#127: Risk the $600K in His Home or Play it Safe?
The Founder Podcast
Chris Lee
5 • 1.4K Ratings
🗓️ 15 October 2024
⏱️ 73 minutes
🧾️ Download transcript
Summary
Welcome to a new episode of Next Level Pros! Join us as we delve into a compelling discussion with Seth Shaner, who shares his candid experiences about the financial and emotional challenges of being house poor. Discover how these challenges are impacting his business operations and family dynamics. Seth, who has a rich background in the restaurant industry, opens up about his journey through business failures, relocations, and the intricate balance of financial decisions and family life. Don't miss this deep dive into the real-world consequences of living beyond one's means.
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Highlights:
"I always said I would never be house poor, but here I am because the house is the expensive part."
"You can't have high society desires overcome what your income is."
"Being in proximity to people you know can be helpful too."
"I'm not going to go in as the president of a company this big very often."
Timestamps:
00:00 - Introduction
04:15 - Seth discusses his early business failures
08:54 - How past business experiences and financial choices impact Seth
13:16 - Seth’s current financial strategies and his consulting work dynamics
17:25 - Emotional and financial challenges post-divorce
20:31 - Benefits of relocating for financial and family stability
30:08 - Past financial disasters and their influence on present decisions
34:43 - Seth discusses shifting focus from consulting to what he truly enjoys
39:42 - Strategies for utilizing resources effectively in business
50:57 - The potential impacts of moving to more affordable locations.
55:30 - The pros and cons of staying in California versus relocating.
01:05:22 - The impact of financial stress on mental and emotional health.
01:15:39 - Closing thoughts
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Transcript
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| 0:00.0 | You can't have her high society desires overcome what your income is, right? |
| 0:08.0 | Because you guys are being held back by this 600K that you have in this house. |
| 0:12.8 | We're being house poor. |
| 0:13.8 | Yes. |
| 0:14.8 | Well, well, and I always said I would never be house poor, but we weren't, right? |
| 0:17.6 | We were, we were doing fine. |
| 0:18.9 | Now I am house for, because the house is the expensive part. |
| 0:23.0 | My name is Seth Schainer. |
| 0:25.0 | I'm 48 years old. |
| 0:26.0 | I live in Orange County, California, |
| 0:28.0 | and I sell restaurant businesses |
| 0:30.0 | and tune into this episode of Next Level Proves. |
| 0:34.0 | So Seth, man. |
| 0:36.0 | It's been a while since we've chatted. |
| 0:38.0 | It's been a long time. |
| 0:40.0 | Yeah, so you and I, we were neighbors back in the day. |
| 0:43.7 | When I bought my first house at the age of 24, |
| 0:46.9 | I was older than you, but that was my, |
| 0:49.2 | I think that was the first house I bought as well. |
| 0:50.8 | Okay, cool, yeah. |
| 0:52.2 | You've been up to a lot of things change. Yeah. |
| 0:55.5 | Cool. So tell us about what you got going on right now. You're you're in the |
... |
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