Episode 145: Helping Families Master the Basics of Money & Business with Minesh Baxi – Transcript

Episode 145: Helping Families Master the Basics of Money & Business with Minesh Baxi

Rennie Gabriel  00:10
Hi folks, welcome to Episode 145 of the Wealth On Any Income Podcast. This is where we talk about money tips, techniques, attitudes, information, and provide inspiration around your business and your money. I'm your host, Rennie Gabriel. In past episodes, we spoke about how to understand the numbers from your business, how to measure the level of pleasure based on where you spend your money, how to track your money in 5 to 10 seconds, and what determines how close you are to Complete Financial Choice®, and also how to run your business without being in your business. Last week, we had Joel Salomon, who walked away from his hedge fund to become a Finance and Mindful Money Expert and Master Prosperity Coach. Today we have as our guest, Minesh Baxi, having been born in a poor family in India, Minesh came to the USA, working in the IT industry. He then transitioned to becoming a Business and Financial Coach. Today, he helps families master the basics of money and business so they can enjoy a great life with their family. He's published over 10 books, lives in Florida, with his wife and two children, who he home schooled. Minesh, welcome to the Wealth On Any Income Podcast.

Minesh Baxi  01:37
Thanks, Rennie, I really appreciate it. Oh, my goodness, it's such a pleasure to know you over such a long time now. I don't know, maybe a decade or so, or something like that. It was fun to meet you in person a couple of times as well. And I know you are providing a wealth of knowledge to people based on your own personal experience of how you have navigated going from almost having nothing, divorced, and all the other things that went on in your life - being a single parent - and now where you are enjoying, as you said, financial choices.

Rennie Gabriel  02:08
Thank you, Minesh. And yes, I think you're right, it's probably been about 10 years since we first met. Let me ask you some questions like, tell me why you do what you do, and yeah, expand a little bit more on what you do.

Minesh Baxi  02:25
Thank you, I appreciate that. So just to go back a little bit. I was born in India, and my parents were quite poor. The month was longer than the money quite often. And we were five children. It was a tough situation. Most people can't relate to it in the U.S. One bedroom, one kitchen, outdoor plumping. That's why when people say, Minesh, you go like camping? I'm like I did that for 25 years, you know, I don't need to do it anymore. So, you know, indoor plumbing is a lot better for me from a perspective of convenience. And when I came over, the only thing I knew was go to a good school, get good grades, get a good job, and you're set for life. Well, that life is pretty long at a job you don't like. It's not much fun. Eventually, I was fired from the job and I started looking around. I had been investing a lot of my time and money in coaching, and attending power seminars, including Tony Robbins, Zig Ziglar, you name it, right. And I really enjoyed speaking and supporting people. I went through training, after training, after training. So when I really had run to the dead end in my job, so to speak, I said, 'You know what, this is something which I would like to take, you know a chance on, and take and bet myself on it, and bet on myself.' Which is exactly what I did. And it was not an easy ride, which I'm sure everybody who has started a business knows going from an employee to a business owner is not just an easy, simple transition. So anyway, over a period of time, I was able to learn a few things which are critical. But one of the areas that I've always had challenges with was money. And what I mean by that is we have subconscious programming at a level which is quite deep, and has been programmed by our parents, people around us, and it's almost like we need permission from people to even earn and keep more money and enjoy the life. Like you said, do the things you love, right? Spend money on things you love and create a lifestyle. And it took me quite some time to start understanding and I'm still working on improving my habits in that area. But the one thing which has become very clear to me is that most people are not going to accidentally improve their financial situation. And that's the reason  as a business and financial coach, I'm a 10X certified Grant Cardone coach, and also in financial services. And what I have found is that very rarely will people actually take action on their own. It's almost like fitness, right, you can buy any number of gym memberships but if you don't go there, if you don't engage on a regular basis, somebody has to intrude your private space. 

Rennie Gabriel  05:12

Minesh Baxi  05:13
And unless somebody is willing to have that confrontation with you, in a nice gentle way, but really reminding you that you're not on a track to where you need to be, getting where you want to go. And unless somebody is willing to be bold enough, caring enough, but very specifically telling you, Here are the things you need to do to get to where you want to go. Just like what you're doing for people. And what I found is that unless somebody sits down with them in generally one-on-one situation, there is no way people are going to take action. I'll give you one simple example. One other person that is very popular in the financial space is Dave Ramsey. He has a program called Financial Peace University, which I've attended. And here's my guess, okay maybe not accurate on it. But in my opinion, having met so many people, 80% of people who walk away from that Financial Peace University, have never really taken any major step to change their financial habits. Most of them don't even have life insurance. Most of them haven't planned to get out of debt. Most of them don't have any awareness of where they are on the journey to creating more financial choices. And the reason is very simple. You can get more information from anywhere. Google is pretty great, YouTube is pretty great. Everything is fine. But there is something about changing behavior, that unless you are willing to meet somebody, talk to somebody and that person is going to actually help you go through that process, there is nothing which is going to really change in your life. 

Rennie Gabriel  06:46
That is . . . 

Minesh Baxi  06:47
That is all I want to tell people, just a quick point, Rennie, is if you are somebody who's watching this, listening to this, please reach out to somebody like me or Rennie, who is going to actually help you take the steps without actually making you feel judged and anything like that, so that you can make the progress. Because 78% of people live paycheck to paycheck, Rennie.

Rennie Gabriel  07:11
Yeah, you're so right. And I've said this on other podcasts where I've been interviewed. And it's really about how valuable the human interaction is. And the way I talk about it is to talk about my book, because my book is great. I get wonderful testimonials for my book. But there are two things no book can do, no matter how good it is. And the first thing is, it can't interrupt your faulty thinking. If you're thinking one thing, and it's not accurate, the book can't say, 'Wait a second, Minesh, that's not correct. You're wrong about that'. And the second thing the book cannot do is hold you accountable to what you said you wanted to do. And if, Minesh, you said, 'Tomorrow, I'm going to start putting away 10% of my paycheck' - and you didn't do it, the book isn't going to say, Minesh, did you do it? It takes a human being. So, you know, I'm so glad that you brought that up. Now, something else I want to bring up, another question. Because all of my guests fall into this category and I know that you do. And most people listening know that I donate 100% of the profit from the work I do training other people in the money area, I donate to animal and veteran charities. Tell me about a cause that's important to you that you support.

Minesh Baxi  08:35
There are a number of causes I support and the main thing for me is freedom. And you and I have had enough conversation around that topic. To me any business, any organization, nonprofit or otherwise, whose focused on business-oriented, makes a lot of . . . To me, it's like the main thing for U.S., which is I think the most different part about the U.S., is U.S. was formed on the foundation of individual rights, freedom for people like you and me - which is not the case in most parts of the world. And any organization, any cause which is supporting individual rights, I'm all for it. And I donate my time to it. I knock on doors for those things. You know it's like I can do, like you know I donate a decent amount of money a year towards these causes just like you do because I want to put my money where my mouth is.

Rennie Gabriel  09:34
Yeah, you want to backup what you say with your dollars.

Minesh Baxi  09:39
Exactly. If you are not going to make time and money for something don't tell me it is important. 

Rennie Gabriel  09:46
Got it. So now let me have you give me an example of a family, I mean, I remember you were talking about someone like Eric, and give me an example of like a case study of someone who was in a certain situation, and what transpired. 

Minesh Baxi  10:06
Thank you for asking me that question. So this is an example of a friend actually, this person was - Eric, was working for a company owned by my friend. And my friend is a big proponent of making sure that people take good care of their finances. In fact, quite a few employees, he actually sits down on a monthly basis to see if they're making progress. And one of the things he tells them is you should get life insurance. And this young person he was, I think, what 25, 26 years old at that time, and he had two kids, very young kids under the age of four, he was married. And the only insurance I believe people should have is term life insurance. Now, I'm sure there are enough people who are going to talk about whole life, IUL, and everything else, which makes a lot of commission for the agent, and the agent walks away with a lot of good money in their pockets. Well, term life insurance is the cheapest form compared to other insurances. So why would somebody sell a cheap insurance? Well, because it is better for you. It's that simple. It doesn't make more money for the agent. But going back to the story is that because of our connection, we had a conversation, he was referred to me by his co-worker, and we, you know, obviously got him the life insurance. We got some on him as well as some on his wife as well, because his wife was . . . two reasons. Number one is if something happened to her somebody has to take care of the children, right? So that expense as well is very important. Number one, number two, she did have some income coming in as well. Like great, fantastic. So we got that not knowing what can happen, obviously. Well, one day I got a call around 8:30 in the morning, as he's like, 'Minesh, can we get more coverage for my wife?' Now being in that business, I know that's not a good question. That question typically means there is something bad, which has happened to this person, and they have some version of ominous thinking that this is going to end in death, right? And I'm like, 'Hey, tell me what happened.' So he said, 'Hey, you know, my wife has been diagnosed or is likely to be diagnosed with stomach cancer.' I said, 'So when will you really know?' And he's like, 'hey, this afternoon, we are going to find out'. I said, 'Well, here's the bottom line, if you are or anybody's diagnosed with cancer, insurance companies are not going to line up to give you more premium, more coverage. It's just not going to happen, right?' Because every business is a profit-oriented business. There has to be some incentive for them to make money. Because otherwise, hey, you know what, it's a charity, even then charities make money to run as well. So going back to the issue that we found out, we tried to help him whatever we could, but in six months, she did pass away. And then we were able to get him roughly $350,000 as part of the settlement. And because this was very quick, so the moment he submitted the paperwork, in a week got the check. And I met him a few weeks after that had happened. In person, though, he lives somewhere else, and I just happened to go visit him. And here's the situation. Today, he's actually remarried, the kids are doing well. And he doesn't have to worry about a few things, which you would have had to worry about. Obviously, it would have been stressful to not only lose the spouse, but also how to handle the rest of the life together with the kids being so young. So one thing which he didn't ever think about much is, Okay, do I have some sort of plan, because if you get something like 300,000, by the age of 30, and if you're planning while you're putting the money away, you know, conservative/growth or whatever you believe in, by the time they're 60, 65, that money compounded can do well for you. Right? And that's why he has had to be concerned less about it now. And you know, he was smart enough at a young age to realize, because one of the biggest challenges I have with most people, is I will do it later. And I say, when do you want to do later? It's like, Oh. I said, Well, do you have a guarantee tomorrow exists? And the answer is obviously no, there is no guarantee. That's right. But just like anything else, it's easier to buy that shiny object, go to that beautiful movie that you like, eat at a restaurant that you want, go on a vacation that you want, which is more pleasurable today than to confront the reality of things in case something did happen to you. Are you going to be able to take care of the loved ones because given my example as well, my father, you know, he died at the age of 90, years ago. And I had been repeatedly telling him, please get your will done, right? Because again, it's not complicated, he didn't have a lot of property and stuff. But again, anything is better than zero in terms of, you know, pushing it out, and we were five children anyway. So well, for whatever reasons people have so many misconceptions in their brain, they have so much fear going on in their life. They don't trust themselves and they don't trust other people. And he never wrote a will. And today there is an apartment lying, nobody in it, because there is no agreement in the family about how to divide that up. So the question that I think that people should ask is, if you don't live too long, how will it affect the people around you? And if do live long, do you have a plan to enjoy life that you want to enjoy? And if those are the questions you ask every day, and you have planned for it, well, you can't take care of everything, but at least you are better prepared than most people. Would you agree with me on that, Rennie?

Rennie Gabriel  15:42
Oh, absolutely I'd agree with you. And those are excellent questions for someone to ask. Now, let me ask another question. For the people who are listening, who want to get a hold of you, is there some valuable free gift or, you know, how should people get in touch with you or find out more about what you do?

Minesh Baxi  16:02
Very good question. So first I'll give you my cell phone number right away, because I'm very accessible. I'm not looking to hide from people, okay. They're not going to be like calling a 1-800 Number press three, press five, press ten. And in big companies, like, I don't want to name big companies, here, but, you know, if you don't have $200-$300,000 or more to invest, they don't want to talk to you. Right? Okay. I just am a humble guy like most people are, and they want to talk to somebody just like me. It's like, Minesh, have you been through these challenges? I don't really know what to do. Okay, no problems. As long as you are sincere and serious about doing something. Because that's the key. 

Rennie Gabriel  16:42

Minesh Baxi  16:43
Right. Okay, I don't want to waste my time talking to people who just want to collect information and do nothing. Because at the end, if doesn't help them - it doesn't help me, right. So my cellphone is, 248-866-0063.

Rennie Gabriel  16:54
And I'll put that in the show notes so people can have it. Because you know, if they're driving and listening to the podcast . . .

Minesh Baxi  17:02
Better not . . . And I will give you access to a short 30-minute video, which I know I sent it to you and you watched it already, which gives the basics that they should be looking at in their life, whether it is understanding that, Hey, you know what, will I pay more in debt? How can I get out of debt faster? If I need life insurance what should I be doing about it? Investment wise, what is a rule of 72? How do I double my money? And also, if I'm going to be making any purchase, what are some of the questions I should be asking before making that important purchase? If I want to have a high credit score, what are some of the things I should do to get a high credit score, so I don't end up paying a lot of money on interest. So those are some of the questions I've answered in the 30-minute video, which I'll give you the link so you can post it there as well. But if you want to call me, 248-866-0063, and say, Hey, Minesh, send me that. I'll email them, text them, so that they can at least get started. And if they feel that this is going to be worthwhile for them, the next step I take with them is like a 15-minute call, webinar, sorry, Zoom call, where I want to get a little understanding of where they are and what they want to accomplish. If I can help them, then we'll set up another call. If I can't help them and I'll let them know, possibly refer them to somebody else. Or maybe say, Hey, you know, contact me in a few months, then maybe we are in a better place that I can help you. And I think it's just a consultative approach of providing value, understanding, and I think most people should be doing something like this. Just now like it's, it's like if 78% of people live paycheck to paycheck, which simply means four out of five people don't have enough money for the next week to two weeks in case something happens to their income. Well, that's not a good place to be. And let's make sure you don't have the stress, either at work or at home, in relationships. Because money can cause a lot of stress, you know, Rennie. 

Rennie Gabriel  18:54
Absolutely. I know it did for me. Minesh, I'll be sure to have the link as well as your phone number in the show notes so people can have access to it. And thank you for being on the Wealth On Any Income show.

Minesh Baxi  19:09
Thank you, Rennie for allowing me to be here.

Rennie Gabriel  19:11
And to all those who are listening, if you'd like to know how books, movies and Society programs you to be poor, and what the cure is, then log on to wealthonanyincome.com/TEDx. You'll hear my TEDx talk and can request a free 9-Step Roadmap to Complete Financial Choice®, and Philanthropy and receive a weekly email with tips, techniques, or inspiration around your business or your money. And if you'd like to see how you can increase your wealth and donate to the causes that touch your heart, please check out our affordable program, Wealth with Purpose. To my listeners, thank you for tuning in. Next week, we're going to have Dr. Stuart Fischbein, talking about the high cost of childbirth and how to save 75% or more than $10,000 That could be for children, grandchildren, but it's education that you'll want to have. You can listen to the Wealth On Any Income Podcast on your favorite platform, and please rate, review and subscribe. And until next week, be prosperous bye bye for now.

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