BS with Bob Schmidt

E14 Timolin Langin – Mind over Money (How to live like a Millionaire on any Budget)

Things you’ll learn in this episode of the BS With Bob Schmidt Podcast.

1- Save your coins, it will add up.

2- No matter how much money you make, still buy things on sale.

3- Anyone can live like a millionaire you just need to manage the money that you already have wisely.

Find Timolin Langin here:


Transcript of BS With Bob Schmidt Podcast “E14 Timolin Langin – Mind over Money (How to live like a Millionaire on any Budget)”

Bob Schmidt: 00:00 Money magnet, teacherpreneur and author of the book “Mind Over Money, How to Live Like a Millionaire On Any Budget”. Timolin Langin my guest, Timolin. I got to ask, as a radio guy and a podcaster, is it possible for me to become a millionaire?
Timolin Langin: 00:14 I believe it’s possible for all of us to live like a millionaire and possibly become a millionaire. A lot of that depends on the actions we take.
Bob Schmidt: 00:22 What do you mean by the difference between living like a millionaire and being a millionaire?
Timolin Langin: 00:26 I really truly believe that I am living like a millionaire on a teacher’s salary. I’d been working as a teacher and my teacher and teaching income does not equate a million dollars, but I am living the life of my dreams. I am loving my life and as I said in the book, if you’re income is between 50 to $75,000 a year and you’re managing that money properly, you can have just as much happiness and joy as the average millionaire or billionaire and they’ve got statistics out there that prove it. So happiness and living a great life is not dependent on income. Once you reach a certain threshold,
Bob Schmidt: 01:06 do you think that money buys happiness?
Timolin Langin: 01:08 Oh No, I don’t think. Advise happenings. I think it opens the doors for you to be happier because I mean obviously if you’re not worried about how you’re going to make ends meet, that takes, that alleviates a lot of stress in your life and stress will make you miserable. I believe. So that’s what I think it is. I think people, you know, I talk about dead weight, the weight of debt in the book and that is what makes people unhappy. That is what makes people says anytime you’re underweight and things still heavy, then you’re not functioning for you really and moving about life as you like. And that is what causes the stress. Obviously stress takes away from happiness, so to be happy then just do the opposite, right? That’s my philosophy.
Bob Schmidt: 01:54 Absolutely. So Timolin at the beginning I mentioned that, that your money magnet and a teacher and actually read the word teacher printer off some information that I have here. The first time I’ve really heard that word,
Timolin Langin: 02:05 it’s a term I made up because it describes my light so beautifully. I am a teacher at heart and I’ve been a teacher for a very long time, but yet I have engaged in entrepreneurial activities that have really increased my income and led me to, you know, buy the properties and asked me become a millionaire, not from my teaching job, from making certain investments along the way. So that’s why I call myself a teacher per noor and I encourage everyone who works to have something that they love doing on the side to generate income to generate that extra income. And so that’s one of the principles that we talk about in the book as well, you know? Yes you can. You may start with a certain salary. Your question was can you really live like a millionaire without a million dollars? And the answer is absolutely yes. And then you work on increasing your salary and so we, yeah, I hope we will get into the paradigm shifts that need to take place too because that will be very. That would make for very interesting discussion.
Bob Schmidt: 03:06 Well, I’m wondering if a lot of people think that they could live like a millionaire and then they pulled their credit card and they keep charging and charging and charging and pretty soon the bills come in and they’re looking at it like, well, I live like a millionaire for about two weeks and now I can’t afford it.
Timolin Langin: 03:22 Well, you know what? We’re talking about an ongoing way of life living like a millionaire is a philosophy of life. It’s not a two week stint here in, uh, two weeks to get there because truly, if you’re going to be miserable at the end of that credit card purchase and after at the end of buying all of those things that don’t necessarily bring you joy, that don’t necessarily bring you peace of mind. Don’t that don’t necessarily increase your wealth. That’s very different from what we’re talking about. And I’m speaking about being strategic with your money and managing your money in such a way that it yield the desired results and the results of being able to spend money on your necessities and life experiences so that it helps you to feel like a millionaire. And to live like a millionaire, it’s like doing the things that you love and dreamed up. And let me just give you an example of what I’m talking about.
Timolin Langin: 04:20 I am a huge fan of women’s tennis. I literally love it. And when every time the Australian Open Wimbledon and even some of the minor matches, if you will, when they come on. I watched them and I haven’t been for years. So one of my goals is to go to um, to the majors. And in January of 2017 I was able to do just that. My favorite players were playing. And I got to go to the Australian Open. I sat on the roast on the front row. I visited Rod Laver arena. I walked the grounds. I’ve sat in the Champions Lounge. I had lunch and I sat on the front row and took pictures and laugh with everybody there. And there were some fellow southerners, they’re believers or not from Texas, sitting right behind me on the second row. And we just had a great time cheering for our favorite players. And those are the kinds of experiences I like.
Timolin Langin: 05:14 And I got to see both Venus and Serena play and at that time Serena was pregnant and we didn’t know about it and so she had the baby and then while they are, she gave me this most wonderful look into my eyes and smiles. And those are the kinds of experiences that I’m talking about that wasn’t living like a millionaire to me, that Serena Williams looked into my eyes and smile. I’m still on cloud nine about that. So that’s what I’m saying about creating and managing your money and being strategic with your money in such a way that you have experiences like that to pass on and to share and to discuss from generations and generations. So that’s what we’re saying. And if your income falls within a certain range, it’s already been proven that you can do the same thing.
Bob Schmidt: 06:03 How do we set ourselves up for that though? I mean to, to do those types of experiences that are going to be memorable for the rest of our lives and stories that we can share with, uh, with our loved ones, with friends.
Timolin Langin: 06:14 Yes. Well, you set yourself up for that by managing the money that you already have wisely. That means you can give, you know, you assess is this a need or a want before you start spending? Is this a need or is this a what I. is this something? How badly do I want it? Is this something I’m doing because I talk a lot about emotional overspending in the book and is this something I’m doing because I’m having a bad day and we have something called retail therapy and I have friends who, oh, I had a bad day. I broke up with my boyfriend. I’m not in the best of mood. My boss yelled at me, I’m going to go shopping. And so what I suggest in the book is that before you take that road less look at something else that’s going on here, you’re, you’re, you’re trying to cope with stress.
Timolin Langin: 07:08 So from having a bad day at the office or having a bad day with a friend, so that needs to that. That’s not a financial issue. That’s not something we want to spend the money on. That’s something you call your friend up and you go for a walk, you read a book, you do something to take your mind off the stress, you exercise, you de stress and so you’re not spending money emotionally and then you are strategic with it. OK, I’ve got certain expenses that I must take care of and I prioritize those expenses and I spend money there and I also actually recommend saving money to do the things you love. My trip to Australia came with some preparation and I started planning and putting money aside for that so that I would be able to enjoy my life. But yet I also have to take care of those basic needs and basic expenses and I, you know, spend money for that too. So that’s what I’m saying about being strategic with your money, you know, you’ve got to allocate it properly.
Bob Schmidt: 08:09 So that includes coupon shopping and looking for bargains and finding the best deals on different things.
Timolin Langin: 08:15 It does, but I’m not a big fan of coupon shopping, but one of the things I do and I, there are 40 tips that people can do that I listed there, but one of the things that I enjoy doing is I like to shop at thought off the off the marketplaces. I’m not big on paying market value for today. Some things you have to, but for most things I signed that I don’t have to do that, so I will shop at the farmer’s market, some of the ethnic stores for groceries and food and so and by doing so I can cut down on my. I can cut a third off my grocery deal just by shopping at a different store and being strategic instead paying $100 for groceries, I can go to those places and pay $50 and that saves money on my grocery bill and that gives me money to do other things.
Bob Schmidt: 09:05 Even do that now as a millionaire,
Timolin Langin: 09:06 I still continue to do that. Yes. I still continue to manage my money well and so it’s so interesting to you look at the. I, I’ve heard stories about Warren Buffett and even um, there’s a guy who owns the Ikea, he still shops at vintage stores. He goes to some of the, the vintage stores and buys clothing. He’s not paying full value for anything. I don’t use a billionaire.
Bob Schmidt: 09:27 Do you find that people with that type of mindset ended up making more money, ended up investing better and ended up having more expendable income at the, at the end of it all?
Timolin Langin: 09:36 Well, I know that’s true. I know that to be true. Certainly when you’re paying less for things, you’re going to end up stretching your income. That is the reason for that. So if you are, you find that OK, cause we’ve got, we’ve, you know, we’ve got certain expenses, we’ve got mortgages, we’ve got rent, we’ve got utilities, we’ve got to pay those things in order to just live. And how do we cut those expenses so that we can live, live more liberally. Come and interview will. We’ve got to look at ways where we can cut the budget. For example, I love coffee. Here’s another example. Love coffee, drink coffee every day. I used to go to Starbucks, well, I’m not sure what I can say that, but I wouldn’t go to some of these places and I would spend $5 a day, sometimes $10 a day on a coffee drink and when you multiply that over 30 days, that’s $300 a month on coffee and I decided, I know I’m not going to give up coffee no matter what they say, I’m not going to give it up, so I make it at home now and by making it at home I still get to enjoy my cup of Joe and I get to put that $300 towards a build towards a trip or something else that I.
Timolin Langin: 10:47 I became a priority and so of course set financial goals and then you put money in place to help you fulfill those goals.
Bob Schmidt: 10:55 Teaching our kids the wrong way to spend money.
Timolin Langin: 10:57 Most of us are probably doing that and it’s not necessarily our fault in the sense that we are not taught how to manage our money. I’ve been a teacher for many years and even though they are starting to add some things in the curriculum, it’s basic and so I do believe that there is definitely much room for education, for financial education, which is what I hope to do in which is what I do. Yes, so absolutely. I think we just need to teach our our kids to be strategic with money, to teach our kids that. Number One, like the old paradigm, spending money makes you feel better and shift that into believing that money is a tool. It’s not a a tonic or tranquilizer, but it is a tool to create the life you want to live.
Bob Schmidt: 11:51 What are some of the lessons that could teach our children so that way they have a better sense of money than we do as parents or that their peers do.
Timolin Langin: 12:00 This is a wonderful question. I remember growing up, and I may have said this earlier on to someone, I don’t know if it was you or someone else I was talking to, but I was born and raised in Mississippi. My on my mother’s side. My grandmother was a cook and other people’s kitchen, not a chef, but a cook and her mother was a sharecropper and they did not have much money. In fact, they had very little money, but yet I grew up watching them and just not that we ever had conversations or anything about be strategic with the money. I wouldn’t here save money for a rainy day, but that was about the extent of it, but they modeled good habits and I remember as a kid, and this is what goes to the question, what do we teach our kids about money. I remember my grandmother would have me and I was learning to write.
Timolin Langin: 12:54 I was in elementary school at the time and she would have me pay the bills of bill would come in and I would really. I would write the check payable to whom I was still in the amount of the check and then write it out and then she signed the check and then we go to the post office and mail it or we’ve said it in the mailbox. That was a very valuable lesson to me. Not that she says we do this because we want to pay our bills on time and of course these days I think parents talk more, talk to their children more so you can certainly explain, well the reason we do this is because we need to have lights on at our place so that we can see and then we want to make sure that the bill is paid so we can continue to have lights and so here we are.
Timolin Langin: 13:34 We going to write the check. They were gonna mail it and take it, you know, and then they see you doing that. It’s all about what parents are modeling for their children. You can model that and model paying that on time just as you can model, which is what a lot of times we see. We see our parents go to the ATM machine and take money out of the ATM and then go and spend it shopping at the mall or what have you. And so we will come to the conclusion that, oh, spending money that’s just for spending when we’re given that, allow us always just for spending. There’s no talk of that money is a tool to help you prepare for the life you want, you know, money is also for saving money was also for investing. Money is also forgiving and certainly you should spend some of your money on having a good time as well. So it encompasses all of those names and those are lessons that we can start to teach early on.
Bob Schmidt: 14:29 Are any of those lessons better than the other one?
Timolin Langin: 14:31 I don’t think so. I don’t think so. I think they’ll. All of those lessons are equally valuable. I think they’re equally value because we don’t want to be so strategic with our money that we don’t enjoy. Life is not about old living such a tight life that you don’t, oh, I’m going to. Wouldn’t drive. Like I would never say, oh Dr. [inaudible] miles across town to get gas. Tencent, lift. I mean that’s not really being wise with money either. So we want it. We want to be wise and strategic.
Bob Schmidt: 15:01 I know people that will do that though. I know people that actually drive out of their way and I think about the time, the effort, the energy, you know, the expense actually the wear and tear on my car and think about all that stuff. I’m like, I’m just going to pay its closest right here. I’m just going right here to get it myself, you know.
Timolin Langin: 15:16 Exactly. Yeah. So, um, you know, sometimes it’s just to pay the twenty cents. It doesn’t, if you know, it’s, it’s not 24, you’re actually saving $2 by driving across town, the wear and tear on your car and all of that. Pay The [inaudible] extra. So, I mean, you’ve got to use wisdom with this to us. I mean, and this is what I say, I living like a millionaire, mean living, living, living with some wisdom, living with a true sense of authenticity and truth as to the auto honorable to yourself. I want you to enjoy every aspect of your life in what this looks like. A good picture is basically getting know what I’d make enough money to take care of my living expenses. I make enough money to live a good life. To live the life of my dreams and then I’d have some desires that I may, you know, maybe I’m always wanting to be an entrepreneur. Maybe I’ve always wanted to do, you know, I have a hobby that I enjoy, so I let him make some time for that too. And that’s just, you know, living a good life, living a happy life. But when you get to the end of it, you can say, you know what? I’m pleased with the way I’ve lived my life. I’ve lived a good life. Then I’m happy.
Bob Schmidt: 16:26 Are you pleased with the way you’ve lived your life? Timberline?
Timolin Langin: 16:29 Oh, I am indeed. And not that light hasn’t been challenging. I’ve had to make some sacrifices along the way. I had to delay gratification on things. It’s like I didn’t get, I didn’t get to go to Australia. I’ve been twice now, but the first time I wanted to, I had to wait a little longer, I promise from the friend I was going to meet them there and I met some friends on a tour of Europe in 1996 and I didn’t go to Australia until 2010 for the first time and now I’ve been placed and went to the Australian Open, but I love to travel and see the world and I’ve, I’ve been to every continent except Antarctica and so I, I’m doing it, but I it, you know, timing matters and I just always make sure that when I’m traveling and doing the things that I love that I’m not putting myself in a financial hole.
Bob Schmidt: 17:16 You mentioned delayed gratification on going to ongoing to your trip. Do you think that society these days doesn’t delay gratification enough?
Timolin Langin: 17:24 I think we have the mentality of, Oh, let’s get it right now. We live in the microwave society. I wanted and I want it right now and sometimes that, that, that gets us into trouble because I do believe we can have everything we want, but maybe not right now. It may not be financially feasible to get it right now. It is so important to set financial goals. It’s a set financial priorities and to buy them. Once you set the goal in place, once you put it in place and then you affirm that this is what you want to do, when you’re positive about it, then stick to that goal and once you achieve that goal, you’ll find that other opportunities come to you and I. I’ve been in situations where things have just come to me because I declare that this is what I want to achieve and this is what I want to happen and because I was faithful and committed to that, certain perks came.
Bob Schmidt: 18:20 I think that actually you saying that it helps. I think people need to hear that because all too many times we wish it was like, ah, I really wish I could have this or wish I had the success that you know that person had. They got instant gratification and they got it right now. Well, in the backgrounds they don’t know that they spent years and years and years working on said item in order to get that item off the ground or you know, that project is as good as it was. I know that we had conversation on my radio show a couple of weeks ago and you had mentioned that you had bought a, uh, an apartment building or a piece of property on sale and I think about that and I tried to explain that story to my son. Could you go over and tell that story about how you bought a, uh, piece of property basically on sale cause property does go on sale.
Timolin Langin: 19:08 Um, I will, I will be happy to, but I want to just comment on one thing you sit to. There are no overnight successes and I know sometimes we look at our favorite entertainer and our favorite person and we think, oh, you know, this person is 20 years old, 30 years old. They just kind of blew up overnight. Well, I’ve heard many of those same people say it was a very long night, a night that took 10 years, 15 years in the making. It’s just that they started when they were three or four and now they’re 20. So that’s what, 15, 16 years later and now they are. They’re having that. So there are no, I don’t, I just don’t believe in most cases that things just happen overnight. There’s a lot of work and effort going in behind the scenes that we don’t see that in that they put in the time and the effort and the energy to the 10 hours in the 14 hour days of rehearsal and, and being rejected and being told no, and then all of a sudden you just hang in there long enough in that yes, comms.
Timolin Langin: 20:08 So I just wanted to say that and so, so that people are not discouraged that I think true success, genuine success, authentic success comes through hard work and effort and it is a struggle sometimes. Even with the property. My vision to buy property and there was a lag between the time I actually bought it at the time I actually thought about it and uh, but I had a plan and a strategy where I had to literally say, because I’d remember I come from a family of sharecroppers and clothes, so I have not received any inheritance or anything like that. So I had to really buckle down and save money to invest. And I did that knowing that I had a vision, I had a goal and I lived in a tiny place so that I could acquire the money that I needed to be to, to make that investment.
Timolin Langin: 21:00 So when this property came along and I was scared and nervous and thinking, oh my gosh, he’s talking about being an emotional over spender or an emotional spinner. I was like, oh my goodness, I don’t think I’m going to be able to afford it even though I’d already been pre qualified. And um, so, so the agent only showed me properties that I could afford, but this is my scared self talking and everything I’ve done, I’ve done scare. That’s why I talk a lot about the emotional and emotions and spending because we don’t hear this often, but emotions at the spending partners for us and so she’s taking me out. The agent is taking me out and I’m looking at poverty and when she showed me a property, it was twice the size of where I was staying. It had the beautiful green grass, big beautiful bay windows, the front door and back door and have nice size kitchen and I was like, wow, that was closer to my desired area and I’m thinking there’s just no way I’m going to be able to afford this.
Timolin Langin: 22:01 But I’m so glad I didn’t say anything because I felt like I was wasting. I felt like I was wasting the agent’s time and when she took me back to her office and we looked at the numbers, I just. I lit up like a Christmas tree because I realized not only could I afford it, I’m not really paying much more parker. Then what I was paying when I was staying in that tiny apartment and that was just the beginning of my adventures as a real estate investor. It all started with that and that property. I tell you, I paid $39,900 for it and now it’s worth all my gosh over over, over like half a million dollars.
Bob Schmidt: 22:42 You still have a piece of property.
Timolin Langin: 22:44 Oh my gosh, yes, I will never sell it and I’ve got that one plus some.
Bob Schmidt: 22:50 Did you put a lot of work and time into that or was it just because you bought it at what had happened to be in a low spot and then it ended up to be worth a whole lot more money?
Timolin Langin: 22:58 Yes, yes and I, I always knew that I needed something in addition to my income. I’ve never been comfortable with one source of income and I encourage your listeners to do the same. Look at how you can, how, what can you do that you love, that you enjoy and how can you turn that into an income earning opportunity. So that’s what I’m always doing. Cause that means job security is not the same as it used to be there. I mean, we don’t know. How often do you hear that? You can’t necessarily depend on your job for 30 years, work 30 years you retire, you get a nice pension. Those days are not, you know, they’re, they’re, they’re leaving.
Bob Schmidt: 23:45 What? What’s the pension
Timolin Langin: 23:47 exactly? What is that the millennials don’t even know.
Bob Schmidt: 23:53 My parents had one. I know that, uh, that being a radio personality that uh, there isn’t one. There’s [inaudible] and other investments, but the pensions are long gone, at least for most of the people. I know.
Timolin Langin: 24:05 I agree with you and I agree and I’m probably on the last customer that.
Bob Schmidt: 24:09 So what are your five paradigms of spending?
Timolin Langin: 24:12 Oh Wow. Well, the old paradigm is to spend money that spending money makes you feel better. And the New Paradigm, the shift is that money is a tool in your life, not a ton of tranquilizer. So it’s a tool to create the life you want. And we’ve kind of talked about that a little bit in terms of just being strategic with what you already have and being very purposeful with the dollars that you have and knowing what is it that I really want out of life and I encourage you to buy experiences. You have to spend money on two things, necessities and experiences. So use your money as a tool to create the experiences and the life you actually want. And that takes a little thought and planning and preparation, but it’s so worth it. It’ll help you to stay on track with your spending. And the second idea and old paradigm is, I do not have enough money.
Timolin Langin: 25:08 Well, the new way of thinking is that I already have enough to live well and happily in the truth of the matter is you do. Because if you’re living in America or any first world country, you drive a car, you make $8 an hour, then you are richer than half the people on the planet. That’s pretty. That’s a pretty good position to be in. And so that means I already have enough money to do the things that I loved. And so a healthier way of looking at that and approaching that is to say, yeah, I just want more. And that’s healthy. It’s all K to one of financial increase. OK, to want more money. Money is not evil. I mean we hear that sometimes and sometimes people think, oh, I’m more noble if I’m wrote, Oh, I’m more, I’m at least I’m not as bad as that person. And the reality is that money is just an object. It’s what you do with it that determines, you know, some sort of morality is OK, and this is the love of money. That is the root of all evil, not just having money itself. Just kind of want to dispel that myth.
Bob Schmidt: 26:17 Right? I think that is it the love of money or is it the obsession with money that would be more of the root of the evil rather than the love of money.
Timolin Langin: 26:25 Right? And yeah, but I think that’s how it’s translated. Obsession with money. I’ll do anything to get it. It’s just about having some standards to that. Because I really do believe that you can acquire wealth and increase your wealth. Honest honestly, and by just being strategic with it and shopping differently, I discussed 40 ways of how you can shop and spend strategically to increase the income you already have.
Bob Schmidt: 26:51 And you have those listed in the book.
Timolin Langin: 26:53 Oh, APP. Oh yes. Oh yes. And so and so, uh, take on the next paradigm. The third one would be I must have more money in order to be happy. And then the new paradigm is that the more I appreciate what I already have, the happier I am. And then that just speaks to what we were talking about earlier is that when you get to a certain income level, when you reach a certain income bracket between 50 and $75,000, you’re really already have enough to be content and satisfied and to create the life you want to live you really and truly do. And so it’s just a matter of basically you’ll have enough monitor money to do what is emotionally satisfying to you. Be satisfied with that because sometimes if we start equating happiness with dollar amount, I know people who have millions of dollars and they’re still not quite happy, so we have to learn to appreciate where wherever we are in life, appreciate where we are. So as we grow to the next phase of life, then we learned to appreciate it too and we’ll be able to enjoy it.
Bob Schmidt: 28:02 I think we need to learn to step back and look at, look at our lives and just say, Hey, I’m doing pretty good. I have this, I have this, I have this. I may want some more, but you know what? Everything on the most part is, uh, is pretty gosh darn good.
Timolin Langin: 28:16 Oh, that’s a great attitude to have. That is a great attitude to have and that is the life that I live. That is the life that I want your listeners to live everybody so that we can live a great life with white where we already are. And it just takes a shift in thinking of paradigm shift because that’s all it takes.
Bob Schmidt: 28:35 Well, let’s look at shift number four then.
Timolin Langin: 28:37 Well Shit old thought work harder, longer to get wealthier and the new paradigm shift this thinking, well, we’ll make you wealthier. And here basically what we’re saying is that I w it is, it is not. I know so many people who worked very hard and very long hours and they’re still struggling. They’re still not able to make ends meet. And so thinking while for your will make you wealthier because number one, thinking it, you know, as a man thinketh, so is he or she by the way. And so what we believe and what we tell ourselves is what’s going to come to pass. So by thinking I am already wealthy, I am already rich. I just want to grow wealthier. I just want to grow richer. And when you start to tell yourself that in a firm that in writing, by putting your goals on paper, then those things begin to manifest. You start your actions, follow your thinking, and you’ll find that people are in your life like almost like when you have a certain car, you will notice that all the everybody on the road has a car. That same car to you didn’t notice that until you got it, you notice that
Bob Schmidt: 29:55 absolutely. And notice that the color of the car or the car or you got a new jacket or whatever. It’s like, are you serious? You got that to cohmad
Timolin Langin: 30:06 yeah. And then what they’ll say, yeah, we had it for years. You’re just noticing because now you’ve got one. Right. And so that same application can be applied to wealth building as well. I have literally been in situations where I had a vision and I had a dream. I didn’t necessarily know how I was going to achieve it, but I know that by thinking about it and knowing that I wanted and taking baby steps towards that something came out and helped me to get there. And so to achieve that I w I talk about one of the properties I needed I wanted to but this is like maybe the third or the fourth property that I bought and I had to close escrow on a certain day in by a certain time and it’s a matter of fact. I wasn’t doing everything at the last minute and so I need it to deposit a check from what I heard from one account into a second account, but I needed to get the cash right then and you know, it takes a bay at that time.
Timolin Langin: 31:04 It’s still, it still takes a day or two before the check clears the bank and so I needed them to trust me with several thousand dollars in the bank or to trust me to say, hey, this check is going to clear the bank. You don’t have to worry because I had established a relationship with the banker and I would always say hello and say hi to people and make small talk. After about an hour of deliberation, they gave me the money. They released it. Rather they released that check and so that’s what I mean. When you start. When you have that vision and you put it into place, opportunities will come along. Situations will happen that will propel you to the next step and I just wholeheartedly believe that that happens for everyone. When you are determined and you have to have it written down. I cannot tell you how important it is to write the vision down and they’ve got, they’ve done results research after research, which proves that your vision has 100, a hundred times more likely to achieve it. If it’s written down,
Bob Schmidt: 32:08 I will have to start writing down or typing it down because my writing is atrocious.
Timolin Langin: 32:14 Uh, yes. They kind of go hand in hand writing, typing. It just needs to be in print. Yeah,
Bob Schmidt: 32:23 to do that. So the final, the final paradigm shift is what the
Timolin Langin: 32:27 old paradigm is. Repeat what you’re doing harder and longer in order to succeed. And the new approach would be to take different action to get a different result. And I know I was guilty of this last too, I think. And Oh, if I just continue to do the same thing over and over, eventually things will work out. Eventually the goal will happen. Eventually the dream will come to pass. And the truth of the matter is, and if I want something I’ve never had, I’m going to have to do something I’ve never done. Small things lead to big things. You know, a money tree begins with a small seed, if you will, and so I use this example to express this for a particular point. Every thanksgiving I make potato salad for my family and I use a certain kind of seasoning salt and so I went to my family’s house and they didn’t have any season salt so we use and I, she was probably in just in middle school at the time and so we decided to go to the grocery store and get some.
Timolin Langin: 33:32 There was a generic brand and then there was the name brand and of course the generic brand costs a third less and I decided I would get the generic brand which is how I always make my potato salad. And so my niece wanted to get the most expensive brand and I’m like no. And then I show her something. I’d compare to the labels and I say see the label says this is, this product is the same as that product. So by buying generic you’re not necessarily buying something different. You are buying the, the, the main ingredients are the same. However, the label is prettier on the, on the name brand product, but do I want to pay three or $4 more for that? No, I don’t. So I wound up buying the um, generic version and the potato salad was just fine. People ate it like they normally do and it was not an leftover.
Timolin Langin: 34:26 And so that’s what I mean by making the paradigm shift. Sometimes we just have to shift our thinking into knowing there’s a different way of doing this. Let me take a different action to get a different result. And so that’s what that one is all about instead of just, oh, OK, I’ll just buy the name brand product because I liked the name brand pride where I’m used to buying the name brand product. Well that costs you more and what you’re trying to save money and be strategic. Well maybe buy the generic brand and keep the extra three or $4 in your pocket.
Bob Schmidt: 34:57 You still shop that way too, don’t you?
Timolin Langin: 34:59 Oh, absolutely. Oh, absolutely. I do indeed. I will always shop this way. We went out, when I become a billionaire, I will still shop this way and like I said, I think I said earlier, it didn’t. The man from Ikea, the owner of Ikea shops in vintage store, he’s not buying new clothing. He might use clothing or vintage clothing,
Bob Schmidt: 35:18 so it’s OK to be frugal. It’s funny because I. I’ve been called cheap before and my brother goes, you’re not cheap bob. You’re frugal. And I think there’s a difference between being cheap and being frugal
Timolin Langin: 35:27 and I think you’re absolutely right. I think being frugal, and I just call it being wise with your money, I mean as, as working people, we have a limited salary, a limited income, so we’ve got to determine how are we going to spend it. We’ve got to make choices because we don’t have unlimited amounts of money. So the thing is, what am I, what do I want most? What is my dominant passion in whatever your dominant passion is, I think you should put as much money as you can towards it than to spend on on labels and brands that don’t bring you that, that same satisfaction. We have to make certain choices.
Bob Schmidt: 36:06 How did you come up with your five paradigms
Timolin Langin: 36:08 based on observations? I looked around at people who were prospering and I would even compare myself to people who weren’t because even in my circle, people would always come to me and ask me for, well, how are you able to do this? How are you able to do that? And so I looked at what I was doing and then I just started noticing what others are doing around me and then I started paying attention to people who wouldn’t have even more success than I am financial success. It’s probably looking at observing what they’re doing and it’s so interesting. I found that I was doing similar to the people who were having this huge amount of success and so that’s how I came up with the paradigm shifts just on observation, peer observation, and then these are things that I also practice goes. Every tip that I share in the book are tips that I’ve actually practiced and that’s why I believe they will work for most working people.
Bob Schmidt: 37:06 What? What inspires you?
Timolin Langin: 37:08 I am inspired by beauty and natural beauty. I live here in Los Angeles and I wake up every single day. Happy. The weather here is beautiful and I remember when I moved here from Mississippi many years ago and I flew in at night and little, the city lights were shining brightly and then I woke up the next morning to the sunshine and the palm trees and the ocean. And I still am inspired by this beautiful, beautiful place. So natural beauty inspires me.
Bob Schmidt: 37:46 The book is called “Mind Over Money, How to Live Like a Millionaire On Any Budget”. Timolin Langin, my guest a money magnet teacher-preneur, Timolin. How do we get your book? How do we find out more about the stuff we’ve been talking about?
Timolin Langin: 38:00 Oh, thank you so much. And we’re going to be doing workshops and different things to help people do more with their money and I’m so there’s and that’s a live like a millionaire now. Com and there’s a wealth of free information videos and we’re going to start doing some things online like Facebook live, so we’re going to start doing some just some free teaching and just sharing information because what we want to do is create a community where we are helping each other and encouraging each to just be live their best lives and it’s just like going to the gym and exercise and when you’ve got someone to do it with, it’s a lot easier and you’re more likely to actually do it and achieve your goals. Then trying to do it on your own.
Bob Schmidt: 38:46 And I love. I love this quote. Financial success is not a gift. It’s a habit.
Timolin Langin: 38:50 Oh yes it is. It is a habit and just taking little tiny steps every single day doing little things, little habits, and one of the little habits I talk about in terms of savings is that just puts save your people, get overwhelmed when you started talking about saving, but I don’t have any money who say, oh, I don’t have any money. Just take your coins your pennies, your nickels or dimes, your quarters and put them in a piggy bank and you’ll be surprised at what you have at the end of the year. I know some people who say $3,000 just by saving their coins over the course of a year,
Bob Schmidt: 39:23 For more information.