1 00:00:00,000 --> 00:00:07,840 for three days. He locked himself in the studio and he played the song Wild Thing over and over 2 00:00:07,840 --> 00:00:11,360 for three days. You're just like, what the heck is going on? 3 00:00:11,360 --> 00:00:16,240 The studio is really only mad about that because they got to pay the royalty rights on Wild Thing 4 00:00:17,040 --> 00:00:22,400 all day every day. They're sending out that check. They're mad about it. We got to get the studio back. 5 00:00:23,040 --> 00:00:28,400 Oh, absolutely. Finally, after three days, he came out. I don't know what happened, 6 00:00:28,400 --> 00:00:33,920 but he had locked himself in and then they renamed the station Wild 102. 7 00:00:34,720 --> 00:00:38,960 I was like, that is so brilliant. That's a great way to capitalize on it. 8 00:00:38,960 --> 00:00:41,280 Did you ever do anything like that as a radio host? 9 00:00:41,280 --> 00:00:43,760 I never did anything like that as a radio host. 10 00:00:44,560 --> 00:00:47,200 Did you play the guitar or was that just a creation? 11 00:00:47,200 --> 00:00:51,840 No, no, I played the guitar. I'm a trained musician, man. That's kind of my heart. 12 00:00:53,040 --> 00:00:54,480 You got one back there too. What about you? 13 00:00:54,480 --> 00:01:00,880 Mine is just a four. No, I'm just kidding. I definitely play. I'm a trained musician, 14 00:01:02,000 --> 00:01:04,480 retired musician, I guess. I was a trumpet player. 15 00:01:06,800 --> 00:01:10,560 Played the piano. I like to improv on the piano. That's fun. 16 00:01:11,840 --> 00:01:12,400 Were you a jazz guy? 17 00:01:12,400 --> 00:01:14,480 I write songs for my kiddos. What's up? 18 00:01:14,480 --> 00:01:15,360 Were you a jazz guy? 19 00:01:17,200 --> 00:01:22,960 I was, but I didn't have the confidence for jazz. I had a super inferiority complex when I was 20 00:01:22,960 --> 00:01:31,200 younger. I led the jazz band, but that was so uncomfortable. I was terrified. 21 00:01:31,920 --> 00:01:36,240 I think that one of the things, so I went to college for music, right? 22 00:01:36,240 --> 00:01:36,480 Okay. 23 00:01:36,480 --> 00:01:41,120 I went to a jazz school. I didn't major in jazz, but all of my friends were jazz musicians. 24 00:01:43,040 --> 00:01:50,800 But I think the thing that I didn't like about music as professionally, kind of in college and 25 00:01:50,800 --> 00:01:56,480 being real serious about it, it just sucked the joy out of it. It sucked the social nature of 26 00:01:56,480 --> 00:01:59,120 music out of it. It sucked the fun out of it. 27 00:01:59,680 --> 00:02:00,800 You've seen August Rush. 28 00:02:01,760 --> 00:02:04,000 Yeah. Yeah. Yeah. Great. 29 00:02:04,000 --> 00:02:09,920 That's musicians, man. We can geek out on this all day. And let's be honest, music is the absolute 30 00:02:09,920 --> 00:02:15,760 key to the future finance, isn't it? It wouldn't hurt. That's for sure. 31 00:02:15,760 --> 00:02:22,480 No, we are going to be diving into finance, everybody. Speaking of, if you could just give 32 00:02:22,480 --> 00:02:26,320 one tip on finance, what would it be? Oh, the world is- 33 00:02:26,320 --> 00:02:32,080 All right. Welcome in to Vision Pros Live with Jackson Calame. I'm your show host. We'll be doing 34 00:02:32,080 --> 00:02:37,360 interviews for visionary entrepreneurs and guest leaders who are building fantastic visions out 35 00:02:37,360 --> 00:02:49,920 there. Hey, what's up, Vision Pros? Welcome in to another episode of Vision Pros Live. I'm your 36 00:02:49,920 --> 00:02:54,960 show host, Jackson Calame, founder and CEO of First Class Business. And I'm excited to have 37 00:02:54,960 --> 00:02:59,440 Franklin J. Parker on the show today. We're going to be talking about the future of finance and how 38 00:02:59,440 --> 00:03:02,560 it is personal. So we're going to be personal about finance. We're going to talk about his vision 39 00:03:02,560 --> 00:03:06,800 regarding that. One of my favorite things about his form submission of who he is and what he does 40 00:03:06,800 --> 00:03:13,600 is that he says, I'm an imposter. And he talked about shifting gears from the world of music 41 00:03:13,600 --> 00:03:17,360 and being a Southern boy into, of course, the world of finance. I think he's going to blow our minds 42 00:03:17,360 --> 00:03:21,520 today. So I'm going to team up and put him on a huge pedestal that he now has to live up to. 43 00:03:21,520 --> 00:03:26,800 This will be fun. So before we dive into the Franklin story and how he got the knowledge he 44 00:03:26,800 --> 00:03:31,680 has regarding finance, we're going to dive into some of these sponsors. So those of you who are 45 00:03:31,680 --> 00:03:36,720 in a position where you're trying to scale your company's distribution is top of marketing funnel. 46 00:03:36,720 --> 00:03:41,040 We use ColdClick for our LinkedIn automation. That's one of our trade secrets. I'm just not 47 00:03:41,040 --> 00:03:47,680 very secretive. So Art Hoffman runs that program and we use U-Link and Octopus as part of it. 48 00:03:47,680 --> 00:03:53,520 It's part of the platform, but the key is not just having the right tools. You can give me a garage 49 00:03:53,520 --> 00:03:57,280 to be a car mechanic and all the right tools are equipped with it. I'm going to suck at being a 50 00:03:57,280 --> 00:04:01,440 car mechanic. The key is to get the right people in the right positions to help you do the right 51 00:04:01,440 --> 00:04:06,480 things so that you can move your business forward effectively. And again, distribution top funnel, 52 00:04:06,480 --> 00:04:12,400 you need to get in front of more people. So do we. So we use ColdClick. The Simply Fast website 53 00:04:12,400 --> 00:04:19,040 at the top there too. Shane launched that. Now, this is such a hard subject for me to talk about 54 00:04:19,040 --> 00:04:25,040 because we don't use it, but I almost guarantee you I would have hired Shane right away from my first 55 00:04:25,040 --> 00:04:30,080 website had I known that there was a platform where somebody, an individual was willing to do 56 00:04:30,080 --> 00:04:35,920 websites at 179 bucks per website. And that's where it would have started. If I had done things 57 00:04:35,920 --> 00:04:41,360 the right way, at the same time as a young entrepreneur, I was highly distractible. So I 58 00:04:41,360 --> 00:04:46,560 was playing with Wix and I was trying to learn Squarespace. And I was also building with Weebly 59 00:04:46,560 --> 00:04:52,000 and with different Divi and Elementor and WordPress. And I wanted to be over involved in that process, 60 00:04:52,000 --> 00:04:56,960 but I will tell you as a young entrepreneur, I had to learn the lesson over and over that busy 61 00:04:56,960 --> 00:05:01,840 is broke. If you want to move your life forward, you want to move your business forward, learning 62 00:05:01,840 --> 00:05:07,360 how to delegate and who to delegate to is a very, very helpful thing to move forward. Your website 63 00:05:07,360 --> 00:05:12,000 is not likely to be the catalyst to seven figures and beyond as so many people promise. 64 00:05:12,000 --> 00:05:16,400 So I'd recommend working with somebody like Shane, knowing that there are web developers, 65 00:05:16,400 --> 00:05:20,000 web designers out there. You can contact, of course, and you should consult several, 66 00:05:20,000 --> 00:05:23,040 but this is an opportunity to, if you're launching your brand for the first time, 67 00:05:23,040 --> 00:05:28,640 just get it launched, get it out there. Imperfect progress is far better than perfect and never 68 00:05:28,640 --> 00:05:34,800 hitting it. So with that said, one more shout out and that goes to the Water Project. If you're in 69 00:05:34,800 --> 00:05:39,280 the giving mood or you want to, I don't know, resurrect your heart a little bit, this is a 70 00:05:39,280 --> 00:05:45,600 great opportunity to do so. The Water Project represents people who do not have access to clean 71 00:05:45,600 --> 00:05:49,040 drinking water. There are millions of people in the world who are less fortunate than those of us 72 00:05:49,040 --> 00:05:52,960 who have the time or the opportunity to listen to an episode like this. And I think that's 73 00:05:52,960 --> 00:05:56,880 a great opportunity to do so. So please do me a favor, either share this link with people 74 00:05:57,600 --> 00:06:02,800 or share a link for a cause that you want us to support so that we can spread the word about other 75 00:06:02,800 --> 00:06:06,720 needs that are out there. And what I love about the Water Project is that you get to choose a 76 00:06:06,720 --> 00:06:10,720 community that you're going to help, and then they will give you an update of what's going on in that 77 00:06:10,720 --> 00:06:14,720 community, what it is they're building, how they're going about the project. You probably will learn 78 00:06:14,720 --> 00:06:19,920 more than you want to even learn, but usually that inspires us to take on greater capacities 79 00:06:19,920 --> 00:06:26,080 and to do more. So, anyway, so Water Project's a big deal. I'd love to see you support it and 80 00:06:26,080 --> 00:06:30,800 feel free to share so, or feel free to do so anonymously, of course. But thank you for your 81 00:06:30,800 --> 00:06:35,760 time and attention on that. Without further ado, Franklin J. Parker, welcome to Vision Pro's live, 82 00:06:35,760 --> 00:06:43,360 man. Hey, it's great to be here. Thanks for having me. Absolutely. So I gave you a super hyperbolic 83 00:06:43,360 --> 00:06:49,200 introduction, not my norm, but I dig your personality, man. And I know you're going to 84 00:06:49,200 --> 00:06:51,200 be a little bit of a 85 00:06:51,200 --> 00:06:56,400 tough guy, but if you were to define who should be listening right now, who should that be? And why 86 00:06:56,400 --> 00:07:02,640 should they listen to you? Yeah, that's such a tough question. And partly because I feel like such 87 00:07:02,640 --> 00:07:08,560 an imposter in pretty much everything I've done. So I think anybody who just feels that way, anybody 88 00:07:08,560 --> 00:07:14,800 who feels like they're kind of making it up as they go, even though you may have this killer 89 00:07:14,800 --> 00:07:18,560 resume, you still kind of show up every day and you're like, I don't know how to solve this problem. 90 00:07:18,560 --> 00:07:24,640 I'm smart, for sure. Hey, man, I will join you in that definition of imposter. I would join you on 91 00:07:24,640 --> 00:07:28,080 that. I mean, so many people would think that that's so negative, but I think that's actually us 92 00:07:28,080 --> 00:07:31,680 hiding from the realities that we're all humans learning every day along the slide. And if we're 93 00:07:31,680 --> 00:07:38,400 not, what the heck are we doing? So interesting observation. Okay. So if you're struggling with 94 00:07:38,400 --> 00:07:42,320 the imposter syndrome that's holding you back and limiting you, this is going to be super helpful. 95 00:07:42,320 --> 00:07:48,720 In the world of finance, what qualifies you? What are some of the things that we should know? 96 00:07:48,720 --> 00:07:55,680 You know, there's fiduciary, I can't even see the word fiduciaries. There we go. That they have 97 00:07:55,680 --> 00:08:01,360 certain type of caliber of status qualifications that allow us to know that they're supposed to be 98 00:08:01,360 --> 00:08:04,880 non-biased and what they do. And I don't really know how that works because I'm not a fiduciary. 99 00:08:04,880 --> 00:08:13,040 Just a fun F word to say. Then there's people who are CPAs and get their MBAs and all these acronyms 100 00:08:13,040 --> 00:08:20,320 that most people don't know. Yeah. Yeah. No, finance is a big place, right? And I talked to 101 00:08:20,320 --> 00:08:27,200 a lot of kind of college students who are wanting to get into finance, right? And my first question 102 00:08:27,200 --> 00:08:30,960 is, well, what do you want to do? I mean, what are you good at? Because, you know, finance is like any 103 00:08:30,960 --> 00:08:36,880 other industry. I mean, you need accountants, you need CEOs, you need CFOs, you need people who are 104 00:08:36,880 --> 00:08:41,200 good with numbers, you need people who are good with people, you need website designers. I mean, 105 00:08:41,840 --> 00:08:47,200 everything you need in the other line of work, you need in finance, right? And I think that 106 00:08:48,720 --> 00:08:54,080 people have this vision of finance that it's all billions or whatever. Did you ever watch billions 107 00:08:54,080 --> 00:09:02,000 on HBO? I didn't. Okay. It's good for a context. Yeah. It follows this guy who's a hedge fund manager, 108 00:09:02,000 --> 00:09:08,000 you know, and it's all very dramatic. And I always joke that no one really wants to do a real show 109 00:09:08,000 --> 00:09:14,960 about finance on TV because it would be super boring. It's kind of like suits, but for finance 110 00:09:14,960 --> 00:09:19,920 people. Yeah. Yeah, exactly. Okay. I love suits too. That's good. I love suits. That's not how 111 00:09:19,920 --> 00:09:29,840 lawyers work, right? If it is, I'm not going to throw myself on a bus. What a toxic work environment. 112 00:09:29,840 --> 00:09:33,760 I remember watching that show and I was like, this is such a toxic work environment. Who would ever 113 00:09:33,760 --> 00:09:40,160 see it? But anyway, that's what I said. Well said. That's true. The banter, man would make it hard 114 00:09:40,160 --> 00:09:46,000 to leave in my opinion. But now you're right. If you think about the realities of going through that, 115 00:09:46,000 --> 00:09:50,320 I hadn't thought about outside of a show perspective. Praise the Lord. I love that. 116 00:09:51,760 --> 00:10:01,440 Yeah. That's my Southern heart right there. Absolutely. Okay. So again, it's not billions. 117 00:10:01,440 --> 00:10:08,880 It's not all hedge funds and all that. What is it? Yeah. So I think the first thing that I always 118 00:10:08,880 --> 00:10:15,040 tell people about finance in general is that, you know, we talk about all this business stuff. We 119 00:10:15,040 --> 00:10:18,880 talk about, I mean, in finance, we're talking specifically about money and investments and, 120 00:10:19,520 --> 00:10:24,480 you know, cash flows and balance sheets and all of this. But all of these things that we talk about 121 00:10:24,480 --> 00:10:31,280 with money at the end of the day have nothing at all to do with money, right? That finance just 122 00:10:31,280 --> 00:10:38,000 facilitates the accomplishment of real things in the real world, whether it's a business or whether 123 00:10:38,000 --> 00:10:44,240 it's an individual or whether it's a non-for-profit organization or whatever it is. And so the first 124 00:10:44,240 --> 00:10:53,200 thing that finance is about has to be people. And I think when finance goes wrong, we forget that, 125 00:10:53,200 --> 00:10:57,760 right? Those are the times when finance has gone really wrong is when we forget that it's 126 00:10:58,480 --> 00:11:04,240 primarily about people and it's about accomplishing real things. And to accomplish things, 127 00:11:04,240 --> 00:11:09,840 you have to have resources to do that, right? And so you need to organize labor, right? You need 128 00:11:09,840 --> 00:11:15,280 people to do things. You need to organize capital, which is just resources that have been saved up 129 00:11:15,280 --> 00:11:21,200 in the past. And you need to deploy those resources in order to kind of accomplish the vision that 130 00:11:21,200 --> 00:11:26,720 you want to accomplish. Whatever it is, but finance is about the facilitation of the organization of 131 00:11:26,720 --> 00:11:32,080 those resources, right? That's ultimately what finance is about. And exactly where you want to 132 00:11:32,080 --> 00:11:38,800 sit in finance is a big question. So, you know, like I spent and still spend a long time in the 133 00:11:38,800 --> 00:11:43,200 family office space, which is, I know you're familiar with the family office space. I don't 134 00:11:43,200 --> 00:11:50,400 want to, I don't want to explain anything. Teach me. Yeah. Yeah. Right. Yeah. When you're very, 135 00:11:50,400 --> 00:11:56,320 very wealthy, you know, like hundreds of millions of dollars, wealthy billionaire status, 136 00:11:57,440 --> 00:12:02,480 you hire professionals to work on just your financial picture. So you hire an investment guy 137 00:12:02,480 --> 00:12:08,880 or gal, you hire an accountant, you hire bookkeepers, you hire, you know, someone to manage 138 00:12:08,880 --> 00:12:14,000 your, your family dynamics, for example, like all of these things, whatever it is you need doing. 139 00:12:14,000 --> 00:12:19,200 And then that group of people is called the family office, right? And if you have, 140 00:12:19,200 --> 00:12:24,400 Oh yeah. I did not grow up with this environment. I didn't mean it, man. I grew up lower middle 141 00:12:24,400 --> 00:12:30,720 class, right? Like, so this was all eye opening for me, but yeah. And if you think about it, 142 00:12:30,720 --> 00:12:36,800 like when you have three quarters of a billion dollars, you know, that's basically a business 143 00:12:36,800 --> 00:12:41,600 you're running. That's all absolutely. And you very often own businesses, right? And so that's an 144 00:12:41,600 --> 00:12:46,240 added piece of the equation. So, so I spent quite a while in the family office. You're giving me 145 00:12:46,240 --> 00:12:55,600 life goals now, by the way, have a family office space. Oh, and so I was most recently the chief 146 00:12:55,600 --> 00:13:01,200 investment officer for a family. I was their investment guy and we had a little team and 147 00:13:01,200 --> 00:13:08,160 everything. I forgot where I was going with this train of thought, but yeah, no, but- 148 00:13:08,160 --> 00:13:09,680 That's my fault for interrupting you. 149 00:13:09,680 --> 00:13:14,240 Yeah, that's right. That's right. It's such a small train in such a big space, you know, it gets lost. 150 00:13:15,840 --> 00:13:23,440 No, no. So I think I was going here. So like, if you're like on my side, I now run an REA. So I 151 00:13:23,440 --> 00:13:27,680 do financial planning and investment management for individuals and for wealthy families. 152 00:13:29,120 --> 00:13:35,040 You know, that's a different zone of finance. So it's an interesting overlap between understanding 153 00:13:35,040 --> 00:13:40,320 people and understanding investments and understanding numbers, right? And you really need 154 00:13:41,440 --> 00:13:45,440 both of those types of folks. And then of course, there's investment banking, which is a whole 155 00:13:45,440 --> 00:13:49,760 different world. And then there's, you know, fund management, which is a whole different world. So, 156 00:13:49,760 --> 00:13:54,400 you know, if someone's looking to get into finance, it is its own universe of things to do. 157 00:13:55,360 --> 00:13:59,840 It is. And I'm really glad that you highlighted that. That is mind blowing for anybody who hasn't 158 00:13:59,840 --> 00:14:05,680 heard that they have the opportunity, they're mind blowing. And here's why. I think the conversation 159 00:14:05,680 --> 00:14:12,960 of the difference between the rich and the poor, you know, is so over generalized that it's often 160 00:14:12,960 --> 00:14:18,560 just becomes kind of a shouty match without very much productivity. But the productivity comes from 161 00:14:18,560 --> 00:14:25,360 exploring the difference in lifestyles and how the systems processes function. And you're talking 162 00:14:25,360 --> 00:14:29,600 about a system that I think most people haven't heard of or paid attention to. I had never heard 163 00:14:29,600 --> 00:14:35,600 of it. You know, I hadn't reached that level, but now it gives me insight into, oh, that makes a lot 164 00:14:35,600 --> 00:14:39,600 of sense. You know, I've thought of, you know, everybody knows you've got a wealth advisor or 165 00:14:39,600 --> 00:14:45,440 finance advisor, but I had never heard the term of the family office space. And I've thought about 166 00:14:45,440 --> 00:14:51,920 personal chef, you know, and the fact that somebody might have a personal chef, but you've 167 00:14:51,920 --> 00:14:57,920 alluded to the greater team at work that's there to coach, maintain and move things forward. And so 168 00:14:57,920 --> 00:15:03,520 why do they get the rich get richer? A lot of times it's because of the infrastructure that's 169 00:15:03,520 --> 00:15:09,760 supporting the way that they've built their dynasties. It's taken for granted. Yeah. And I 170 00:15:09,760 --> 00:15:16,880 don't want to, I mean, not to cut you off. So I would actually argue that, you know, very wealthy 171 00:15:16,880 --> 00:15:21,680 folks, so especially, especially wealth creators. So people who start a business that grows very 172 00:15:21,680 --> 00:15:28,720 large, which is almost always how family offices start. You know, they have, because like I said, 173 00:15:28,720 --> 00:15:33,680 I grew up lower middle class, right? But very wealthy people have a different way of thinking 174 00:15:33,680 --> 00:15:40,320 about the world than the rest of us do. So like I was raised with the power of thrift, right? If 175 00:15:40,320 --> 00:15:44,960 you want a beach house in Florida, you live below your means and you save your money for 30 years, 176 00:15:44,960 --> 00:15:48,400 and you can retire to a beach house in Florida. Congratulations. I mean, that's what I was taught, 177 00:15:48,400 --> 00:15:53,680 right? Like the world is static. You make this much, you, you, you know, a beach house costs this 178 00:15:53,680 --> 00:15:59,440 much, you have to save this much. And that's just not how extremely wealthy people think. To them, 179 00:15:59,440 --> 00:16:04,560 money is just a problem to solve. It's just another resource that you have to bring to bear to get 180 00:16:04,560 --> 00:16:10,080 what to accomplish your goals, right? So using this simple example, like if, if you want a beach 181 00:16:10,080 --> 00:16:14,960 house in Florida, you know, you'd look around and say, okay, who has the capital? What bank will lend 182 00:16:14,960 --> 00:16:19,360 money against it? Let's put it in an LLC. We'll throw that thing on Airbnb. We'll cashflow it. 183 00:16:19,360 --> 00:16:24,000 And I've got a free beach house in Florida today. Like that's how, that's how that mindset works. 184 00:16:24,000 --> 00:16:30,240 And the way I sum this up, and this was the most powerful lesson, you know, having operated in this 185 00:16:30,240 --> 00:16:35,200 environment for a while now, this is the most powerful lesson to me. It's just that the world 186 00:16:35,200 --> 00:16:41,600 is malleable. It's not static with enough energy and with enough capital, with enough resources, 187 00:16:41,600 --> 00:16:49,120 with enough vision. You really can change your world. And once you change the world kind of 188 00:16:49,120 --> 00:16:55,280 immediately around you, you can influence and change the wider world. And that's, that's both 189 00:16:55,280 --> 00:16:59,920 comforting and kind of scary, right? Because it's, it's sort of easy to sit back and say, well, the 190 00:16:59,920 --> 00:17:03,920 world just is what it is, right? I have no responsibility for it. You have no responsibility 191 00:17:03,920 --> 00:17:09,840 for it. There's nothing we can do about it. And so the first difficult thing is showing up and saying, 192 00:17:09,840 --> 00:17:14,480 well, no, if there's something I don't like about the world, I actually could change it if I wanted 193 00:17:14,480 --> 00:17:22,080 to. I just choose not to. So there's a kind of moral weight that comes with that, right? And then 194 00:17:22,080 --> 00:17:28,560 secondly, it shifts blame. So now it's much harder to look around and say, you know, I'm just not 195 00:17:28,560 --> 00:17:34,240 there because of fill in the blank instead of saying, well, I'm just choosing not to solve the 196 00:17:34,240 --> 00:17:40,400 problems I need to solve. And that's just a different one entirely. I love the example that 197 00:17:40,400 --> 00:17:45,360 you gave. There's a lot of depth to what you said. The way you started that phrase though, you said, 198 00:17:45,360 --> 00:17:50,800 you said, I would argue that I caught it. It was all harmonic. Like there's a lot of harmony in 199 00:17:50,800 --> 00:17:55,360 what you said, harmonic and what you said. So what was the argument? Cause I missed that part. What 200 00:17:55,360 --> 00:18:01,120 were you arguing against? Well, I think not everyone views the world that way, right? Oh, 201 00:18:01,120 --> 00:18:06,480 correct. Yeah. There's, there's a lot of folks who kind of view the world as static or as 202 00:18:06,480 --> 00:18:16,480 as oppressors and oppressed or as you versus me or as us versus them or whatever. Right. And, 203 00:18:16,480 --> 00:18:25,600 and rather than viewing the world as changeable. And that's, I don't, I don't think that's a popular 204 00:18:25,600 --> 00:18:30,640 nor common belief today. Have you read tribal leadership? I haven't read tribal leadership. 205 00:18:30,640 --> 00:18:36,080 You almost quoted the, the basis of that book. And it's amazing. So yeah, it's, 206 00:18:36,080 --> 00:18:40,720 it's a good one. It's a really, really good one. Okay. So let's, let's dive in then I'll let you 207 00:18:40,720 --> 00:18:45,280 write for a minute, but what would, what, how would you describe your vision for those that you serve? 208 00:18:46,160 --> 00:18:54,960 Yeah. That's a big question. How much time we got to 20 seconds. Okay, great. Oh, good. Perfect. 209 00:18:56,400 --> 00:19:02,720 No, no. So, you know, I started, I left the family office space and started my 210 00:19:02,720 --> 00:19:08,960 RAA because, but for a lot of reasons, but the main reason is because I feel like I clearly see 211 00:19:08,960 --> 00:19:14,400 where this business is headed over the next 10 to 20 years. And not only did I want to get ahead of 212 00:19:14,400 --> 00:19:19,520 it, but I wanted to help build it. And that was, that was meaningful for me. It was exciting to me. 213 00:19:19,520 --> 00:19:25,440 It was what wakes me up in the morning. And, and, you know, basically to just sketch out the vision 214 00:19:25,440 --> 00:19:30,480 in a nutshell, what I was doing in a family office was, was building fully customized investment 215 00:19:30,480 --> 00:19:35,840 portfolios and monitoring them and talking to people about these are your ethical constraints 216 00:19:35,840 --> 00:19:39,280 and these are your ethical constraints. Cause those are different. And talking about what your 217 00:19:39,280 --> 00:19:44,320 goals are and what we're trying to accomplish and educating and all of that stuff. But I was doing 218 00:19:44,320 --> 00:19:51,200 it for just a handful of people, right? Not, not a wider world of people because I'm expensive, 219 00:19:51,200 --> 00:19:58,000 you know, if you want me to sit and just build custom portfolios for you, that's, that's not cheap. 220 00:19:58,000 --> 00:20:02,800 But what I believe is going to happen over the next 10 to 20 years is we're going to start rolling 221 00:20:02,800 --> 00:20:09,440 that out for everybody. So, you know, we'll be able to sit down with Jackson and say, okay, here's 222 00:20:09,440 --> 00:20:14,800 your exact tax situation. Here's your financial goals. Here is your ethical constraints. Like, 223 00:20:14,800 --> 00:20:19,760 for example, I have a client whose father fought in World War II. She doesn't want to own any 224 00:20:19,760 --> 00:20:26,240 Japanese stocks. Okay. Now that's not my ethical constraint, right? But it's hers and it's not my 225 00:20:26,240 --> 00:20:31,520 job to sit there and say, well, this is dumb, you know, no, it's my job to say, this is your concern. 226 00:20:31,520 --> 00:20:36,720 This is what you're willing to sacrifice for it. I'm going to execute it. Right. And I think this 227 00:20:36,720 --> 00:20:40,640 is a place where financial services, I'm going down a tangent here, but I hope that's right. 228 00:20:40,640 --> 00:20:48,800 I like where financial services is really messed up because we have approached the ethical investing 229 00:20:48,800 --> 00:20:55,760 revolution. In the same way we've approached every other investment issue, which is we're going to 230 00:20:55,760 --> 00:21:00,800 build these monolithic products and we're going to tell you what an ethical investing is. And your 231 00:21:00,800 --> 00:21:06,800 job is to buy it. And if you don't buy it, you're not investing ethically. Right. And I think what 232 00:21:06,800 --> 00:21:13,760 bothers me about that is like everyone's, everyone's vision of, and everyone's kind of concerns in life, 233 00:21:13,760 --> 00:21:18,560 everyone's heart is a little bit different. Right. And just because yours maybe bends more towards 234 00:21:18,560 --> 00:21:22,640 social issues and mine bends more towards environmental issues, doesn't mean that you're 235 00:21:22,640 --> 00:21:27,360 right and I'm wrong. It just means that we have a different vision of what we want the world to look 236 00:21:27,360 --> 00:21:33,200 like. Right. Right. So what I view my job is, is to give you the tools to express that in your 237 00:21:33,200 --> 00:21:38,400 investments alongside all of your other goals, your financial goals. You want to retire, send your 238 00:21:38,400 --> 00:21:44,800 kids to college, buy a vacation home and so on and so forth. So anyway, back coming back from the 239 00:21:44,800 --> 00:21:48,960 tanning. I love it. Yeah. You know, we'll be able to sit down with Jackson and all the things that 240 00:21:48,960 --> 00:21:54,080 make you unique, that make you completely you. We can build into an investment portfolio and then 241 00:21:54,080 --> 00:21:59,600 execute that. Right. And then you have a fully custom portfolio that's being monitored and run 242 00:21:59,600 --> 00:22:05,840 on a day-to-day basis. Now I can't do that now because I can't scale it, but the answer is 243 00:22:05,840 --> 00:22:11,840 technology. So, you know, building the technology currently to, to be able to execute this vision 244 00:22:11,840 --> 00:22:16,800 of what it needs to look like. And if you, if you'll allow me, I mean, what I'm excited most about 245 00:22:16,800 --> 00:22:24,320 is that when you give people the tools to express themselves, not just financially, but also 246 00:22:24,320 --> 00:22:31,200 ethically and socially, and, you know, reflecting all the things that make you unique that aggregates, 247 00:22:31,200 --> 00:22:35,520 right? So, so you have those tools, I have those tools, everybody has those tools that all aggregates. 248 00:22:36,080 --> 00:22:41,920 And now, you know, prices in financial markets reflect not just all fundamental economic data, 249 00:22:41,920 --> 00:22:46,480 but also all of the ethical and social data of the society in which it operates as well. 250 00:22:47,040 --> 00:22:52,800 And I think that could be capitalism's greatest moment because, you know, we might be able to 251 00:22:52,800 --> 00:22:58,480 finally look at financial markets and say, yes, that is an accurate reflection of our society. 252 00:22:58,480 --> 00:23:02,880 Now we may not agree with what we see in the mirror. We may not like it, but we can at least 253 00:23:02,880 --> 00:23:07,360 say that's an accurate picture. And I think that's the part that's most exciting to be. 254 00:23:07,360 --> 00:23:14,400 That is a mega vision. That was awesome. And here's what's, here's one of the things that's fun 255 00:23:14,400 --> 00:23:20,960 about this for me, because you're cracking paradigms with like a Thor-like hammer. 256 00:23:22,000 --> 00:23:27,440 And I'm going to, I'm going to expand on that. So if this podcast were big enough, for instance, 257 00:23:27,440 --> 00:23:33,200 and Fox News, CNN, and others were to get a hold of this, one of the things that would probably 258 00:23:33,200 --> 00:23:40,400 happen for the sake of driving clicks and conflict and drama, because that's what we love to judge 259 00:23:40,400 --> 00:23:45,840 as human beings. We have, we have been bench pressing to the max our ability to judge others 260 00:23:45,840 --> 00:23:51,200 and how others do things. Right. So when I was saying, I love that, you know, like, wow, like I 261 00:23:51,200 --> 00:23:57,440 said it twice. It would be very easy for somebody to twist my words and say, oh, Jackson loves the 262 00:23:57,440 --> 00:24:01,760 fact that she's not willing to invest in Japanese companies. Jackson must be a real estate agent. 263 00:24:01,760 --> 00:24:05,840 She's not willing to invest in Japanese companies. Jackson must be a racist, you know, against 264 00:24:05,840 --> 00:24:11,280 Japanese people. And it's like, that's the context of what I said, even though the two statements 265 00:24:11,280 --> 00:24:19,280 were close together. But we have this, we have this, we have this super strong ability to judge 266 00:24:19,280 --> 00:24:26,640 and desire to protect ourselves. Yet our strengths often become our greatest weaknesses as well. 267 00:24:26,640 --> 00:24:32,800 We could use more voices like yours, Franklin, that are willing to tell, like help people see 268 00:24:32,800 --> 00:24:40,240 that, wait a second, maybe we need to take a step back from judging so harshly, realize that we all 269 00:24:40,240 --> 00:24:46,800 have certain biases and make some space for the reality that if, you know, if you feel a sense of 270 00:24:46,800 --> 00:24:51,520 stranger danger, then you may not be, you may not be comfortable with moving forward to said entity. 271 00:24:51,520 --> 00:24:58,480 For instance, I can't invest in a, in a Chinese company if they only speak Chinese. I don't speak 272 00:24:58,480 --> 00:25:03,040 Chinese. I wouldn't understand what I'm doing. That's not, that's not a racist thing. That's 273 00:25:03,040 --> 00:25:08,000 just because I don't know. I can't possibly comprehend what the heck is going on. So there's, 274 00:25:08,000 --> 00:25:13,920 there's more to this equation and more depths to this than online. We're often willing to 275 00:25:14,880 --> 00:25:20,320 allow ourselves to dig into as, as humanity. So I'm all for your vision. I'm excited to see it 276 00:25:20,320 --> 00:25:27,200 kind of blow our paradigms open. Yeah, me too. I, like I said, it's, it's, it's a hard problem to 277 00:25:27,200 --> 00:25:32,880 solve is what I'm finding, but, but I think hard things are most often the things worth doing. So 278 00:25:32,880 --> 00:25:37,760 they're worth it. Absolutely. Nobody wants to play soccer if there's no opposing team, 279 00:25:37,760 --> 00:25:41,680 you know, maybe for maybe for 30 seconds, you know, but then you're done and you're bored. It's like, 280 00:25:41,680 --> 00:25:46,560 what the heck, man, this isn't fun. So we don't love to win as much as we think we do as human 281 00:25:46,560 --> 00:25:53,680 beings. We love competition. We love challenge. My own, again, humble opinions. What's your vision 282 00:25:53,680 --> 00:26:00,560 for you? And specifically not the path. What's the outcome? What's it? What's that look like? 283 00:26:01,120 --> 00:26:05,920 No, for me, world domination, you know, I know that's probably an, I'm just kidding. 284 00:26:06,880 --> 00:26:12,720 I've had the opportunity to think quite a lot about what I think my life, what I would like 285 00:26:12,720 --> 00:26:17,600 my life to look like. Right. And, and I'm, I have kind of come to this, like, this is how I distill 286 00:26:17,600 --> 00:26:25,600 it. I'm a big believer in constructing a life that you enjoy living. You have to do that. And 287 00:26:25,600 --> 00:26:31,680 work is a big part of that, you know, I mean, and I, I'm not a big believer in this whole work life 288 00:26:31,680 --> 00:26:39,680 balance idea. I think that, you know, that's a new modern, very Western idea that you separate work 289 00:26:39,680 --> 00:26:46,320 from your life. Everywhere else in human history, you know, they're always interlinked. Right. Yeah. 290 00:26:47,760 --> 00:26:51,360 Now that's not to say that you should never see your kids, for example. I'm not, I'm not saying 291 00:26:51,360 --> 00:26:56,720 that. I'm just saying that, you know, there are times when work demands more of me. And there are 292 00:26:56,720 --> 00:27:01,840 times when it demands less of me. And I'm okay with that as long as I enjoy the work. Right. 293 00:27:02,720 --> 00:27:08,000 You always have to do your chores, but, you know, as long as you are enjoying the work. And for me, 294 00:27:08,000 --> 00:27:13,600 that is building meaningful things or things that I find meaningful. Now, what you find meaningful 295 00:27:13,600 --> 00:27:17,920 might be a little bit different. And that's great because, you know, I need someone to build an 296 00:27:17,920 --> 00:27:22,400 iPhone for me. I'm not going to do that. I need someone to be excited to get up on Monday and do 297 00:27:22,400 --> 00:27:25,360 that. And I'm going to build the thing I'm excited about. And you build the thing you're excited 298 00:27:25,360 --> 00:27:29,440 about, but ultimately you need to be excited about something. You need to be getting up every day, 299 00:27:29,440 --> 00:27:36,320 excited to go to work on Monday. Because look, man, you only get so many laps around the sun and work 300 00:27:36,320 --> 00:27:42,480 is such a huge piece of your life that if you're going in every day and it's destroying your soul, 301 00:27:43,120 --> 00:27:48,560 like, I don't know. I mean, I know you got to eat, but let's start laying plans and developing a 302 00:27:48,560 --> 00:27:54,080 vision for where we can go from here, because I don't think I could do that forever. But then 303 00:27:54,080 --> 00:27:58,480 also like, yeah. We have more options than we're willing to admit, you know, like, I mean, 304 00:27:58,480 --> 00:28:03,440 I get it that some people, there's a risk involved. There's a massive sacrifice involved, but I mean, 305 00:28:03,440 --> 00:28:10,800 if you're a miner in a mining town and there's no other job, move. I'm sorry, but I don't want to 306 00:28:10,800 --> 00:28:15,040 sit to scream at you like, like it's your fault or something, or I don't get it. I have my own 307 00:28:15,040 --> 00:28:20,560 challenges too. And I certainly, I don't have the struggle of having to be a miner, right? And 308 00:28:20,560 --> 00:28:25,600 having to go through that. But there are records and historical records of lots of people who made 309 00:28:25,600 --> 00:28:31,360 the choice to make new things happen with their life. Some of them, it didn't work out. Some of 310 00:28:31,360 --> 00:28:37,200 it didn't work out. Some of it did. I empathize to the best ability possible, but you're not, 311 00:28:37,200 --> 00:28:40,640 we're not, in most of our cases, our cases aren't that, especially for listening to a podcast, 312 00:28:41,200 --> 00:28:45,840 we have the ability to move, to do things different. It comes back to this idea that the 313 00:28:45,840 --> 00:28:50,400 world is malleable, right? I mean, to use your example, if you're living in a mining town, 314 00:28:50,400 --> 00:28:55,120 everyone around you a miner, you've been a miner. And now the town shutting down. It's like, 315 00:28:55,120 --> 00:29:01,280 I mean, you can accept that this is just how the world is, or you can say, maybe I can change it 316 00:29:01,280 --> 00:29:06,560 and what problems would I need to solve to get to where I want to be. Now, maybe that means I can't 317 00:29:06,560 --> 00:29:11,600 quit tomorrow because I need to eat tomorrow. Look, I'll step off my high horse for a minute too, 318 00:29:11,600 --> 00:29:16,160 with that. I want to, I want to retract a little bit. I'm just super grateful for my great, great 319 00:29:16,160 --> 00:29:20,560 grandpa or great, great, great grandpa, whichever one it was. Our family was hit by the dust bowl 320 00:29:20,560 --> 00:29:27,760 in Oklahoma. We, they moved, there was no option. You move. That was it. Because they made the 321 00:29:27,760 --> 00:29:32,160 decisions that they made, I've been blessed with a life that I've been blessed with. And so while 322 00:29:32,160 --> 00:29:35,520 they may have been a forced move and maybe they wouldn't have moved under certain circumstances, 323 00:29:36,160 --> 00:29:41,200 they still were able to do it. And because of that way exists. So yeah, well, they were willing to 324 00:29:41,200 --> 00:29:47,680 get in the wagon or whatever and head south. And as a side note, every summer in Dallas, I'm like, 325 00:29:47,680 --> 00:29:53,520 I don't understand why anybody settled here. Why in Dallas is brutal. You think the 1st July would 326 00:29:53,520 --> 00:29:56,240 come around and they'd be like, back in the wagon, we're going north. 327 00:29:58,240 --> 00:30:01,840 Right. Old Yeller shows you a lot of that too. It's like, oh, that would have been hard. 328 00:30:02,320 --> 00:30:07,360 Yeah, exactly. Exactly. Anyway, so I don't know. But yeah, but it's just back to this idea that 329 00:30:07,360 --> 00:30:12,160 the world is malleable and your world is malleable. You just have to kind of show up and, 330 00:30:12,160 --> 00:30:18,800 and solve problems. You saw the Martian, right? The movie. Okay. Yeah. Yeah. That's 331 00:30:18,800 --> 00:30:22,880 one. We're ruining it for everybody. Matt Damon ends up being like, whoa, no. 332 00:30:22,880 --> 00:30:27,200 Yeah. Yeah. The book is great, by the way. I couldn't put the book down, but 333 00:30:28,160 --> 00:30:32,800 there's this great quote at the end of the movie that is fantastic. He's kind of like talking to, 334 00:30:32,800 --> 00:30:37,280 you could tell he's sort of aged a bit and he's talking to this crew of new astronauts. 335 00:30:37,280 --> 00:30:41,360 And he says something along the, I'm going to butcher the quote, but it's something along the 336 00:30:41,360 --> 00:30:45,760 lines of, look, you just solve the problem in front of you and then you solve the next problem. 337 00:30:45,760 --> 00:30:50,160 And then you solve the next problem. And if you solve enough problems, you get to come home. 338 00:30:50,880 --> 00:30:56,160 Right. And I love that because that is, that's life, right? Like you, you're never going to 339 00:30:56,160 --> 00:30:59,760 not have problems. And I have worked with the wealthiest people in the world. I'm telling you 340 00:31:00,320 --> 00:31:02,880 the problems don't go away. They just have more zeros attached to them. 341 00:31:02,880 --> 00:31:07,760 Right. It's, it's the same. We're all dealing with the same nonsense. It's just life. And you got 342 00:31:07,760 --> 00:31:13,440 to show up and just solve the problems as best you can. Absolutely. And I love that you talked 343 00:31:13,440 --> 00:31:17,600 about times you go around the sun, alluding to the reality that we have this journey that we can 344 00:31:17,600 --> 00:31:24,080 choose to make the most of, you know, or not. But then you use the word you need to, I don't 345 00:31:24,080 --> 00:31:27,600 normally tell people what to do, but I think it's a very well-placed need. It's like, you're only 346 00:31:27,600 --> 00:31:31,200 hurting yourself. You're hurting yourself. You're hurting yourself. You're hurting yourself. You're 347 00:31:31,200 --> 00:31:35,760 hurting yourself. If you're not allowing yourself to break free from your limiting paradigms. So 348 00:31:35,760 --> 00:31:40,240 with that said, what's your worst leadership experience ever, frankly? 349 00:31:40,960 --> 00:31:47,760 Oh man, you're hitting me. Yeah, no real, seriously. I think I need something stronger in my cup here. 350 00:31:49,280 --> 00:31:56,720 No, I tell you, I have been, I've been on the receiving end of, of poor leadership 351 00:31:56,720 --> 00:32:02,320 before. And I've been on the receiving end, especially in finance. Like this is a, this is 352 00:32:02,320 --> 00:32:08,640 a business where, you know, rent seeking is extremely common. So, so like not adding value 353 00:32:08,640 --> 00:32:14,320 is what I mean by that. And it's just a business where people have been around a long time. They've 354 00:32:14,320 --> 00:32:18,480 always done it one way and their clients never leave. And so they just continue to collect the 355 00:32:18,480 --> 00:32:22,480 check and don't really add much value. Right. So I call that rent seeking. I thought that was all 356 00:32:22,480 --> 00:32:29,040 finance. I'm sorry. Go ahead. No comment. Anyway, but so, so I've been on the receiving end of poor 357 00:32:29,040 --> 00:32:34,720 leadership, but, but I would actually attribute that less to poor leadership and maybe to, to no 358 00:32:34,720 --> 00:32:40,800 vision, right. To places where the answer is always just, you know, why are you rocking the boat? Why 359 00:32:40,800 --> 00:32:46,000 are you trying to do something different? You know, we've got to do something different. You know, 360 00:32:46,000 --> 00:32:50,720 we've got to do something different. We've got to do something different. We've got to do something 361 00:32:50,720 --> 00:32:54,800 trying to do something different. You know, we've, we've, this is how we do it. This is how we've 362 00:32:54,800 --> 00:33:01,600 done it since 19 blackie. We're not going to change it. And, and I think that that breeds an 363 00:33:01,600 --> 00:33:10,000 environment of, you know, not stagnation is true, but it, but it, it just sucks the life out of the 364 00:33:10,000 --> 00:33:14,000 room. You know what I mean? We're not building worse than stagnation. You're right. Yeah. We're 365 00:33:14,000 --> 00:33:21,200 not going anywhere, right? We're just, we're just cutting checks basically. And it's just an icky 366 00:33:21,200 --> 00:33:26,400 place to be. I don't like it. I don't like it. I don't recommend it. It's a universal representation 367 00:33:26,400 --> 00:33:32,000 too, that pretty much most people can understand. And yeah, if that's your culture is one of a safe 368 00:33:32,000 --> 00:33:37,280 house, you know, let's just ride this out. You know, the safe house is the last place on earth 369 00:33:37,280 --> 00:33:44,560 you want to be. You don't want to be in that type of an environment. And so that's a, that's big. 370 00:33:44,560 --> 00:33:49,120 You said rent seeking, not adding value. I'll let go of the other thing that you said there. 371 00:33:49,120 --> 00:33:51,920 We're going to move on to the best. There was something there that I really wanted to hit, 372 00:33:51,920 --> 00:33:56,320 but that's all right. I digress. What's your best leadership experience look like? 373 00:33:56,320 --> 00:34:07,600 Hmm. Hmm. Yeah, again, that's, that's another tough question. You know, and unfortunately I've, 374 00:34:07,600 --> 00:34:17,120 I've really not had a lot of opportunity to see excellent leadership at work. I have seen good 375 00:34:17,120 --> 00:34:23,760 leadership here and there, and I've had good bosses, don't get me wrong. But I just really 376 00:34:23,760 --> 00:34:29,360 link this idea of, of strong vision, powerful vision to good leadership. I think that's a key, 377 00:34:30,880 --> 00:34:35,280 a key component to any good leadership experience. And, um, 378 00:34:35,280 --> 00:34:41,680 Thanks for the podcast endorsement. Appreciate that. Vision pros and we were hitting it every day. 379 00:34:43,120 --> 00:34:50,160 You're welcome. Yeah, that's right. I've given you as many Google keywords as I can. Yeah, exactly. 380 00:34:50,160 --> 00:34:55,200 Oh, that's great. Keep going. Strong vision leads to the strong leadership. And have you, 381 00:34:55,200 --> 00:34:56,880 have you seen that? Where have you seen that at play? 382 00:34:58,640 --> 00:35:03,520 You know, I have seen it in the people that I have. So I haven't actually directly experienced it, 383 00:35:03,520 --> 00:35:09,200 but I've witnessed it right from the outside. So, um, you know, I've had clients who I've really 384 00:35:09,200 --> 00:35:14,880 admired in terms of what they've done and what they've been able to accomplish and what they've 385 00:35:14,880 --> 00:35:22,320 been able to organize. Right. So, uh, what's amazing to me is like, we kind of see business 386 00:35:22,320 --> 00:35:28,240 as complicated. I don't know why it has that, that ethos about it because it's not, 387 00:35:28,240 --> 00:35:33,200 it's not that complicated. And I have seen folks like, there's this one guy, I know he dropped out 388 00:35:33,200 --> 00:35:37,920 of college and, uh, you know, he was kind of just scrapper. He was out just scrapping together 389 00:35:37,920 --> 00:35:43,920 stuff and trying to make things work. Um, and he probably tried 50 things before he found the thing 390 00:35:43,920 --> 00:35:50,720 that he's doing now. Um, and he just kind of built up this little manufacturing company out of nothing. 391 00:35:50,720 --> 00:35:56,400 And now it's a $30 million a year business. And, you know, he's not that sophisticated. 392 00:35:56,400 --> 00:36:01,280 He knows his business really well, but you know, it wasn't because he sat down and ran an Excel 393 00:36:01,280 --> 00:36:05,920 model and did all these stress tests on it, that that's why he's in this business. No, he just 394 00:36:05,920 --> 00:36:11,360 showed up every day and scrapped it together and solve problems and figured it out and made it work. 395 00:36:11,360 --> 00:36:15,440 And then, then what he found was that he's, he's in this business and he understands this business 396 00:36:15,440 --> 00:36:20,720 and he understands the industry he's in. And he's been able to kind of chart this course and, and 397 00:36:20,720 --> 00:36:27,200 develop this, this kind of destination of where he wants to go. Um, and man, it's, it's really 398 00:36:27,200 --> 00:36:31,040 something. I mean, you walk into his place and his employees are excited to be there. They're 399 00:36:31,040 --> 00:36:36,960 energized, you know, they, they like them. They think he's the smartest man on earth and, and he's 400 00:36:36,960 --> 00:36:43,680 killing it, you know? And I think I really respect stuff like that because like I said, we have this 401 00:36:43,680 --> 00:36:48,160 image that if you don't have an MBA, you probably can't own a business. And that's just total BS, 402 00:36:48,160 --> 00:36:54,560 man. Like you buy something for X, you sell it for more than X, you do that enough and you're in 403 00:36:54,560 --> 00:36:59,680 business. That's it. Right. Those are, those are separate territories to me, but man, I want to, 404 00:36:59,680 --> 00:37:05,120 I want to get some boxing gloves for this show and be like, okay, it's spar time. We're, we're 405 00:37:05,120 --> 00:37:11,760 in the ring now. And I want to prelude that dude, you can knock me out, you know, in this as well. 406 00:37:11,760 --> 00:37:17,920 Like this is legit, but we have our first battle. Um, and, and that is related to, and so let's have 407 00:37:17,920 --> 00:37:24,960 a healthy battle on this business is not complicated. I think that's, I guess baloney. Um, and, but I 408 00:37:24,960 --> 00:37:30,880 come from, I come from a business world or on the marketing front. So many people right now are 409 00:37:30,880 --> 00:37:39,120 selling easy, cheap, simple, and they're, they're over promising and drastically under delivering. 410 00:37:39,120 --> 00:37:43,760 We have a 96% failure rate in the country, um, over the last 50 plus years in business. 411 00:37:44,320 --> 00:37:50,800 And we have a 4% survival rate, not a 4% success rate. We have a 4% survival rate. And out of those, 412 00:37:50,800 --> 00:37:55,680 the, the, the number of businesses are actually crushing it and have what you talked about, 413 00:37:55,680 --> 00:38:02,080 the appreciation of work in life. Yeah. Yeah. We'd have a hard time naming companies where we agree 414 00:38:02,080 --> 00:38:07,840 that they have that, um, you know, naming any companies, um, let alone a bunch of companies. 415 00:38:07,840 --> 00:38:14,240 Um, so, but to digress a little bit, you're, you're right to me. I agree with you that, 416 00:38:14,240 --> 00:38:19,360 no, you don't need the NBA. Um, and we, we need to become our own visionaries in order to know what 417 00:38:19,360 --> 00:38:22,800 we need. You know, it's, it's, Franklin doesn't have the answer. I don't have the answer for you. 418 00:38:22,800 --> 00:38:28,080 You listening, you have the answers. If you can tune into your own heart and mind and learn how 419 00:38:28,080 --> 00:38:33,440 to become self-aware enough to do that. And it might take you 60 years. It might take you six years. 420 00:38:33,440 --> 00:38:37,440 You might never make it. That's not the point. Again, it's back to that journey concept, 421 00:38:37,440 --> 00:38:45,680 but here's, here's what I say about the battle. Business is simple. It's very, it is very simple. 422 00:38:45,680 --> 00:38:53,360 The challenge though about business is business is a recipe book of over 300 simple recipes. And 423 00:38:53,360 --> 00:38:59,600 you have to learn how to make those recipes on time at the right temperature for the right person, 424 00:38:59,600 --> 00:39:06,560 for the right reason, at the right price. And there in lies the complexity. You're doing complex 425 00:39:06,560 --> 00:39:10,960 things. Like you mentioned, you're going to, you're going to destroy your chance of success. 426 00:39:10,960 --> 00:39:14,160 Oh man. I have so much like so much there to unpack. 427 00:39:14,160 --> 00:39:18,560 Like go free to box me on it, man. So, so the, the thing that I would, 428 00:39:19,840 --> 00:39:26,400 I agree with that recipe book analogy. I think that's exactly right. And business isn't easy, 429 00:39:26,400 --> 00:39:33,280 but it's not complicated. I think is what I'm trying to say. But I will also push back on one 430 00:39:33,280 --> 00:39:39,600 thing you said, which is, you know, this, this concept of a 96% failure rate for businesses. 431 00:39:39,600 --> 00:39:47,520 Look, I would be interested to know how many of the 4% the people who had businesses that survive 432 00:39:47,520 --> 00:39:53,600 and succeed, how many of those people had started previous businesses that had failed. Right. So 433 00:39:53,600 --> 00:39:58,720 the data is actually reviewed because you don't get, you don't get one failure and you're done. 434 00:39:59,120 --> 00:40:03,600 You can fail as many times as you want. Almost. I mean, you know, there's, there's certain things 435 00:40:03,600 --> 00:40:08,320 you can't reach more. But, but look, that's the thing that I've seen. 436 00:40:08,320 --> 00:40:12,400 I'm a politician. I'd semantic you to death about what you just said, but you're good, man. I get it. 437 00:40:12,400 --> 00:40:17,200 Okay. You know, you get the concept, right? You give it a try. No, I'm just saying that like, 438 00:40:17,200 --> 00:40:22,960 like the, the numbers work for you when you need a win, right? If you're looking for a big win, 439 00:40:22,960 --> 00:40:29,200 for example, you can fail 99 times, win once and you're there. Right. That's an Alex Hermosy 440 00:40:29,200 --> 00:40:34,240 reality. He's trying to paint that big for people. Absolutely. Yeah. And then on the flip side of it, 441 00:40:34,240 --> 00:40:38,400 though, see the problem that I have always tried to solve in my career is the opposite problem. 442 00:40:38,400 --> 00:40:44,880 So once you, once like a family has a lot of wealth, you have to win every time you can't, 443 00:40:44,880 --> 00:40:51,920 you can't lose. If you lose it all once you're done, you got to start over, you know, but, but, 444 00:40:51,920 --> 00:40:57,280 but getting, you know, kind of getting the win. And this is a good stat, right? This, this is a 445 00:40:57,280 --> 00:41:04,640 stat most people don't know. So over the course of your life or of the average population's life, 446 00:41:05,600 --> 00:41:11,840 it's something like 85%. That's the vast majority of people will spend one year in the top 1% 447 00:41:11,840 --> 00:41:17,680 income earners. Right. And it's because that one year they sold a business, they sold a family 448 00:41:17,680 --> 00:41:22,640 farm, they, you know, hit it big, something happened in their life where they, they made it big and, 449 00:41:22,640 --> 00:41:29,600 they spend at least one year in that spot. There's this idea again, back to the world is 450 00:41:29,600 --> 00:41:36,000 malign. That these, that these income and wealth brackets are static and they're not, 451 00:41:36,000 --> 00:41:40,800 they're not, you move through them over time. Right. And I think that's an important 452 00:41:40,800 --> 00:41:44,880 distinction, right? Just the idea that you can fail a lot and still win. It's okay. 453 00:41:44,880 --> 00:41:51,200 It's huge. It's huge. I, I would again, argue back though, that even if you're not a big 454 00:41:51,200 --> 00:41:56,240 player, I would argue back though, that even if let's say 96% is wrong and that it's 50%, 455 00:41:58,320 --> 00:42:02,320 I'm still not, I'm not happy about that. I mean, we got things we got to fix there. 456 00:42:03,120 --> 00:42:07,920 I think that's great though. I disagree. Like you want, I mean, you don't necessarily want a high 457 00:42:07,920 --> 00:42:12,480 failure rate in the abstract, but it could also be evidence that people are just trying things all 458 00:42:12,480 --> 00:42:17,680 the time. We're just running tons of experiments. Most of them don't work, but the ones that do work 459 00:42:17,680 --> 00:42:22,640 go great. Or some of them go amazing, you know? Well, but with the, again, I think it shields, 460 00:42:22,640 --> 00:42:27,760 it's like looking, so here you got a good point. Because I like to use the hyperbolic analogy 461 00:42:28,400 --> 00:42:36,320 that if my school, my kids were in a school that had a 4% pass rate, you know, we'd move them out 462 00:42:36,320 --> 00:42:40,800 like that. You know, and most people see you, even you agree with that for sure. Yeah. As 463 00:42:40,800 --> 00:42:46,080 entrepreneurs, we accept this reality that the formulas are broken to an extent and more could 464 00:42:46,080 --> 00:42:53,040 be done about it, but it's not being done because there's no incentive for the banks to change the 465 00:42:53,040 --> 00:42:56,240 documentation that they're asking for, for getting started with loans and stuff like that. There's 466 00:42:56,240 --> 00:43:00,480 no incentives for venture capitalists to do that. They all have protections built into the contracts, 467 00:43:00,480 --> 00:43:04,320 not to drive some conspiracy. I don't think it's that. I think it's a matter of that stagnation 468 00:43:04,320 --> 00:43:10,240 that you're talking about earlier about why rock the boat, right? That things are good for people. 469 00:43:10,240 --> 00:43:15,520 They're not going to rock the boat, but there's a large majority of people that while we could, 470 00:43:15,520 --> 00:43:20,640 now, so let me digress back to my analogy. I probably wouldn't be the parent who pulled my 471 00:43:20,640 --> 00:43:28,000 kids from that school. I would be the parent who goes and tries to make a difference. That's my 472 00:43:28,000 --> 00:43:33,040 nature. And it's so against the nature of most people, even people who support me like, 473 00:43:33,040 --> 00:43:36,960 Jack, just shut up, man. And, you know, don't get your head chopped off in the process. But I 474 00:43:36,960 --> 00:43:42,320 wouldn't have a microphone if I was, you know, if I was worried about that too much, but, you know, 475 00:43:42,320 --> 00:43:47,360 we can make adjustments and changes to optimize the processes. That's what you're working on 476 00:43:48,000 --> 00:43:54,160 with your mega vision. And that's my ultimate suggestion is, no, we're not trying to shut down 477 00:43:54,160 --> 00:43:57,680 the banks or call it the wealthy from my perspective. We're trying to say, hey, 478 00:43:58,240 --> 00:44:02,000 let's make some optimizations to this process, because what would happen to our economy 479 00:44:03,280 --> 00:44:07,440 if double the amount of entrepreneurs won, given that we're already one of the strongest 480 00:44:07,440 --> 00:44:12,400 economies in the world? Yeah. I think we'd be in a much better position. 481 00:44:13,840 --> 00:44:18,720 So I don't think I disagree with anything you just said. And if you want to talk about kind of how we 482 00:44:18,720 --> 00:44:25,280 can modify systems and policies, and especially financial systems and financial policies, 483 00:44:25,280 --> 00:44:29,360 to better benefit entrepreneurs and to give people the best chance of success, 484 00:44:30,080 --> 00:44:34,320 I could talk for days about that. I've got tons of ideas and I 100% agree. 485 00:44:34,320 --> 00:44:38,160 I love to host you on our other show. Most people don't know we have one, but it's called 486 00:44:38,160 --> 00:44:45,280 PowerTake. And it's a business news show. And we can take a lot of time on that to dive into that 487 00:44:45,280 --> 00:44:52,320 particular subject without sacrificing the framework of this particular show. So we didn't 488 00:44:52,320 --> 00:44:58,640 get into powerful lesson. But if you were to share one really fast, if you had what this is the last 489 00:44:58,640 --> 00:45:03,280 chance to share a lesson with all of us on visionary opportunities and the experience, 490 00:45:03,280 --> 00:45:09,680 what would it be? I think just the world responds to action. I mean, that's all there is to it. 491 00:45:10,960 --> 00:45:18,080 You show up every day, you just do what you can do. You learn what you can learn and go. 492 00:45:18,880 --> 00:45:21,360 You don't need someone to tell you it's okay to go. Just go. 493 00:45:22,560 --> 00:45:27,280 Lot of physics. I love it. That's awesome, man. Well, Franklin, thank you for being here. Vision 494 00:45:27,280 --> 00:45:33,360 Pros. I hope you gained as much out of this as I did. Feel free to like, subscribe, comment. That 495 00:45:33,360 --> 00:45:37,280 certainly helps. Share this with friends that might benefit from it. If you want to connect with 496 00:45:37,280 --> 00:45:42,640 Franklin as well, what's the best way to reach you? Yeah, I'm on Twitter. I'm on LinkedIn. I 497 00:45:42,640 --> 00:45:47,760 accept most connection requests there. I wrote a book, so check that out. It's on Amazon. And 498 00:45:48,880 --> 00:45:52,960 always about the good conversation. So if you buy the book, I'd love to chat with you about it. 499 00:45:52,960 --> 00:45:58,000 That's fantastic. I know a lot of people have never contacted the author of a book. In this 500 00:45:58,000 --> 00:46:04,960 case, you have an open invitation to do so. And it seems that, not seems, Franklin not only survived 501 00:46:04,960 --> 00:46:09,440 but thrived in the sparring ring with me. So if you have alternative concepts, bring them his way. 502 00:46:09,440 --> 00:46:13,680 This is a lot of fun, Franklin. Thank you for being here today. Thanks for having me. Absolutely. So 503 00:46:13,680 --> 00:46:18,880 Vision Pros, if you want to apply to be on the show, don't hesitate to do so. When you go to the 504 00:46:18,880 --> 00:46:23,040 landing page for Franklin's information, you'll have the links to subscribe from him. And then down 505 00:46:23,040 --> 00:46:27,360 below that, there's actually an application to share your own vision. We would love to host you. 506 00:46:27,360 --> 00:46:30,640 If you've got a great vision out there, come and share it with us. All right. Everybody take care. 507 00:46:30,640 --> 00:46:34,560 Have a wonderful day. Thank you for being here today. I'm really happy that you tuned in to 508 00:46:34,560 --> 00:46:40,240 Vision Pros Live. I'm looking forward to seeing your reactions as these episodes continue to move 509 00:46:40,240 --> 00:46:44,160 forward. This is going to get more and more fun. We'll have more and more engagement as well. We'll 510 00:46:44,160 --> 00:46:49,200 invite people to participate in the show. And thank you for giving us your time.