The following transcript is provided by YouTube. Mistakes are present. To hear the podcast episode, click HERE.
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welcome to scaling up the podcast where we scale up on knowledge so we don’t scale up our systems I’m Trace Blackmore
the host of the scaling up H2O podcast and folks what an awesome week we are at
the association of water Technologies annual conference and Expo it is my
favorite week of the year well it’s my second it’s my third favorite my my
first two favorites are when we do Technical Training for the association of water Technologies but a close third
we do it two weeks so that’s why that’s one and two number three is always the
awt convention always so many wonderful vendors in our water treatment field
that are out to figure out better ways to help us they’re of course here they
are trying to teach us about their new Wares and then there are all of you all
you water Traders out there and we’ve got some vendors that are members of the scaling up Nation as well so by all
means I did not mean to exclude you scaling up Nation if you are out at the
awt in Vancouver please come and see me I’ve already heard from so many of you
thus far I want to hear from you so if you haven’t come up and said hi I want
to meet you I love meeting members of the scaling up nation and of course what
I absolutely love is having a podcast and how do I have a podcast well that is
because I’m always asking what is it that you want me to talk about what are
some items that you want me to cover on this fine podcast what guest do you want
me to have and then through your information we make that happen and you
get to make your own podcast how cool is that
you know speaking of cool things here at awt you see a lot of women walking
around the awt conference Hall and we even have at the awt the women of water
committee and and they’re just great and they’ve invited me to be an honorary member I’ve actually spoken at some of
their meetings I’ve always said that every woman I know in the water
treatment industry is wildly successful every single one of them so it is a
great career for everybody not just men not just women but I will tell you we do
not have as many women in this industry as we should and if you’re a woman and
you’re listening to my voice and this industry sounds interesting to you by
all means check it out because once again every every woman I know in the water treatment industry is wildly
successful now here’s some neat statistics that we have on the scaling
up H2O podcast and I absolutely love my staff because they’re always out there and they’re trying to figure out what is
going on with the podcast how do we make it better how are people responding to
us now the unfortunate thing is there’s no steadfast and and ultimately true way
to get the numbers each and every time so we have several services that we
belong to and we’re constantly pulling data to try to see if we can make sense to this it’d be great if we just had one
service that we could go to and it told us everything unfortunately that is not the case so all of that is to tell you
this bit of information according to a 2018 census poll 90
percent of why water treaters are men and 10 percent are women that’s an
interesting statistic another interesting statistic and this one is
pertaining to this very podcast 45 of
our listeners are women 55 of our listeners are men I have to
tell you nation that statistic blew me away as you know I have always been
trying to support anybody that wants to get into this industry they need to
check it out regardless of if they’re male or if they are female well the fact
that our listeners being 45 women shows me that we have a lot of
women in this industry so of 10 percent being women in the industry 45 percent
of our listenership are female that’s just a staggering statistic for me I
would love to know more about what that means why that is I’m still trying to figure that out I’m just glad that you
are listening to the scaling up H2O podcast because you do that I have a
podcast for somebody to listen to Hey here are a couple other things that are
coming up now you can check the association of water Technologies convention off of your list another item
you want to put on your calendar is the association of Metropolitan water agencies October 30th through November
2nd in Savannah Georgia they’re having their executive management conference if
this sounds like something you want to find more about and if you are specifically in the drinking water
industry go to our show notes page we’ll have information there we’ll have an
events calendar where you can see all the things coming up but by all means do not take your hands off of 10 and 2 do
not wreck your vehicle it’s not worth it we’ve taken all the notes for you and we’ve put them on a very easy to read
show notes page you can get there by going to scalinguph2o.com and navigating over to
our show notes page speaking of that if you have not gone to scaling up H2O in a
while what are you thinking there are so many resources on that website it is
amazing how you can have an issue you type in what you want information and
with well over 250 episodes we have most likely got it covered you can listen to
a podcast about it you can even read the show notes about it and most of our show
notes all have extra data so you can become stronger in that particular item
it’s just amazing all the things that’s on the scaling up H2O web page another
conference you might want to check out is the International Water conference they’re having their conference November
6th through 10th in Orlando Florida while you’re there maybe you can go to Walt Disney World that’s definitely one
of my favorite places and we will have all of that information on our show notes page and then finally the
International Water association’s biofilm conference is going to be in
Thailand December 6th through 8th and if biofilms is what you get down on then by
all means you check this out it has everything you want to know about
biofilms Nation something I want to share with you and I love sharing it
with you each and every week is bringing you a brand new thinking on water with
James here’s James McDonald welcome to thinking on water with James
the segment where we don’t give you the answers we give you the topics and questions for you to think about drop by
drop now let’s get to it in this week’s episode we’re thinking about cooling tower side stream
filtration when and why would you recommend side stream filtration for a cooling tower
system what are the benefits what types of filters are available
what should you use how big of a filter do you need
why filter a side stream instead of a full stream does the filter have a waste stream and
where does it go take this week to think about cooling tower side stream filtration and what it
means to the cooling systems you manage be sure to follow hashtag tow 22 and
hashtag scalingup H2O share your thoughts on each week’s thinking on water I’m James McDonald and I look
forward to learning more from you scale up Nation I truly believe that
every cooling tower needs filtration I wish they would come from the factory
with that unfortunately that puts too much of a cost and not everybody wants that but you and I know as an industrial
water Trader that if we got that junk in the system we can’t do our job and how
do we get the junk out well we have to filter it out if we don’t have all that particulate matter our job becomes so
much easier so maybe you can get on the bandwagon with me and encourage every
single one of your cooling tower owners to put some sort of filtration on their
system and of course James’s question is we are going to learn so much more about
side stream filtration so if you don’t know anything about filtration this is a
great way to start and you will be amazed at how much easier it is to treat a system that has a filter on it Nation
I saved this episode it’s one of my favorite episodes of course I’m at the awt conference which is one of my
favorite conferences this is a pinks and blues episode and people always ask me
why do I call them pinks and blues well my dad used to refer to drop count test
as running his pinks and blues so if you run a hardness test it’s blue and it’s
pink so I’m pretty sure that’s where that came from and we all have questions
around testing we all have questions around everything in water treatment so
I just thought it would be fun to pay honor to my father and call anytime we’re answering questions from the
audience a pinks and blues session and if you didn’t know where that was that’s
what that means he also used to call running pinks and blues Betty crockering
and that was as if you went into a store you bought some cake mix you measured
out all the ingredients and then you had to wait for the oven to get hot and then you put your stuff in there and the
reason he said all that was we didn’t have time to wait for the oven to preheat we didn’t have time to go search
for ingredients he would say that to say that I did not have everything in place
he would always arrange his test kit so just by feel he would know where
everything is and he wouldn’t look at his test kit when he would run tests now I learned to do that and the reason I
did is because I was so much faster I folks if you’re reading procedures to
run your most common Test please learn those better don’t just learn the procedures though learn how the tests
work so if you see something funky going on with your test yes funky is a bona
fide water treatment term you know what’s going on if you don’t understand your tests you you need to understand
your tests better or all you’re doing is just getting garbage input maybe you’re
getting good input but you can’t verify it henceforth it is garbage anyway with
all of that also make sure you’re trying to run your test as efficiently as
possible you want to be effective with it and get good results but you want to be efficient as well just think if you
could cut off 10 minutes every time you tested and you tested a couple of
accounts a day you would multiply that times five and you could save hours in a
week you could save a dozen hours in a month that’s real time when people say I don’t
have time to do something extra well I say you don’t have time to figure out
how you can get more time and I promise there is a way that you can become more efficient at whatever it is that you are
doing how did I get on this rant I don’t know I was telling you about pinks and blues and how that came from and the
motivation that that gave me so I hope that motivates you so this is a pinks and blues episode but this is going to
be a different pinks and blues episode because normally I talk about water treatment and a couple of times I
brought some people on to talk about investing I’ve actually talked about investing on occasion you know I coach a
couple people through the rising tide Mastermind I also work with people all over the water treatment industry and
I’m always discouraged that our school system especially here in the United States
does not teach Finance does not teach how to make your money work as hard as
you do and that just disheartens me now my I tell you a lot about my father I’m
going to tell you now about my grandfather my grandfather was a PhD chemist he was he was my hero folks he
was just an amazing man and he understood finances and I remember at a
very early age he will say that you will work hard for your money you need to
make sure your money is working equally as hard as you do and I don’t remember
exactly when he taught me that but I do remember the first lesson that he taught
me because he would always have the financial section of the newspaper and I would come downstairs I was I was little
and I would always want to know what my grandfather was doing and he taught me
stocks as much as I could understand it back at that age when I got a little bit older he had me pick out some stocks and
whenever he would call we lived in Virginia he lived in Arizona whenever he would call I needed to be able to report
back how the two stocks I think it was that I picked how they were doing were
they up were they down now that I didn’t really know anything else besides that I just knew that I was really loving
spending time with my grandfather and him being proud in me in something that he taught me so that just created this
incredible interest to understand Finance now you know I have been in water treatment my entire life what you
might not know is that at one time I was a financial advisor when I got right out
of college I got a couple of licenses which I do not have current now so I’m
going on record saying I’m not giving any Financial advice I I don’t represent any firm nothing like that you need to
go out and find a professional but when I first got out of college
I was a financial professional for a couple of years and I learned a
tremendous amount and one of the things I learned was that was not my dream job and the job that I was running from was
water treatment and my dad saw that I was not happy at this firm and he said
you always see seemed happy when you were working with me how about you come work for me and I did that and it has
been the best decision that I have ever made but because my grandfather invested
me because of that firm invested in me because I invested in me by learning all
I could about the Wares of that firm I’ve been very sound in my financial
decisions and that has allowed me to be able to make better choices
Now That I’m Older I’m not going to say I’m old but now that I’m older I have
more freedoms to make choices because I made choices when I was younger and a
lot of times those choices were unpopular I didn’t go on certain trips because I had to pay myself first before
I did something fun that was a rule that I had I always made sure that I paid
myself and then I have some obligate Asians of course maybe a car payment or
whatever the things you need to live on and I also give some money to my church that’s always the first bucket that’s
the first thing that I give and everything else is secondary to that and the last thing that I take from my
paycheck is anything fun now you might be listening to that and you might be thinking that is not a fun way to live
well back in the beginning it probably wasn’t but it sure is now I can make
decisions that others can’t because I’ve had that discipline now all of that being said when is the
best time to get started with this well 20 years ago or 40 years ago or 30 years
ago at least when I did it well if you don’t have a time machine if your DeLorean is not working your flux
capacitor is on the fritz it’s okay the second best time is today so what we’re
going to do is we’re going to talk about how and why you need to get your money
to do what my grandfather taught me to work as hard as you do by the way if you
want a good podcast about General Financial items I recorded an interview
with Scotty Neal on episode 185 he’s a great friend of mine and he does a great
entrance into the world of financial decisions so I would encourage you to
listen to episode 85 but on this this episode I want to talk specifically
about some things that you should know some things that you should be doing and
I’m going to start out with if you have a company plan like a 401k or some sort
of Savings Program you need to take advantage of it I can’t
tell you how many people that I have talked to and they say that they cannot
afford to contribute to their company’s 401k or whatever your company has
that is Horse Feathers people you cannot afford not to take advantage of that you
are leaving your compensation on the table you are telling people that you do
not want extra money now the reason you’re doing that is because you’re probably not budgeting well you’re
probably not making the best decisions or I don’t know your situation there might be something else totally going on
so I don’t want to offend anybody out there you know who you are you know what you have to deal with but if you can
make a decision to make better decisions and you’re able to do that take
advantage of all those company plans because they will give you free money
most companies will allow you to put something like three to four percent of your total income into this plan and
they will match it dollar for dollar so here is what I like to tell people and
again I’m not licensed this isn’t advice this is just some things that I do and
when I’m casually talking with people this is what I asked them to consider
whatever the maximum is that you can put in that the company will match that’s
the minimum that you need to put into that program if you can put four percent
in and they will match four percent well guess what you just doubled your money
regardless of how the market does and we’re going to talk a little bit about that in a moment regardless of how the
market does you’ve just doubled your money and there’s all sorts of tax
advantages with programs like that that’s not on this show please if you
have a program and you’re not taking advantage of it look at it that you are leaving money on the table your employer
created that program to help you they want to invest in your future please as
an employer let them help you with your future but you have to take the first
step and you have to help yourself So for anybody that’s not doing that please
call your HR departments send them an email and say I want information to
start taking advantage of this whatever you can put in to that maximum that you
can contribute that they will match that’s what you want to do and you might be saying well four percent is X of my
regular take home so what you are going to make so much
more and if you’re budgeting right you really shouldn’t miss four percent you
can do it I know you can and if you don’t think you can’t or if you need some more information find a financial
advisor out there and they will coach you through all of this there are some
wonderful people out there and that’s all they do is they try to help you
understand what we’re talking about today and of course they make a small commission off of that that’s how they
make their livelihood never feel bad of paying somebody a commission for that if they’re earning it they should receive
it however if they’re not doing their job find somebody that is all that to
say take advantage of whatever company plan that you have now let’s go over and
above that my grandfather says that you work hard your money should work as hard
as you do well how in the heck do you get your your money working hard like
you well it’s one of the wonders of the world it’s compound interest this was
one of the lessons my grandfather taught me at a very early age and he actually put dollars on the table and showed how
interests compound so essentially I put an investment in that grows interest and
then when I get interest on the next time frame whatever it grew to I got
interest on that so I start compounding the interest so for fun I did this
calculation if you want to see any of these graphs I’ve got all of these on my show notes page so I invested a
theoretical a thousand dollars at 10 percent for 10 years so all I did was
put a thousand dollars into an account that yielded ten percent over a 10 year
period at the end of the first year I got 10 on that so I only put a thousand dollars in
but now I have eleven hundred dollars well the next year I’m going to get 10
on that eleven hundred dollars remember I only put a thousand dollars in well
now at the end of that year I have twelve hundred and ten dollars well for the next year I’m gonna get ten percent
on that and that equals thirteen hundred thirty one dollars and if I extrapolate
that all the way out for 10 years I invested a thousand dollars and at the
end of ten years I have 2
593.74 cents how cool is that it just cost me a
thousand dollars now that’s the time value of money folks if you are spending
stuff on a cups of coffee and you’re not putting things into your 401k you are
not honoring the time value of money because in just 10 years we grew that
account a little more than fifteen hundred dollars if you bought that ten
dollar cup of Starbucks how much is that worth Ten Years Later so maybe if you don’t have money and
you’re doing things like going to Starbucks or maybe eating your lunch out you can start packing your lunch you can
start making your own coffee I know that’s not fun but at five and ten
dollars a pop and eating lunch is even more than that you are quickly going to
be able to find money that you originally didn’t have so you can start investing in yourself and when you
invest in yourself that’s how you get your money to work as hard as you do so
now that we’re here let’s talk a little bit about where you can put your money
there’s two places that you can put your money you can either own something or
you can loan something so own it or loan it we’re going to talk about each one of
those so let’s talk about own it and let’s talk about a house most everybody
understands a house so let’s say you buy a house for a hundred thousand dollars and it appreciates to two hundred
thousand dollars so you just got a gain of a hundred thousand dollars in your
investment this is what we call Equity so any anything that you own within this
property as far as how much you put into the home minus what you owe on the home
that equals equity and you can borrow against Equity Banks love to do that
because if you don’t pay back they will take your home from you gladly to
recover the capital that you borrowed and let’s say now you go to sell that
two hundred thousand dollar home that only cost you a hundred thousand well
folks Uncle Sam’s gonna want his money and I know we’re in different countries so that’s just the way we say taxes over
here in the States they’re going to charge you you a capital gains tax on a
hundred thousand dollars but I start out with the house because everybody gets it
everybody just understands when they buy and sell houses how that works now I’m a
firm believer and I believe Dave Ramsey says this by the way if you have not checked out Dave Ramsey he is the guru
of helping people pay off debt and if you’re paying off credit card debt most
likely you’ve made decisions that you need something before you can officially
buy it outright and the credit card companies say yeah we’ll help you do that and as that item is depreciating
which means it’s worth less you are paying interest on this and a lot of
times it’s a lot of interest and if you look up how much that item really cost you you probably didn’t need it as bad
as you thought so if this sounds like you don’t be ashamed there’s a lot lot
of people that are in this boat and there’s so many companies out there that want you to be in this boat go to Dave
Ramsey’s website we’ll have that on our show notes page and he will guide you how to get out of debt he is just
phenomenal of that so let’s say we’re not talking about that you have some money now that you want to invest in
your own Financial vehicle for your future you said no to the coffee you
said no to going out to lunch every single day and now you have some money to invest in some sort of vehicle we’re
going to talk about different vehicles and how to invest in there and what we’re going to do is we’re going to talk
about stocks first I know you’ve heard about stocks maybe you don’t understand what stocks are so I’m going to do a
very high overview of stocks and simply put you’re owning a very small piece of
the company that you are buying stock in and many of these companies will pay you
dividends they’ll pay you a percentage of owning that stock and a lot of times
you’ll look at stock and it will be a 10 return but now it also has a three
percent dividend that it’s paying back so hey that’s actually 13 how cool is
that so don’t always look at the returns also check out the dividends again a
financial advisor is a great person to help you go over some of these items so
let’s say we picked out a stock we like the name of the company we did some research we thought it was a good buy
somebody told us about it our financial advisor told us about it whatever it was we’re going to buy some stock and we’re
going to put an initial investment in for a thousand dollars just like what we
did when we started this podcast but we had it grow for 10 for 10 years well
this time we’re putting it in stock talk and we are going to add 100 a month and
it’s going to grow at 10 average for 10 years let’s actually look what happens
after a 10 year period so we already know about compound interest but what
we’re now adding into the mix is what’s called systematic investing and
specifically dollar cost averaging because we put an initial investment in
we’ve got that that’s going to grow but now we’re systematically putting the
same amount of money in at the same time each and every month we’re not trying to time the market we’re just setting it up
automatically it’s going in there at the end of 10 years our money has
actually grown to 21
718.65 cents so all we’ve really put into that account over a 10-year period
is thirteen thousand dollars you can see how systematically adding monthly
Investments really help that and here is why that really helps that there’s this
thing called dollar cost averaging and if we put in this equation that we got
10 all the time well folks that doesn’t happen in the market the market goes up the market goes down and when we
systematically invest we’re going to buy all over the map we might buy this stock
at exactly 10 or we might buy it at 40 percent we
might buy it at two percent by the way that’s great when we can buy the stock on sale at two percent it’s like when
you go to the store and you see something on sale and instead of buying one of them you know you’re going to use it you buy two of them you always want
to get stock on sale how do you know you’re going to get it on sale will you set something up like systematic
investment well what happens if it doesn’t get 10 over time well you can
also lose your money two no no risk no reward and that’s what that expression
means now normally the stock market let me say that again it’s not normally
historically the stock market’s done around 10 percent from my research go
talk to a financial advisor they can tell you all that information so let’s say putting all your eggs in one basket
One stock is just too risky for you and you want to own a lot of stock but you
don’t have a lot of money to own a lot of stock well there is the coolest
Financial vehicle out there I hope you know about it if you don’t I’m going to tell you about it it’s called a mutual
fund and a mutual fund has a fund manager and their job is to manage the
fund that you are investing in so in the scenario we just said you own one stock and it was very volatile if it all went
away there was all your money however in a mutual fund they are going
to own hundreds or thousands of stocks they also own bonds we haven’t talked
about that yet we will and there are a team of people that are watching over
those funds to make sure that they’re performing correctly they’re looking at
all the stocks they’re looking at all the bonds they’re making sure that they are playing nice with others and if
they’re not they’re making decisions they’re figuring out what to buy low what to sell high and that’s their job
they’re having meetings to make sure that they’re all working well with each other folks we just don’t have time to
do that and let’s face it most of us don’t have the knowledge to do that so
when you invest in a mutual fund say we did that same thousand dollars and then
we invested systematically we’re getting all of the professional advisors that
are within that fund that are buying and selling and making the decisions that quite frankly we probably couldn’t do
within enough time to really make it worthwhile and we don’t have the experience I love the mutual fund for
that reason and like I said you don’t put all your eggs in one basket and for those of you that are not in the United
States that’s an expression that we have that if you put everything into one
thing and that one thing doesn’t go well well you don’t have anything anymore so the mutual fund definitely helps with
that and those fun managers are rated and graded on how well they do by
managing those funds and guess what just like you if you didn’t do your job correctly they’ll get fired I just think
mutual funds are something that everybody should look into and whenever
you buy mutual funds or stocks and we’re getting ready to talk about bonds well let’s talk about stock specifically
somebody will say you need to go out and buy X company and then you look at it
and it’s doing pretty well you look at it next week and it’s done even better and you start seeing all the money you
would have made had you put the money in the previous time so you still wait a
little bit and it’s just going up again you’re thinking oh my gosh I’ve wasted all this potential money I’m going to
buy it today well so is everybody else and what happens is if there is any
correction that’s a nice way to say that that it’s going to start going down you’re now going to look that you put x
amount of money in and it’s worth less you get scared and you sell that so you
don’t lose any more that’s what the average person does and that is where you actually lose money again that’s
also why I don’t think you should start out just buying stocks you should put your money in mutual funds you don’t
have to worry about all that but if you were to sell when it goes down you
turned a paper loss or a statement loss into an actual loss and you really did
lose your money now when you work with a financial advisor they can tell you when
to buy things when to sell things when to hold things and when you put your money into a mutual fund that’s just
happens as part of the job so don’t get scared if if you’re scared of the market
definitely don’t do it alone make sure you’re using one of the wonderful advisors out there and they they can
help you but folks this is one of the only ways that you’re going to be able to get your money to work as hard as you
do I say one of the only ways there’s thousands of vehicles out there this is one of the easiest ways that you can do
that now let’s talk about what I mentioned just a second ago and that was bonds now earlier I said there were two
ways that you can make your money work hard for you you can either own something or you can loan something so
own it or loan it now we’re going to talk about loaning
simply put when you put your money into your checking or savings account you are
loaning the bank that money did you know that they’re using your
money to go out to loan to other people that they are going to charge those
people those companies interest on and that’s how a bank makes money now most
banks will pay you some interest for putting your money in that bank it’s
probably point one percent maybe a little bit better than that trust me the loans that they are getting are a lot
more than that so if you have a large sum of money in the bank one never put
any more than what’s insured and two your money’s not working hard for you so
talk with a financial advisor and figure out where the best place is to put your
money when we talk about loans specifically we’re talking about bonds so let’s go
out and buy our own loans and not just put our money in a checking account and have the bank do it for us where we’re
not getting paid for it when you buy a bond you are buying someone else’s debt
and the big ones that we’re going to talk about today are corporate bonds and municipal bonds so normally corporate
bonds are just called bonds and municipal bonds you might hear called Muni bonds but all that is is somebody
needs money to go do something with that money and you’re going to loan it to
them in the form of a bond now these
bonds are rated from a category the best Bond you can get is a triple A rating I
wouldn’t say the worst Bond you can get probably the most risky that’s a better word bond that you can get is a Triple C
Bond and if you’ve ever heard the term junk bond anything under a triple B
rating that’s called a junk bond okay what does all that mean well there’s this group out there that rates all of
these responds and figures out how able the people that own the debt the
companies that own the debt in this Bond are able to repay that Bond now
obviously the higher their ability to repay that and they have a whole bunch of tests that they do to figure that out
the higher it is the higher it’s scored so somebody with a stellar score that
you know it’s going to get paid back most likely it’s going to be a triple A rating now something you’re taking a
huge risk on would be down at a Triple C and of course we call that junk bond so
bigger risk bigger reward and that’s what you’re doing there now I also mentioned municipal bonds so regular
bonds with companies municipal bonds are with governments governments now need
funds to go build a building build a road build a bridge whatever it is so
they’re going to sell bonds so you can help raise funds for them those bonds
will be rated and you normally will get some sort of tax benefit for that so
because you’re helping the government out your tax burden will be lessened to
encourage you to do that now hopefully that’s not too confusing but you can
make money by either owning something or loaning something and the easiest way is
to own something of course outside of your house I would say is a mutual fund
because that owns a lot of stocks it also has a lot of bonds and then the way
that we loan something other than just leaving money in our bank is we have
some sort of bonds the mutual fund is a great pairing of both of those with somebody every single day watching over
to make sure everybody’s playing well with each other so I hope
hearing these hearing some of these Basics you’re thinking hey this isn’t that hard and folks it’s not it’s more
intimidating than it needs to be but trust me when you pay yourself first
most people pay their bills first if you can learn to pay yourself first and then
everything else comes off of that it will totally change the options that you
have as you live your life one more thing that I want to talk to you about
and Scotty Neal mentioned this in episode 185 it’s the rule of 72.
and it’s just neat my grandfather taught it to me and I just want to share it with you you can listen to Scotty talk
about it as well but let’s say you want to know how long it’s going to take you to double your money well you use the
rule of 72. so let’s use what we just talked about with that thousand dollars
at 10 how long will it take us to double our money so the rule of 72 says we take
72 and we divide it by the rate of return that we’re getting so if I divide
72 by 10 because we’re getting 10 percent it will take me 7.2 years to
double my money just a really quick and easy way for you to see what that
actually means how much that cup of coffee is really costing you because you’re not allowing your money to work
hard for you you and Nation the reason I’m talking about this is because so many of you thanked me or asked more
questions when I’ve had some financial information on this podcast
let’s face it we are industrial water Traders and that is not an easy job that
is a very hard job we work hard we need to make sure that our money is working
equally as hard as we do because if we
make decisions today that will allow us to make better decisions tomorrow we can
probably deal with some of those decisions today Dave Ramsey has a lot of sayings around this I’m a big fan of his
so if you have any issues or just want to learn more about budgeting and finance go to Dave Ramsey’s website
we’ll have that linked on our podcast show notes and of course if you do not have a financial advisor there’s so many
wonderful financial advisors out there ask some of your friends and if you have a 401k there’s probably an administrator
that comes in to help your company with all that there’s probably a financial advisor attached to that so that’s at
least a starting point to talk with somebody and trust me they would love to
have this conversation with you well Nation I hope this is helpful I’d love
to hear if you’re starting to do these things not easy at first but it changes
everything in the long run Nation I am so excited that in just
two weeks we are going to be celebrating industrial water week yes that is an
entire week to celebrate us as industrial water Traders we’re going to
celebrate pre-treatment on Monday we’re going to celebrate boilers on Tuesday
cooling on Wednesday Thursday we’re celebrating waste water and then Friday
the most awesome career in the world is water treatment a whole day devoted to
careers I hope you help me celebrate by
each and every day whatever the theme is if we’re on pre-treatment hashtag a
picture of your favorite water softener on boiler Tuesday hashtag a picture of
your favorite boiler you get the idea your cooling tower maybe your favorite Wastewater Plant on Friday is there
somebody that’s inspired you in the water treatment industry maybe do a quick post about that maybe you have a
picture of them let’s inspire hire each other with the people that have inspired us and of course that hashtag is
iww.22 that stands for industrial water week so remember hashtag
iww.22 I love it when we do this each and every year because it just reminds me how big the scaling up nation is how
big the entire Water Treatment Community is and we know that we are not alone we
are part of a community that Community if you’re listening to this podcast is called the scaling up nation and Nation
I cannot wait to talk to you next week with a brand new episode take care folks
[Music] scale up Nation life is too short to do
it alone and that’s why I have been in a mastermind for over a decade it’s why I
started the rising tide Mastermind and it’s why the rising tide Mastermind is
so successful you do not need to face your problems alone you don’t need to
face your issues alone you can learn from others experiences so you don’t
have to repeat their mistakes and you can get further faster because others
are giving you a hand to find out more go to scalingup h2o.com forward slash
Mastermind to see if this is the right group for you