In this episode of the Duct Tape Marketing Podcast, I interview Carol Roth. She is a “recovering” investment banker; entrepreneur; speaker; economic, business, and financial commentator; content developer; and a New York Times bestselling author.
Her latest book You Will Own Nothing: Your War with a New Financial World Order, is a New York Times best-seller that helps people navigate the shifting global financial order and create a plan to fight back and preserve their wealth creation opportunities.
The shifting global financial order has a great impact on individuals’ wealth, ownership, and social standing. Carol highlights the importance of ownership for wealth creation and people should take this into consideration to be prepared for potential economic shifts. She also emphasizes on the need for awareness, diversification, and policy changes in the system to empower individuals against the evolving financial landscape.
Questions I ask Carol Roth:
- [01:44] This financial world order topic that you talk about. What inspired you?
- [05:38] You spend a lot of time in the book, unpacking these things that are happening. Is your intent with this book to tell people to create their own plans?
- [06:59] What is social credit and how does it play into this?
- [12:18] If I’m sitting here thinking: “Oh, my 401k is fine. My financial advisor says I got enough money to retire”. How do I draw back and look at the macro picture with the dollar destabilization?
- [17:11] There are a lot of people that are coming out of college today with a lot of student debt. Some of them are not even sure if what they studied is what they want to do. How do we fix this?
More About Carol Roth:
- Get your copy of: You Will Own Nothing: Your War with a New Financial World Order
- Follow Carol on Twitter
- Connect with Carol
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John Jantsch (00:00): Hey, marketing agency owners, you know, I can teach you the keys to doubling your business in just 90 days or your money back. Sound interesting? All you have to do is license our three step process that it's gonna allow you to make your competitors irrelevant, charge a premium for your services and scale perhaps without adding overhead. And here's the best part. You could license this entire system for your agency by simply participating in an upcoming agency certification intensive. Look, why create the wheel? Use a set of tools that took us over 20 years to create. And you could have 'em today. Check it out at dtm.world/certification. That's dtm.world/certification.
(00:55): Hello and welcome to another episode of the Duct Tape Marketing Podcast. This is John Jantsch. My guest today is Carol Roth. She is a recovering investment banker, entrepreneur, speaker, economic business, and financial commentator, content developer, and a New York Times best selling author. And we're gonna talk about her latest book, which is also a New York Times bestseller called You Will Own Nothing: Your War With a New Financial World Order. So, Carol, welcome to the show.
Carol Roth (01:28): John, it's so great to be with you and it's so fun to be in this seat. 'cause I feel like so many times over the years when we've chatted, the roles have been reversed and I've gotta interview you. So like now I'm in the hot seat.
John Jantsch (01:38): Yeah, I think that's right. So let's just get it this little tiny financial world order topic that you tackled.
Carol Roth (01:51): So I was in the media talking about lots of issues and you know, I've been an advocate for the underdog and for individual wealth for a long time. And I have people who are doing all the right things. You know, they're working hard, they're saving, they're just like, why can't I get ahead? Like, what's going on here? And certainly, you know, over the past several years we've seen just this historic transfer of wealth from Main Street to Wall Street. We're dealing with the debasement of the currency and all the impacts of that. And then all of these other wild topics are coming up, things like E S G and Social Credit and Central Bank digital currencies. And then Wall Street's coming in to compete with you for a home. And kids are going to college but not getting returns. And so like all the people are like, what's going on?
(02:38): What's going on? And I'm like, I I don't know,
(03:31): I would imagine that, you know, those citizens of those countries felt fairly invincible during that period of time. You've got the British Imperial Empire. Those people are going, this is gonna go on forever. I don't know how things are gonna change. But we've seen a lot of those signposts that say, yeah, we're getting long in the tooth. You know, we've got a, a crazy debt load as we're recording this. We just saw the, the second US debt downgrade ever. We have a, a fed who hasn't kept the currency stable for either the domestic or the the world stage. We've seen the weaponization of the US dollar, particularly against Russia as, as we invaded Ukraine. Uh, they invaded Ukraine and we froze their access to reserves. So we're getting all these signposts that say, yeah, there are a lot of folks weren't real happy with the US being the the leading superpower.
(04:24): And when that happens and you are wealthy and you are well connected, and you go, oh, things are shifting and changing, and I see this has happened throughout history, you go, well, I just hope this is gonna work out for me. Or you go, oh no, we better figure out a way so that we hold onto our wealth of power when this all shifts and, you know, let the chips fall where they may with everyone else. So I think that's kind of the, the, the underlying foundational thesis of, of where the concepts of the book all kind of tie get tied together. And by the way, uh, you know, it's not conspiratorial. I know everyone likes to say this is like a, a giant conspiracy theory. You go on the White House's website right now, find President Biden's speech to the Business Roundtable March 21st, 2022. And he talks about exactly this, that the change, you know, every three or four generations. And he says There is going to be a new world order out there that's very easy to Google. So my hope was to take these things that kind of get, um, tinfoil headed
John Jantsch (05:37): So, so you spend a lot of time in the book, you know, unpacking all these things that are happening. Yeah. Is your intent in the book then that people create their own plan? Or is it just, hey, this guy's falling in, you better duck
Carol Roth (05:51):
John Jantsch (06:58): Okay. So let's unpack you through out some buzzwords, some terminology. Let's unpack a few of those. Let's just start with social credit. What is it and how does it play into this?
Carol Roth (07:07): So social credit is sort of a spectrum from cancel culture to what I would call informal social credit to what, what you have in China, which is a very formalized social credit system. So maybe the easiest way to understand it, just to start with China, there was a video making the rounds on social media over the past few weeks where, you know, all of a sudden someone got a call on their cell phone and a warning message started blaring. And it said the person who's calling you owes lots of debt and they're, you know, they, they have a bad social credit score and we would like for you, if you answer this phone call to please tell them to pay off their debts.
(07:57): But you kind of on a jurisdiction by jurisdiction basis with letter grades or number grades that basically say, are you doing the things the government wants you to do and deems as appropriate and or are you not doing those things? And if you do those things, you get good marks. And if you don't do those things, you get bad marks and there are severe penalties. You know, one of the stories I I told in the book came from N P R a gentleman by the name of LA Juan, who was a colon intermediary and the government in China changed its stance on coal and he went bankrupt. And, you know, they took away his ability to travel and the most Orwellian thing was they put his picture up on a billboard and it said, you know, here's this person, here's their unique name and number and they're not a trustworthy person.
(08:44): So you take that and you go, okay, well that's, you know, it's the c C P and you kind of take what social credit is trying to do. And of course my book is coming at this from an economic lens. So, you know, outside of other things like freedom of speech and censorship, it attacks your social standing. Mm-hmm.
(09:29): I'm just telling you the reality of the situation that, you know, they were telling people not to show up for Thanksgiving and for Christmas they were saying if you didn't have a vaccine that you couldn't, you know, go into a restaurant, you know, once those opened by mandate and uh, participate in society, if you weren't wearing a mask at Trader Joe's, someone took a picture of you and ridiculed you on social media, maybe called your boss. These were all things meant to, to go after your social standing. Then we had a mandate that came out that actually took people's jobs away. People who had been deemed heroes and who worked through crux of the pandemic while their people stayed home. Those people, whether they were nurses or uh, military or policemen or firemen, they ended up losing their jobs by mandate. And the mandates coerced big businesses, even if they weren't by mandate, they didn't wanna run a foul and get in trouble of making, you know, some people not, you know, be able to go to their job.
(10:29): And then we saw businesses actually shut down
John Jantsch (11:31): Hey, marketing agency owners, you know, I can teach you the keys to doubling your business in just 90 days or your money back. Sound interesting. All you have to do is license our three step process that it's gonna allow you to make your competitors irrelevant, charge a premium for your services and scale perhaps without adding overhead. And here's the best part. You can license this entire system for your agency by simply participating in an upcoming agency certification intensive look, why create the wheel? Use a set of tools that took us over 20 years to create. And you can have 'em today, check it out at dtm.world/certification. That's dtm.world/certification. So if I'm sitting here thinking, oh my 401K's fine, my financial advisor says I got enough money to retire. I mean, how do I draw back and look at the macro picture? Like, does the dollar, you know, destabilization, you know, how do I look at that macro picture? Do you see what I'm getting at? Yeah. So I, 'cause I think most people just look at their like, how's this impacting me?
Carol Roth (12:41): Right? So I think there are two things and they sort of stand at odds with each other. One is, there is this anti ownership movement that you'll own nothing and you'll be happy Wall Street's competing with you for a house and they want you to think it's for your convenience. You're getting these articles of, oh you don't need to have a car. You know, let us just, you know, enhance your transportation or take Uber we'll share things and that'll just work out for you. And I think that people need to understand that ownership is what drives wealth creation. That if you don't have assets that have the opportunity to appreciate and value or at least retain their value, you don't have
John Jantsch (13:22): Wealth or passed down generationally.
Carol Roth (13:23): Yeah. Passed down generationally. If something like the house is the biggest financial asset on households, balance sheets from a dollar value basis. So this is how middle class families sure retain wealth and pass them on. So if you go away from that ownership, you don't have that wealth creation opportunity. But then going back to the, we just talked about with social credit, you also have all these other people that you're beholden to. If you own your own house, you can pretty much do what you want in your own house,
(14:16): So that sounds super, you know, convenient and yolo and no, I'm gonna go live my life carefree. But I think people are really forgetting about the implications of that. So that's one piece. The second is that
(15:15): So we have a different perspective. So I think it's an awareness that there could be long-term inflation that eats in to the purchasing power of what you have. That tends to benefit again as we've seen over the last 15 years asset holders. And it tends to hurt people who are savers and retirees and people who are just trying to get by. So in that case it really lines up with the notion of ownership. But I think we also just have to have an awareness too that things could get crazier and you just have to be prepared for that. I use in the book, I, I nod to Saturday Night Live this wonderful skit that was done with Dan Akroyd pretend to be Gen Jimmy Carter. And he was like, wouldn't you like to have a $500,000 car and we're a $75,000 suit, everybody could be a millionaire.
(16:13): You're joking that, you know, people don't understand the difference between a top line number of purchasing power. And I think that's just one of the things that people have to get their head wrapped around because if certain things happen in terms of the global financial order, it could impact the dollar standing and that could have implications on, you know, whether it's your 401K or whatever else. Which is why I think it's important to diversify, which by the way, John is financial advice. I would give people advice under any circumstances, but I think that looking at it through this lens, you know, gives it a sort of a different vibe and a different sense of urgency.
John Jantsch (16:53): Alright, so we don't have time to cover all of this
Carol Roth (17:24): All right, so I'm gonna talk about how we fix it going forward before we even try to address the people who are currently, you know, in the situation. Right? But you know, the government is the largest predatory lender in the country. And what they have done is they have taken minors and, you know, 18 year olds and they've saddled them with five and six figures worth of debt at a time when they don't really have the financial, you know, wherewithal and the, the understanding to understand what they're signing up for to make those decisions about things like return on investment, which is unfortunate given the fact that we fund the education system, but it's just not a piece of that
John Jantsch (18:20): Big, they're both big. Yeah. It's
Carol Roth (18:23): Exponential. It's horrendous. So the more money going into colleges isn't producing these amazing outcomes in terms of growing the economy or your individual opportunity. It's just making the college administrators wealthier and letting them put more on the payroll. And it's really despicable. So we need to go to a system where we get the government out of student lending and stop this free for all that's going to the colleges. We need to have an underwriting process. Mm-hmm.
John Jantsch (19:05): So to pay except underwater basket weaving has got to be harder than being an engineer
Carol Roth (19:11): May take some engineering skills to be able to do that, Mike, but it probably doesn't. Ward water warrants an $80,000 a year education to do that. Yep. So we need to get up to a point where there's a bankruptcy process, there's an underwriting process, and the colleges have some skin in the games to realign these forces so that it, the college is serving the purpose that everybody seems to think that it is, but that it actually isn't. So that entire thing, and I just don't understand from, you know, any party why we don't have more people standing up and saying, you know,
John Jantsch (20:50): We didn't even touch on so many of the items that are tied together to, so you're gonna have to get the book if you wanna find, hopefully Carol scared the crap out of everybody and now you have to buy the book so that you can get the solution as well. Carol, you wanna invite people to connect with you. Obviously the book is available anywhere books are sold.
Carol Roth (21:09): Yes, books are available anywhere. Books are sold by a hard copy. You know, start walking the walk here and own physical things connecting with me. I am mostly on Twitter @Caroljsroth, but you can find me, you know, hanging out on LinkedIn from time to time or that Instagram place or whatnot. And yeah, I can't believe John
John Jantsch (21:31): As I, I knew it would, you know, I do a lot of these interviews and obviously some o authors, uh, posed suggested questions. You, you had, I think it came at, at about eight pages of suggested questions. So, you know, clearly we touched on the surface of, of what's, uh, involved in this. Can I, can
Carol Roth (21:47): I leave you guys with a marketing thing since this is a marketing podcast?
John Jantsch (21:51): Yes, do it.
Carol Roth (21:52): Okay. So I had somebody who was quoted in the book, his name was Andrew a Egan and he's an estate planning attorney. And they did the best leveraging of pr. And this is what people need to do, is they put together a graphic and they say, congratulations Andrew Egan for being in the best New York Times bestselling book, you'll own nothing. And put a whole thing about it. And they put this thing up on LinkedIn, which meant that not only is he getting the exposure in the book, but now everybody else knows that he's an authority that's in the book. And then of course I picked it up and re-shared it again,
John Jantsch (22:39): Yeah, no, no question. I've said all along that, you know, being a guest on podcasts is one of the best gigs going because the podcaster is very incentivized to make sure lots of people listen to your episode. So a absolutely 100%. Well, Carol was great, uh, catching up with you. I appreciate you taking a few moments to join us and, uh, hopefully we'll run into you again, uh, soon, one of these days out there on the road.
Carol Roth (23:01): Always a pleasure.
John Jantsch (23:02): Hey, and one final thing before you go. You know how I talk about marketing strategy, strategy before tactics? Well, sometimes it can be hard to understand where you stand in that, what needs to be done with regard to creating a marketing strategy. So we created a free tool for you. It's called the Marketing Strategy Assessment. You can find it @marketingassessment.co, not.com, dot co. Check out our free marketing assessment and learn where you are with your strategy today. That's just marketing assessment.co. I'd love to chat with you about the results that you get.
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