have my ways, the way I overcome it, but I want to, I want to learn from you. You can share our listeners. How do people overcome that and break through that so that they can create generational wealth for their families? And I want to go into that with you.

Speaker 2: 7:43

So I'm going to simplify it and I'm actually doing it right here on paper, because there's so many things that you can do, but I want to try to make it as simple, simple as possible. Uh, number one is your thoughts. Okay, what you say to yourself every single day is key. When you wake up, what do you say to yourself about you? About the world right, about money and how much you can? Sorry, sounds a little bit woo woo, my girl.

Speaker 1: 8:15

Yeah, I know it does, but it's not right it's not woo woo at all, but but it sounds.

Speaker 2: 8:21

Some people maybe think about it and say that sounds like oh, you know, oh great, now she's gonna tell me to say my affirmations. Well, yeah, I am right. But at the same time, I'm also gonna say that you already say affirmations, fam. You already say affirmations, fam. You already say them every single day to yourself. But what you're saying is I'm fat, I'm old, I'm broke, I can't. You know, I really can't understand this. I'm not good with finances. Those are shitty affirmations 100%, 100% so you are already saying this to yourself.

Speaker 2: 10:12

Why don't you switch it? Why don't you try something new and actually say good things to yourself? Because, at the end of the day, there's a seven-year-old you inside of you and you keep beating that seven-year-old you up with your crappy words, instead of saying you know what. I'm going to love myself and I'm going to switch the way I speak to myself and I see myself. To switch the way I speak to myself and I see myself. So those are your thoughts. That's number one.

Speaker 1: 10:40

Got it. So what does that look like? Right, what does that look like? Please enlighten us, enlighten me. What does that look like? So, okay, so you're telling me, scarlett, it's with my mind. Okay, good, so I have, I'm a, I'm a sheet rock guy. So I hand sheet rock. I make $200 a day. Right, that's what I make. Or I make $150 a day. I put you know, I work at a, at an office, and I make 45,000 a year. That's it, that's what I'm making. What are you saying to me right now, if there's a listener saying and saying to you what do you mean changed my mindset, what do you mean changed my conversation with myself? What are you talking about? What does that look like? How do you do that? What are you saying to me? What do you mean?

Speaker 2: 11:29

So number one is listen to what you say to yourself, okay, and how you speak to yourself. So, for example, if you are on your way to work and you drop your coffee and then you're like my gosh, I'm so clumsy, right, that's an I am statement.

Speaker 1: 11:50

It is.

Speaker 2: 11:51

What are you saying about yourself? And we don't catch these little tiny things. I do it right. And I wrote a book on affirmations and I still do that to myself where I'll say, like an I am statement, that is incorrect. And if you look at I am, and if you even look at what in the Bible I am stands for right, it's a big deal. Powerful, powerful.

Speaker 1: 12:14

It's very powerful for right, that's.

Speaker 2: 12:15

It's a big deal powerful, powerful. One of the most powerful words you can say is I am, and so that's number one. That's how that looks like the thing little things you say to yourself. And then the other thing is I, I lay sheetrock. Right, I am a 45 000 employee. That's an I am statement. I reject that. Wait, I reject that for you. I reject that for me. We don't need that. I don't. I am a $45,000 employee. That's an I am statement.

Speaker 1: 12:35

I reject that. I reject that for you, I reject that for me. We don't need that. I don't need those commands to my unconscious mind.

Speaker 2: 12:41

Right, Are you? Are you that? Do you make $200 a day? Maybe you do right now. Do you want to keep doing that or do you want to switch it? Yeah, and then let's think about how you switch it, because what ends up happening is people define themselves with what they do right now. You are not what you do. You are not your past. You are not what your parents were. You are not what your parents made you. You're none of that. You're who you choose to be on a daily basis and any of the week. You can change that. It's your choice.

Speaker 1: 13:24

so go with the fall I want to share this with you. I learned this, uh, quite a few a few years ago at a tony robbins event and um. So I have affirmations. I have I am affirmations of who I am and what I stand for. Right, I have my own strategies of you know my purpose. I repeat that every morning and that's what I'm putting in my head and when I'm driving and I'm repeating that in my head. I am very, very powerful. Immediate medieval times the words I am. If you use the word I am and put anything behind that, they would hang you. They would. People were getting hung and mean medieval times. That's how powerful it is. There's a great book by napoleon hill.

Speaker 1: 14:08

It's not the typical one outwitting the devil oh, that's my favorite book so, if you've heard, if you, if you, if you remember, I'm listening to it again now I read it. I don't know, in 20, I'm going to say 2018 or something like that, or 2017, I read it and I'm listening to it again and, man, am I glad I'm listening to it again. What an amazing, amazing book. And he talks in that book about drifters and he talks about hypnotic rhythm. If you remember that, the hypnotic rhythm and so to give the listeners context is the devil speaking to napoleon hill, napoleon hill's interview, and that was a great book. It's a great. It's a great. It's a little bit controversial, but it's an interesting perspective, it's an amazing perspective.

Speaker 1: 14:50

And if you remember scarlet, when he says that, um, the way he gets into people's minds, he gets drifters dripper. Drifters are people that are indecisive and they just drift through life. And he gets in their mind through fears and worries and things like that. And Napoleon, there's a part where Napoleon Hill asks the devil how do you become a non-drifter? And he says the people that are non-drifters are the people that fill their minds with what they want to be and who they are and what they want to become, which is what I am statements, which is what your purpose. You fill your mind with your purpose and I am statements. Then there's no space for fear, there's no space for indecision, because you are starting to. So it's also a hypnotic rhythm you become. We are all in hypnotic rhythms of what we believe and we think, and it's just choose your hypnotic rhythm. I'd rather be in the hypnotic rhythm of rich people than poor people. I've been both and I'm going to tell you it's so much better on this side.

Speaker 2: 15:56

Absolutely, absolutely Right. And you, you mentioned something really important because, um, hey, how did you, how can you change it? Right? And there's three things there's thoughts, there's your God given purpose and there's people. Those are the three things that really has changed my life, right?

Speaker 2: 16:12

So we spoke about thoughts and you brought up next one it's God given purpose, it is your, it's your belief about why you're here. You can either choose to believe oh OK, I was, this was a mistake. You know, I guess I'm here, I really don't know what I'm supposed to be doing with your life or with my life or you can say I am here for a God given purpose and I am living-given purpose, and if I don't know what it is, then I'm moving towards searching for it. Right, when you align yourself with something bigger than just I want to make $100,'s a purpose, what else is there behind that wish? Is it I want to be the best father I can be and spend as much time with my children as I can? Is it I want to make a difference in this world and helping immigrant people right and switching their mindset right? So it's a God-given purpose and if you align yourself with that, I think that that immediately stops you from drifting right, which is what you brought up, and, yeah, I love that book.

Speaker 1: 17:36

Yeah, it's an amazing book. I would highly recommend it to the listeners. It's just a really, really good book. If you haven't started your personal development journey, that would be a good one to start with. I'm always talking about books here, so let's get into this building wealth thing, this building wealth for immigrants and just in general, right, what are some of the biggest financial challenges faced by immigrants today when it comes to building generational wealth or just building wealth in general?

Speaker 2: 18:07

So then there's two, there's two pieces to that right. There's the immigrants that came here, right, so it's like our parents. And then there is us, right, the first generation here. For our parents, the biggest blockade has been, right, is they really don't know anything about the investment world. So when they came here, they came with a dream. The dream is to give their children the best education and the best opportunity. And now that they're here, they fulfill that dream. Okay. So typically they're not here and they're like okay, I fulfill that dream, now I want to get rich. You know, that's typically not the mindset. Their mindset is like all right, I did the best for my children, all right. Then there's us and they're kind of looking to us to really up the ante. And so now we're here and our biggest blockade is we never learned really about investments, right?

Speaker 1: 19:02

Teach us yeah.

Speaker 2: 19:04

Because they didn't know. That's number one. Number two there's going to be survivor's guilt that we feel. And then number three, there's going to be this memory of what we were before and we need to now redefine what we want to be and who we truly are in a different vision, right? So I'll give you a perfect example of those things.

Speaker 2: 19:33

One of them is for me. It's I grew up low income, right. I was like a poor kid, so I needed to redefine who I am. I am no longer her right, and I am someone different, and I had to check myself when I would start thinking in that direction or acting like that type of person. So it's like we have this old definition of ourselves and we have to redefine ourselves. I think that's a challenge that we have. The other challenge is we really don't know how to invest, and that's why it's super important to find people that know what they're doing and find an actual licensed financial advisor what they're doing. And find an actual licensed financial advisor, not someone on TikTok. It's like everyone's like, oh my God, a person told me to. It's like to get a trust. It's like, okay, advisor, about that.

Speaker 1: 20:36

So, yeah, oh, that's, that's allowed. Okay, I want to talk to you. I want to ask you about survivor's guilt because I kind of early on in my journey I kind of dealt with that a little bit. Um, I want to, I want to get your take on how you deal with it. How did you deal with survivor's guilt right, because I agree you deal with that. Um, yeah, you know I have multiple houses now I have. So I got kicked out at 16. And so I made an unconscious decision at 16 that I was never going to go through that pain again. So I was going to own a lot of real estate so I don't ever have to go through that again. That was all unconscious. Today I own 150 apartments and I have multiple, multiple residents in in pennsylvania and florida and um and multiple businesses.

Speaker 1: 21:21

So you know, it's challenging to deal with sometimes when you're, uh, with family and they make up these stories in their heads about, about you, like, hey, man, I'm still the same freaking guy, I just see money differently. But I'm still the same guy like I just, I just, we just work, I just work differently, I just see world a little different, that's all. But I'm still the same at my core. I'm still the same guy, like I, just I. Just, we just work. I just work differently. I just see world a little different, that's all. But I'm still the same at my core, I'm still the same person, right, I'm still. I'm still the same guy. I would joke with you, hang out, have a beer, whatever, right, there's certain things I won't do anymore, but at the core I'm still the same person, it's just.

Speaker 1: 21:52

My mindset has shifted right how do you deal with, how have you dealt with, um, that guilt of you know and then you know. Then there's other issues that come along with that. Right, the friends and family think you have money and they you know, and that comes along with that shit, right, but yeah, how do you deal with that? How do you deal with that? How did how have you dealt with that?

Speaker 2: 22:14

I mean, for it's really been an understanding that as I get more successful, as I become more successful, I can help more, right. And so that doesn't mean like I can help only my family more. It's, I can help the Latino community more. Because if a Latino sees another Latino, it's like, oh, this Latino is making it possible for me, you know. And in the finance industry there's like, oh, this Latino is making it, that move is possible for me.

Speaker 2: 22:40

And in the finance industry there's like 7% Latinos that are financial advisors, and then women, it's even way less than that. So when a Latino sees me like, oh, she's a financial advisor, she has her own firm, then she, the Latina, can say I can do that too, and that's opening the doors and inspiring the Latino community. So for me, the more successful I get, the better it is for the whole community. That's one I had to switch my thinking to that then. Oh, you know, I should be helping people in a different way. I should be lending them money when they ask me for it. I should be giving no, you shouldn't.

Speaker 1: 23:25

I give them this. This is what I give them. This is it right here? This bringing you on my podcast and listening to this, that's my way of giving you value. This is it Providing you education, providing you resources, providing you people to help you on that journey.

Speaker 2: 23:39

That's how I get it Exactly right, because if you give a man a fish, he eats for one day, but if you teach a man to fish, then he eats forever. Right, and that's exactly what we need to do. So when your cousin Maria comes looking for a loan sorry, that's, that's not what I do. You know, if I'm going to lend anyone money and actually that's that's a rule I put up all years ago If I'm going to lend anyone money, I'm basic, I'm give, I'm gifting it to you.

Speaker 1: 24:12

I don't, I don't lend. I don't lend money I can't give. That's my rule.

Speaker 2: 24:15

Right, exactly.

Speaker 1: 24:17

So, cause, it's not going to mess up our relationship, right, it's the rule in our relationship Like, if you like. If you come to me like, hey, I need, I need, I'm in trouble, I need five grand, like I can't do five grand, but I'll give you 1500. I'll lend you 1500, pay it to me whenever you can, that's because I can afford to give you 1500, but not, it's not and it's and I'm giving it with that mindset, right, I'm lending it with that mindset. By the way, don't get any ideas if you're listening to me, you're going to come to me and you're going to come for me for money and and then pick up just going to give you money, right, so, so I just want to make sure that. So, yeah, that's, that's, that's kind of my rule.

Speaker 1: 24:51

I learned that a long time ago because I would um, get often disappointed and I'm like man, a relationship got ruined for money. It's not worth it money, and that's another thing, right, I hear a lot of things, and even in the latino community, I hear things like hey, yo prefiero tener dinero, prefiero ser pobre. Then, and have love, right to be, I'd rather have, I'd rather have, I'd rather be poor and have love, like, like, like, having money doesn't make you like you can't have love. If you have money, it's just yeah, like, yeah, it's like. This limiting belief is so blatant, obvious, guys. This is limiting belief.

Speaker 1: 25:28

I think that's the difference between wealthy people and poor people is that poor people think in terms of or either, or so I'd rather be, I'd rather be poor, I'd rather be poor and have the love of my life than rich and miserable. Of course you don't want to be rich and miserable. Money just amplifies who you really are. I'd rather, I don't rather have nothing. Rich people think in terms of I want to have love and I want to have money, and I want to have the big house and I want to have the business, and and, and, and, and and. There is no either or I want it all.

Speaker 2: 26:05

Right, exactly. But that's the thing, right, that's that subconscious belief system that we have because we didn't have it all and we were kids, right, I didn't have it all, I had love, I didn't have luxuries. No-transcript bs.

Speaker 1: 26:45

That's totally taken out of context in the for the love, for the love of money. That's the quote in the bible the love of money.

Speaker 2: 26:58

Right, and that would be the love of anything.

Speaker 1: 27:01

Anything.

Speaker 2: 27:01

The love of sex.

Speaker 1: 27:02

The love of smoking.

Speaker 2: 27:05

The love of alcohol, the love of anything, right? So it's like the love of the planet, even if it's you loving the planet, the whole point is it's the love of God, right? So you're supposed to be for God. So yeah, that's taken out of context. And then, you know, then we have a bunch of people thinking, oh my gosh, you know, if I get too, too rich, then I'm not godly, like, are you kidding me? That's silly, that's silly.

Speaker 1: 27:32

Yeah, I actually had a pastor on a pastor, a couple of pastors, on on this podcast a few weeks I think, maybe a month ago, and this was something that came up. It's like, hey, why does the church make it noble to? It's like a nobility to be poor and it's it's contradicting because, also, the church talks about. The church talks about you're supposed to love poor people, you're're not supposed to abuse them, right, just love them. But it's kind of like, why is there that energy around money in the church? Not all churches, right, naturally.

Speaker 1: 28:09

But if God is my father and I'm a true believer and God is the creator and I am, just for the record, and I am, and God is my father and God is the creator, do I not want the best for my children? Right? So everything that's mine is my children's, right? Do I not give the best for my children? Do I not give the best opportunities to my kids? Do I not teach my kids everything I know so that they can go and make something of themselves? Absolutely, I do. At least that's the way I run my family, right? So if, then, if God is my father, then God, if God is my father, then everything on this planet. I should have and enjoy the best of the best in anything on this planet. That's just my mindset. It's like God's my father. This is, this is my dad. My dad created this. My father created this. So then let's go. I want to just enjoy everything I can while I'm here, right Like.

Speaker 2: 28:55

Exactly, exactly. And our God is a God of abundance, right, it's not a God of poverty and it's not a God of punishment. I think that that's where people get lost. Is they're thinking oh, you know, I need to be punished, I can't possibly have all of this Like, why not? Why wouldn't God want you to have all of that?

Speaker 1: 29:13

Yeah, yeah, and that is something I see really in the Latino community. It's very prevalent in the Latino community, I know because I come from poverty. Like guys, look, I could talk shit. Because I come from poverty. My mom had me here. She sent me to Dominican Republic because she came pregnant with me and she didn't have a place to live. And when I went back to the Dominican Republic I remember from zero to five, I lived there. When it rained we had our roof was made of tin and when it rained it would rain in the house and we had to literally put cups and oil jars and things and then throw it out. We didn't have running water in my house. So you know, we had to wake up at five, six o'clock in the morning when grandma go up the street to get water to take, be able to take showers, flush the toilet and brush our teeth. So we talk about poverty. I freaking know real poverty, like I know real, real poverty.

Speaker 1: 30:02

I live the first five years of my life in DR and I am saying and I am telling you, work on your mindset, because it's so much better to be able to have running water, to be able to say I'm coming to I'm going to my house in the mountains, right, it's so much better to be able to walk out of your house and be in a safe neighborhood, like my wife is back home. She called me. We talked yesterday or the day before in the morning and she was like it's like 530 or six o'clock in the morning. She's like I'm about to go for my run. She was like but it's dark right now. It's still kind of dark outside. I said you know, our neighborhood is pretty safe. I don't think you can worry about that. I don't think you can worry about that. Everybody is not here. You know what I mean. It's like a pretty safe neighborhood. We live in a pretty, really safe neighborhood. I was like however, I'm not trying to influence you. I don't want you to go out when it's dark. Wait a few more minutes, wait till it's bright. But, man, it's so much better that I can say that to my wife and be like hey, I'm not like, our neighborhood is pretty safe. Like everyone in the neighborhood is affluent, right, we're not worried about that. It's better. Guys, trust me when I tell you it's better, so much better, right, so much better than the other side, right, where people getting robbed and shot and drugs and I grew up with drugs and I grew up with all that crap. It's better and you shouldn't feel guilty for it. Go work on yourself, right. Go work on the mindset, because I heard something really powerful.

Speaker 1: 31:27

Scarlett, and you might relate to this. I was 20. That was that same day, I was 24. That same day that I spoke to that guy that told me to read that book. It was actually he was the agent of the month again and the manager, the general manager, had bought a speaker, a coach. That was the first time I knew there was like a coach. I was like a coach. That was the first time I knew there was like a coach. I was like a coach for what? Like a coach out of sports. I was like this guy was like a sales coach and I'm there and this guy said something that stood to my brain to this day and he said being poor is a state of mind, it's not a physical condition.

Speaker 1: 31:59

Being poor guys and repeat that again being poor is a state of mind, it is guys and repeat that again, being poor is a state of mind, it is not a physical condition, and I was like, holy shit, how much money you have in your pocket has nothing to do whether you're wealthy or not. It is a state of mind. It's what you believe you are and you will become that yep how can immigrants navigate, unfamiliar, financial?

Speaker 1: 32:23

because the financial system is complicated, right, even for a guy like me and I'm in business, right, like there's so much I have. I have different people. I have different people on my team that do different things. Right, that's just the way it is. I don't know everything. I was just telling my son that yesterday, as the owner, I don't need to know everything, I just need to have the right people that know are experts in this. My job is to hire the right people, but when you're starting out, especially my English is your second language.

Speaker 2: 32:54

Right.

Speaker 1: 32:56

It's so complicated. We're not used to this language, we're not used to have, we're used to. You know what we're used to. We're used to just working hard, right, we don't work, coming home paying the bills and that's basically what we know. What advice are you giving to, maybe, immigrants or anyone that's in that places with this unfamiliar, very complex financial system and products when they come to a country like ours, or just even just regular working Americans that don't have financial education? What advice are you giving to them to learn?

Speaker 2: 33:26

I think the biggest thing I mean to learn would be yes.

Speaker 1: 33:30

Not TikTok right.

Speaker 2: 33:32

No, definitely not. Tiktok, right. I think your best bet is to just find a pro, you know. Find a financial advisor, that's one. If you want to begin investing, find a financial advisor at. You know, whatever investment firms are in your, your area, all the big banks have an investment piece to it. The Fidelities of the World, schwab, tds, like all of them, have somebody you can speak to.

Speaker 1: 33:58

Garlic, those names are intimidating for like mom, your mom, my mom, yeah. You know, schwab, like what the fuck are you saying to me? Like that's intimidating. Those names are intimidating, right like a bank of america.

Speaker 2: 34:12

Those are not intimidating.

Speaker 2: 34:13

You already go there with for your drinking account just have to speak to an advisor or to one of the bankers that, like, can help you understand it. That's one, right. And two, it's going. I mean I can tell you, hey, go online and start watching things. But are they really going to do it Right, are you? I mean, you can, you can watch CNBC every day, but then it's like it's kind of tough to understand, even for me, and I've been in the industry for 20 years, so I think the biggest and the easiest way would be to just go there first. And then there's also groups like at your local church that can help with the financial piece to it Right, and another way is your accountants, typically there you go.

Speaker 2: 35:00

Yeah, everybody has an accountant and your accountant can say, okay, hey, go see this advisor, or they can even give you some information on there. Investing is very easy, but, yes, it is intimidating for people that have never invested before, and that's why I believe the best way to do it would be through a financial advisor, versus you trying to do it yourself. And then you're just you know, you're watching these people on Reddit and they're buying just stocks, and you could just be buying an index fund and calling it a day, you know. So, instead of getting creative, easiest way is to find an index fund, like just an S&P 500 index fund, and put money slowly into that every single month.

Speaker 1: 35:55

OK. So if I'm listening to you and I'm on this podcast and I'm listening to you right now, I'm saying, yeah, that sounds good, like OK. Yeah, I've seen that in the Piedra America, I've seen that in. I've seen that in whatever. Yeah, that sounds good, like okay. Yeah, I've seen that in La Pierta America, I've seen that in whatever right, whatever show.

Speaker 1: 36:09

Well, scarlett, you know what I want. I rather have how do I find the you? How do I find the Martin? How do I find someone que me, entienda, that understands me, that can just really explain this to me in simple terms and really tell me what to do and really just tell me the differences that someone because this is all about trust, right, I look for two things I look for when I'm looking for someone to add to my team. I'm looking what are their values, the intangible, their integrity. I'm looking for integrity and I'm looking for a skill set, right, I'm looking like hey, man, do you know this stuff? Because I don't know this stuff, nor do I want to really become a master at this stuff.

Speaker 1: 36:47

I'm really good at what I do and that's real estate. That's what I do. I'm a real estate guy. I buy apartment buildings as well. That's my lane, but I want to take my money and I want to invest it with to reach my returns that I'm looking for.

Speaker 1: 37:04

How do I find that person Right? So so you know someone's listening and they're like, hey, scarlett, that sounds good. You know well how do I find a you, someone that I could just talk to, someone that I could just could come, understands me, sit with me, or I can go to their office and they just get me. I can, I could be me, I don't know. It's not going to make me feel intimidated with all of this fancy, fancy jargon.

Speaker 1: 37:30

Because you start thinking about bonds and treasuries and interest rates and the one year and the two year and the T and the 10. I follow that stuff because I'm an investor. I need to know where the market is moving. I need to know what moves I'm making, it impacts my business, what move I'm making and how I'm moving in the future. But the average person you start talking about 10-year treasury and the interest rates, they think it doesn't impact them. But it does impact them a lot more than they think. I know because I used to be that, so I'm talking from a place of knowing. So how do we find that person? How do we find that person? Yeah, why don't you? Let me rephrase that question how do we test somebody? What should we be asking an advisor when we want to make sure they're the right one, that they're competent? More important, they need to be competent. I'm going to trust somebody with my money Shit. You better know what you're doing with my money. You better be competent.

Speaker 1: 38:28

What should I be asking?

Speaker 2: 38:30

Number one if they're licensed, ask them what licenses they have. Right, Because there's a very big difference between a licensed financial advisor and someone that has, you know, gotten into debt and paid their debt off, and now they call themselves a financial consultant, right? What's?

Speaker 1: 38:45

the difference? What's the difference for someone that's licensed versus a certified financial planner and a licensed advisor?

Speaker 2: 38:52

So a licensed financial advisor had to take tests right to be able to do what they do, and they can trade and they are watched over by FINRA, who makes sure that you are not screwing anybody over, that you're not like the next Bernie Madoff, right? So they are held to highest standards. Like anything I do, I need to let them know, okay. So then I'm constantly being monitored by them.

Speaker 2: 39:24

So that's a licensed financial advisor, a certified financial planner, someone that took an exam right as well, and a certified financial planner is perfect person to work with as well. They had to take an exam to be able to to give you advice. Then there's other people that call themselves financial consultants. They have some certifications. Those don't really mean anything unless it's licensed or certified financial planners. Those are the two people that really truly have been licensed and are watched over by state regulations and really are people you can trust, versus other ones are just kind of like a certification online. That's a difference, and there's something called a broker check on FINRA and you can check to see if the person is actually a broker.

Speaker 1: 40:17

Which was going to be my next question how do I verify that? Right, because someone can present themselves real pretty, real nice and then, um, you come to find right, they're, they're not licensed, or they're not, that's what they say they are. Where do we check?

Speaker 2: 40:33

yeah, there's a on finra broker. Broker check is the easiest way to do it and on my website I have that link right towards the top. So if, if your listeners go to my website, they can find that link towards the top right and they can just go on there and then check whoever they're working with to see if they're licensed.

Speaker 1: 40:53

Final question what's the one thing that middle Americans poor and or middle Americans should be doing to create wealth? What's the one, two, three or you know what's the one strategy that they should start with in order to start building wealth for themselves?

Speaker 2: 41:18

It's going to be consistency. It's as simple as that. It's consistently putting money away. It's discipline, and people hate to hear that. It's the waving goodbye to immediate gratification. We think about what we're going to eat today. We think about what we're going to be doing today. That's primal thinking. It's not wired to think of the future. Oh, okay, if I'm 30 years old, I wonder if I'm going to have enough money at 60, right, you're not wired to think that way. So we have to kind of force our mind to think that way, and that means decreasing immediate gratification. Now. But this world is really all about immediate gratification. Right, and Amazon you're packaged the same day or the next day. Right, you're swiping on dating apps. Nah, nah, okay, you know immediate gratification. You're waiting for that text message. You go on your social media. How many people liked this? You know we constantly want that little dopamine hit, and wealth doesn't work that way.

Speaker 2: 42:37

Wealth is about consistent discipline. You put away a certain amount every single month. I have an expense sheet that I use with my clients and I have them list out everything that they spend, and then I have them list out what they make and then we look at this is how much you could be saving every single month. Where the hell is that money going? And people are just like super surprised. They're like I have no idea where this money is going. Okay, if I audit your credit card statements, I'll see where that money is going. Right, that's lifestyle creep. But you take that amount, or even half that amount, and consistently put it into a brokerage account or an IRA or whatever right. Brokerage account or an IRA or whatever right you will build wealth. There's just no doubt about it. It's just a formula.

Speaker 1: 43:32

That's how easy it is 20 years you've been in this business. Tell us a story before we wrap it up. Tell us a story about one of your clients that started out at the bottom and worked his way up with some of the strategies you shared. Tell us the strategies and tell us how he did that.

Speaker 2: 43:51

Or she I am going to give you actually, I'm going to give you one client that I worked with for a while and let's call her Carmen, okay, so she came to me and she's an immigrant. She didn't have anything really and she made very little money because she was a waitress, but her biggest goal was to be able to save enough to send her daughter to college, because she's like my daughter's smart and I'm just afraid she's not going to be able to go to college. So she was probably making $35,000 a year, maybe, maybe. But what she would do is this is what I said. I said, hey, we're just going to open a college account. So we opened a 529 for her, and what you're going to do is you're going every single month, right, you're going to come to me and you're going to deposit this amount. And I looked at her expenses and I looked at her. You know what she makes and she's like, okay, I think I could do that, I think I could save, and I think it was maybe like $200, $250, something like that and every single month, this lady would come in and give me that money and we'd put it into the account and years later I mean, this took a while. Years later she was able to have enough to send her daughter to college and I finally met her daughter and her daughter. I actually recently saw them. This was like a while back that I started with her, but, like I actually recently saw her daughter, her daughter went to college, became a teacher and I saw that unravel because of a mother's discipline and a mother's vision for her daughter, right, a mom that makes 30 something thousand dollars a year, like if she could do it, then anyone can do it. So that's its consistency, right.

Speaker 2: 45:52

And then, of course, you have other hacks that you can do. Automating into an investment account is a beautiful hack. If you get paid on the 15th, then automate it so that it takes enough money let's say $300 on the 16th out of your account. Immediately Force yourself to invest, force yourself to save. That's the best way you're going to build wealth. And then, of course, as you've saved that money, speak to someone, have conversations with pros and say, okay, what do I do with this? How do I have this grow? Is it going to go into investments? Is it going to go to real estate? Is it going to go into a business Like what's your vision, and have someone help you with that.

Speaker 1: 46:37

I love what you said. You keep bringing up that word vision and discipline. And the great book says without vision the people perish. Without vision, without purpose, without vision the people perish.

Speaker 1: 46:48

Without vision, without purpose, the people perish. And here is a great story of that 30, that that lady making 35,000 a year. Most people listening to this podcast can most certainly should be able to relate. The medium income, um, the medium household income in this country is about 70, 70,000 for a household. 31,000 is very realistic, about 35,000. So, without vision, the person had a vision.

Speaker 1: 47:09

The person which leads me to and I'll wrap it up with this, is a and I don't know if you've heard this before. The story before is the story of the two shoe salesmen. Two shoe salesmen get sent to an island to go put or to go sell shoes. The first guy, when they get there, the first guy, looks around and they both realize that no one on this island is wearing shoes, scott. The one guy calls his boss and tells his boss hey boss, put me on the next flight back home, because no one's inside, I wear shoes. The other guy picks up the phone and says to his boss hey boss, send me 10,000 pairs of shoes, because I'm going to put shoes on everyone in this island.

Speaker 1: 47:45

The moral of the story is that your perspective is what matters, your mindset is what matters. Right, you said something right. Also, finding the right coach is important. Finding the right mentor, surrounding yourself with the right people. You took this lady and you told her and you projected out and you said, hey, if you put $250 a month and a lot of times that's what we need. A lot of times we just need you know.

Speaker 1: 48:09

I remember sleeping in the streets, not in the streets, in the trains. I never slept in the streets, in the parks, I would sleep in the rooftops in New York City. I remember sleeping in the rooftops and in the train and praying to God, saying God, send me someone that can help me. I want someone to teach me how to create wealth. I don't want anyone to give me shit. I don't want nothing handed to me. I want to learn. I want to learn.

Speaker 1: 48:31

And a lot of times there's people probably listening right now that are praying for the same thing. They want someone to teach them, they want to be guided, they want to be coached, they need someone to just take them along the journey. And here's Scarlett, here's someone that can help you. And that lady was probably looking for you and she was open because I used to sell insurance. I'm being scarlet, so I know right, I know what it's like to sit across the table and then you're fighting people and like, hey, man, this is what makes sense. And they think you're just trying to pitch a commission or something and you're really caring about them and trying to help them and you're really showing them love and really trying to help them. But when you find that person that's giving you good advice and that lady was ready, right, there's a thing that says the teacher will appear when the student is ready.

Speaker 2: 49:20

Right and I think, in order to be ready, you need to commit right. You need to stop dilly-dallying, you need to stop telling yourself you don't have time and that's a frame of mind. That's like a decision. So you make a decision and you will seek someone out. You will find somebody. So I mean, I put content out on my Instagram all the time that helps people. That's my way of helping people for free. And then I have a book out there 31 Badass Money Mindset Affirmations. It's on Amazon and it just came out on Spotify and Apple and Google Play and really even at your audio libraries. You can find it. It's pretty much everywhere and it's coming to Audible soon.

Speaker 1: 50:06

Amazing. Congratulations, by the way.

Speaker 2: 50:08

Thank you so much. That'll help you just rewire your mindset and it also gives you exercises on what you can do to look at your finances and some of the things that could be lurking in your subconscious that you haven't dealt with yet.

Speaker 1: 50:25

Absolutely. I love it. Thank you so much. You beat me to it. How can people connect with you, should they like? They're like, maybe they're in your market? I don't know how you work If they're out of the country. We have listeners all over the world. Thank you guys for listening. By the way, thank you for tuning in from wherever you are. I have people listening in Russia, israel, everywhere. I look at the data all the time. So I just want you to guys. I want you guys to know Bangladesh. I have listeners in Bangladesh. I want you guys to know that I'm listening to you, I'm watching you guys. So thank you. Thank you from the bottom of my heart for watching and listening. So if people wanted to connect with you they wanted to find you, scarlett, they wanted to bring you on. They want to bring someone on your team. They want to talk to you. They want a consultation. How do they find you? Where do they connect with you?

Speaker 2: 51:04

Website's the best way. Moneymindsetadvisorscom that is the best way to find me. I'm on Instagram, I'm on LinkedIn, I'm on Facebook and so you can find me. Scarlett Joyce Rojas, you'll be able to find me.

Speaker 1: 51:17

Scarlett gracias. Appreciate you from the bottom of my heart. Thank you for coming on. Really really was an honor, pleasure having you here, great conversation. I'm sure that my listeners got a ton, a ton of value from this conversation and listening to you and the wonderful nuggets you shared. Thank you so much, really really appreciate it. You're welcome to come back anytime.

Speaker 2: 51:34

I appreciate you. I'm so happy I was invited to your pod.