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Will You Pass Wealth to Your Kid, or Make Them Work From Scratch?

#shrinesorry#points#patiofurniture#bitcoin#college
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0:00 What happens if I work at your burger place and you rear end me with your car and I'm late to work? >> You get a point off. >> Welcome back to another episode of Careful Boys. We have Drew Belcher with us today. So we were mentioning just a little bit about this off camera and Steve had asked you as someone who's done very well, would you be willing to impart your wealth to your kid or would you rather make him work from the ground up starting from zero? >> You know, there's nothing cooler than being a rich kid and luckily my kid gets to grow up and be spoiled little kid for sure. >> But you you grew up in Vegas. Like you knew rich kids. >> Uh I mean so by the way, I grew up in North Las Vegas. >> Oh might take it back. You didn't you didn't know any rich kids. >> I graduated from Cheyenne High School. I know a lot of people may think oh this

0:50 guy's from Mormon Lutheran. I went to Cheyenne High School. Yeah, I know you guys aren't from here. The one of the most ghetto of the ghetto schools especially in 2005 when I graduated. >> Oh yeah, I'm all mops just >> Yeah, big big big wigger in high school by the way. Just to blend in with the surroundings. >> Okay. >> But Uh but yeah, no. So I grew up in North Las Vegas. I've done very very well. Definitely better than I ever thought I would. I'm still I still consider myself hood rich. Like I still have friends that are doing way better but I have friends that are doing way ████ worse. Um But yeah, I know. I definitely definitely going to pass on anything and everything I can to my kids for sure. >> Cuz like Bill Gates often talks about how he'll never he's not giving his kids ████ He's donating everything. >> Well, I'm not be going to be able to give my kid billions and billions of dollars but we're going to definitely help him. If he can have any head start,

1:40 for sure. Like >> Will Ferrell was just on a podcast. He said he's not giving his kids ████ but I think it was mostly a bit. I'm >> I feel like a lot of it is performative too. Yeah. >> They're all full of ████ >> Who are you going to give it to? >> Right. >> The state of California? >> Yeah, burn enough of it. >> Apparently they're mad at California. >> You guys need that. Yeah, what do you guys need to do? Like what's Will Ferrell going to do with his money when he dies? >> How How do you How do you make sure your kid has the same work ethic that you do if he grew up in a environment that you didn't? >> what? I don't know if it's work ethic. I think a lot of it is, to be honest, luck. Like, anyone that really makes anything of themselves, there's definitely a big piece of luck that's involved. Like, not even a ████ question. Not to say I don't work hard or people don't work hard for their money, but there's absolutely luck involved in in some to some uh stance, you know? >> Some people ████ up luck, too. >> You know what? And there's always like There's always like that thing that's like, "Oh, my kid's going to grow up

2:30 privileged." But, it's like I wouldn't want him growing up struggling. >> Yeah. >> You know? Like, why wouldn't I want him >> Especially if he knows he didn't have to struggle. >> Yeah. Like "What the ████ is this, Dad?" You know? "We have all this cool s███." But, it's like >> Why was I skipping a meal every day? >> Yeah. >> It's like, luckily he's in a one of the nicest schools in Vegas, luckily. You know? And it's like I never got that opportunity, you know? But, I turned out great. >> Yeah. >> Going to public school in Vegas, and public school system here sucks a dick. But, you know, luckily for him, he's going to have a head start. And hopefully the goal for all the kids is they You want them to end up better than you. >> Right. >> The route that they go to take that, I don't I don't care how it happens, you know? >> I think I'd be pissed off. >> Or pour neglect their ████ out of your kids and they become spoiled because like you just let them do whatever the ████ >> Sure. And the biggest thing with me now is I'm no longer chasing like money. Like, how much money do you really need? Like, I know I'm never going to be like

3:20 a billionaire, you know? I mean, maybe. I don't ████ know. But, like the goal is not to be like a >> be the next McDonald's. >> Maybe. You know? Like, yeah, we don't know. You know? But, like for now it's like I'm super content with where I am financially. It's the time commitment now that I that I really enjoy is like I don't have to be anywhere. I don't have to answer to anyone. If I want to go on vacation, I just get up and ████ go. Book the plane ticket, drive to California. My wife stays at home. She doesn't have to work. My kids are in good school, taken care of. Like, that's my biggest thing now, my biggest flex. It's not I need to go out and make another ████ 10 million or 20 million or or any of that. It's like the I'm happy where I'm at now. I don't have to be anywhere, wake up, do whatever I want. Boom. That's like my dream. And I think that's everyone's dream. I don't think they're chasing money. I think they're chasing time. >> Yeah. >> But your oldest kid right now is 5 years old. >> Uh yeah, so I have a stepson from my wife's she My wife had a child when she was 19, like fresh out of high school.

4:11 Uh so he just turned 18. His name's Camden. He works out with Love Always flipping ████ burgers. >> Sick. >> Good. Teach him good lessons. >> Sick. >> Uh but yeah, no, I had and I had a talk with him about college recently. He doesn't want to go to college. He wants to work out with Love Always. And I'm like, "Bro, it's your job. Do that." >> Really? >> Go to college for life experience. I don't like college in the sense of you need to go to college if the goal is like make money cuz like obviously that's not the play anymore. When I was in college in 2005, yeah. It's like obviously I wanted to go to school. I was like, "Oh, I'm going to go to law school or I'm going to get my MBA and I'm going to work in finance on Wall Street." Cuz like that's like that stigma. It's like, "Oh, I'm going to be successful." >> Yeah. >> Like dude, there's so many different avenues and routes if you want to make money to go without college. >> If I remember you did say something about like how how you believe that in the future the the way that the institution works with college being such a mainstay will probably change

5:01 over time as well. >> Yeah, I don't even know if like that traditional college that we're all thinking and accustomed to even exists. Like when my 5-year-old Madden is ready to go to college, I don't know if it exists. I think it definitely exists to some extent if you obviously want to be like a doctor or a lawyer, for sure. But it's like if you're going to school and you want to be like a marketer for marketing. It's like I don't even know what a marketing class in college looks like now with like the boom of social media. It's probably behind us. Probably all they're teaching is like, "Hey, just like get on your ████ phone and just start posting." I don't know. Like there's no like Like you have people now crushing marketing that have never had a had a degree in their lives. They just get on there and film themselves and now they're a marketer. >> Yeah. >> Like marketing is just eyeballs and attention. That's it. However you garner those eyeballs and attention doesn't really matter. Uh but yeah, I don't know if the traditional college sense or system even exists in the next >> What Madden wants to play video games all day and he's like 15 years old?

5:53 >> Sure. >> And you're like, are you are you going to crack down and be like, nah buddy, you're you're not doing this ████ you're doing this ████ >> Uh at 15, I don't know. If younger for sure. Like he doesn't really play video games now. Not that we don't allow it, it's just he's just not into it. I wasn't really really into video games. I don't play video games now. He was just at a birthday party over the weekend and they had like this little ████ kid trailer. >> I'll tell you these private school kids, bro. These birthdays are next level. >> They had a ████ trailer video game trailer set up in just like one of the little sections for the kids to play and all the kids were just in there the whole time playing ████ video games. It did and it's a sick ████ trailer. Like video games outside, inside. It was ████ cool but I was like, dude, no way this is ████ like good for kids. >> Yeah. >> And again, like the whole iPad with kids now, like we didn't have that growing up. My son loves his iPad and we we definitely let him utilize it when we go to nice dinners but we're trying our

6:44 hardest to not have him be so dependent on like devices. It's super tough. >> Oh man. >> Dude, I'm dependent on devices, brother. I have to. >> Dude, me I'm my my phone's in my hand at all times. Like I totally ████ get it. >> Yeah, I'm a scrolly ████ all the time. >> Also, do you feel like cuz you had a very full college life? Like you were in fraternities >> the full experience. >> social wise >> The full experience. >> That's also something irreplaceable as well, right? Like the the connections you make. >> Which is the conversation that I have with Camden, my stepson. I was like, hey, I want you to just go to college. Personally, obviously you can do whatever ████ you want. I want you to go to college just for the cool life experience. Join a fraternity for sure cuz you only really learn three things in college for the most part, which is show up on time, how to complete a task on time and how to work well with others. Everything else for the most part you're going to forget and or cheat at. >> Working well with others is so huge though. >> Yeah, all the group projects, like super huge. Like everything else like you're going to forget and you're going to find a way to cheat on all your tasks or any

7:34 way to get above. Like if you're just there to be there and get a degree. That's what I want him to go to college for. Just for the experiences. Like you get a little more accountability. Like show up on time, complete a task on time, work well with others, boom. And the social aspect as well. I think it's tremendous for like young adults, young men especially, to just be like in a brotherhood of some sort, whether you go the traditional Greek route or join some other sort of social club, whether team sport or whatever, you know, super beneficial cuz like these kids nowadays, I don't they can't even really hold conversations. >> Yeah. Yeah, they got the dead eyes. >> Like >> Yeah, I saw one of those posts. >> Like the interpersonal communication skills with these kids and these teenagers are so >> slow. Even like hiring, like obviously we hire like, you know, 17, 18, 19-year-olds. >> Yeah. >> I'm just like, dude, what the ████ are these kids doing, bro? What the ████ are these kids doing? >> picked good ones though because they are really nice and really cool. >> Well, we just pick ones that show at the

8:24 very beginning like that they care. You know, I don't need you to care as much as us and I'll never expect you to do. I don't even need like perfection cuz like there's no such Oh, I'm a perfectionist. There's no such thing. I just need the attempt to be perfection. I don't need the outcome to be perfection. I do need the attempt to be perfection. >> Does So, Camden works at one of the locations. Does he have the same risk of being fired for the same infraction as you? >> ████ yeah. Like everyone else. We have a We have We have a point system in place at Waffle Always that I learned from the Win and Encore actually to where you you're allotted, you know, 10 points per year. You can use those points however you want. I don't need an excuse. I don't need a doctor's note. If you ████ hate, I'm using my points. I won't be here this weekend. You're allowed to use those 10 points however you want. >> If you're not there for the weekend, how many points do you deduct? >> One point. >> One point for For For For us, it's one One shift is one point, but at Win, it's one point for the weekend. >> So, you can have technically like 10

9:15 f███-ups a year. >> Correct. >> Oh, wow. >> A lot of f███-ups, believe it or not. We have so many kids on like seven, eight, nine points already. >> Dude, I could get away with murder with you, brother. >> But once you get 10 points, you're ████ done. >> with 10 points. And but has anybody depleted all 10? >> Oh, yeah. We fire them instantly. >> Oh, that's crazy. >> Yeah. And it's like it's no questions asked. I don't care if your ████ dog died. I don't care if ████ Like I I saw people get fired from Win cuz like their mom died and like they had to like but it's like what were you doing the other nine points you ████ up. >> Like you ████ up. >> That's why you give them so many. It's like dude, I gave you ████ 10 points. >> If you're late past 10 minutes, that's a point or half point. You know, so it's not just using your points for days off if you like you're late or whatever. >> Do a fractions and ████ >> Yeah, and it's like if you want to leave or and it's all like we track it very thoroughly. It's like once you get 10 points, you're ████ out. So if Cameron gets 10 points or whatever like you're ████ out dude, sorry.

10:06 I'll hire you at Shrine sorry. >> That's what with love always you're out. >> I'll send him to the Cerritos one. >> Hasn't used any of those points yet. >> You know what dude, I don't think he's used any of his points. >> Wow. >> He's crushing it. >> know if he's like just trying to impress me or not let me down, but I was like >> So do you tell the people above him hey don't treat this guy any different? >> Wow. >> So so I don't again we have a super really built out management team at With Love Always and even higher at Shrine sorry cuz there's so many locations. For anything to get to me or Kevin or even Damian my other partner with With Love Always it's got to be like really ████ bad. You know, so like we have like managers, store managers, assistant GMs that handle all the like >> How how did you build that whole system out? Did you hire like an outside team to help build it or you >> Dude, that's all my brother and Damian. He's a beast. I'm telling you right now no one is ████ with Kevin my brother who's my partner in Shrine sorry and With Love Always. >> That's your older brother? >> My younger brother. >> Oh, your younger brother. >> Yeah, younger brother. And then uh

10:57 Damian. >> Wow. >> He learned all of it. Again like you're never going to build anything >> Damian and I met too, right? He was another like influencer guy I'm like what are you doing serving fries? He was like well I own it too. >> Never had any like restaurant ownership experience. >> Wow. Yeah. >> He literally operates like the busiest ████ burger restaurants. >> Damn. That's so tight. >> Beast bro. Absolute ████ beasts. Again I what what I do is ████ like wildly easy compared to what they do, you know, but again it's like everyone has a role. Everyone has a seat at the table, but everyone ████ eats. >> What happens if I work at your burger place and you rear end me with your car and I'm late to work? >> You get a point off? >> ████ Oh. >> Like a five-year-old and one of the employees? >> Oh, yeah. >> I will probably have to let that one slide. >> What were you doing the NINE OTHER TIMES? ████ DUDE. >> THAT'S A GOOD ONE. THAT'S a funny one, yeah. >> I mean, I I ████ feel you, dude.

11:49 >> I feel you. >> I would probably I would probably let that slide, for sure. >> We have the ability, you know, to let some ████ slide every now and then. >> We do. >> You know. Um but yeah. >> What's an example of something that was so bad that it actually reached you? It went through all the dudes and got to you. Like something that happened at work. >> now like Sorry Not Sorry gets broken into and ████ and like I don't even know. I don't even know about it. >> What are you going to steal, ████ cream? >> Hey, the best cream in America. >> Scobros. Chino from Chino Brothers. >> Scobros. >> Uh >> Crazy, dude. >> Chino cream fiends. >> So yeah, so uh like Sorry Not Sorry when it when we first opened we just had the one location. Obviously, we knew everything was going on. But now it's like Sorry Not Sorry if like something gets like a door gets smashed or whatever. Like I don't even they just >> So what does classify as bad enough? >> I have a funny story. Do you guys want to hear it? >> Yeah. >> Absolutely. >> And it's funny.

12:39 Uh it was probably one of your ████ family members, you ████ Asian guys. So, when Sorry Not Sorry opened and we were busy, like by the way, none of us have ever worked a day in Sorry Not Sorry. With Love Always, yes, as you as you see. Yeah. None of us have ever worked a single day in Sorry Not Sorry. Tim, Kevin, myself, anyone. Just because immediately off the bat we built out that >> team to oversee day-to-day operations to really scale this really, really fast. >> Wow. >> It's the only way you'll do it. Again, there's an increased cost with that, with the margins. But it's absolute necessity if you want to scale fast. >> Mhm. >> With that being said, we get like these one of these new girls, she comes in and there was a scam. Someone called Sorry Not Sorry and talked to one of our employees. >> Were they a cop? >> No, they said, "Hey, this is Tim, who's >> Oh, wow. >> my partner. Hey, this is Tim. Can you go to the safe and get out some money? I

13:29 need a I need you to send me Bitcoin. Take the money in the safe, buy Bitcoin, and send me the Bitcoin cuz I need to pay for a delivery from China of our >> directly impersonating >> new of our new patio furniture. Like you like looked at our website and saw Tim was a partner. >> they get all this intel? Holy ████ >> is is they even went and researched even more and found out that Tim doesn't live in Vegas. Kevin and I live in Vegas. >> Mhm. Wow. >> be like, all right, this isn't Kevin or ████ Drew. >> know this information? >> Exactly. So, we think we don't know if it's an inside job or what. The story was this person calls, say, "Hey, go get the money out of the safe." Cuz there was cash in the safe, which we don't keep cash in the safe ever anymore. >> they asking to do this? >> Just a worker. >> One of the store level employees. And so, she's stressed. It was like one of her like second or third weeks there. She said, "Oh my god, it's Tim, one of the owners. Like, I'll get the cash from the safe." Got the code, got the cash, went next

14:19 door to like this little Bitcoin ATM ████ place. >> Oh, no. >> Got like the Bitcoin ████ Yeah. >> And uh sent the number, and then did it the first time, >> did it a second time. Cuz the person, whoever was doing it was like, "Oh, this person's ████ stupid. Hey, I need another $3,000. Can you do it?" So, it was two transactions being sent Bitcoin. >> That's two points. Get that ████ out of here, dude. >> She was actually fired ████ immediately. It was like It was like $7,400. >> That's too dumb. That's too dumb. >> And like, we couldn't prove that it was like an inside job or whatever. We were like >> And they didn't ask anybody? >> No, she didn't ████ ask anybody. She was just like, "Oh, it's Tim asking >> That's clear instructions. Thank you. >> Yeah. >> Wow. >> To pay for a a shipment of furniture for our patio. Which we don't even have patio furniture. >> What the hell? >> Yeah. >> But that definitely got fired.

15:09 >> can't believe they found all that data. Like to to be able to accurately do this impersonation. Cuz usually it's like a They just say they're a cop, like what happened to your shop. >> Yeah, or I would call like your cell phone or something. Like I know of store managers that I really need to talk to. Like, have their phone number. I'll just call them, not the store phone. >> Oh, Jesus. That's worse. >> It's It seems It's with the store phone, and then they do research who owns it, everything, and then they call. >> Really? >> Yeah. >> Yeah, so not definitely not their first rodeo, whoever did this. >> No, yeah, it can't be. >> But like they did it the first amount, which was like I think 2,500 bucks, and the second one was like 4,500 bucks. >> Oh, that sucks. >> Holy ████ >> like a little over 7 grand total. And I was like, "Hello?" >> And when you guys talked to the chick, did it feel inside-jobby? >> No, it didn't, which is the thing. And I just >> It just felt so innocent. >> I felt so bad, but you can't You You have to terminate at that point. >> Cuz it's just ████.

16:00 >> I just need you to scoop ████ ice cream, dude. Don't go in the safe ever again. I'm never going to call you to ask to send cash in Bitcoin to me for a ████ what? >> I bet she got called in the meeting. She was expecting like, "Hey, good job." >> Dude, ████ yeah, right. >> You killed it. Thanks for sending that Bitcoin. Next time >> No, yeah. Though, I just I hope so badly that on the real call it sounded like, "Hey, this is Tim." I need you get money for a safe. For the patio furniture. >> I said for Bitcoin, yeah. >> I need a umbrella for outside. >> Yes, dude. I You know what? I don't even know. >> would you be IF YOU GOT A recording and that's how it sounded? >> Luckily, we don't record any of the phone calls, but we had some funny group texts between ownership. We were like, "Dude, what the ████ is going on?" >> 7,400. That's it. >> It was just like, "So, yeah, that definitely got to us." I was like >> It's for the parasol. The parasol.

16:50 >> The umbrella, you know the brand? Super nice. >> Oh my god, dude. >> That's a good story. >> a good story. >> It's a real story, too. >> ████ >> like admitting that, but yeah. It's a real story. >> Same ████ happened to his employee at his tea shop.

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