Episode Summary – FROM BROKE TO A MILLIONAIRE – IT CAN BE DONE! In Episode 78 of the Shining Brightly Podcast Show (links in the comments) titled “Wealth with a Purpose” my guest Rennie Gabriel shows how to GET BACK UP AGAIN AFTER BEING KNOCKED DOWN TIME AFTER TIME. True resilience and getting financially smart by paying himself first and applying three wealth fundamentals. By achieving financial freedom, he now is able to lift up others through his philanthropy for animals and veterans by donating his profits to charities. Come listen, download, share and review this super informative and inspirational show. REMEMBER – WEALTH CREATION IS A TEAM SPORT!
Mentioned Resources –
About the guest – Rennie Gabriel is the author of the best-selling book, Wealth On Any Income translated into eight languages. He failed high school math, was broke at age 50, but after applying three fundamental wealth principles he became a multi-millionaire in a few years while only earning $5000 per month. He now donates 100% of his program, book and coaching profits to animal and veteran charities.
About the Host:
Howard Brown is a best-selling author, award-winning international speaker, Silicon Valley entrepreneur, interfaith peacemaker, and a two-time stage IV cancer survivor. He is also a sought-after speaker and consultant for corporate businesses, nonprofits, congregations, and community groups. Howard has co-founded two social networks that were the first to connect religious communities around the world. He is a nationally known patient advocate and “cancer whisperer” to many families. Howard, his wife Lisa, and daughter Emily currently reside in Michigan, and his happy place is on the basketball court.
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Http://www.shiningbrightly.com
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Hello, it's Howard Brown. Welcome to the Shining
Brightly Show. I have an incredible story and incredible
guest today. And an incredible cause actually, it's a dual
cause. And we're going to hold that out. But it's a real
surprise for you. But it's awesome. Rennie, welcome. How
are you?
Oh, I'm terrific. Thank you, Howard,
thank you for the opportunity to be on the show.
I'm really glad to have you, I have to tell people
about you. Because the more I get to know you, I just love
what you do. And you lift up yourself and lift up others. And
that's my mantra. So we're so aligned there. Let me just tell
people about Rennie Gabriel. So Rennie, you are an author of the
best selling book called wealth on any income. And it's
translated into eight languages. That's incredible. You failed
math in high school. Oh, boy, one of those guys write you are
broke at the age of 50. And then after applying three fundamental
wealth principles, you became a multimillionaire. In only a few
years, while earning 5000 a month, you now donate 100% of
your programme, your book and your coaching profits to animal
and veterans charities that is noble, that is heroic. And I
love that. And so it's just an incredible, you know, what,
you've been able to transform yourself. So tell me, I tell me
how you shine brightly each day.
Actually, the day the way the day starts,
during the day, I actually have a prayer. And I'm not religious
at all. My wife doesn't even believe I have a religion, but I
am spiritual. And the prayer goes like this. God, I'm very
grateful. Thank you for my blessings, thank you for my
wealth, my prosperity, my relationships, and my health.
Please provide blessings to all those you deem worthy. And
please provide complete health for my wife. Amen.
Oh Wow, I just want to take that in for a
second. Because I do something similar. I look in the mirror,
everybody shaves or puts on makeup every day. And I tell
myself something that I am blessed. I am grateful. And I am
lucky. How can I help myself and help others every day? And I see
that both before and after? You know, before I go to bed as
well. So we do the same. This is incredible. Well, again, you
gotta tell the background. So you failed math. Right? And you
gotta give me the background.
Yeah, the reality is, I didn't actually
fail it. I got a D. Because the teacher saw I turned in all the
homework. I took all the tests. I was there. I tried my best. I
failed every single exam. But he gave me a D for the class.
All right, well, he's not it's passing but you
know, not not not a great thing. But you show it
Reality is I didn't pass one of the exams.
I got it. So I mean, it's absolutely incredible
that you can actually not be a great student but try hard but
also then, you know, lose a couple businesses right? go
bankrupt. Okay. Yeah. Now, I mean, you're you're I achieved
life underwriter, you're a Certified Financial Planner. So
take take me back to the hardship and the hard days.
Well, I guess one of the things is that
becoming a certified financial planner or chartered life,
underwriter does not teach the basics of how to handle money
effectively. It's all sorts of, you know, tax strategies and
investment strategies, nothing about the basis, I did not learn
how to do a budget from any of that professional education. You
want to know where I learned it. I do what you learn how to do a
budget, a programme called debtors anonymous. It's a 12
step programme built like Alcoholics Anonymous, only for
people who don't know how to handle money.
Right, And they really don't teach that. Well.
You know, and I come from the number one school for
entrepreneurship in the world at Babson College, and they teach
you the basics of a pro forma, but you really actually have to
put it in action for yourself and for your, for your business.
So I agree with that, you know, we got to learn those skills,
that basic skills. And it's funny, all these college kids,
at least the good athletic ones are getting name image and
likeness, like this money. And I'm not sure if they're able to,
you know, know how to actually manage it. It worries me
actually, with this type of money.
They do have no clue. Perfect examples. What
happened here in Los Angeles was Shohei Ohtani. Yes, multi multi
million dollar contract. But since he doesn't speak English,
he's got an interpreter. The interpreter is a gambler. And
when originally they thought he blew $4 million of shohei's
Money on his gambling debts. They in the the investigation,
they discovered it was $16 million.
That's incredible. And for those who don't know,
who show Hannah tiny is he's he's one of the most incredible
Japanese baseball players that pitches and hits. And he hits at
these all, you know, all start levels and it's incredible. But
yep, he he got taken advantage of the system as well there too.
So it can it happens. So, you know, tell me, you know, you
struggled early on, it wasn't until you were around 50 that
you kind of figured things out, right? No,
no, yeah, no, yeah, it was, I had the idea of
what needed to be done. And I'd actually put some practices into
place a couple of times. But one of the things, we're gonna get
to it at the end, one of my mottos, which is about team, but
one of the things is that the first time I treated myself like
I mattered, and paid myself first, this is one of the most
basic principles. I pay, I was making 3000 a month, I set aside
$300 a month. And 10 months later, I needed to file my
income taxes. And the IRS wanted $3,000 The whole thing went, and
I was so discouraged. And so upset that I just spent the last
10 months finally I had some savings. Now IRS took it all.
And had I been willing to talk to someone else, they might have
said, well Rennie at least you didn't have to borrow the money
and then pay interest. At least you had it. least you didn't
have to finance it. So just start over again. But I wasn't
talking to anybody else. I'm trying to do this by myself. And
therefore I didn't. It took me another eight years after I read
The Richest Man in Babylon a second time before I started it
again. But then I got divorced and the money disappeared again.
Unbelievable. And it's, you know what, I think
wasn't it that Ray Kroc, the founder of McDonald's really
didn't he met the McDonald's brothers at a standard like
Fresno, California, I think it was 57-58 years old. So I think
what your lesson is, it's never too late. That's right. It's
never too late to get your act together financially. And
it's one of those stories is Colonel Sanders
didn't get to start. How getting people to buy his chicken recipe
until it was over 65.
Exactly. So it's really interesting. And so, you
know, tell me, you know, business and life failures, it
taught you a lot of lessons.
Oh, yeah, absolutely. One of the most
important was the first time I went flat broke. I mean, so
broke, I had to collect soda bottles and cans, to get the
refund money to buy groceries, was that I can rebuild it. And I
had such a fear of going broke. Like if that ever happened, I'd
never recover. But I recovered not once, not twice, but three
times.
It that's really humbles you, if you're
collecting, you know, the bottle money to returns and you know to
buy. I don't think in California, you can get a $5 hot
and ready pizza.
In Michigan, you can, but it goes farther. If you
buy the groceries, you can make your own pizza from it. Right.
Right.
Exactly. So but boy that humbles you. And and so
what I say that's that's walking in darkness. And that's what I
refer to in my shining brightly book is that you walk in that
darkness. And you got to learn lessons there. But you don't
want to stay there too long. But you did you actually went back
to darkness a few times. Because you just didn't get it right.
And what was that that moment that you felt that you are
getting? More more stability and more security?
I was 53. Okay, and I'm married for the third
final last time to my best wife. And I had been saving 500 A
month because I was earning 5000 a month for the last three
years. And I had $18,000. And this realtor who my wife worked
with said, Rennie, you should buy this little three unit
property. And I said, Robert, I only have $18,000 That's not
gonna buy anything. He says, Well, this is such a good deal.
I'll come up with half the downpayment if your wife will
come up with another 18,000. So the three of us bought it
together. And the next five years I borrowed money to
another concept of wealthy people. You borrow money to make
money. And I borrowed money. We bought more apartment buildings
together in the next five years, we added 47 more units. Wow. So
from 53 to 58. I built this and by the time I'm 58 I didn't have
to work anymore if that's what I chose,
right? So you'd be basically became a landlord and
you had apartments, but you are investing them and getting and
living off of people paying rent, correct?
Yeah, they covered the mortgages covered my
standard of living covered the credit card payments covered
everything. Oh, which by the way, I had credit card debt, and
5052 53. And had I use that $18,000 to pay off the credit
card debt, I would have not had the money to buy that three unit
property with my wife and the realtor.
So that's, that's a lesson learned, although
people are mounting credit card debt is, is a problem. I will
tell you for our young people. There's this because I actually
work in higher education with Babson College, I see the amount
of debt for a four year education. Now, some some of
these students are walking out with 70 to 100 to 130, if you're
getting an advanced degree or a law degree, or you're getting
your doctoral hours and things like that, they started off
behind the gun with a lot of debt. So that's what we're doing
to our young people. No, no, no.
Yeah. And a lot of times, they could go into the
trade and start making more money than a college graduate
without having that level of burden.
Yeah, there's there's gonna be choices. I
think the higher education world is in for, you know, some rough
time. So there'll be some colleges that that can't make it
on fundraising and and on that, and they'll they'll close down?
Yeah, you know, it's going to be interesting, because I see my
own niece, who's an occupational therapist, just starting out her
career, and she's taking a good portion of her first salary. And
she's using it for debt payment every month. And that means she
can't go and buy a nicer car. And she's not living in the
nicest place possible. In fact, she actually moved home for the
first year, which was actually a safe place with mom and dad, you
don't have to pay that. Right? Always smart there. So you took
your learnings, right? And you actually wrote a book and some
develop some courses. Tell us about your book, tell us about
your courses.
The book is really the what I would call the
steps I took. Starting with the attitude, the first third of the
book is about the attitude we have, did we get it from our
parents? Did we get it from school? You know, what is it we
believe that we can or can't do? And what do you need to do to
overcome those limiting beliefs. So that's the first third of the
book and then the latter two thirds the basic principles that
lead to wealth, treating yourself like you matter, paying
yourself first, what to do about debt, how you get rid of it, how
you determine how you create a budget, so you know that you're
spending less than you're earning. And I've got simple
formulas, like, as long as you live on 80% of what you're
earning, set aside 10% for expenses, it'll show up later.
So you have the money to spend on that stuff that you weren't
planning on, and 10% to keep for the rest of your life. Simple at
1010 principle, and it works. It works so beautifully.
It does. And I think if you gotta follow the
steps, and you got to be disciplined, though, you might
have to change bad habits.
Yeah, right. That's true.
I have to tell you that one of my also my fears is
that a lot of my friends, okay, and I have friends of all ages,
because I play basketball with young folks and older folks. But
having your phone in your hand and being able to place a bet in
gamble on these gambling sites. You can rack up some debt you
get not everybody's picking a winner every single time for
sure. And it's it's a big business. You know, it's a
trillion dollar business and people it's very simple to click
on a button. And and watch, watch, watch your money go away.
And so I put out a warning to that, you know, out there for
some discipline, some mental toughness, some some some some
smarts, right, and things like that. But the interesting thing
that I've heard you speak about is that some of the super
wealthy have advantages over the rest of us talk about that.
Well,
the advantages are really something you're
touching on which is mental discipline, its attitudes, its
attitudes, like don't focus on paying off debt first, build
assets. It's the attitudes like make sure you're spending less
than you're earning. It's treating yourself like you
matter. It's Well, I'm gonna get to the one I'm going to plan to
share at the end of the show. Okay,
well, but at the same time, there's life changing
philanthropy that can be had. And I think that if you
accumulate enough wealth and even small bits of philanthropy
matter, right, so it's really funny. So we have, we had two
different piggy banks. It's from the first chapter of my book,
but for my daughter, okay, and she put her allowance and
pennies. And she actually had to split it up, we had two. In
Judaism, we call them sadaqa. box there, they're actually
little Jewish piggy banks. And we put money half in one and a
half in the other. And we call this Emily's dilemma. And we she
actually said, why I have to put half in the right one and a half
in the left one. And I was like, the one on the left is for
you're going to choose who gets this money, who's going to be
the beneficiary, and we're teaching at a very young age,
who can you help? It's a beautiful lesson, right? The
other is, you want to buy candy, you want to buy a book you want
to buy, hopefully, you'll buy a book is for you. And I have to
tell you that that's a really valuable lesson that we taught
my daughter that my grandparents and great grandparents taught us
and we've passed on as a family thing. And, and so the justice
of giving or sadaqa is a good thing. And so my daughter still
carries that forward. She has two piggy banks as an adult,
basically, two different chequebooks. Yeah, and
one of it's so funny too, because it doesn't
require money to do that. And I didn't even realise that till my
own children who have children of their own. She reminded me of
what I did when they were young. And I was struggling
financially. I would take I would gather a blankets, we
would gather up clothing that we were going to donate and we
would take it to homeless shelters, we would feed people
in soup kitchens, I forgot I had done that with them when they
were little. We didn't have the money to donate. We donated our
time or things that we no longer needed.
Bill donation, it's still that that is still
giving. And it's beautiful. That's very valuable. And you
don't have to be money, you can donate your time. I just
volunteered at something called bookstore here in Michigan. And
I was on my feet for three or four hours. And this little
young African American boy came in with his family goes, where's
the kids books? He must have been seven years old. And I
pointed the direction he said, and then he was walking away
with this film. He ran back to me said Mr. Is there Diary of a
Wimpy Kid. I said, I hope so. I hope so. But I said if there is
where you come back and show me well, his family actually came
back because I said that. And he was waving the book. And he was
hugging the book. And it actually gave me faith that a
young African American boy seven years old was so interested in
reading. He hugged the book it made my whole day. I didn't even
felt like I worked for hours there volunteering. It was a
beautiful thing. It gave me hope. And hope is that magical
four letter word that kept me going and it was made everything
worth it. And I was there to donate my time anyways, but just
that one story made it made my day it was a beautiful thing.
And
that story gave me chills. Sue Howard.
So you have some causes, because because really
what's amazing is you donate now, okay, the proceeds of your
book and your classes to two causes. Tell me about the
causes? Well,
one of them. They're all animal and veteran
charities. And one of them in particular, rescues dogs from
from environments where they could be euthanized. And if they
meet the right size and temperament, they are trained as
service animals, not pets, but service animals, for veterans
who've come back with PTSD, traumatic brain injuries, other
issues. And the suicide rate among returning soldiers is
almost one an hour, but not one, who's gotten their service dog
is committed suicide. So this, this charity saves two lives at
a time, the dog that would have been euthanized. The soldier
that might have otherwise committed suicide.
That that that's beautiful. That is absolutely
beautiful, that that's what you've dedicated yourself to. I
just want to applaud you. I hope my audience will applaud you
that that is a beautiful model. You you're a role model, and
it's a beautiful thing. And it's impressive, and it's just
amazing. Really it is so any other stories, you want to share
anything else? I mean, because I can't talk that
now it's just that it just, that's what's
really turned me on to donate 100% of the profits from the
work I do because I don't need the money. Where should I put
it? And it's causes like that, that fulfil me.
It's incredible. It's absolutely incredible and
will feature the link to for that and for your causes. All
through that so um I want you to put on your sunglasses right
now. Okay, you're gonna put out a sunglasses because it is the
shining, brightly spotlight, I want to shine the light on you.
Incredible story, incredible philanthropy, you've turned
yourself around. It's amazing. So tell people how they should
get in touch with you tell them the free gift you have for them,
and then share some inspiration with
us. Okay, so the easiest way to get a hold of me
and the free gift is from the website wealth on any income.com
forward slash TEDx. They'll be able to hear my TEDx talk and
request a free nine step roadmap to complete financial choice and
philanthropy. So it doesn't matter where they are, these are
the nine steps to get to wealth and philanthropy. And I send an
email once or twice a month, with tips and techniques as
well. So they get all that by going to wealth on any
income.com forward slash TEDx. Excellent. Okay, and share.
I always close the show with a little inspiration
which you got for me. One
of the things it's crucial, I didn't do this
by myself. I mentioned my wife and the realtor, we bought this
triplex. When I look back on the successful businesses that I've
had. They were based on a team, it wealth creation, business
growth, it's a team sport, not a solo sport.
That is amazing advice. And I actually say
fighting cancer is a team sport too, because you need yourself
your caregiver family, friends, your doctor. You know, your the
nurses, especially it is a team sport. That's just sage sage
advice. And I really appreciate that, as well. This has been
incredible show there's so much to take away here from this. And
for folks that are looking to get financially back on track,
get their life back on track. Talk to Ronnie that's, that's
simple. We're going to point him in your direction. So this is
the shining brightly show. Let me give some thanks. And
appreciation to folks that got me here. My publisher front edge
publishing, read the spirit.com is I blog and that goes out to
50,000 plus people every Monday and my podcast crew from amplify
you, they help me every day. And so if you come find me at
shining brightly.com, you'll find out about the book about
making your event shine and having me as a speaker, and also
this podcast. But more importantly, you'll learn about
my advocacy in the cancer world in the entrepreneurship and
mentorship world and also in the interfaith world. So that's
really what's more important to me. And if we all remember to
shine brightly, a little bit like we just did with Reni for
ourselves, lift up yourself for others, then lift up others in
our neighbourhoods in our communities, the world would
become a better place. Ronnie, it was awesome having you on
what a great show and thank you.
Thank you so much.