Escape Plan 2.0 (Series preview)

In this episode, Ryan and Terry address the new name for the podcast, and preview their new series: escape plan 2.0. After more than five years and thousands of hours spent working 1:1 with people, they're revisiting season one and updating it. This series lays out their most important lessons and pulls back the curtain on their money mapping method.  

🎧 What’s Inside:

• The journey behind the name changes and why "Money Minded" resonates deeply.
• Their most important insight, and how it informs their best success stories.
• A sneak peek into the upcoming series – a comprehensive guide crafted from 5+ years of lessons, 109 episodes, and coaching over 1,200 people globally.
• Inspiring insights into turning financial challenges into a fulfilling climb toward lasting success.

💡 Key Takeaway: Forget chasing "easy" solutions. Real transformation happens when you enjoy the process of managing your money, building skills, and making empowered decisions.

Join us for this thought-provoking introduction as we redefine the way you think about money and kickstart your journey toward financial harmony and freedom.

The NEW Money Mentorship
Learn more about the Home Equity Accelerator here

Turn insights into action with Terry's episode coach 

Join our podcast community
Get live updates, talk shop with us and meet like minded legends in our digital treehouse. Click here to get access now.
🔗 https://www.facebook.com/groups/4609737389252111

Find out your financial skill score
Do you have the money skills to fund your goals? Take the 4 minute quiz here
🔗 https://financialskill.scoreapp.com/ 
 

Transcript

Copy Transcript Copied

Ryan 0:29

Hello there, wherever you're tuning in from. Welcome to the Money Minded Podcast. Terry, got to call out the elephant in the room. We've changed our podcast name again, which is probably confusing the hell out of people.

Terry 0:40

Yeah,

Ryan 0:45

What's going on? what's this podcast and where are we at with this name?

Terry 0:50

Mate, Let's go through it. we've gone back to the drawing board a little bit here we didn't mind well time freedom, but it just didn't quite fit. It was like that pair of jeans that looked good in the shop's mirror. And then when you got home, you're like, it doesn't quite fit. so we went back to the drawing board and said, what is this podcast really about? The reason we moved away from Passive Income Project is because it's not just about passive income. It's about how you use money to improve the quality of your life. it's about, how you think about, how you feel about money what you do with it to be able to get those results. And we just like this name, Money Minded. It was a name that we did consider. In the last time when we did first change our name and it came back to the surface through that process we just feel like it works on a few layers because number one, it says what it's about. It's about money. It points to the psychology part of this as well, which is the money minded, but it's also like a double layer or a double meaning here as well, which is like you've minded your money like you've actually done what's required to have your money minded. You're across it, you've got it all in order, and that's why I kind of liked it and I don't think it's ever a mistake to change your mind. I think changing your mind is good. And we always talk about course correction. And we knew that passive income didn't quite fit. Wealth time freedom didn't quite fit. And so we're just going to keep moving until it does. But I feel like I'm pretty happy with money mind. I think that's doing a really good job. So I can't see it changing anytime soon.

Ryan 2:07

And I think like you'll say before, sometimes the passive income can be a little bit narrow when it comes to financial decisions, it can Keep your mind a little bit siloed in towards a certain direction and that can actually be a little bit dangerous in the sense that you can miss great opportunities that aren't just focused on passive income. Yes, it's still the outcome we love to have enough income from your portfolio to live off it, not have to go to work, not have to trade your time to make that happen. But sometimes the quickest way there isn't to pursue passive income from the outset. I like that money minded, like how you say business minded. The reality of being business minded is you have to think on your feet and use your judgment, make great decisions and look at the resources you have to build something great in the future. The same is true on the money side. It's about how you, use your ingenuity to, make great decisions and set yourself up really well. So mate, I'm happy with The other elephant in the room is we haven't published for about nine weeks. I just had a look at that before since September. That's a long drought for us.

Terry 3:04

Look, we haven't published because we've been working on a new series. to be honest, this has been probably the hardest series. the Bitcoin series we did was very hard. This has been a lot harder because We've been trying to collate and bring together everything we've learned over the last five years. Five years ago, we published our first season on this podcast. Since that time, we've had well over 100, 000 downloads just on that series. over the course of that five years, we've learned so much. We've done so much work, trying to understand this space and all the different areas. We've done 109 episodes interviewed thought leaders, self made millionaires, successful people we've coached. Well over 1200 people across Australia, New Zealand, UK, Germany, US, and a bunch of other countries. that's taught us a lot. we've been thinking how can we distill the best of what we've learned over the last five and a half years Figuring out what doesn't work to find out what does. That actually turns out to be quite a, it's a difficult task because you're trying to condense everything into something that makes sense.

Ryan 4:01

How long does it take to write a book? It's essentially what we're trying to do here.

Terry 4:04

The series you're about to listen to, it's the same length as an audio book. So I would probably argue that it's more of a book than it is a series because we've thought about how do we piece it together in this way.

Ryan 4:16

I'm going to put author on my LinkedIn, and we'll be good to go. Into exactly what we're going to cover in this series, I've got a big question for you. What do you think the most important insight has been over that five journey?

Terry 4:32

we've had a couple of really important discussions over the last few weeks trying to distill this down to something that's really, okay, if you really just thought about those five years, what's the most important thing? I think it's just as simple as this. We are conditioned to search for ease when it comes to money. But actually what works is enjoyment. And that to me is the biggest learning. I would say that's the biggest thing because easy tends towards mindless and enjoyment tends towards engagement. And I will take the engaged person any day. If I'm looking at long term outcomes over the person who's doing it easy. I know you agree with that, but what's your take on it?

Ryan 5:11

Yeah, the contrast for me when I think about two people is the person that just lets life happen. there's some great things about that. But the other side is the climber, the climber that enjoys getting out there, putting one foot in front of the other, building something meaningful, being able to look back and say, this is what I've been able to achieve. So it is obvious when we say this, when we're working with people as well. When you do have the person that's looking for the easy way the person that's trying to make big things happen, it's a completely different frame. And it does lead you in a very different direction. And the reality is it's, it's, it's hard. Cause we're, we're actually fighting against most of the biggest, most well known ideas are the easy paths, you know, it's automate and just set things up on autopilot, It just doesn't make for a great climber. so yes, it's all about getting to a place in which you just want to do the doing. you see it as a game that you want to play. soon as you do do that, it becomes incredibly easy to build the skills that make it possible to make big things happen. So it's a good insight. I like it.

Terry 6:18

I think that point you just made there is the most important one. The engaged person will be building skills. The person who's doing it easy, will not. And the

Ryan 6:27

Yep.

Terry 6:30

which you can achieve and succeed in a given realm. And so ease doesn't build skills, engagement does, and working from that insight, that's how we've helped people to change their relationship with money. It's how we've helped people make these big things happen. They never gave themselves permission to do, and it's how we've helped people escape the rat race and start using money to build meaningful lives that they don't need to escape from. That they're engaged with, they're enjoying the journey on the way. And we've said this before, but it's not all about accumulation. It's about actualization, and accumulation being a by product of that. That's the biggest thing for me that is missing in personal finance. Everybody is selling you a solution where it's like, you don't have to think about it. Just follow my set of prescripts. You're going to be a hundred percent fine. You're going to get to financial heaven and never worry about money again. But there is no such thing as a life of ease. There is always struggle challenge in your life. And if you don't have the skills to deal with that struggle and challenge, then You do look for an escape and you are amenable to those kind of solutions where someone's like, I'm going to make it sort of easy for you. Instead of saying, let's get better. Let's actually get better. And to me, when I think about the most successful people we've worked with and helped, they get to that point where they don't see money as a job to be done anymore, that they have to outsource or delegate or get rid of, off their plate. They see money as a game they get to play in order to improve the quality of their life. that's the biggest thing. So if you take anything away from this series, everything you're going to learn is about how to make that shift from taking money from a job to a game that you get to play that improves the quality of your life, and improves your self image, your identity, who you are, so that you can start to take bigger risks, make bigger calls, have better adventures. Give yourself permission to do all those things that you haven't yet done. yesterday. I was talking to a guy shout out to Michael Dennis. We had a conversation a couple of months ago around. He's like, I've got myself in this position, my career, but I want to really want to be a helicopter pilot. And we've worked, he worked out a way. And a massive part of this is how he's engaged with the concept of money and how he's prioritized time, talent, and money to make this happen. And this guy's, you know, middle, middle, middle sort of age, established family formation, so got all his responsibilities and things, still giving himself permission to go after that dream. And actually making it happen, he's got an opportunity by the end of this summer to put himself in a position where it can be a full time helicopter pilot.

Ryan 8:50

Massive,

Terry 8:50

I love that. I reckon that's so sick. it's great that he's been able to invest and keep those things going, but I don't care about that if it means he's less likely to go after what he wants. We don't want money to trap us. That's another rat race. We want to escape the rat race and play the way we want to play. So. Yeah, I'm really excited to share everything we've learnt to be able to make those things happen. So we're going to go back to the start. We're going to tell more of those stories, through this series. You're going to hear heaps of that. We're going to pull back the curtain on exactly how we help folks do this with our money mapping method and walk you through it step by step, skill by skill. And like I said before, why it works. Part of the reason this has taken so long to get to you is because we've been keeping receipts. we've got the evidence to show why these mechanisms make this method so effective. And importantly, it doesn't matter your education level and it doesn't matter your experience level when it comes to money. Interested in your take on this. Sometimes I think it's better when someone's a completely blank slate when they come to us and they learn this stuff. Because there's less to unlearn that way, isn't there?

Ryan 9:50

The mind tends to be more open, to new ways of doing things. sometimes, yes, the more you see yourself as someone who is looking to learn versus trying to validate existing ideas, that's a, definitely makes things a whole lot easier. But I love this whole lead in, right. Cause where we started there is you can make easy choices. Now you're going to make for a hard life later, or you can make these hard choices now. Hard choices are required throughout this and hard choices require a level of courage and courage is a whole lot easier to exercise when you've got a level of skill and self confidence to know that you can it off. like with Michael, you know, this is going, it's worth calling out that contrast. He's an office worker, he's in the insurance game and now moving across into helicopter pilot. Life can change a lot. What you see every day when you wake up and the experience you're having, can change very quickly. And making sure that those transformations, those transitions manageable, are palatable, requires a level of courage and confidence. And that's where these skills that we're going to talk through and help you build throughout this is all about helping you make those changes for yourself.

Terry 11:01

You know what's interesting? I never saw myself doing any work in the money space. The only reason I'm interested in money is because I think it's the number one excuse people use to not go and do what they want. And it's the number one constraint at the same time. what I love doing, what we do is when I see people eliminate that constraint or get rid of that constraint and build skill beyond what they believe, is possible. it starts to unlock some of these decisions, That's The most fulfilling thing for me, it's just so cool to be able to see people do that, you remove the constraint, you eliminate that excuse, and then the only thing is, why aren't I doing it?

Ryan 11:42

Yeah, when Michael finally gets a selfie up there holding the stick flying over the 12 apostles. Michael, if you're listening, get the selfie stick out, mate. We need that. Well mate, let's dig into what we're going to learn. So we've got seven episodes coming up. Like you said, very curated. Step by step, skill by skill, required to set yourself up with the capabilities to make the big things happen and get after and make those changes. This is going to be meaty. It sounds like it's going to be a full immersion, which is a great thing. Obviously, it's easier to learn French if you live in France. Where do we start, mate? What's episode one?

Terry 12:22

All right, so episode one, how to make friends with money. There's this whole idea about money, which we need to unlearn, which is money is this dirty evil sort of toxic thing. Once you start to see money for what it is, you can feel good about money and that helps you do a lot better with it. So that's what we're going to cover in episode one. We're going to do it in a way that you look at money completely differently. You want to make money your friend. So that's what's going to be in episode one.

Ryan 12:45

so you want to make sure you're in a place where you want to hang out with money And start handling it better

Terry 12:53

Episode two, the five money skills that you need to achieve your goals. We've been talking about ease versus enjoyment and skill being a byproduct of that. What are the five money skills? This isn't a prescription we're going to walk you through a conceptual model that explains how our method works and the different skills within that to help you navigate, course correct your life. Be able to make those big things happen. we're going to share that model for the first time which I'm pretty excited about because it's taken us about five years to figure out how to communicate it.

Ryan 13:19

That's our last work there makes me nervous but excited

Terry 13:23

It is.

Ryan 13:25

episode three

Terry 13:27

Episode three, how to rewire your relationship to money and tap into boundless motivation. So there's this new research 2022 I believe it is, that explains exactly why. You've probably read a bunch of these books. You probably tried a bunch of these prescriptions and it hasn't stuck. There's a bunch of research now that's proves exactly why that is. There's also some really well known old ideas that explain

Ryan 13:50

provided

Terry 13:53

So we're going to show you how to build a level of commitment that cultivates the courage you need to be able to build that capability, to build these skills and have confidence off the back of that, because you cannot build your confidence. until you are competent and you won't build your competence if you're not committed enough to make it happen. So we're going to jump into our exact framework. Every single step we take people through to get them across that line from bricklayer to temple builder in less than an hour and a half. We'll talk you through exactly what that conversation looks like.

Ryan 14:23

Love that, I'd love for you to now say what you just said again, but take the letter C of the English alphabet and try to say it again. Capability, confidence, commitment,

Terry 14:35

Confidence.

Ryan 14:36

that's All good stuff. I want that. Episode four.

Terry 14:40

Episode four, how to stress less about money. there is one simple weekly practice that you can do. Takes you probably five to 10 minutes when you do it and it's going to show you exactly where your money's going. Most of the time we're stressed about money because we don't know where it's going and we're going to show you how to get on top of that and what to do about it so that you are problem solving as you go through the process.

Ryan 15:01

Love that. I think most people have too much cortisol in the bloodstream. So anything that helps reduce the stress levels, we're all for. five.

Terry 15:09

Episode five, how to spend guilt free and achieve your goals. We've discussed this on the podcast before. We're going to go back through it and talk about this tool in personal finance. nobody actually walks you through what this is because most don't do it, but it helps you predict and problem solve for achievement. the only way that you can spend guilt free is because you know that you're on track to achieve your goals. if you don't know that you're on track, you won't spend without guilt. if you've ever felt like that, this is how to get around it.

Ryan 15:38

Love that. episode six.

Terry 15:39

Episode 6, how to supercharge your saving without being a tight ass.

Ryan 15:42

The

Terry 15:43

Intentionally you spend, dictates whether or not you'll be saving.

Ryan 15:46

Okay.

Terry 15:47

about what you save, focus on how you spend. And there's one bank account that makes you spend so intentionally that it gives you a worm's eye view on every dollar that you earn, spend and save. If you set up this one bank account, you're going to be able to instantly cultivate monk like discipline with your money without willpower. once you've done this, you've changed your banking structure and your environment in such a way that it forces you to do this practice over time and you can't make your money work without it. So this is how to click your fingers and become disciplined with money. it changes a lot in terms of how you see the money coming in and out and how you feel about whether you're accomplishing things or not.

Ryan 16:22

Brian, none of us want to be tight asses. Let's be honest. I love spending money. I love it.

Terry 16:27

You do.

Ryan 16:28

one of the best things in the world. Love buying things.

Terry 16:30

What about, I'm at your place, we've got the new house and we're arguing for the 3, 000 fridge and Britt's like, we don't need the 3, 000 fridge. You're like, yeah, but I want the 3, 000.

Ryan 16:40

about the money though. The fact that I want that thing to give me cold ice.

Terry 16:44

You want the glass thing with the ice.

Ryan 16:46

ice and cubed ice

Terry 16:50

I get it. I get it.

Ryan 16:51

but I'm happy to cultivate monk-like disman with my money like you just said. So, if it means I'm getting that $3,000 fridge in cubed ice, let's do it. One more episode, episode seven.

Terry 17:03

Last episode, how do you buy back your time by converting your kept cash into a growing money machine that is paying you while you sleep? So obviously, this is the holy grail, right? Yes, save, manage your money well, be able to fund your goals. But how do you make your money make money? How do you make it have babies? the biggest thing that gets in the way, Is that we don't get into the game early enough because we're worried about making big mistakes. So we're going to show you a simple way to get off the sidelines, get into the game without having to know everything before you do anything.

Ryan 17:35

So many people think that this part here, if you just focus on that, they'll unlock the life that they're And the truth is when it comes to investing, you need a decent sum of money in the market. You're probably going to have to put at least half a million in. Maybe even more. It's more like 1. 5 to 2 for most people that want to live off, you know, 80, 100 grand a year. And obviously, you know, maybe that's with the mortgage paid off. And so we're going to unpack a lot of that. But the reason why I wanted to call that out is because first six episodes here. Or actually how you get to number seven. You need to buy back your time and invest very well along the way. But you have to master the skills that lead up to this one to actually make that even worthwhile to do well. So I just want to call that out because sometimes it is easy to go, hmm, take me straight to the sexy stuff, which I think you'll find the other stuff's pretty sexy still. This is the fact.

Terry 18:32

I always laugh. when we get to the end of that process, I feel like Mr. Miyagi saying like, let's wax on, wax off. And people like, let's get me to the end. Let me get to the investing stuff. it's only when you get to the end that you realize why we started at the start. There's been a bunch of people come through and do reviews and say, I actually only understood really through experience why you guys started me, where you started me, and why that's so important before we get to here. Because if you lack the competence and confidence to make small decisions with your money because you don't have the skills, then you never make the big ones. And so you'll stress and strain around little purchases like your coffees and those sort of things when actually you're lacking the skill and confidence to make the bigger decisions with your money because you've been searching for a life of ease with money. Instead of looking for enjoyment, engagement and skill. So if you listen through to these first six episodes, before you get to the seventh and you start putting this stuff into practice, your ability to feel competent and confident when you are making those decisions will be far greater and you'll actually do it if that's the case.

Ryan 19:31

I actually went for a big run last weekend. Ran 26 Ks. I've never done a long distance run. One of the boys was like, let's do a half marathon. I was like, all right, let's have a crack. And we got going, got to 26 Ks and we're going pretty well. usually I'd only go for four or five. K runs, it's amazing how much harder it is to run four or five K's than it is to run 25. Which sounds crazy, but this is so true with money you get to the point where you're like, yeah, we're just doing it you get to 10Ks, 11Ks, 15Ks and it becomes enjoyable because of that versus the 4K run where I'm like, I just got to get it done. And I think that same feeling is true when it comes to what we're talking about here, building these skills. Building up your wealth, creating choices, managing your money. if you just get to the point where you enjoy putting one foot in front of the other, managing it, doing it well, having the wins along the way. It's just so much better. Have you ever had that feeling?

Terry 20:26

I've got a peak memory in my life when Elise and I were having our honeymoon in New York it was a little bit jet lagged. So I was getting up at 4am in New York, just still on the other, the time clock was still on Australian time. And I got up this morning, 4am, jumped into the gym. I was like, I can't sleep. So I'm going to go down and train. And I ended up getting into the gym, doing a bit of warmup and then going outside. So we're coming into White Christmas in New York. So I go outside and there's, you know, a little bit of ice on the pavement, that sort of thing, but it's still warm enough to be able to wear, not, you know, you don't have to wear like real heavy clothing I could just wear normal clothes, a long sleeve top and a beanie. And I ended up doing this run a 14 or 15 K run around central park in New York as the sun was rising. I've just got this memory of. One of the lakes on Central Park, the gleam of the lake as the sun rises through New York and it never leaves me. And I remember thinking I hate running, but this is one of the best moments of my life because I'm not trying to get anywhere. I'm just running and enjoying the scenery. And I think that's kind of pointing to what you're talking about and that's exactly what we're saying. You don't have to get anywhere if you're becoming somebody and enjoying the journey. if you get to that point where you're like, yeah, cool. I'm actually, it's harder for me to stop. That it is to get started now because I'm in such motion that everything just starts to compound and I look back and I go, I can't even believe I did that. I can't even believe that I got that. I can't believe that happened. that's where things start to get cool.

Ryan 21:56

Love it, and I love that we both got it in a nice little brag too. Jeez, we're fit. Good on us. Mate, who's this series for? I know we probably should have started here, but they're already at 15 minutes in. Who is the series for?

Terry 22:11

you've been with us for years, we bloody love you. You're the best. If you wanted to know more about what we do and exactly how we do it,

Ryan 22:17

It's for

Terry 22:24

you've heard about this podcast and want to jump straight to the meaty stuff, This is going to be great for you. If you're completely new to us, this is also great because it's a best of. It's going to take you right down to the distilled wisdom of everything we've learned over the last five and a half years. even if you're part of what we're doing, you're a part of the Cashflow Co. You've come through the mentorship and you want to actually deeper dive and remind yourself like why, how these things work, why they work, all the mechanisms behind them to give you that renewed sense of like, okay, cool, that's what it's all about. This will be great for you too.

Ryan 22:56

everyone. Fun sounds. Good.

Terry 23:00

who is doing better with money not relevant to?

Ryan 23:02

Can't argue with that. the cool thing about this for me is that this isn't just one person's opinion. It's not your opinion. It's not my opinion on what works like this is what we call a practitioner's take

Terry 23:13

Okay, I hope you guys enjoyed that. I hope you guys recognized it. I'm going to move on to the rest of the video. But I'm going to step up a little bit and say a couple of things. First, let's all make

Ryan 23:26

what is actually

Terry 23:27

Okay.

Ryan 23:27

people exhilarate the journey and build those skills. And it's just about us sharing that as best we possibly can. We want to make this information. We want to democratize it, make it as available to everyone as we possibly can. We've got a big mission of educating, a million people in Australia, and we want to get after

Terry 23:46

Hello, everyone. My name is Dr. Patel. I'm the director of the And I'm here to talk about the

Ryan 24:03

or has come direct from the

Terry 24:05

So, for having me. I appreciate it.

Ryan 24:14

and how to's that you can do yourself if you want to. we've got our program, the mentorship, if you want to come and work with us and be guided and kind of collapse the time it takes to do it yourself. But this series is definitely about making sure that you can do it yourself. Take that lessons, take those insights and, make sure that you give yourself the best chance. In terms of housekeeping, we're going to drop an episode once a week.

Terry 24:38

Yeah, these are gonna be one week apart for the next seven weeks. we're going to be delivering a few success stories off the back of this as well, just to talk through some cool examples of how folks are using these skills and tools and what it's meant for them in their personal lives. So I'm excited to share those. I'm going to discuss everything. From every episode in our new Facebook community. We've been a little bit slack on the community front, but we have put together a Facebook community. Now there's about a hundred folks in there at the moment, but we haven't really promoted it This is the first time we're really talking about it. if you want to get access to that, have conversations with us about what we're discussing in these episodes and keep in touch with episodes going forward. This is where you need to be. All you need to do is hit that link in the description, jump into that Facebook group, and you'll hear more from us in there.

Ryan 25:22

Seven episodes, mate, in seven weeks, I said at the start, you must be full of words to get out. It's a bit like a fire hose. I reckon we're about to pop the fire hose and look out. If you picture those ones in Central Park, the red ones, sounds like it's going to blow your ears off. Look out.

Terry 25:40

We've got a bit to say. It's going to be fun.

Ryan 25:43

Damn straight. And if you want that full immersive experience, don't forget to hit the subscribe button. Of course you get notified as soon as the next one lands, which is actually. Right now, instantly, isn't it?

Terry 25:55

Yeah, we're not gonna wait So it's gonna be straight from intro into episode one and then a week apart from there

Ryan 26:00

Nice and jump into that Facebook group and we'll be there to continue the conversation see you in the next episode.