Mike is a 30-something CEO, Blogger, and Forensic Scientist. On his blog, mikedupblog.com, he writes about financial insights for Family & Business, and gives fitness tips for everyone. Mike has a ton of financial pillars for millennials and we’ll be picking his brain! Welcome! [2:24]  What made you decide to create financial pillars for millennials? Wrote smaller series- 10 financial musts for high school students Started thinking next level and how to apply them to millennials and other people 9 life, 3 more to come! [4:7] One your pillars is to negotiate everything. Can you speak a bit about what that means to you and why it is specifically important for millennials? Millennials currently making big decisions, e.g. buying a house is decided before you get to the negotiation table Mike recently was buying a business and realized that everything comes down to negotiation, it doesn’t look like much in the moment, but over a long period of time it adds up quickly Begs the question- what if you start negotiating everything, is the price really what it says In purchasing a dental practice Mike was close to signing a bill of sale, there was a last minute call from the seller and there was a unique situation. Mike had a choice on how to proceed, he could’ve insisted that the contract was enforceable, but decided to rather be understanding Since then, 2 months later he bumps into the seller of the business at church; Mike’s wife was about to take time off due to pregnancy and Mike ended up contacting the seller who was happy to help. Everything happens for a reason :) [11:5] Another pillar is to diversity your portfolio, could you explain what diversification is and why it is so important? Mike was graduating high school in 2004 and had the ability to save a ton of money due to low living expenses. Mike’s grandfather convinced him to invest a sum of money that Mike saved up in the market. After the financial crisis Mike lost all his gains and learned that he doesn’t want to be exposed to risk in only one asset class [16:59] Paying yourself first is something everyone knows they should do but not many people actually get it right. Why is this skill so important? In the last 18 months Mike had to relocate into a new dental office and there was tons of money going out of his checking account Extra expenses always arise, Mike decided to automate his savings to make sure that he got money into his savings Sponsor [20:29] Chain of Wealth– Grab your free budget template that Katie created! Value Link Round [20:54] What is your saving or retirement plan? Creating retirement plan for business Pension coming from day job Mike knew that having a business was going to be big outflow but long term the business will return; however it does take time. [22:49] Do you have any other books or podcasts you can recommend? Extreme Ownership How US Navy Seals Lead and Win [25:33] Favorite Quote? Discipline = Freedom [26:27] Parting piece of advice? One of the pillars coming up- never stop your financial education Support this podcast at — https://app.redcircle.com/shows/11f32da4-3081-471f-bf51-ea341b89ab1d/tip