Full transcript
0:00[Music]
0:05what's up guys today is a great day
0:07because I get to talk with my friend
0:09Jack Selby now I know what you're
0:11thinking wow I can't believe George
0:12knows Jack Selby the somewhat successful
0:15movie producer of none other than Bernie
0:17a 2011 True Crime comedy about a
0:19smalltown mortician's questionable
0:20friendship with a wealthy Widow and has
0:22a well-deserved 88% on the Tomato Meter
0:25or is it Tom
0:28tomatometer tomato M meter turns out I'm
0:32talking to the other younger more
0:34fiscally responsible producer and
0:36co-host of ice coffee hour Jack Selby
0:39now not only is Jack the most eligible
0:41bachelor in the Western Hemisphere he's
0:43also earned a noteworthy net worth and
0:45reputation in financial entainment so
0:47hit that like And subscribe and share
0:49this with your single and ready to
0:50mingle gal Pals and stick around for a
0:53rousing conversation with Jack Jack
0:56Selby welcome to Millionaires and Cars
0:59getting coffee I feel honored to be here
1:01man absolutely honored exciting I got to
1:03know you you were very mysterious what
1:06was your life like before Graham Stefan
1:08what was that before Graham Stefan how
1:11what was it like other than sad and
1:13unfulfilling cuz you were what how old
1:15were you I was I mean obviously zero
1:17until I was I think 19 or 20 so you were
1:20zero and then you were 19 that's the
1:22next step yeah it was kind of just like
1:24that and you graduated high school I did
1:26graduate high school I went off to
1:28college I worked in a restaurant at as a
1:30bus boy for a couple of years okay and
1:32that's when I started working with gr I
1:33was at Community College working at a
1:35restaurant and my life was I mean it was
1:38I was happy with it it was fine and you
1:39were watching his YouTube videos I was
1:41watching his YouTube videos yeah and I
1:42was a huge
1:44Fanboy stupid Fanboy and so I reached
1:47out cuz I wanted to somehow include
1:49myself in his business and after several
1:51emails and a few you were persistent and
1:53you're like hey here's what I'm going to
1:54bring to the table here's what I'm what
1:56did you kind of offer him where he was
1:57like all right fine he probably gets
1:59that all the time at that point of
2:01course yeah the only thing that I think
2:03I really offered that anyone really can
2:06offer is like my entire life your life
2:09is now forfeit it's like look gram you
2:11want me to go shovel Ramsay's poop I'll
2:15Ramsay is his cat it's not like we're
2:16not talking about Dave yes that was a
2:18good caveat I was like people need to
2:20know I will I will do cat named Ramsey
2:23exactly and that that was exactly my
2:24point I was like dude I'm just a young
2:26motivated that you were willing to do
2:28whatever it took yeah and of course is
2:30involed in that as well like I sent him
2:32several emails so when he ended up
2:34needing the help I was just kind of at
2:35the top of the inbox yeah that's amazing
2:38so what were your financial habits
2:40before Graham clearly if you're watching
2:41Graham's Channel at a young age you're
2:43like hey I want to build wealth you know
2:45I want to invest were you Frugal at the
2:47time did you have any debt what was your
2:49life I wasn't Frugal I actually really
2:53enjoyed spending money the problem was I
2:54didn't have any money to spend so I
2:56think that's what got me really
2:57interested you said you're making like
2:5810 grand a year a bus boy no I was
3:00making less than that I was probably
3:02making five grand a year as a bus boy
3:04yeah I mean I was doing it like
3:05part-time on the side I was a full-time
3:06student okay but also like I lived at my
3:09parents you know they provided Health
3:10Insurance Dental Etc yeah so so you
3:12didn't have a lot of bills no I did not
3:14have a lot of bills but I didn't have a
3:15lot of money so it got me interested in
3:17money and then you know that's why I
3:19started watching his channel so what did
3:20you learn early on from Graham that you
3:22actually implemented like that you know
3:25what the first follow any of it I
3:27followed all of it and the first thing
3:29that I did that was actionable from
3:31Graham Stefan's YouTube channel get a
3:33credit card I am so sorry I I know I
3:36know that's the first thing that I did
3:37because of him that's the best advice
3:39you got that well I also opened up a
3:41Roth Roth IRA there we go so I did that
3:43as well but yes I opened up a credit
3:44card Chase that's not the key to your
3:47success no one's like man the key to
3:50really me doing this thing was I open
3:51that credit card like what were the
3:54steps you took cuz you had probably
3:56close to a Z net worth at that point
3:58like what had money my par for birthdays
4:01and stuff like that so I had a little
4:03bit of money but it was nothing
4:05substantial so what would you as you
4:07look at your net worth today what are
4:09the biggest factors as you look back
4:10you're like okay this is really what was
4:13a stepping stone and then I got the
4:14house and that appreciated and my
4:16investments did this like what are those
4:18pieces I would say honestly it would be
4:21mostly just a strong income would be
4:23what is increase to my we always say
4:24your income is your greatest wealth
4:25building tool right and if you can
4:27utilize your income and live on less
4:28than you make and shovel that into
4:30savings and investing right you'll build
4:33wealth pretty quick so investing has
4:34been good for me but my investments like
4:37if you watch the channel you know they
4:38haven't really gone up that much I kind
4:40of got absolutely obliterated on some
4:42call options on Robinhood okay was that
4:44the biggest investing mistake you made
4:46as far as
4:47zero you lose like what did you put in
4:50when did you end up man I mean at its
4:52peak I was at like 70k and at its trough
4:56afterwards four ouch what did you put
4:59into it
5:0020 okay so when you put in 20 it got to
5:0370 but did you get greedy like what
5:05caused yeah 100% it was just greed
5:07you're like I'm going to hold on I'm
5:07going to hold on I'm going to hold on
5:08and then it went to four everyone thinks
5:11that like all of the stereotypes when
5:13they happen to them they won't react in
5:15the stereotypical way which is exactly
5:17what happened to me I was like you know
5:18what I'm making all this money I'm a
5:20genius I know what I'm
5:21doing yeah it happened to me I never
5:24thought it would happen to me it did and
5:25I got cocky I invested in some stuff I
5:27shouldn't have invested in and then I
5:28got burned dang so I feel like everyone
5:30kind of has to learn these things for
5:32themselves horror stories like I had
5:34listened to other people share theirs
5:36like they will deter you from doing
5:37stupid things what about retirement you
5:39don't seem I mean are you maxing out a
5:41Roth IRA every year yeah I did a Roth
5:43IRA maxed it out for a few years and
5:45then I did a mega back door Roth IRA and
5:47I contributed the full amount and then
5:49after that I was kind of like I've
5:50contributed like what I would have done
5:52I think in like eight years if I didn't
5:54do the mega back door so I'm just going
5:56to sit back and kind of let that
5:57grow grow through his work I mean you're
5:5925 at 65 we're talking multiple multiple
6:03Millions sitting in that account okay
6:06from your work today okay but a couple
6:08yes but why do I need that money when
6:10I'm that old the thing is I have no idea
6:13and humans are notoriously bad at
6:15predicting what will make them happy or
6:16unhappy in the future so I feel like
6:18it's kind of a moot point to think that
6:20at some point in the future I'm going to
6:21want this realistically I have you no
6:23idea where I'm going to be as you
6:24started making more money going from you
6:25know 10,000 to 50,000 to 100,000 now
6:28you're making way more than that but you
6:30said really after 100 like my happiness
6:33did not increase and Studies have shown
6:36that but you said it out loud as a guy
6:37who actually did it where does that come
6:40from I think that there are real
6:43diminishing returns on happiness past
6:46getting the point where all of your
6:48basic necessities human Necessities are
6:50met yeah so like for example that does
6:53include a little bit of money each month
6:54for entertainment and enjoyment but it
6:56doesn't require that much much maybe a
6:58few hundred your shelter you know your
7:01your food if you want to go on dates you
7:03don't want to have to feel restricted
7:05financially anything past that in excess
7:08would be great for those who enjoy the
7:11game of accumulation but I feel like
7:13that's a smaller percentage of people so
7:15what's your game is it accumulation at
7:17this point I don't know I would say
7:20maybe just having a a good family but
7:22like I said I'm so bad at predicting
7:23what's going to make me happy I think
7:25having a a loving family raising some
7:27kids would be awesome and aside from
7:29that like I would love to I would love
7:31to give I really do I like the idea of
7:34getting somebody and like coaching them
7:36to you know be where they want to be
7:38financially to have a relationship that
7:40they want to have to be in a home that
7:42they're proud of something like that
7:43maybe at some point in the future I've
7:44never said this publicly but that's
7:45always something I've kind of enjoyed
7:46well I mean you at a very young age have
7:48become very successful you have the
7:50income you have influence and it feels
7:52like now the next thing is impact you're
7:54like okay now I want I want to have more
7:56meaning in what I'm doing I want to be
7:58able to give back and pour in into other
7:59things cuz you have the margin and
8:01options to do that with your time and
8:03with your money which is beautiful and
8:05we talked last time on iced coffee or
8:07last time I was on about the
8:09underpinning of faith that I have that
8:11has kind of steered my financial journey
8:14and you were really curious about that
8:15which I thought was really cool asking
8:17really good questions about that and I'm
8:19talking about how I feel like I'm a
8:20steward of the money that God has
8:22entrusted to me the thing I'm noticing
8:24is that you have this peace of mind kind
8:26of like I would love to have that
8:28Financial deepr rooted security that you
8:31have you know I just feel more
8:32financially peaceful knowing the faith
8:35background and reading the Bible and
8:36seeing the scripture and how it talks
8:37about money there's over 2300 scriptures
8:40that involve wealth and money which is
8:42shocking to me have your views on that
8:44changed or evolved as far as like the
8:47impact of faith on your finances are you
8:49still kind of I think oddly enough I
8:52grew up very atheist maybe a little bit
8:56agnostic but I'm very open to the idea
8:59of faith and religion much more so and
9:01for no like it's weird because none of
9:04my immediate family is religious at all
9:06my mom grew up Jewish my father grew up
9:09Christian but it wasn't anything like
9:11that really made it a huge impact on
9:13their lives and I wasn't raised
9:14religious at all but I am actually very
9:17open to it that's really cool so I took
9:20you to Starbucks because it is your
9:22birthday and if you know me you know
9:24that I love birthday freebies right and
9:26you get any drink I guess now up to $10
9:28for free on your birthday do you have
9:30the app yeah I do have the app all right
9:31let's see if they let you do it hello
9:34hey what can I get you well it's my
9:36friend's birthday he's in the car with
9:38me and so he's going to get his free
9:39birthday drink all righty what would you
9:42like what would you like what was that
9:44the the Graham the gram oh okay I have a
9:47I have a drink order it's called The
9:48Graham
9:49Extravaganza oh I okay you do you know
9:52what that is it says venty shaken
9:55espresso with vanilla sweet cream cold
9:58foam okay sub white mocha for caramel
10:02drizzle and add caramel crunch that's an
10:05$8 drink that's pretty good that's not
10:08bad at all uh you want to add another
10:10shot or is that too much caffeine for I
10:11do not need another okay that's perfect
10:13and then I will do a uh iced American T
10:18anything else that's it all right good
10:20to roll down guys all right I need to
10:22let the people know it's not called The
10:24Graham Extravaganza because of Graham
10:25Stefan it's some Tik tocker that's like
10:27Graham Graham 88 that came up with it
10:30you should you should say it's because
10:31of Graham it's because it's we named
10:33this drink after Graham Stefan
10:36hello he's very not happy to see me I
10:39thought he was going to be happier to
10:40see me yeah it's my birthday man this a
10:43huge a huge deal they're going to sing
10:45like we're at Chili's right it's your
10:47happy
10:50birthday thank you so much thank you
10:52very much appreciate it have a good one
10:54look at that this is this is insane dude
10:58this is ridiculous okay show the camera
11:00your drink it is so extrae take a peek
11:02everybody look at that it actually looks
11:05like you it's glistening it's tall it's
11:07glistening it has
11:08hope ribbons of caramel oh my God this
11:12is one of the tastiest things I've had
11:13from probably the tastiest thing I've
11:15ever had from Starbucks the Graham
11:16Extravaganza gram you guys got to order
11:19this let it live on so we're obviously
11:22in my very old but wonderful Tesla you
11:25just bought a Tesla that's true what'
11:27you get I got a model why I've never
11:29shared this but I have no problem
11:30sharing it but yeah you're not to be
11:32ashamed of yeah cheers cheers to the
11:34birthday boy to to the Tesla Bros Tesla
11:37Bros no we were we were calling
11:40ourselves chest hair boys that and I
11:43agree is what we were calling ourselves
11:44you have to let it fly I take offense to
11:46it I think it needs to be chest hair men
11:48chest hair men it's a little
11:50contradictive to be chest hair boys but
11:53I think I feel like boys is like you
11:55know you're my boy you know what I'm
11:56saying yeah yeah if if you want to make
11:58love logos and make some hoodies I'm in
12:00I'll wear it you'd wear it yeah okay can
12:02we can have some chest hair on like that
12:04that'll make everyone uncomfortable can
12:06you admit how you paid for this Tesla I
12:09paid cash that's my boy that's my chest
12:12chair boy I paid cash for the Tesla and
12:14uh I'm happy I did and how upset was
12:16Graham when he found out I didn't tell
12:19he was disappointed I didn't tell a
12:20single person I bought this Tesla I
12:22don't even know if he knew I bought it
12:23cash I mean I think he was surprised
12:25because he does see me as like a very
12:27you know numbers oriented guy
12:29but no I think it made sense for the
12:31peace of mind and rates being so high so
12:33I'm proud of you well I'm telling
12:34everyone it's because you've been
12:36watching too much Ramsey videos the
12:38thing about car loans and credit cards
12:39and all of the non-mortgage debt can be
12:42so predatory so predatory and I am not I
12:46am not ignorant to that like I'm very
12:47well aware well you know as I I've I've
12:50been working on this book that's coming
12:51out in January called Breaking Free from
12:52broke and I unpack systematically every
12:55part of the system car loans Student
12:57Loans mortgage investing traps credit
13:00cards credit scores and it's amazing to
13:02me how everyone just took one step
13:05further mm let me get the credit card
13:06cuz I got a build credit now I'm worried
13:08about my credit score well let me get
13:09the car loan and now I don't I can't
13:11afford College let me get student loans
13:13and so you get trapped in a cycle of car
13:15payments you're trapped in this under
13:17this burden of student loan debt you're
13:19continuously using the credit card
13:20you're using it as an emergency fund you
13:22get the mortgage that you really can't
13:24afford now you're doing a helck against
13:26the mortgage and you just end up waking
13:28up one day with $100,000 in debt
13:31wondering what the crap happened right
13:33that's how I've seen this generation
13:35just kind of stumble into all this they
13:37play on the psychology of a monthly
13:39payment ah it's not so bad as paying all
13:41upfront like it just seems less and they
13:43play on that psychology as long as they
13:45have a low payment it'll be fine no
13:47that's how they screw people over they
13:48take advantage of their feeling brain
13:49not their thinking brain you know I've
13:51just found having no debt no house
13:53payment even though I could Arbitrage
13:55and make more in the savings account I'm
13:57like I'm just going to pay my mortgage
13:58off cuz I think I'll have a better life
13:59and I have no regrets for the average
14:01person I will 100% undoubtedly say yes
14:04that is the way to go all right I'm glad
14:06we agree on that well tell me speaking
14:07of mortgages tell me about buying your
14:09dream home at 22 my dream home at yeah I
14:12mean I got access to a 2.87 4 rate how
14:15can I say no to that when inflation is
14:17higher than that
14:18so I borrowed money yeah I have a bunch
14:20of Roommates so I'm making some money
14:22there with rent so the thing is with the
14:23rate I mean I I don't think I would be a
14:25smart person to I think you'd be really
14:27smart to pay it off 2874 what's left on
14:30the mortgage but I write off the
14:31interest on the one oh not this guy with
14:33the write offs you don't even know what
14:36a write off
14:38is do you most people who do it are like
14:41I bought a $60,000 car I couldn't afford
14:44because of the write off no I see 100%
14:46what you're saying I agree with it for
14:47the average person but I know who I am I
14:50know where I'm disciplined and I know
14:51where I'm not disciplined I know where I
14:53can make you know gutsy decisions and
14:56where I can't wouldn't you have a much
14:58higher net profit if it was a paid off
15:01property and you had all this rent
15:02coming in yes have you done the math on
15:04that and what you could do that money
15:05have profit next my monthly p&l would
15:09indeed be higher yes and you could use
15:11that money to then invest yeah but the
15:13thing is I am also technically making
15:16money arbitraging that amount that I me
15:20every time someone says Arbitrage puppy
15:22stop I am making more money arbitraging
15:24that for my 5% what is it for 5%
15:27interest I'm getting in CIT Bank you
15:29want me to pull out that money I'm
15:30getting 5% on and paying off the house
15:33two problems first problem is don't have
15:35that much money second problem is I'm
15:37losing money wait you don't have that
15:39much money what do you mean do I have in
15:42the bank to throw to pay off the
15:44mortgage today no then you're not making
15:47the spread my man that's how it works
15:50500 in a savings account at 5% or 500
15:53against the mortgage which is 2 point
15:55it's not Apples to Apples though you
15:56don't have all the money sitting in
15:58savings I do not have all of the money I
15:59would have to sell some stock yes
16:02Booyah boom roasted what I don't
16:06understand what the roast is here well
16:07when people say well I'm going to why
16:09would I pay this loan off when it's a
16:10low interest I can make more in a
16:11savings account that only the math only
16:13if we're going to argue about math it
16:15only works if you have that exact amount
16:16of money sitting in that account okay
16:18but I also have I could pay it off if I
16:20sold stock and let's say on average
16:22stocks are going up a c percent sell
16:26it to have the cash to pay off my a c if
16:30you put me in Jack Selby Shoes today I
16:32would sell the stocks I would use the
16:34money anything above my emergency you're
16:36saying that because your psychology
16:38would be affected in a different way
16:39than mine is for me it does not stress
16:41me out in fact I feel a sense of
16:43gratitude and I feel a sense of like
16:45responsibility of like I'm making the
16:47right Financial move here for my own the
16:49numbers do not lie and if the numbers on
16:51a month-to-month basis I am earning more
16:53than I am losing with this strategy
16:55rather than the other one and I am
16:57nearly certain it as long as the stocks
16:59are going variable interest rate you
17:01know what I mean you said the same thing
17:02and then you got decimated on Robin Hood
17:04cuz you thought the stock was going to
17:05go
17:06up let's assume you're right okay let's
17:10assume you're right and I mess up and I
17:12lose a bunch of money for this do you
17:14think that me learning a lesson from
17:17that experience is more valuable than me
17:19losing you don't think so that's like
17:22saying well I want to get in a car wreck
17:23so I can learn from the experience when
17:25you could have just avoided the car but
17:26it's okay let's assume that the car wck
17:28doesn't alter your life forever I don't
17:30think it's worth learning a lesson when
17:31you know it could there could be major
17:33risk at when you know this could end
17:36poorly I am firmly convicted in this so
17:39you guys have talked to a lot of uber
17:41wealthy people I mean we're talking Deca
17:45Senai millionaires yeah what is a common
17:48theme you've seen that you're like hey
17:50if I was going to give someone advice
17:51that spark notes of all these
17:53conversations we've had on ice coffee
17:54hour here's the thread okay so there's a
17:57difference a lot of the people that are
18:00under I would say like the 15 million
18:03maybe under 30 million 40 million net
18:06worth area are kind of they're usually a
18:09person out of scarcity that's what I've
18:11noticed they have a very scarce mindset
18:13we like hey I'm going to lose everything
18:16this will not last and then once you get
18:17into like those real upper echelons of
18:20like like the 100 million plus yeah that
18:23hurts my brain it it hurts mine as well
18:25I mean I could never fathom my brain
18:27hurts too but
18:29they're generally people of abundance
18:31for example Dave Ramsey he has a
18:34abundance mindset so I feel like yeah
18:37horoi he was the same so I don't know
18:39I've just noticed those are kind of the
18:40trends like after a certain point you
18:42become someone of abundance that's what
18:44I would say i' recognized that's good I
18:46like that abundance mentality mhm um so
18:48the people want to know about your love
18:50life this is a recurring theme I'm
18:51seeing is it time to start the bachelor
18:55reality show with you and Caleb hammer
18:57and can I host it here's the thing I
19:00personally I have no shame 100,000% I
19:02would do such a thing however there have
19:05been so many times where I've talked
19:07about a date where I've done something
19:09online talk talked about like my
19:10relationships and stuff like that and
19:12then D I get a notification on my phone
19:15and it's like some girl that I had gone
19:16on a date with she's like why are you
19:17talking about our date that we did in
19:18New York you're like the laundry here
19:21yeah and and for she could be seeing
19:23this right now and she could be like why
19:24are you talking about when I called you
19:26to ask why you're talking about like bro
19:28that happens but I would have respect
19:30for her because she's watching the
19:31George camel YouTube channel and for
19:32that I would say green flag it happens
19:34more than you think it would while I
19:37don't care you know maybe some of these
19:39women would I'm not really sure I would
19:41consider doing it I don't know the
19:43current dating landscape frightens me so
19:45best of luck to you dude you would nail
19:47it you you are a a guru with the words a
19:51guru with the you really are and you
19:53know it too that's why that's why you
19:55talk for a living I uh my personality is
19:58is what helped me land my wife Whitney
20:02it's not my looks it's not my don't you
20:04dare say that well you're a handsome man
20:07thank you you see why I love this guy
20:09always a good time with Jack Selby and I
20:11hope one thing you get from Jack story
20:13is that no one becomes great on their
20:15own each one of us needs someone we can
20:16learn from and lean on for support no
20:18matter how old you are or how successful
20:21you've become because the moment you
20:22stop learning from others is the exact
20:24same moment you stop growing and if you
20:26want to make your dreams a reality you
20:27need to learn learn from people who are
20:29already living that dream and you can
20:30tell Jack surrounds himself by people
20:32who are successful people who are
20:34wealthy and by people who want to grow
20:35so get out there get off your phone meet
20:37the right people develop genuine
20:39relationships that can end up changing
20:41the trajectory of your future huge
20:43thanks to jack for hanging out today let
20:45me know in the comments who else you
20:46want to see in this Millionaires and
20:48Cars Getting Coffee series it would be
20:50kind of Epic if we could finally get
20:51sefel thanks for watching we'll see you
20:53next
20:54time