Accelerate Your Legacy

63. Financial Nostalgia: Lessons from the Classics // with David Gibbs

• Laura Sexton • Season 2 • Episode 11

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In this episode, the host introduces David Gibbs, a financial coach with a passion for movies and a focus on leaving a meaningful legacy. They discuss the importance of legacy, admire the legacy of individuals like Mike Rowe and David's own father, and delve into topics such as work ethic, entrepreneurship, and living a peaceful life.

Overall, the episode combines personal anecdotes, financial advice, and movie references to explore the multifaceted aspects of leaving a meaningful legacy and navigating financial decisions.

In this episode we’ll learn: 

.     What traits to admire in a legacy figure

.     Entrepreneurial debt practices

.     Money lessons from Rom-Coms

David Gibbs:


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Laura:

Hello and welcome to the Accelerate Your Legacy podcast. I'm Laura Sexton, your trusted financial coach and money mindset specialist. Join me as we explore the world of money and money mindset while also paving the way for a lasting legacy that extends far beyond money. Together we'll eliminate stress, amplify freedom, and ensure you stop paying for your past so you can start saving for your future. If you're seeking peace in your finances, more margin in your budget, and a legacy that inspires generations to come, you're in the right place. Hello, Accelerators, and welcome back to the podcast. Today, I'm going to be talking to my new friend, David Gibbs. David is a husband, father of two boys, and has been a financial coach for the past five years. But what's more fun? Is David is real big into the movie quotes you're a little bit of a cinephile. Am I right? Oh, absolutely. I have a cord from the Lord of the Rings right next to me. Yeah, you do. Oh my goodness. You're so fun. So this conversation could get a little funny and a little off the rails, but we're gonna try to rein it in and keep. To the subject today, and what is the subject. The subject is legacy and the legacy that we are leaving and with that comes my 1st question, David, who is 1 person whose legacy you admire and or wouldn't like to emulate. Now, the question I have for you, though, is that, can it be more than one? Of course, of course. Because as I'm thinking about it I've been wracking my brain the past five minutes. One person that I have become just one of the all time biggest fans of, and he actually came nearby a little while ago, where I am in near Tennessee, is Mike Rowe. I love Mike. I love what he's doing. I love what he is about. I love he actually has a podcast called the way I heard it and he has his mom on there regularly. And I just think that's so cool. You know, the way he respects people, the way do you know much about him? I was all about dirtiest jobs. Yeah. Yeah. Yeah. Dirty jobs. Right. But what I was thinking, I was thinking deadliest catch and dirty jobs. What you got together. Close because he actually narrated Deadliest Catcher. Still does. Yeah. But one of the big things that he has started doing recently is he's came up with the work ethic scholarship. So he's really big into work ethic, you know, in, in the 1980s, He always tells a story where he talks about there was a poster and there was a guy in a nice suit. Oh, if you go to college, you can be this guy. And then there was a guy bent over with a bubba butt crack showing on like, or this guy. So his passion for there is a gift that we all have. And that, to find that gift, to find out what you're good at, you can do many things and it's all worthy of respect and honor. So I, so I love that. I love. Respect and honoring everybody and every job out there. And that's what I love of that Hebrew. Yeah, he's got a cool scholarship that he has for people trying to go into the trades where the work ethics scholarship. Yes, and 1 of the things you have to do is there's a sweat equity pledge that you have to put in. You have to work for it. I'm like, oh, that's so cool for knowing what that is. I'm so excited and then and then with that you know, that's 1. And then, of course, I have to have my own father because he's awesome. And, but I feel like they're co mingled because I'm actually, I ruined it in my family. I'm the first in, it's four generations. I'm the first in many, many years. My father, my grandfather, my great grandfather, they were all truck drivers. And then I'm not. So I ruined it. Do you at least have a pickup? No. Oh, well. I was trying to save you here, David. But I remember when I'm driving, I remember all the things my dad has taught me about driving. So I drive like a truck driver. Perfect. But but with that, I saw growing up great work ethic in everything. And one of the things that my dad has taught me that I use in my coaching practice and I even use to help when I'm coaching people is, Hey. Just get everything you need to do now so you can do what you want later, you know So i'm not a procrastinator whatsoever. My wife is always annoyed at this, but i'm like, all right, it's 7 a. m Let's get the house clean and she's like I need an hour of lifetime and I need a coffee before we do anything else and i'm just like but i'm ready to go because I I'm tired by like 3 p. m. And now, you know, and I was like, now I want to relax. But side note though, with that, you know, learned work ethic from him. But also when I was nine years old, my mom got into terrible car accident that resulted in a chain reaction of 20 surgeries all over her body. And, and then as I I've gotten older, I've realized, wow, my dad was there every day, went to every surgery, was there to take care of her and did truck driving. And, but you see so many men disappear, don't show up and then, Oh, my wife's broken now. So I'm not going to be there. And they've been married like 25 years. No way. I'm sorry. We're at the 30. So yeah. So those two guys, my dad and my girl. That's amazing. Yeah. On so, on so many levels to have a man that's not only works really hard, but is a hundred percent present for their family. That's a legacy. That's cool. You did if we were not on a podcast, I would sit here and think about this a little bit more and just let that sink in and. What I hope that that has given you and that you're showing that to your kids as well. Because if, if nothing else, if there's no financial legacy to leave being a husband and a father that is present, we could stop this podcast right now. And that would be, that's a legacy. To leave right there, but we're not going to stop right there. We're going to talk about other things. We just talked about 2 different things we talked about. The home life of being a husband and a father, but we also talked about the work ethic and micro is really big about running, you know, having your own business and, and being in the trades and, and working sweat equity, right? You recently have become very passionate about entrepreneurial debt. And I'm curious because I know, I know that I know that you and I are very similar in this. We, we don't like debt. We don't want it. It's robbing from your future. So do you want to talk about that a little bit and like what you're thinking about it and we'll just go from there? Yeah, yeah. I mean, is a little bit, is that like two sentences? Nope, it's however much you want it to be. We're on a podcast. The big thing that comes to mind, the big example of what has, I would say, Cause frustration in me is and this was early on in my coaching, I was still doing a regular job and coaching on the side. And I was an office manager at a truck box manufacturing plant. And this was a very. old plant had been around since World War II. And and the sons of the father who started it, they were still renting it. And these gentlemen, they were in their late 70s. And It was, it blew my mind because I'm coming in like, Oh yeah, no debt and all that. And this older man, he, he played the debt, I don't know, debt, carousel, debt, roulette, whatever game you want, where he would open a credit card for the company and then he would, okay nine months, 0 percent interest. So we're going to move everything over there. Right. And then when time's coming up, guess what he did? He opened up another 0 percent credit card for hours and then just moved all the debt over there. So the company was in a ton of debt and so I made it my mission to try and like, let's start talking, you know his grandson, he was basically running it, but we couldn't do anything because we had to like get them on board to make the decisions. So. I must have talked till I was just blue in the face, almost dying of just why it's good, you know, what we're not able to do, even simple upgrading the equipment for the people working there that we can't do because we have no money, we have no cash. And then it becomes anything that you want to do to update or upgrade. I mean, literally, they were using a machine. Are you ready for this? In this factory that was 100 years old. 100 years old that they just happened to find in the building when they very first opened. And so there would be all these conversations. We need to buy this. We need to buy this. We need to buy this. And then it's all pointless because we're just trying to make payroll. And so now that company doesn't exist. And they were doing better while I was there because I was poking at them and trying to get them, but they just went back to the old ways and they just, nope. And they were just up to their eyeballs in debt. It was, it was all, it was pretty sad because they had to sell the building, sell the land, you know, all those things. And that barely covered all the debt they had to take care of too. You and I both own our own businesses. I just can't imagine. Working to pay somebody else, working to give money to another company, like, why I don't understand. What blew my mind is it. And it could be, you know, I don't know if it's generational thing, but the way he was, and I've seen this in, in especially entrepreneurs, those stinker entrepreneurs. I don't know what you guys are doing out there. I'm one of them, but I've never thought this way of that. It's all just. It's like they're ready for it or they see an image, you know, the whole gotta spend a lot to make a lot, you know, that kind of crap that is stupid. It was like, he was having fun. He was like, well, this is just the way it is, you know, just like with, you know, regular clients are like, Oh, you're so what does he have to have a car payment? No, you don't have to do anything but die and pay taxes. Right? And it was like he was having fun. It was like he was tricking himself to be like, this is the status quo and I'm happy about it. I don't understand Yeah. It's, it's a game. It's a game. If I, if I just move this around here and it feels like you're doing something. I've been reading Atomic Cabots recently again, and. There's this idea in the book about motion versus action, and a lot of times when we're in business, we're just going through the motion and, we're trying to if I move this over here, and then I put it on this other 0 percent interest, and I move it over here that I'm doing something, but you're just in motion. You're not actually achieving anything. And I also think going back to the idea of, the image that you gave us in the beginning where Mike Rowe was like, this is what successful looks like that poster, right? When he was in high school, this is what successful looks like. And this is what unsuccessful looks like. As entrepreneurs sometimes we think doing it. Scrappy. Looks on professional, and if I just go out and I get a alone, then I'm going to look sophisticated already. But why not just do it scrappy for a little bit until you can afford your own successful? I can't help, but think of scrappy do from Scooby Doo. That's absolutely right. And it's always been in my mind that I want to, think in our last conversation, you, you were talking about impact and for some reason that has stuck with me the last time I talked to you, I'm like, yeah, impact and. And creating impact in so many good ways, it doesn't have to be perfect. You know, real action makes sense and, and it helps you get your business to where you want it. And then instead of putting yourself just in like right at the beginning of your business, just automatic stress, you're just already. Oh, I have a huge debt and, but I have a pretty building, like our favorite guy, Dave Ramsey, it took him 30 years to be able to build a building. He was leasing a building and doing and doing other things. It took time and, but now he owns it. And that's what I always tell my wife, even in our personal finances, when I buy something, when I want to make an impact, I want it never to be taken away. Nobody has control over what I'm doing. Nobody has control over my business. I had a client and I'm sorry, I'm just rambling. No, you're fine. But I'm just used to hearing me ramble. So it's better that it's you today. But I had this client and this is just a couple of months ago. For the entire time I've been coaching him, he's been wanting to create. A business around alcohol and like making his own alcohol. Right. Over and over again, every meeting, Oh, this meeting with this investor didn't go through this meeting with this investor didn't happen. He's just doing. Nothing waiting for the investors to make it happen. And it was interesting. He, he met with some more investors and they, he told me like, they laughed at him, like his business plan and all that. Like it wasn't good. Right. And I'm just like, that's interesting. So then what are we missing here? And what I found as an entrepreneur myself. Is trying to figure out what are the tiny moves you can do? People always just want to jump these big grandiose moves, but what's the tiny, what's the book you can do today? And I told him, what can you make in your own house and start selling to people around. Like I've heard Dave Ramsey was selling stuff out of the back of his car, right? And that's what people miss. So many folks in my life, they miss that. You know, my buddy I love him, but he is still waiting for a million dollars to drop out of the sky instead of five dollars to the next 20, to the next 40, to the next 100, to the next 1, 000. And that's what I think entrepreneurs are missing out on. I have friends. That we worked at a beer bar together where literally the best hamburger I've ever eaten in my entire life is what we served at this restaurant. It's called stout burgers and beers. The best hamburger I've ever had in my whole life. And we did burger beer pairings and the guys that ran the bar. Were obsessed with craft beer to the point where they started making it in their own basement. Became their their everything where we would all get together and have barbecues in the summer and they pull barrels out of their basement for us to drink. And we were all so obsessed with it. We're like, no, it's amazing. It's amazing. It's amazing. And if it was bad, we'd tell them, we were all young and dumb like that. We'll just tell you straight to your face how bad it was and they got to the point where it was so good. It was so undeniable how good this was that they had people coming to them and asking if they could give them money for them to open their own place, open their own craft brewery. Now they have two brewery and eating locations. And now, isn't that a story? Because I know I have, but isn't that something, that type of story you've heard a thousand times for the businesses that are actually successful? Yes. And that's how it happens. It even goes back to, you know, when we're coaching financial clients and they want what their parents had, right. But they're 22 and they have 100, 000 in student debt. And then, you know, your parents didn't get that until they were 35 or 40. Right. And you have to take the steps to get there. And that's the same way in small business. It's funny that you say that because I hear a lot of people, they're like, well, you know, I, they're still young, they're still young, but to them, they're like, well, I'm already behind, I'm like, behind what, behind who, who are you chasing? You're not behind, you were where you were supposed to be, and if you want to be further ahead, what steps can you take to get there? There are too many people, and there are people listening to this podcast right now that know that I'm talking to them, there are too many people that are just. In the ready, aim, aim, aim space of, I'm just going to wait, I'm just going to wait, I'm just going to wait, and they expect that in the waiting, they're going to get ahead, but what they're doing, they're waiting on their bus, bus is not coming, is not like you have to, you have to start walking or buy your own car. That's interesting. Just a side note. One time, it was a very foolish mistake. There was this girl that I really liked. And back in my younger days. And I walked to her school, and I was there when she came out of school. Big mistake! Bad move! Oh no, why, why was it bad? Oh no, what happened? Oh, she was just very shocked to see me. And then I just started walking home and her mother gave me pity and drove me back home'cause it was a long way and that. Oh wow. I found in my jacket that she borrowed a breakup note. Oh, snap. Wow. I was almost, I was 13 at the time, so no wonder she was so surprised to see you. She's like, you obviously did not get my note. What you just made me think of is a new like. It's a preteen romantic comedy that needs to be written and then produced. It needs to happen. It needs to be, you know, a 13 year old kid pining after. He's all that. Hey. He's equal to she's all that. And it's about a guy who did what I did. And then all of a sudden his friends are like, wow, you need some help. And then they go and help him. Oh my goodness. That's a story. And like a funny, back and forth, and then of course they'll have to have like, trying on clothes in the, in the store. Okay. For the record, the the screenplay that I wrote definitely has that scene in it. It makes me feel basically feel like the, the movie is good because it has that montage. Has to have that scene in it, which my friends and I, because remember I used to be a little bit of a filmmaker when I was a little kid, we went into my buddy Robbie's dad's store. His dad was the general manager of Mervin's. We came to the store and started making a scene like that in the dressing room. And the whole store got in an uproar. And we were taken out because they thought we were doing something else in the changing room. Which I thought was ridiculous because we're just a bunch of teenage kids. I don't know. But yeah, Robbie's dad was embarrassed. But it was really funny. We were just trying to do one of those cool. You're just trying to make a movie. Yeah, we're just trying to make a movie. You didn't have the permits. No, we didn't have the permits and then we weren't allowed to shoot in the mall, but we just kept shooting and I hid the camera in my jacket, the same jacket, which the girl put that note in by the way. And I was walking through the mall, so there's like a jacket shot harder to do, harder to do back in the day. Camp ports were much larger then. Yep. So which that brings us back to the entrepreneur. Get scrappy, you know, they need, Ooh, there's probably a book already. What about gorilla entrepreneurship? Like gorilla filmmaking. You have to think about that. You know, what are the tiny moves I can do to move my business forward? That don't cost anything. Awesome idea. You should write it in all your free time and all your free time, David, right? Right at the book. Go ahead. Yeah. Guerrilla entrepreneurship. Things are just happening right now. Accelerators. I just wanted to say that just so you know, I wanted to call them accelerators because it was pretty fun, right? Yeah. I don't know that there are actually people out there that call themselves accelerators. Accelerators. You're awesome. here's a fun, random question. Since we're talking about the nineties rom com, I don't know if you're going to have an answer to this, but we're going to go with it. Can you think of a fun rom com movie that has a really good money lesson inside of it? Oh let's see, failure to launch. Okay. You know, get out of your parents house. Come on, man. That one's Matthew McConaughey, right? And Terry Bradshaw. Yeah. Which, which I always tell my wife, I always bring it up. When I get old, I'm going to have a naked room. I'm going to be feeding fish like Terry Bradshaw. He doesn't get enough credit. Terry Bradshaw does not get enough credit. I'm amazed that he's just been around forever and he looks exactly the same. Has not changed. His hair has never receded anymore. It just stopped right there. Amazing. No, you're right. Failure to launch is a really great money lesson in so much that money is not just dollars and cents, right? It's also some boundaries. Sometimes we need some boundaries. Sometimes we need to say, Hey, honey, you got to go. I she's enabling. They're enabling him and just like letting him stay there. So they have to pay somebody to get him out of the house. There you go. Yeah. Set up a boundary. Yep. Boundaries. That's for everybody just needs boundaries. I mean, you're, you know, reading Atomic Habits. I feel like I need to read that four times, just over and over again, because every single page is gold. Everybody read the book. I had, I had so many tabs. Because I, I got it from the library, like the Bible, so I, I got it from the library so I can't mark it. Oh. So I had like all these tabs sticking out and like, there's multi colors. It was. Insane. I was like, Laura, I can, I need to go. I need to go buy it. Another one. What about never been kissed on the good side where, where our cat is still driving Bambi, you know, and that that car is a classic and it's okay to have a car that, you know, is rough around the edges until you can afford one. Everybody. Yeah. I mean, he loved that car. Yeah. Bambi! That's funny. That's not where I thought you were going to go with that. Oh, really? But he was, he was still so cool. Yeah. That's what I'm saying. Even though his car was a classic. Rob! Rob! I just wanted to balance it out. You know, we had a bad example and now we're going to have a good example. That's hysterical. Yeah. Those are two absolutely fabulous movies. Neither of which I was expecting to come out of your mouth. I'm a different kind of person. I didn't know if that was going to go anywhere. I'm really glad that it did. And now I think you need a movie podcast that talks about money and you pull one. Money lesson out of different movies. I think you should do that. That'd be interesting. I just watched the trailer for star Wars episode one the other day and showed it to my boys and I was just telling them. I made a huge tale out of it. I was said in 1998, when this trailer came out, guess what I had. It was something called a 56K modem and to download this trailer on my quick time on my computer. It took all night long. And then guess what? Sometimes it didn't work. There was a time with that particular trailer that it was only half downloaded. And then another time with that trailer, I only got the audio. This is so cool. I can hear it. I can hear Obi Wan Kenobi. And so I regaled. They're in the pain and how easy they have it that we can just turn on the smart TV and watch this giant version of the trailer when I first heard it tiny, little, tiny, little. Kids will never understand those things to realize how good we have it when it's like, oh, my gosh, my Disney plus, is it working? And then you just have to just go back and go in again, you know, and it works. I had that the other day with with Netflix. I kept. I couldn't it kept saying that I had it on too many screens. And I was like, it's, it's not on any other screens. It's like, no, it's on the iPad and the TV. Or was it operator error? No, I don't think so. I think Netflix just wanted me to upgrade to the next package is what it was. So they were just trying to make it a little uncomfortable. There's always the next package. All right. What is your serious question? I'm ready. Okay. So the last question that I ask everybody on the podcast what is the legacy that you want to leave? That's interesting. And that's, it's about to get deep. I grandpa is not doing well at the moment. I've been just thinking a lot about that really recently. So it's amazing that you asked that question right now. I would say, with my legacy, I want my boys to have a peaceful life. And what I mean by that is have. time to spend on the things that they want. And so for that to happen, that means not being a slave to anything, not being a slave to owing people money, not being a slave to an addiction, not being a slave. I want to teach my boys. You know, and I'm going to switch this number one to love God. And because I, I believe top down when you do that, everything else is going to become more peaceful. It's amazing how it works. Right. And then I also want them to, whatever they do. Whatever they do to give it 100 percent focus. Some of the things, you know, some of the way I've seen people live and the way kids are recently. And I think our generation is starting to change this because we've seen the damage of the Internet and phone. So we're starting to Change with our kids and I want them to be, social media is not a big deal. People are a big deal. When it comes to entrepreneurship and starting a business, it is one conversation and relationship at a time. And if they are actually living their life like that. Wouldn't that be so cool? And that it's not a something that you have to learn, but if you're just living your life, then life will be automatically more peaceful instead of, you know, I'm talking to someone, right? But we're not actually talking. I'm just on my phone or I'm trying to accomplish something. So I'm, you know, I think Ken Coleman talks about where I'm looking around to my next target instead of enjoying. One person at a time. So all that I love the idea of enjoying one person at a time I think in a world today where we are trying to talk to everybody nobody's listening Well, and that you know, and I would say one person but also one thing yes, you know being where you're at. I feel like Yoda has said this, be in the moment. No, no, Qui Gon Jinn said it, you know, be in the moment. Use your instinct because we don't need to be these creatures that are just running with our heads chopped off. If you want to learn how to be a great woodworker Be the greatest woodworker and focus if you want to be in a conversation if you want to ask that girl out Oh, you need to listen Because she'll be blown away that you're actually listening. Woo! anything that we do. And I think all that together will create a peaceful life. We can only control what we control. But we can control those things. And that's what I want to teach them. That's what I'm shooting for. Well, I love that. Well, that's it for this week. Accelerators. Thank you, David, for coming on the show and being a part of the legacy that we're all trying to leave, helping people see things just a little bit differently. And when you come up with your money in movies podcast, we'll link that in the show notes. But if anybody wants to get ahold of you, how can they do it? Oh you can find me on Instagram, Facebook, Gibbs Financial Coaching, and in there will be links to my website, so if you want to chat, if you just want to chat about movies, you know, one person at a time, I'd love to chat with you. Alright, that's it Accelerators, go out and make a difference. Thank you for investing your time with us today on the Accelerate Your Legacy podcast. Remember, your legacy isn't just measured in dollars and cents, but in the tools, habits, mindset, and reputation you leave behind. Don't just listen to the show, but take action on what you've learned. Share this wisdom with a friend who can benefit and help us spread the word by rating and reviewing the podcast. For questions or encouragement, reach out to me on Instagram at Accelerate Your Legacy or explore the resources listed in the show notes. I will be back with you next week. Until then, build your legacy with intention.