WEBVTT

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I had a whole thing mapped out for the month

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of April. I had a lot of things on my plate and

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I wound up having life happen. I wound up getting

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pneumonia. And it set me back and it caused me

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to think and it really just reinforced as an

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entrepreneur that you need to have backup and

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that you need to have plans and that you need

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to have what I call financial defenses because

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you do special needs financial advisory. I have

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a brother -in -law who has autism. And so I understand

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that, and I got involved with that early. And

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I received a referral. There was a couple middle

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class. They had a daughter who was born profoundly

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disabled or other liable. And they came in. And

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even though neither one of them had ever earned

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more than $55 ,000 a year or 60, I think, each

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one separately, they made the decision when they

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first got married that they would live off one

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salary. They literally invest the other. Whenever

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they inherited money, they turned it around and

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they invested. They lived in a very simple, very

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modest home. Extraordinarily modest. Didn't drive

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expensive cars. Didn't waste money on anything.

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When their assets rolled over, it was shocking.

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Okay, one person had tried another program and

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she and her husband had gotten into quite a bit

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of consumer debt. She borrowed money from her

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family. and she was paying it back at an extremely

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accelerated rate. Great, but I turned to her

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and I said, do you have an emergency fund? And

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she said, no, I'm paying off the debt first.

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And I said, wait a second, what happens if either

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one of you can't work? And she said, why would

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that ever happen? I said, life happens. Life

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happens, right? And she got very offended. Two,

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three weeks after the shutdown started, she called

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me up and Hey, family. This is a Throb Word journey.

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Look, life's too short to just get by, and 2025

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is the year to persist. We're here to grow, build,

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and thrive. This podcast is all about powerful

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stories, real talk, and practical steps to help

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you level up in every area of your life. Now,

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if that sounds like something you need, don't

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just watch. Be a part of the journey. Let us

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know you're here. Do us a favor. If you're listening

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on those notifications so you never miss an episode.

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And as we always say, let's make thriving our

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new normal. Monica, how are you doing? I'm good.

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Thank you for having me. I'm so excited to be

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here. Yes, I'm glad you're here because as we

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were doing research on you, I was like, man,

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she has so much knowledge that that we can really

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absorb. And I'm really, I'm really excited to

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find out the knowledge that you have. But before

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we get in to the conversation, what's on your

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mind and your heart that you would like to share

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with people? Okay, so life happens. And we were

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just discussing this before, but I had a whole

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thing mapped out for the month of April. I had

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a lot of things on my plate and I wound up having

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life happen. I wound up getting pneumonia. And

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it sent me back and it caused me to think. And

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it really just reinforced as an entrepreneur

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that you need to have backup and that you need

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to have plans and that you need to have what

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I call financial defenses. because without them,

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you're much more likely to get knocked down.

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It's so much easier to move forward from where

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you are to where you want to be when you have

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those guardrails up. So maybe you stumble, but

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you don't fall. Or if you fall, you get up a

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lot faster and you're not hurt. And there's a

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lot of this going on. There's so much fear and

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pain right now about the economy. And I really

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want to help people refocus their minds and their

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energies and their thought process. So that they

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can navigate this. Yeah. I don't you know, I

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really think that fear is just we're not built

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for it. And we need to be able to use it and

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conquer it. It's a tool. But I don't want people

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living in fear. I've seen too much of this. And

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that's part of what's motivating me as I move

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forward. Nice. I was gonna ask you like, I think,

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if you have the knowledge of something, can that

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especially with finances and the economy? Can

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that help dissipate some of the fear that people

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are having? Absolutely does. Because it makes

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you look at something with clarity and say, okay,

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I understand what that is And even more I've

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thought about it and I know how I'm going to

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move forward through it So for me if I have a

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plan even if it's tough and if it's hard It's

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a heck of a lot easier to let go of the fear

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than when I don't have a plan When I have a hard

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time, it's when I don't know how I'm going to

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move forward when I haven't planned for something

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now, obviously You can't plan for everything

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and you still have to move. And the only thing

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for me that helps clear away anxiety or fear

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is movement. So what I focus on with people is

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shifting how they think, feel, and act with money.

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And I take a very cognitive approach to it. You

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can change those patterns if you change those

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thoughts, become aware of them, shift them, reinforce

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them. And I work with people on that. And then

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here's the thing. It takes time, but as you get

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that biofeedback loop of success, your feelings

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about this shift and you're much more empowered

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and you make better decisions. And even when

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you make a mistake, you learn from it. So you've

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done, you haven't lost. You're still winning

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because you've learned and you move forward.

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So you cannot go where your mind hasn't gone

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before. What I want people to understand is they

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can wrap their minds around what's going on.

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Find their peace, learn the skills, and know

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that no matter what happens, they're prepared

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to move forward. Those guardrails. What inspires

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you and your passion for financial education

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and purpose -driven wealth that you talk about?

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There's a lot of this. I realized my parents

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got divorced when I was six and my mother had

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pulled herself up from nothing. Her parents were

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very badly hit during the depression. There wasn't

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enough food in their house. They divided the

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food and she got less food than her older brother.

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Okay, very traditional household. And my mother

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married well and she gave up everything in order

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to have a family for which I'm grateful because

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I'm a cure. But when she got divorced, all of

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her financial fears came crashing down on all

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of us. And it affected me. And I'll give you

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a stupid example of it. Like when I start something

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new, I wanna have a new pair of, I wanna have

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a new outfit on, okay? I feel more confident

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going forward with a new outfit. When my mother

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was between second and third grade, she got a

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job somehow. Shaker Heights, Ohio public school

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system. Someone there paid her to help out cleaning

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up textbooks, doing things around the school.

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That's how she had money to pay for her school

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clothes and shoes. So she got that first job

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then. So for her, she felt more confident if

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she was in a new outfit and I absorbed that.

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And there are so many things about our relationship

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with money that we absorb and we're not even

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aware of it. So that's how that started. if that

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makes sense. It does. And then as I moved, I

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started off life in my professional life. I am

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doing economic research. And let me be blunt,

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I hated it. Okay. Okay. If I'm crunching numbers,

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and they don't mean anything to anyone, and nobody's

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going to do anything with it, why did I spend

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eight to 10 hours of my day? Time I'll never

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get back doing something that doesn't mean anything.

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So round about 1997, I was pregnant with my first

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child and my husband went to get life insurance

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and got declined. And he had a health issue at

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the time. And my father sent me down. My father

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was a doctor. And he said, look, the men in his

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family die early. So it was a challenge to turn

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around and get a new policy, which we did, that

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we could afford. It was one of those things that

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really showed me the power of actually having

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a financial advisor who actually cared enough

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to think through to find a solution. And so I

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saw that. And as I worked independent contractor

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with different women businesses, I saw the power

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of money and the power of choice. And I thought,

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let me start down this path. And that's when

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I went over to Merrill Lynch and became my own

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advisor. Nice. Started on the advisory process.

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Nice. And when you're talking more families,

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that led me to the question that you talk about,

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was it the two different families? You have the

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surgeon and then the middle class couple. And

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how did that impact you? And can you talk about

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that story? Absolutely. So when I was almost

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brand new, I got two referrals. One was a surgeon

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who had had a stroke and he had been extraordinarily

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well compensated. beautiful wife, beautiful four

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children, stunningly gorgeous, beautiful people,

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kind people, good people. But if it wasn't for

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that long -term disability policy that he purchased

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through work, he and his family would have had

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a very serious problem, okay? That policy got

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them through. And that's what it's designed to

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do. But given his age at the time, He hadn't

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really put it away. He had spent what he had

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earned. He'd enjoyed every single moment of it.

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Face it, med school is hard. Residency is hard.

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They want the rewards. And I understand that.

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Okay. It's very, very hard to defer gratification

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and build up wealth when it's just so easy to

00:10:17.590 --> 00:10:21.230
go out and buy. And at the same time, I also,

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I do special needs financial advisory. I have

00:10:23.730 --> 00:10:27.750
a brother -in -law who has autism. And so I understand

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that. And I got involved with that early. And

00:10:30.289 --> 00:10:33.830
I received a referral. There was a couple middle

00:10:33.830 --> 00:10:37.289
-class. They had a daughter who was born profoundly

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disabled or other liable. And they came in. And

00:10:42.129 --> 00:10:43.889
even though neither one of them had ever earned

00:10:43.889 --> 00:10:47.409
more than $55 ,000 a year or 60, I think, each

00:10:47.409 --> 00:10:50.129
one separately, they made the decision when they

00:10:50.129 --> 00:10:54.389
first got married that they would live off one

00:10:54.389 --> 00:10:58.309
salary and literally invest the other. Whenever

00:10:58.309 --> 00:11:01.769
they inherited money, they turned it around and

00:11:01.769 --> 00:11:05.470
they invested. They lived in a very simple, very

00:11:05.470 --> 00:11:10.090
modest home. Extraordinarily modest. Didn't drive

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expensive cars. Didn't waste money on anything.

00:11:14.289 --> 00:11:17.169
When their assets rolled over, it was shocking

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how much they'd built. They built in in 25 years.

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No, 30 years. 30 years. And they had millions.

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And they went back to work voluntarily. They

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didn't have to go back to work when their positions

00:11:32.850 --> 00:11:37.450
ended in their 50s. They were okay. Yeah. So

00:11:37.450 --> 00:11:40.110
you have to understand like at that point, I've

00:11:40.110 --> 00:11:42.029
been told about the millionaire next door book.

00:11:42.309 --> 00:11:44.950
At that point, it was about 10 years old. And

00:11:44.950 --> 00:11:47.330
I pulled it, I bought it, and I looked at it,

00:11:47.330 --> 00:11:51.590
and I realized this is real. This is the reality.

00:11:52.889 --> 00:11:57.019
Wealth is very, very quiet. It whispers. It's

00:11:57.019 --> 00:12:00.460
not flaunch, it doesn't flaunt. Celebrities may

00:12:00.460 --> 00:12:04.440
flaunt, okay? But when you're building wealth,

00:12:04.539 --> 00:12:07.279
most of those people literally don't want to

00:12:07.279 --> 00:12:11.320
flaunt it. And so the other thing that people

00:12:11.320 --> 00:12:14.080
need to understand, the doctor thought that his

00:12:14.080 --> 00:12:18.340
income was wealth because he assumed naively

00:12:18.340 --> 00:12:21.779
that there was nothing that was ever gonna stop

00:12:21.779 --> 00:12:23.559
him from being able to earn that for the rest

00:12:23.559 --> 00:12:28.990
of his life. 70 % of us will have a disability

00:12:28.990 --> 00:12:32.230
event at some point between the ages of 18 and

00:12:32.230 --> 00:12:35.389
66. So you have to think about that and think,

00:12:36.730 --> 00:12:39.129
what does that mean for me? And then also you

00:12:39.129 --> 00:12:41.149
have to think about the fact that those early

00:12:41.149 --> 00:12:44.950
habits, if you maintain them, make growing wealth

00:12:44.950 --> 00:12:48.190
that much easier. But what you have to do is

00:12:48.190 --> 00:12:51.350
to take income, defer gratification, and then

00:12:51.350 --> 00:12:54.269
turn around and use the system to build wealth

00:12:54.269 --> 00:12:58.500
intelligently. So very funny, that middle class

00:12:58.500 --> 00:13:01.360
income, that middle class couple knew the system,

00:13:01.779 --> 00:13:04.120
knew their investments, knew what was going on,

00:13:04.539 --> 00:13:06.700
had their estate planning done and reviewed every

00:13:06.700 --> 00:13:09.059
five years. Literally, they were all squared

00:13:09.059 --> 00:13:12.259
away. They had mastered the system. The other

00:13:12.259 --> 00:13:18.539
couple did not. You talk about the deferrent

00:13:18.539 --> 00:13:22.500
of gratification. I think that's in a mindset,

00:13:22.740 --> 00:13:27.840
right? So how does a family that is the next

00:13:27.840 --> 00:13:30.799
door family that could possibly be a millionaire,

00:13:30.919 --> 00:13:34.620
how do they begin to look at their situation

00:13:34.620 --> 00:13:37.519
and say, I could be that next door millionaire?

00:13:38.940 --> 00:13:41.220
Okay, so what it is, is turning around and having

00:13:41.220 --> 00:13:44.580
a shift. Seeing the money, not in terms of what

00:13:44.580 --> 00:13:47.720
you can buy, but seeing it as a tool that you

00:13:47.720 --> 00:13:49.769
can use to build. So when I look at things, I

00:13:49.769 --> 00:13:52.230
look at my car and I see it as basically a washing

00:13:52.230 --> 00:13:57.149
machine with wheels. I like that. Okay. And I'll

00:13:57.149 --> 00:13:59.690
be honest, I bought the car that I have because

00:13:59.690 --> 00:14:02.230
I needed something that was reliable. I'm basically

00:14:02.230 --> 00:14:05.389
alone at this point in indoor Texas without extensive

00:14:05.389 --> 00:14:08.110
family around. So I need something that's reliable.

00:14:08.769 --> 00:14:13.409
Okay. But I look at it and I'm like, this is

00:14:13.409 --> 00:14:16.779
not a showpiece. And then I also remember my

00:14:16.779 --> 00:14:18.980
largest client when I first started, incredibly

00:14:18.980 --> 00:14:21.820
generous man, incredibly compassionate man, entrepreneur.

00:14:22.340 --> 00:14:24.519
And he made a choice, made a point of hiring

00:14:24.519 --> 00:14:27.000
people that he believed in to give them a chance.

00:14:27.980 --> 00:14:30.700
But what he did was he tested me. He had me meet

00:14:30.700 --> 00:14:35.659
him at a Starbucks. He got there early. He saw

00:14:35.659 --> 00:14:39.460
what car I was driving when I drove up. And he

00:14:39.460 --> 00:14:42.299
watched how I behaved and how I acted towards

00:14:42.299 --> 00:14:45.710
the staff at the Starbucks, the baristas. He

00:14:45.710 --> 00:14:49.570
was looking to see who I was when I thought he

00:14:49.570 --> 00:14:52.549
wasn't working, looking. Looking, yeah. When

00:14:52.549 --> 00:14:54.549
I drove up, there were other people at the time

00:14:54.549 --> 00:14:59.110
who were buying Mercedes Benz's and BMW's. In

00:14:59.110 --> 00:15:02.669
the program at Merrill, brand new, trying to

00:15:02.669 --> 00:15:04.570
project out what they were not. And they were

00:15:04.570 --> 00:15:06.309
saying, oh, I'm just setting the stage. This

00:15:06.309 --> 00:15:08.809
is who I will be. Yeah. And he looked at me.

00:15:08.830 --> 00:15:12.690
This man had a seven -year -old Acura that he

00:15:12.690 --> 00:15:15.549
gave to his son. bought himself a brand new Prius

00:15:15.549 --> 00:15:17.129
at the time because he wanted to see if he could

00:15:17.129 --> 00:15:21.690
get more than 42 or 43 miles per gallon. So he

00:15:21.690 --> 00:15:24.330
called me one day at the office and I'm like,

00:15:24.509 --> 00:15:27.090
okay, it's him. He's like, I just want you to

00:15:27.090 --> 00:15:29.309
know I had 44 miles per gallon on this thing.

00:15:29.690 --> 00:15:33.629
Now he didn't keep it very long. Anyways, when

00:15:33.629 --> 00:15:35.990
he retired and moved on to Florida, I wound up

00:15:35.990 --> 00:15:38.629
talking to him and his wife and he had bought

00:15:38.629 --> 00:15:43.490
a very, very nice convertible. And his wife looked

00:15:43.490 --> 00:15:46.690
at him and said, you don't need that. Within

00:15:46.690 --> 00:15:48.990
a couple of months that was traded in for something

00:15:48.990 --> 00:15:53.269
a lot more modest. They don't flash. They don't

00:15:53.269 --> 00:15:57.929
flaunt. They don't care. Money is a tool is a

00:15:57.929 --> 00:16:00.549
tool. Yeah. And when you wrap your head around

00:16:00.549 --> 00:16:03.830
that and you learn how to use it in management,

00:16:04.049 --> 00:16:06.049
like, are you afraid of your computer? We use

00:16:06.049 --> 00:16:09.169
these tools all the time, right? You think about

00:16:09.169 --> 00:16:10.889
all the tools you use for everything you do.

00:16:10.929 --> 00:16:15.070
Are you afraid of them? No. Okay. So why are

00:16:15.070 --> 00:16:17.690
we afraid of money? Why are we afraid of investments?

00:16:17.830 --> 00:16:20.169
Why are we afraid of understanding our taxes?

00:16:20.870 --> 00:16:23.389
Why are we afraid of risk? It's because we don't

00:16:23.389 --> 00:16:27.250
learn it. We don't know it. Yeah. It's an education

00:16:27.250 --> 00:16:31.629
thing. I think as I as I, you know, become more

00:16:31.629 --> 00:16:35.909
understanding of the fiduciary world, right?

00:16:37.289 --> 00:16:40.649
It gets less, less scary, I guess you could say.

00:16:40.870 --> 00:16:46.840
Yeah. But I think for regular folk, it's a world

00:16:46.840 --> 00:16:49.600
that people don't want to really travel in. It's

00:16:49.600 --> 00:16:52.379
like, I go to work, get my income and take care

00:16:52.379 --> 00:16:54.679
of the things I need to take care of. And then

00:16:54.679 --> 00:16:57.000
just kind of do that over and over again. What's

00:16:57.000 --> 00:17:01.700
the, is there a benefit in just the humdrum of

00:17:01.700 --> 00:17:05.079
just kind of living your day? and income just

00:17:05.079 --> 00:17:07.559
coming in and you just living your day or is

00:17:07.559 --> 00:17:10.980
that just a detriment and people should get more

00:17:10.980 --> 00:17:15.160
education on their finances because of maybe

00:17:15.160 --> 00:17:18.619
retirement and things like that. Here's the problem

00:17:18.619 --> 00:17:20.900
with all of that. The question you have to decide

00:17:20.900 --> 00:17:23.259
is are you comfortable having your future in

00:17:23.259 --> 00:17:27.180
the hands of somebody else? Okay, so if you're

00:17:27.180 --> 00:17:29.579
not in charge of your finances, somebody else

00:17:29.579 --> 00:17:33.630
will make those decisions for you. Okay. How

00:17:33.630 --> 00:17:35.930
comfortable are you with that? Is that the way

00:17:35.930 --> 00:17:39.210
you want to live? And there are some people who

00:17:39.210 --> 00:17:41.690
are like that. Here's the thing. Where do you

00:17:41.690 --> 00:17:44.309
go to get good information? Where do you go to

00:17:44.309 --> 00:17:46.809
get good coaching? Where do you go to find good

00:17:46.809 --> 00:17:50.549
advice? Okay. And it's very, very difficult.

00:17:50.650 --> 00:17:53.690
I've seen good advisors at every firm. I've seen

00:17:53.690 --> 00:17:57.450
other people that quite frankly, it's a bell

00:17:57.450 --> 00:17:59.369
curve and I have to deal with that. Okay. That's

00:17:59.369 --> 00:18:02.019
my industry. but there's a lot of fatigue because

00:18:02.019 --> 00:18:05.319
people get abused and they try to go to people

00:18:05.319 --> 00:18:08.160
they know like and supposedly trust and they

00:18:08.160 --> 00:18:12.099
don't necessarily get what they need. The fact

00:18:12.099 --> 00:18:13.900
of the matter is like you know you go into a

00:18:13.900 --> 00:18:16.500
B &I or you go into a chamber, oh people hire

00:18:16.500 --> 00:18:18.359
those they know like and trust. Well how do you

00:18:18.359 --> 00:18:21.539
know that these people have money? Well they're

00:18:21.539 --> 00:18:23.279
driving around in this and they look like they

00:18:23.279 --> 00:18:26.019
have money and they say they have money and the

00:18:26.019 --> 00:18:28.460
reality is on average the people who truly have

00:18:28.460 --> 00:18:32.769
money Do not flaunt it. They're not the ones

00:18:32.769 --> 00:18:35.049
saying look at me. I've got my beamer. Look at

00:18:35.049 --> 00:18:38.690
me. I've got this I've got that No, they're usually

00:18:38.690 --> 00:18:40.490
the ones driving the seven -year -old car that

00:18:40.490 --> 00:18:44.190
they've taken care of Okay In the house that

00:18:44.190 --> 00:18:47.109
is modest, but extremely well maintained totally

00:18:47.109 --> 00:18:50.450
paid off Okay, who has rental real estate who

00:18:50.450 --> 00:18:52.849
has all these different things, but they never

00:18:52.849 --> 00:18:57.279
ever ever show it off. Yeah Yeah Okay. And it's

00:18:57.279 --> 00:19:02.059
very difficult to find the good advice. And so

00:19:02.059 --> 00:19:03.940
therefore people get fatigued and they just burn

00:19:03.940 --> 00:19:07.000
out. And I understand that my whole program.

00:19:07.420 --> 00:19:12.039
I realized back in about 2011. I ran a program

00:19:12.039 --> 00:19:14.299
for my kids, middle school, and it was what I

00:19:14.299 --> 00:19:16.900
called economic and financial reality. So before

00:19:16.900 --> 00:19:18.720
we got into anything with investing, we were

00:19:18.720 --> 00:19:22.779
just talking about money and concepts. And what

00:19:22.779 --> 00:19:25.480
I realized through there. The industry estimates

00:19:25.480 --> 00:19:27.859
that the financial illiteracy rate, people who

00:19:27.859 --> 00:19:30.980
don't know how to manage the system and how to

00:19:30.980 --> 00:19:34.119
work with this is somewhere between 70 to 80

00:19:34.119 --> 00:19:37.960
percent. Yeah. Excuse me. Somewhere around 80

00:19:37.960 --> 00:19:41.559
percent. And I watched that and I realized it

00:19:41.559 --> 00:19:44.160
really is multi -generational. We're probably

00:19:44.160 --> 00:19:47.859
about at the fifth generation of people who literally

00:19:47.859 --> 00:19:50.700
live in a system, interact with the system, and

00:19:50.700 --> 00:19:54.289
they don't understand it. Okay, so at this point,

00:19:54.289 --> 00:19:57.609
it's nobody's fault and everybody's fault Yeah,

00:19:57.849 --> 00:20:00.950
the question is what do you do? To go forward

00:20:00.950 --> 00:20:04.250
if you don't like the idea of you know If you

00:20:04.250 --> 00:20:06.150
don't have a plan and you don't have a path any

00:20:06.150 --> 00:20:08.569
road may get you there But you may not like the

00:20:08.569 --> 00:20:10.910
destination. So if that's not something you're

00:20:10.910 --> 00:20:13.890
comfortable sitting with How do you find what

00:20:13.890 --> 00:20:19.009
you need? And I remember I was at it was right

00:20:19.009 --> 00:20:22.470
at the start of the It was right at the start

00:20:22.470 --> 00:20:24.970
of the shutdown and I had several phone calls

00:20:24.970 --> 00:20:29.069
that really, really, really shook me. And sometimes

00:20:29.069 --> 00:20:31.029
they were people who had never managed their

00:20:31.029 --> 00:20:33.430
money. They'd let it ride and all of a sudden

00:20:33.430 --> 00:20:36.529
they're six months away from retirement and they

00:20:36.529 --> 00:20:40.670
experienced a 40 % correction. Now it did rebound,

00:20:40.670 --> 00:20:43.490
but they had never managed it. They had just

00:20:43.490 --> 00:20:47.490
let it go. And then there were other people who

00:20:48.859 --> 00:20:50.619
We're trying different programs like one of them

00:20:50.619 --> 00:20:52.960
was trying another program. I'm sorry I'm I'm

00:20:52.960 --> 00:20:55.859
running on a little bit, but it's okay Okay,

00:20:55.960 --> 00:20:57.720
I'm one person who had tried another program

00:20:57.720 --> 00:20:59.519
and she and her husband and gotten into quite

00:20:59.519 --> 00:21:02.119
a bit of consumer debt She borrowed money from

00:21:02.119 --> 00:21:05.140
her family and she was paying it back at an extremely

00:21:05.140 --> 00:21:08.619
accelerated rate Great, but I turned her and

00:21:08.619 --> 00:21:12.440
I said Do you have an emergency fund and she

00:21:12.440 --> 00:21:15.819
said no I'm paying off the debt first and I said

00:21:15.819 --> 00:21:18.920
wait a second. What happens if Either one of

00:21:18.920 --> 00:21:20.859
you can't work." And she said, why would that

00:21:20.859 --> 00:21:23.259
ever happen? I said, because life happens. Life

00:21:23.259 --> 00:21:26.680
happens, right. And she got very offended. Two,

00:21:26.700 --> 00:21:28.859
three weeks after the shutdown started, she called

00:21:28.859 --> 00:21:32.420
me up and she'd been let go from her position.

00:21:32.839 --> 00:21:36.220
And what the result was, it's like, look, I applaud

00:21:36.220 --> 00:21:38.099
you for doing the debt and getting rid of the

00:21:38.099 --> 00:21:40.259
debt. I applaud you for going through that process.

00:21:41.160 --> 00:21:44.339
But if you don't at the same time fund that emergency

00:21:44.339 --> 00:21:48.869
fund, if something happens, and you're not prepared,

00:21:49.650 --> 00:21:51.589
you're going to go right back into debt and then

00:21:51.589 --> 00:21:54.349
some. So it really is a question of actually

00:21:54.349 --> 00:21:56.190
learning what you need to learn and managing

00:21:56.190 --> 00:21:58.410
forward. So I'll give you an example of something.

00:21:59.089 --> 00:22:03.329
If you can't afford to not work and you have

00:22:03.329 --> 00:22:05.890
a job working for somebody else in particular,

00:22:06.549 --> 00:22:09.130
the first thing you do is you buy long -term

00:22:09.130 --> 00:22:12.329
disability insurance, okay? If the employer offers

00:22:12.329 --> 00:22:15.190
it, it should be done. You need to pay the premiums

00:22:15.190 --> 00:22:17.460
and there's a reason for this, okay? You need

00:22:17.460 --> 00:22:19.460
to pay the premiums, not the employer. But the

00:22:19.460 --> 00:22:22.680
second thing is, if you do a group policy for

00:22:22.680 --> 00:22:25.799
pennies, okay, literally, I've seen people pay

00:22:25.799 --> 00:22:28.299
less than a Starbucks drink. I've seen people

00:22:28.299 --> 00:22:32.279
pay, mid -level people pay somewhere between,

00:22:32.279 --> 00:22:34.759
you know, like 10, 20 bucks a month. Really?

00:22:35.220 --> 00:22:37.740
In a group policy, in a properly structured group

00:22:37.740 --> 00:22:40.440
policy. depending on how much they earn, even

00:22:40.440 --> 00:22:43.500
if it's $100 a month. If that could replace your

00:22:43.500 --> 00:22:46.279
income in the event you can't work due to illness,

00:22:48.079 --> 00:22:49.759
think about what that would do for your family.

00:22:50.299 --> 00:22:52.619
Here on the Thrival Journey, we talk a lot about

00:22:52.619 --> 00:22:56.119
not just surviving, but thriving. And a big part

00:22:56.119 --> 00:22:58.579
of that for me has been understanding my health

00:22:58.579 --> 00:23:01.220
on a deeper level. That's why I partnered with

00:23:01.220 --> 00:23:04.019
Livegood and brought it under my company, Orion's

00:23:04.019 --> 00:23:06.400
Health. Not just because I believe in the products,

00:23:06.539 --> 00:23:09.160
but because I seeing what they can do firsthand.

00:23:09.619 --> 00:23:11.660
I've walked through some hard health chapters

00:23:11.660 --> 00:23:15.240
in my life, including cancer and a kidney transplant.

00:23:15.259 --> 00:23:18.920
And I know what it feels like when your body's

00:23:18.920 --> 00:23:21.559
working against you. That's why we're offering

00:23:21.559 --> 00:23:24.420
two free tools that help me and can help you

00:23:24.420 --> 00:23:27.880
too. First, go to MyFreeHealthReport .com for

00:23:27.880 --> 00:23:31.319
slash Orients Health. Take our quick health questionnaire

00:23:31.319 --> 00:23:33.880
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00:23:34.059 --> 00:23:36.119
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00:23:36.119 --> 00:23:39.390
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00:23:46.130 --> 00:23:49.049
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00:23:49.049 --> 00:23:51.849
way to clear out toxins and start fresh, something

00:23:51.849 --> 00:23:55.430
I personally use and stand behind. This isn't

00:23:55.430 --> 00:23:57.710
just a sponsorship. It's part of my mission through

00:23:57.710 --> 00:24:00.789
Orion's Health to help people thrive and body,

00:24:01.089 --> 00:24:04.410
mind, and spirit. Of course, of course, always,

00:24:04.410 --> 00:24:06.269
always, always consult your physician before

00:24:06.269 --> 00:24:08.309
starting any new supplement or health regimen.

00:24:08.650 --> 00:24:10.910
Your body is unique and your health care provider

00:24:10.910 --> 00:24:13.369
should always be part of the conversation. The

00:24:13.369 --> 00:24:16.109
links are in the show notes. Now tap in and take

00:24:16.109 --> 00:24:20.289
your next step toward thriving. Okay. And the

00:24:20.289 --> 00:24:22.170
reason why you need to pay for it and not your

00:24:22.170 --> 00:24:26.970
employer is because if you pay for it and you

00:24:26.970 --> 00:24:30.089
need to use the policy proceeds, They come to

00:24:30.089 --> 00:24:32.569
you without tax. They come to you after tax.

00:24:33.410 --> 00:24:39.029
If your employer pays the policy premium, the

00:24:39.029 --> 00:24:42.569
employer deducts that premium as a business expense,

00:24:42.650 --> 00:24:45.849
you get the policy proceeds and it's taxable.

00:24:46.210 --> 00:24:48.829
So instead of living on let's say two thirds

00:24:48.829 --> 00:24:51.089
of your income, you're living on two thirds of

00:24:51.089 --> 00:24:55.849
your income that's not tax. That right there

00:24:55.849 --> 00:24:59.250
is Okay, first of all, that's very great knowledge

00:24:59.250 --> 00:25:02.730
that people don't know about many people don't

00:25:02.730 --> 00:25:07.150
know about and it's something that is part of

00:25:07.150 --> 00:25:10.529
the financial education that people Should learn

00:25:10.529 --> 00:25:13.950
or get to learn now when it comes to creating

00:25:13.950 --> 00:25:18.269
this emergency fund and kind of Saving or having

00:25:18.269 --> 00:25:21.829
something like that in place when you How do

00:25:21.829 --> 00:25:24.650
you get both of those things done when you're

00:25:24.650 --> 00:25:28.910
at a certain? Financial level. Okay. So the first

00:25:28.910 --> 00:25:32.390
thing that I do with people Is I say, okay, we're

00:25:32.390 --> 00:25:35.150
gonna take a deep breath Wherever you are you

00:25:35.150 --> 00:25:37.890
are. Okay, there's no condemnation. I want you

00:25:37.890 --> 00:25:39.750
you feel the pain and that's why you wind up

00:25:39.750 --> 00:25:42.650
looking for help Okay, so there's no criticism.

00:25:42.650 --> 00:25:45.309
Whatever happens happens. I've seen pretty much

00:25:45.309 --> 00:25:48.549
all of it Okay, and everybody makes mistakes

00:25:48.549 --> 00:25:51.109
and everybody falls. So let's just start with

00:25:51.109 --> 00:25:53.309
that First thing that I wind up having people

00:25:53.309 --> 00:25:56.730
do is I wind up having them take their personal

00:25:56.730 --> 00:25:59.150
money, their personal account that they use to

00:25:59.150 --> 00:26:02.369
pay bills. And I wind up linking it to eMoney,

00:26:02.549 --> 00:26:05.170
which is our financial planning software. Okay.

00:26:05.769 --> 00:26:08.430
It's owned by Fidelity. And what they do, what

00:26:08.430 --> 00:26:11.190
it does is I don't want them to think about it,

00:26:11.190 --> 00:26:15.089
but for the first, let's say six to eight weeks,

00:26:15.490 --> 00:26:18.809
we're going to work on two things. One, building

00:26:18.809 --> 00:26:21.529
up those financial defenses, looking at that

00:26:21.529 --> 00:26:24.890
and being really proactive. And two, looking

00:26:24.890 --> 00:26:29.230
at the mindset, understanding what risk is, understanding

00:26:29.230 --> 00:26:32.750
it just communicates to you. Okay. And looking

00:26:32.750 --> 00:26:35.630
at that and building out that mindset and learning

00:26:35.630 --> 00:26:37.910
how to shift how you think and feel. So you shift

00:26:37.910 --> 00:26:41.710
how you act. Once we get to that point where

00:26:41.710 --> 00:26:44.410
we're done with that and the defenses are built,

00:26:45.230 --> 00:26:47.670
we'll go in and it usually has about two months

00:26:47.670 --> 00:26:51.390
worth of data and it'll show people exactly where

00:26:51.390 --> 00:26:55.460
their money is going. By category. And a lot

00:26:55.460 --> 00:26:57.299
of the banks have this on their system, too.

00:26:57.299 --> 00:26:59.980
You can find this on the banks. But what I find

00:26:59.980 --> 00:27:02.359
is that if I ask people to tell me how much they're

00:27:02.359 --> 00:27:05.559
spending by category, they won't do it. They

00:27:05.559 --> 00:27:08.440
don't want to look. They won't do it. It'll stop

00:27:08.440 --> 00:27:11.079
the process down. It doesn't do them any good

00:27:11.079 --> 00:27:14.519
to have me do an audit. What I will say is, what

00:27:14.519 --> 00:27:16.480
percentage of your income do you think you're

00:27:16.480 --> 00:27:19.319
spending on restaurants? What percentage of your

00:27:19.319 --> 00:27:23.630
income are you spending on by category? And that

00:27:23.630 --> 00:27:26.390
usually is very, very helpful for people because

00:27:26.390 --> 00:27:29.170
they'll say whatever it is. And then we compare

00:27:29.170 --> 00:27:33.529
that to what actually is. Yeah. It's important

00:27:33.529 --> 00:27:36.529
to get the what's so about your finances. Correct.

00:27:36.710 --> 00:27:39.089
And so you start to see it and then we start

00:27:39.089 --> 00:27:42.329
working from there. So we wound up doing a debt

00:27:42.329 --> 00:27:44.690
snowball where we walk people through what it's

00:27:44.690 --> 00:27:47.250
going to take to resolve the debt. And at the

00:27:47.250 --> 00:27:49.450
same time, and the fastest way to do it, I want

00:27:49.450 --> 00:27:51.670
them to pay the least amount of money and they

00:27:51.670 --> 00:27:54.490
learn that in part by focusing on that interest

00:27:54.490 --> 00:27:57.549
rate. Why? Because I always want them to look

00:27:57.549 --> 00:28:00.930
at the interest rate before they borrow. Yeah,

00:28:00.930 --> 00:28:03.890
this is important. Okay. I want them to learn

00:28:03.890 --> 00:28:07.109
to look at that because that tells them how other

00:28:07.109 --> 00:28:10.450
people see the risk they're taking on. Okay.

00:28:11.509 --> 00:28:14.670
Okay. And so we'll do that. And at the same time,

00:28:15.009 --> 00:28:17.710
they have to also commit to funding an emergency

00:28:17.710 --> 00:28:22.259
fund. Okay, emergency fund is cash. It's not

00:28:22.259 --> 00:28:25.420
invested in a mutual fund is cash on hand and

00:28:25.420 --> 00:28:29.619
I want it in a separate account One of the things

00:28:29.619 --> 00:28:31.740
that I will teach people is that especially in

00:28:31.740 --> 00:28:34.420
the beginning Every account this is a little

00:28:34.420 --> 00:28:37.220
bit rigid. I'm gonna tell you that okay. Every

00:28:37.220 --> 00:28:41.200
account has a goal one goal Every goal has a

00:28:41.200 --> 00:28:44.539
time horizon two parts to it. The two parts are

00:28:44.539 --> 00:28:48.329
until the goal and then in the goal Okay, so

00:28:48.329 --> 00:28:50.869
what I mean by that is, let's say you're buying

00:28:50.869 --> 00:28:55.630
a house and you need a down payment. The goal

00:28:55.630 --> 00:28:58.349
is to have enough money to get to the down payment.

00:28:58.589 --> 00:29:00.789
The time in goal, once you've paid the down payment,

00:29:00.829 --> 00:29:05.930
you're done with it. However, retirement is how

00:29:05.930 --> 00:29:10.410
long before retirement and then how long in retirement.

00:29:11.730 --> 00:29:14.589
So that's two extremes. And then you have a risk

00:29:14.589 --> 00:29:19.140
tolerance for it. And the risk tolerance determines

00:29:19.140 --> 00:29:26.480
how and what you can invest in. Okay. So your

00:29:26.480 --> 00:29:30.299
emergency fund has zero risk tolerance. That

00:29:30.299 --> 00:29:32.279
is something you need in the event something

00:29:32.279 --> 00:29:36.920
goes wrong yesterday. So it's cash. Now with

00:29:36.920 --> 00:29:38.779
entrepreneurs, one of the things that I tell

00:29:38.779 --> 00:29:43.759
people is you have to be rigid about the separation

00:29:43.759 --> 00:29:46.400
between your personal money. and your business

00:29:46.400 --> 00:29:49.740
money. And both of them need a financial plan.

00:29:50.099 --> 00:29:52.460
Both of them need a debt resolution. Both of

00:29:52.460 --> 00:29:56.279
them need an emergency fund. This is true. Okay.

00:29:57.440 --> 00:30:00.339
Facts. Yeah, they are. And they're a little difficult

00:30:00.339 --> 00:30:02.339
to wrap your head around. And I get it. I'm in

00:30:02.339 --> 00:30:06.559
business too. Yeah. You did pick something. Yeah.

00:30:06.559 --> 00:30:08.380
And I'll give you an example of something. The

00:30:08.380 --> 00:30:11.819
first time I saw some of this stuff up close,

00:30:11.839 --> 00:30:14.940
I was about 17 years old and my father's first

00:30:14.940 --> 00:30:19.769
cousin Great guy, loved him to death. He was

00:30:19.769 --> 00:30:23.529
a chemical engineer, chemist, chemical engineer.

00:30:24.069 --> 00:30:26.670
He had some patents and he went into business

00:30:26.670 --> 00:30:29.029
with somebody who was the business side and they

00:30:29.029 --> 00:30:31.690
were equal partners. And back in the 70s when

00:30:31.690 --> 00:30:34.789
they did this, they created a succession plan

00:30:34.789 --> 00:30:38.690
and every couple of years they updated it. Well,

00:30:38.690 --> 00:30:43.589
when I was 17, he had a heart attack. Okay, now.

00:30:43.660 --> 00:30:46.640
He made it through and he was fine, but the succession

00:30:46.640 --> 00:30:49.440
plan kicked in. They had a life insurance policy

00:30:49.440 --> 00:30:52.819
with a disability rider on it. Nice. And within

00:30:52.819 --> 00:30:56.660
30 days, he was bought out of his shares of the

00:30:56.660 --> 00:31:00.960
company. Is that what he wanted? That was what

00:31:00.960 --> 00:31:03.720
was set up in the succession plan. That's not

00:31:03.720 --> 00:31:06.319
necessarily what I'm going to suggest that people

00:31:06.319 --> 00:31:09.960
do. But what I'm saying is they were prepared

00:31:09.960 --> 00:31:13.690
and most business owners are not. And if your

00:31:13.690 --> 00:31:16.289
biggest asset is your business and something

00:31:16.289 --> 00:31:18.930
happens to you, it's like sharks in the water

00:31:18.930 --> 00:31:23.650
and you lose that biggest asset. So the smartest

00:31:23.650 --> 00:31:26.549
thing you can do is schedule it in your calendar

00:31:26.549 --> 00:31:30.650
once a year to review your succession plan. What

00:31:30.650 --> 00:31:32.670
do you think the businesses work based on the

00:31:32.670 --> 00:31:35.549
financials? Where are you? How would you sell

00:31:35.549 --> 00:31:38.119
it? If something happened to you, what would

00:31:38.119 --> 00:31:40.279
you do and how would you want it done? Because

00:31:40.279 --> 00:31:42.700
if you want to sell a business, it takes two

00:31:42.700 --> 00:31:45.299
years. And unless you are financially prepared

00:31:45.299 --> 00:31:47.920
to keep the business running, you're going to

00:31:47.920 --> 00:31:51.940
lose 80 to 90 % of the valuation of your business.

00:31:52.200 --> 00:31:55.160
If you're going to be able to. These are great

00:31:55.160 --> 00:31:57.200
knowledge nuggets, especially for entrepreneurs.

00:31:58.279 --> 00:31:59.920
And speaking of that, like I have a question

00:31:59.920 --> 00:32:02.500
about how can entrepreneurs become more aware

00:32:02.500 --> 00:32:06.680
of their. emotional triggers around money. And

00:32:06.680 --> 00:32:09.059
especially when it comes to if you get sick or

00:32:09.059 --> 00:32:11.940
death or things like that. Yeah, that's one of

00:32:11.940 --> 00:32:13.579
those things that I walk people through in the

00:32:13.579 --> 00:32:15.779
program. But it's one of those things, you know,

00:32:16.079 --> 00:32:20.039
my own getting sick last month caused me to stop

00:32:20.039 --> 00:32:23.000
and think about what I was doing. And what I'd

00:32:23.000 --> 00:32:25.000
like for people to do is to become a little bit

00:32:25.000 --> 00:32:27.799
more proactive and think about, okay, how many

00:32:27.799 --> 00:32:30.539
of you know people who aren't here anymore through

00:32:30.539 --> 00:32:32.819
no fault of their own? I mean, I, you know, I

00:32:32.819 --> 00:32:35.480
lost a 26 year old colleague to a motorcycle

00:32:35.480 --> 00:32:40.180
accident a few years ago. Okay. I have a, I know

00:32:40.180 --> 00:32:42.299
a young lady who's at, who was at Starbucks,

00:32:43.160 --> 00:32:46.140
adored her. Energetic, vivacious, so determined,

00:32:46.559 --> 00:32:49.059
had been adopted. And she's got a medical issue

00:32:49.059 --> 00:32:51.900
that's going to stop her from working. She didn't

00:32:51.900 --> 00:32:56.279
buy the disability insurance. She now has a huge

00:32:56.279 --> 00:33:00.440
financial problem. Okay. So it really takes opening

00:33:00.440 --> 00:33:03.720
up your eyes and saying, wow, this happened.

00:33:04.799 --> 00:33:08.079
I'm no different. I know I'm special to me. I

00:33:08.079 --> 00:33:10.660
know I'm special to the people around me, but

00:33:10.660 --> 00:33:14.259
how would I cope with that? And here's the thing.

00:33:14.259 --> 00:33:16.140
When you go into business for yourself, you're

00:33:16.140 --> 00:33:19.119
taking on that risk. of going out there because

00:33:19.119 --> 00:33:21.619
you want that reward and you want that control.

00:33:22.339 --> 00:33:26.200
So look at it from this way, control those decisions

00:33:26.200 --> 00:33:28.460
to the best of your ability. When you master

00:33:28.460 --> 00:33:31.500
some of this stuff, you protect yourself and

00:33:31.500 --> 00:33:35.480
you make it easier to move forward. Yeah, I see

00:33:35.480 --> 00:33:39.200
that. Talking about moving forward. Okay. In

00:33:39.200 --> 00:33:42.440
this, you alluded to it earlier in the conversation,

00:33:42.680 --> 00:33:44.759
what we're going through now, what do you say

00:33:44.759 --> 00:33:49.420
to people who had K's and that's kind of where

00:33:49.420 --> 00:33:52.059
it's at right now. And people are looking at,

00:33:52.059 --> 00:33:53.779
you know, what's happening in the stock market

00:33:53.779 --> 00:33:56.539
and things like that. What's your advice to them

00:33:56.539 --> 00:34:00.180
about their 4K and what's happening in the world

00:34:00.180 --> 00:34:02.680
right now? Okay, so let's start off with something.

00:34:02.839 --> 00:34:05.880
1K advisory is really very, very tough and the

00:34:05.880 --> 00:34:08.260
government really restricts a lot of this because

00:34:08.260 --> 00:34:10.280
it's where a lot of people have their money.

00:34:10.500 --> 00:34:13.840
Yeah. Okay. So understand something. First off,

00:34:13.840 --> 00:34:16.380
you always have four choices. You can leave it

00:34:16.380 --> 00:34:19.739
alone. You can roll it over into a new account.

00:34:19.940 --> 00:34:21.980
If you get a new job or open up a new business,

00:34:22.039 --> 00:34:24.400
you could roll it over into another retirement

00:34:24.400 --> 00:34:26.619
account that you choose or another business,

00:34:27.079 --> 00:34:30.500
or you can take it out and cash it out. If you

00:34:30.500 --> 00:34:33.500
do that, you're giving up the tax deferred space

00:34:33.500 --> 00:34:35.760
and you're taking risks. But one of the things

00:34:35.760 --> 00:34:40.159
that I look at is that we've had an unusual period

00:34:40.159 --> 00:34:43.369
of time with the stock market. It's gone up a

00:34:43.369 --> 00:34:46.110
lot. We haven't had the corrections we normally

00:34:46.110 --> 00:34:48.969
would have. And to see this level of growth over

00:34:48.969 --> 00:34:52.349
time has been fabulous for investors, but it

00:34:52.349 --> 00:34:55.090
doesn't mean it's going to continue indefinitely.

00:34:55.570 --> 00:34:57.889
Regardless of who's in office, regardless of

00:34:57.889 --> 00:35:02.409
the situation, it's been atypical. So it's great

00:35:02.409 --> 00:35:05.730
and it's wonderful, but let's hold back and think

00:35:05.730 --> 00:35:09.309
what was the goal of the account? How much time

00:35:09.309 --> 00:35:14.139
do you have until? You need the money. Okay.

00:35:14.960 --> 00:35:17.320
Where are you in that process? What's going on

00:35:17.320 --> 00:35:20.460
in your life? And most of the time I would look

00:35:20.460 --> 00:35:22.960
at people and say, look, let's say you're 40

00:35:22.960 --> 00:35:25.880
years old. Okay. If you don't need the money,

00:35:26.139 --> 00:35:29.920
leave it alone. Okay. Leave it alone. You may

00:35:29.920 --> 00:35:31.800
want to look at some of the investments inside

00:35:31.800 --> 00:35:35.769
of it. Do they match what you want? Okay, but

00:35:35.769 --> 00:35:38.829
let's take a look and see but generally I don't

00:35:38.829 --> 00:35:41.130
like to see people cash out of retirement accounts

00:35:41.130 --> 00:35:45.670
I really don't yeah Look at it this way. It's

00:35:45.670 --> 00:35:49.210
something I say to people all the time Your return

00:35:49.210 --> 00:35:53.250
your real return. Is that nominal return? Minus

00:35:53.250 --> 00:35:55.809
your fees, whatever they are. Okay, you're always

00:35:55.809 --> 00:35:58.710
paying some sort of fee some for yeah, you always

00:35:58.710 --> 00:36:03.409
are minus inflation And inflation is a very real

00:36:03.409 --> 00:36:05.610
thing and people don't understand that, okay?

00:36:05.889 --> 00:36:08.969
And minus taxation. And the biggest chunk of

00:36:08.969 --> 00:36:13.730
that upfront is taxation. Why would you do that

00:36:13.730 --> 00:36:18.949
to yourself? When people take money from retirement

00:36:18.949 --> 00:36:22.429
accounts, because they have to, because they're

00:36:22.429 --> 00:36:25.070
retired and they're required to take it out and

00:36:25.070 --> 00:36:27.760
they don't spend it all. Which is great and then

00:36:27.760 --> 00:36:30.199
they turn around and they invest it in a taxable

00:36:30.199 --> 00:36:33.179
account They're not going to grow as fast as

00:36:33.179 --> 00:36:35.360
they would have even if they had been in the

00:36:35.360 --> 00:36:39.639
same investments Because of the taxation issue

00:36:39.639 --> 00:36:45.320
Yeah Okay, so You know, I I look at retirement

00:36:45.320 --> 00:36:49.239
accounts and my basic premise is For most people

00:36:49.239 --> 00:36:51.920
it stays where it is. I want you to really really

00:36:51.920 --> 00:36:55.690
think long and hard before you move Yeah And

00:36:55.690 --> 00:36:58.170
people don't necessarily really know, have this

00:36:58.170 --> 00:37:02.349
kind of intellect in the financial realm. And

00:37:02.349 --> 00:37:04.210
that's why they need people like you, right?

00:37:04.690 --> 00:37:07.349
Well, unfortunately, advisors look at rollovers

00:37:07.349 --> 00:37:09.210
and they look at retirement account money and

00:37:09.210 --> 00:37:10.969
they say, wow, this is where most of the money

00:37:10.969 --> 00:37:14.110
is, I want to bring that in. And so that's the

00:37:14.110 --> 00:37:18.289
reason why the government is saying we have to

00:37:18.289 --> 00:37:22.849
really document when we talk to people. You have

00:37:22.849 --> 00:37:25.329
options. Let's look at the investments in your

00:37:25.329 --> 00:37:27.670
401k. Your fees are going to be significantly

00:37:27.670 --> 00:37:32.409
lower there than they are elsewhere If the investments

00:37:32.409 --> 00:37:37.110
are good If you're comfortable with it Let's

00:37:37.110 --> 00:37:39.210
talk about why you might move it or why you might

00:37:39.210 --> 00:37:41.289
not now that there is one other thing that I

00:37:41.289 --> 00:37:45.010
want to say I worked with a client who unfortunately

00:37:45.010 --> 00:37:47.849
was dying and she she's since passed and she

00:37:47.849 --> 00:37:52.360
like a lot of us had accounts all over the place.

00:37:52.480 --> 00:37:56.099
So wherever she worked, she had a 401k. And what

00:37:56.099 --> 00:37:58.460
she wanted to do was to clean all that up and

00:37:58.460 --> 00:38:00.860
put it into a consolidated space to make life

00:38:00.860 --> 00:38:02.940
easier for her family once she was no longer

00:38:02.940 --> 00:38:07.860
with us. So I understand the desire to consolidate.

00:38:08.519 --> 00:38:11.280
And that makes a lot of sense. If you find that

00:38:11.280 --> 00:38:14.119
your financial life is in pieces, it's all over

00:38:14.119 --> 00:38:17.510
the place, okay? Getting organized and putting

00:38:17.510 --> 00:38:20.070
it together so that you can proactively management

00:38:20.070 --> 00:38:23.989
manage it makes a lot of sense Yeah, yeah, but

00:38:23.989 --> 00:38:27.650
there are options there Your current employer

00:38:27.650 --> 00:38:30.750
if you're working for somebody else May allow

00:38:30.750 --> 00:38:34.590
you to roll the money into there Okay, so one

00:38:34.590 --> 00:38:36.650
of the things that I will do with people is I

00:38:36.650 --> 00:38:38.630
will say, okay, and this is planning. This is

00:38:38.630 --> 00:38:40.829
not the wealth Academy. I will there's a hard

00:38:40.829 --> 00:38:42.469
line between the two. There's a difference here.

00:38:42.489 --> 00:38:45.949
I will do for them a let's get reorganized and

00:38:45.949 --> 00:38:48.550
I'll do a package to that. So if anybody wants

00:38:48.550 --> 00:38:50.989
help with that, I'm happy to help and we just

00:38:50.989 --> 00:38:54.329
sort of go in and in 30 days get it organized

00:38:54.329 --> 00:38:58.329
get it consolidated where you want it so that

00:38:58.329 --> 00:39:00.469
you know where everything is and you feel more

00:39:00.469 --> 00:39:04.500
comfortable managing it. Nice, nice. I'm gonna

00:39:04.500 --> 00:39:08.300
talk I want to talk about kind of a mindset for

00:39:08.300 --> 00:39:12.639
entrepreneurs. And you talk about income and

00:39:12.639 --> 00:39:14.659
and difference between income and wealth. Why

00:39:14.659 --> 00:39:17.920
is income not the best indicator for financial

00:39:17.920 --> 00:39:21.320
freedom? Okay, because there's lifestyle creep.

00:39:21.579 --> 00:39:25.219
Yeah. Okay, it's so easy to say my income went

00:39:25.219 --> 00:39:27.219
up. I'm gonna go out to eat one more time a week.

00:39:27.400 --> 00:39:32.530
Yeah, it's so easy to not structure it. so that

00:39:32.530 --> 00:39:34.309
even when the income goes up you're putting more

00:39:34.309 --> 00:39:36.349
into the 401k or you're putting more into your

00:39:36.349 --> 00:39:38.650
Roth IRA or if you're self -employed you're putting

00:39:38.650 --> 00:39:41.829
more into your solo 401k. There's so many different

00:39:41.829 --> 00:39:44.409
options and unfortunately I love it when I see

00:39:44.409 --> 00:39:46.610
people's incomes increases but I want to see

00:39:46.610 --> 00:39:49.530
that they're investing more. I want to see that

00:39:49.530 --> 00:39:51.969
they're building more. I want to see what they're

00:39:51.969 --> 00:39:55.369
building out. Taking the income and turning it

00:39:55.369 --> 00:40:00.039
into something that pays you is the goal. Okay,

00:40:00.239 --> 00:40:02.539
so that's part of it. And it's the mindset piece

00:40:02.539 --> 00:40:06.119
of it's just so darn easy. Yeah. It's one of

00:40:06.119 --> 00:40:07.980
those things. Jordan Peterson made a comment.

00:40:09.219 --> 00:40:13.099
The inner peace comes from order. And for most

00:40:13.099 --> 00:40:16.139
of us in the country, our financial lives are

00:40:16.139 --> 00:40:21.000
disordered. So we don't know where things are.

00:40:21.019 --> 00:40:23.239
And we're not really aware of what we're doing

00:40:23.239 --> 00:40:27.659
on a daily, weekly or monthly basis. So let me

00:40:27.659 --> 00:40:30.980
give you an example. I had a client who not only

00:40:30.980 --> 00:40:33.260
had a job, but had a solo hustle that was making

00:40:33.260 --> 00:40:36.340
a lot of money, tremendous amount of money. And

00:40:36.340 --> 00:40:38.519
he got himself into financial trouble because

00:40:38.519 --> 00:40:42.000
he wasn't watching what he did. And he knew himself.

00:40:42.380 --> 00:40:44.239
And we talked about this because he made this

00:40:44.239 --> 00:40:46.619
decision on his own. He knew himself. So what

00:40:46.619 --> 00:40:49.780
he did was every morning when he got up, the

00:40:49.780 --> 00:40:51.719
first thing he did was he logged onto his computer,

00:40:51.820 --> 00:40:54.960
logged onto his bank account and looked at his

00:40:54.960 --> 00:40:57.659
balances. And then he looked at what was programmed

00:40:57.659 --> 00:41:00.099
to go out to pay a bill and made sure there was

00:41:00.099 --> 00:41:02.860
enough money there. And by looking at it every

00:41:02.860 --> 00:41:07.119
day, he stopped the unnecessary spending. That

00:41:07.119 --> 00:41:13.880
was the technique he used. Well, it was an emergency

00:41:13.880 --> 00:41:17.219
thing for him. Okay. Okay. I recommend that people

00:41:17.219 --> 00:41:20.000
get a whiteboard calendar. This is for me. And

00:41:20.000 --> 00:41:22.420
I have one outside of my bedroom door in the

00:41:22.420 --> 00:41:25.219
hallway. And I have my business stuff and I have

00:41:25.219 --> 00:41:27.980
my personal stuff and I see what's going on and

00:41:27.980 --> 00:41:30.960
I can see the flow of my week and I love my month

00:41:30.960 --> 00:41:35.139
Okay Some people want to do it electronically.

00:41:35.360 --> 00:41:38.300
I'm visual. So the question is where is your

00:41:38.300 --> 00:41:41.719
mind? Like what would work for you? Okay, and

00:41:41.719 --> 00:41:44.099
it's really a question of monitoring what you

00:41:44.099 --> 00:41:48.360
do So I will schedule every week an accountability

00:41:48.360 --> 00:41:51.500
moment where I will sit down I will literally

00:41:51.500 --> 00:41:54.539
create a little ritual. Okay. I used to walk

00:41:54.539 --> 00:41:57.420
the dogs, come home, take a shower, sit down

00:41:57.420 --> 00:41:59.739
with my Starbucks. That's my one bad habit. I

00:41:59.739 --> 00:42:03.539
have one. Everybody has one. I have an emotional

00:42:03.539 --> 00:42:05.079
attachment to that company. There's a lot of

00:42:05.079 --> 00:42:08.219
reasons why, but I sit down with it. I log on

00:42:08.219 --> 00:42:12.099
and I look at what's going on. And I want people

00:42:12.099 --> 00:42:16.659
to do that, to set up a time where every week

00:42:16.760 --> 00:42:19.239
no matter what, especially while they're in that

00:42:19.239 --> 00:42:22.800
beginning process, they know exactly what's going

00:42:22.800 --> 00:42:26.139
to happen. I tell people that are, I coach people

00:42:26.139 --> 00:42:29.420
that are managing money for their elderly parents

00:42:29.420 --> 00:42:33.980
to know when the bills go out and set it up to

00:42:33.980 --> 00:42:38.179
go on automatic payment. And that way you can

00:42:38.179 --> 00:42:40.420
check it midway through the week or midway through

00:42:40.420 --> 00:42:43.340
the month, but you have one day in the month

00:42:43.340 --> 00:42:45.719
where you take a look, let's say, you can schedule

00:42:45.719 --> 00:42:49.699
it the 25th 26th of the month where you know

00:42:49.699 --> 00:42:53.320
what needs to get paid and you know the account

00:42:53.320 --> 00:42:55.000
where it's going to get paid from and you make

00:42:55.000 --> 00:42:57.440
sure there's enough money in there so the money

00:42:57.440 --> 00:42:59.539
stays in investment accounts or whatever accounts

00:42:59.539 --> 00:43:03.199
but the one that pays the bills is that one account

00:43:03.199 --> 00:43:06.440
where it's there yeah you can see what's going

00:43:06.440 --> 00:43:09.880
on and that way it's not so overwhelming It's

00:43:09.880 --> 00:43:11.880
good hearing you say that because you're a professional,

00:43:12.119 --> 00:43:14.300
first of all. And second, I do some of those

00:43:14.300 --> 00:43:16.679
things now. I remember, I mean, earlier in my

00:43:16.679 --> 00:43:20.679
years, when I probably didn't care or I had to

00:43:20.679 --> 00:43:23.219
learn, right? I had to learn about finances and

00:43:23.219 --> 00:43:26.119
my financial obligations to not only myself,

00:43:26.199 --> 00:43:29.139
but to other people and things. Now, like it's

00:43:29.139 --> 00:43:31.710
a daily thing for me. Right. Because I have to

00:43:31.710 --> 00:43:33.349
just have to know what's going on, especially

00:43:33.349 --> 00:43:36.610
business, and also personal. But I like the idea

00:43:36.610 --> 00:43:39.329
of keeping it more visual and having whiteboards

00:43:39.329 --> 00:43:41.050
because I think I'm a whiteboard kind of guy.

00:43:41.469 --> 00:43:44.110
Okay. To be able to see it. You and I are the

00:43:44.110 --> 00:43:50.050
same generation. Yeah. My kids look at me like

00:43:50.050 --> 00:43:53.550
I've sprouted horns. Right. They're like, what

00:43:53.550 --> 00:43:56.289
is this? Not yours, not in front of your bedroom,

00:43:56.429 --> 00:43:58.230
none of your business. Don't worry about it.

00:43:58.969 --> 00:44:02.960
Right. Absolutely. Oh man, that's good. What

00:44:02.960 --> 00:44:05.840
lessons do new entrepreneurs often learn the

00:44:05.840 --> 00:44:08.679
hard way when it comes to money? Okay, the first

00:44:08.679 --> 00:44:10.800
thing is that they need to have a financial plan

00:44:10.800 --> 00:44:13.679
for it and that emergency fund for it. And most

00:44:13.679 --> 00:44:16.179
of us bootstrap when we first get started. Right.

00:44:16.880 --> 00:44:19.739
Okay, and I get that. I really do. The second

00:44:19.739 --> 00:44:23.840
thing is have that fallback position. I really

00:44:23.840 --> 00:44:27.019
want them to have that disability thing or that

00:44:27.019 --> 00:44:30.320
fallback. Because without it, it could be devastating

00:44:30.320 --> 00:44:34.699
for you and your family. Mm -hmm. Okay? Monitor

00:44:34.699 --> 00:44:36.480
everything. And especially when you first get

00:44:36.480 --> 00:44:38.400
started, it does make sense to check that balance

00:44:38.400 --> 00:44:42.159
on a daily basis. Yeah. Because you never know.

00:44:43.079 --> 00:44:45.679
Well, it helps you. Sometimes it helps you to

00:44:45.679 --> 00:44:47.800
see there isn't enough and I need to earn more.

00:44:48.219 --> 00:44:50.099
Sometimes that makes you a little bit crazy.

00:44:50.349 --> 00:44:52.690
you have to figure out what works with your personality.

00:44:53.050 --> 00:44:55.469
I'm absolutely convinced after all these years

00:44:55.469 --> 00:44:58.670
that 90 % of success is right here between the

00:44:58.670 --> 00:45:01.849
ears on top of the lower, you know, caveman brain,

00:45:02.170 --> 00:45:04.570
the animal brain, the reptile brain, okay? And

00:45:04.570 --> 00:45:06.929
it's those fear response, those emotional responses.

00:45:07.550 --> 00:45:10.030
And I really truly believe that that's where

00:45:10.030 --> 00:45:12.570
success lies. And so I know that sounds a little

00:45:12.570 --> 00:45:14.750
negative, but the truth is most of the time we're

00:45:14.750 --> 00:45:17.329
not even aware of what we're doing. So the first

00:45:17.329 --> 00:45:20.510
thing is awareness. and then you start to shift.

00:45:20.750 --> 00:45:23.050
But there are things that we know. Stanley from

00:45:23.050 --> 00:45:25.130
The Millionaire Next Door was really the first

00:45:25.130 --> 00:45:29.250
to drill down into this in great detail as to

00:45:29.250 --> 00:45:32.369
how really, how financially successful people,

00:45:33.010 --> 00:45:35.849
financially free people think in comparison to

00:45:35.849 --> 00:45:38.369
the rest of us. Yeah. Did you read the book?

00:45:38.929 --> 00:45:42.869
No, I have not read the book yet. Actually, I

00:45:42.869 --> 00:45:45.429
have it on Audible. Okay. Haven't listened to

00:45:45.429 --> 00:45:49.400
it yet. It is 30 years old now. I hate to admit

00:45:49.400 --> 00:45:51.800
this. It is 30 years old and it's still relevant.

00:45:51.860 --> 00:45:53.719
There's a book called The Millionaire Mindset

00:45:53.719 --> 00:45:56.920
written by the same one, the same man. And the

00:45:56.920 --> 00:46:01.960
reality is once you start to see it, you can't

00:46:01.960 --> 00:46:04.480
unsee it. You'll see what happens. And when you

00:46:04.480 --> 00:46:06.260
sort of think about what you think about money

00:46:06.260 --> 00:46:10.059
and how you view it. Okay, so I'll give you an

00:46:10.059 --> 00:46:13.159
example. And I hate to say this because I love

00:46:13.159 --> 00:46:19.210
women, but I never want to hear A woman who isn't

00:46:19.210 --> 00:46:25.070
in a public facing industry. Tell me that her

00:46:25.070 --> 00:46:27.530
Louis Vuitton purse is an investment. You know

00:46:27.530 --> 00:46:29.610
what? I'm okay. I'm gonna let that one. I'm let

00:46:29.610 --> 00:46:33.269
you say that. Okay. And I get in trouble. But

00:46:33.269 --> 00:46:36.650
here's the point. Okay. I understand there are

00:46:36.650 --> 00:46:38.590
some people who really feel they need to project

00:46:38.590 --> 00:46:41.070
success. And there are some industries where

00:46:41.070 --> 00:46:45.090
that's required. But for most of us, that's not

00:46:45.090 --> 00:46:48.889
true. Okay. And most of the people that I've

00:46:48.889 --> 00:46:51.429
met who have built out that kind of success,

00:46:51.610 --> 00:46:54.489
unless they've been in that industry, in those

00:46:54.489 --> 00:46:58.550
industries, they don't need it. And you take

00:46:58.550 --> 00:47:00.110
a look and you say to yourself, okay, like, and

00:47:00.110 --> 00:47:01.630
I was told this when I was at Merrill Lynch when

00:47:01.630 --> 00:47:05.449
I first started. Dress the way your prospective

00:47:05.449 --> 00:47:08.329
clients dress. And I looked at her and I said,

00:47:08.329 --> 00:47:10.789
you know, my prospective clients that are women,

00:47:11.769 --> 00:47:15.369
buy clothing from, you know, shops. that are

00:47:15.369 --> 00:47:17.469
a little bit old for me at the time. And she

00:47:17.469 --> 00:47:19.250
looked at me and laughed. She said, you have

00:47:19.250 --> 00:47:21.349
to wear something that looks like something they

00:47:21.349 --> 00:47:24.250
would buy. You have to communicate with them

00:47:24.250 --> 00:47:29.230
that you share their values. And it wasn't the

00:47:29.230 --> 00:47:31.869
most expensive stuff. It wasn't the designer

00:47:31.869 --> 00:47:34.630
stuff. But it wasn't stuff that, if that makes

00:47:34.630 --> 00:47:38.150
sense. At that time, 20 years ago, it was Talbots.

00:47:38.449 --> 00:47:42.570
Okay. Okay. Which is not something that... I

00:47:42.570 --> 00:47:44.050
would think I would want to wear on a regular

00:47:44.050 --> 00:47:49.230
basis. But a lot of the successful women who

00:47:49.230 --> 00:47:53.769
were about 60, ages 60 plus, wore those clothes.

00:47:55.230 --> 00:47:58.650
Did you end up doing it? A little bit, not much.

00:48:00.250 --> 00:48:03.349
Not much. I found my own style and I find that

00:48:03.349 --> 00:48:07.400
I have to have my own vibe. So, but you have

00:48:07.400 --> 00:48:10.139
to communicate value. And the truth is that people

00:48:10.139 --> 00:48:12.659
who are financially successful respect the money

00:48:12.659 --> 00:48:15.039
they've earned. Yeah. And the fact of the matter

00:48:15.039 --> 00:48:17.699
is one of the problems that people have when

00:48:17.699 --> 00:48:21.099
they really, really earn money is that it's very

00:48:21.099 --> 00:48:22.960
difficult for them to communicate those same

00:48:22.960 --> 00:48:24.820
values to their children and their grandchildren.

00:48:26.199 --> 00:48:29.440
So the joke is that it's not generational wealth

00:48:29.440 --> 00:48:33.519
or long -term wealth or old money. until it's

00:48:33.519 --> 00:48:39.199
made it past the third generation. We make things

00:48:39.199 --> 00:48:41.039
too easy for our children and our grandchildren.

00:48:41.719 --> 00:48:43.599
Okay. That's what I thought I heard. So I wanted

00:48:43.599 --> 00:48:45.960
to say it again. I agree, especially I think

00:48:45.960 --> 00:48:48.519
people say it started with the generation X.

00:48:48.639 --> 00:48:51.500
No. You think before? Oh, absolutely. I think

00:48:51.500 --> 00:48:54.239
this has been going on for a long time. Made

00:48:54.239 --> 00:48:57.760
it too easy. So can that be corrected? Or is

00:48:57.760 --> 00:49:00.619
it just kind of the way it is now? It absolutely

00:49:00.619 --> 00:49:03.190
can be corrected. It's a question of looking

00:49:03.190 --> 00:49:06.329
at people and saying, statistically, you're not

00:49:06.329 --> 00:49:09.949
going to have as much as your grandparents. And

00:49:09.949 --> 00:49:14.010
your children are going to struggle. So if that's

00:49:14.010 --> 00:49:16.610
not the future you want, let's talk about what

00:49:16.610 --> 00:49:19.610
you have. And the other piece is I worked with

00:49:19.610 --> 00:49:23.750
one client who at one point was a single mom.

00:49:24.010 --> 00:49:26.110
She pushed herself through a graduate school

00:49:26.110 --> 00:49:29.489
and she made a lot of money, but she also invested

00:49:29.489 --> 00:49:34.159
extraordinarily. aggressively across many different

00:49:34.159 --> 00:49:39.159
industries. So she's been very successful and

00:49:39.159 --> 00:49:42.340
she realizes when we were looking at her financial

00:49:42.340 --> 00:49:44.739
plan as she's retired, she realizes she has a

00:49:44.739 --> 00:49:48.539
lot of money. So she wants to contribute to her

00:49:48.539 --> 00:49:52.460
grandchildren's education. But she made the decision

00:49:52.460 --> 00:49:55.780
and I suspected it was going to go this way and

00:49:55.780 --> 00:49:58.579
she didn't want to pay for it all. She wanted

00:49:58.579 --> 00:50:02.440
to pay for the tuition. portion of the expense.

00:50:02.699 --> 00:50:06.420
She wanted them to have skin in the game. Right.

00:50:06.579 --> 00:50:09.699
Yeah. She wanted to take the edge off of it and

00:50:09.699 --> 00:50:13.139
help, but she wasn't going to do for them. I

00:50:13.139 --> 00:50:17.619
like that. Yeah. Yeah, I liked it too. I suspected

00:50:17.619 --> 00:50:20.019
that was where she was going to go with it. And

00:50:20.019 --> 00:50:22.460
I was thrilled that I was right that that was

00:50:22.460 --> 00:50:25.000
where she was going. Yeah, I like that. You really

00:50:25.000 --> 00:50:26.539
need to have some skin and skin in the game,

00:50:26.639 --> 00:50:28.780
especially if you don't know the value of a dollar,

00:50:28.820 --> 00:50:31.670
you know, I mean, it's To have that skin in the

00:50:31.670 --> 00:50:34.849
game. It makes you work for Whatever it is that

00:50:34.849 --> 00:50:36.670
that's happening and I think especially with

00:50:36.670 --> 00:50:39.449
education. It's it's a it's a good way to go

00:50:39.449 --> 00:50:41.909
The way I would frame it and this is how I frame

00:50:41.909 --> 00:50:44.429
this with everybody is that we were created to

00:50:44.429 --> 00:50:48.889
be free But freedom is just a synonym for responsible.

00:50:48.889 --> 00:50:52.849
We choose how we respond Okay, and that flows

00:50:52.849 --> 00:50:56.210
into that's the spiritual piece and it flows

00:50:56.210 --> 00:50:59.610
into how we manage our bodies our minds, our

00:50:59.610 --> 00:51:04.309
emotions, our relationships, and our money. Because

00:51:04.309 --> 00:51:07.010
it's just a tool. The other piece that I will

00:51:07.010 --> 00:51:09.090
walk people through is, and I heard this from

00:51:09.090 --> 00:51:11.789
a trainer on iFit, and he was talking about it

00:51:11.789 --> 00:51:15.389
physically. And it made so much sense to me because

00:51:15.389 --> 00:51:19.130
one, we encounter the world initially physically.

00:51:19.510 --> 00:51:22.690
And you start off with function. Everything has

00:51:22.690 --> 00:51:25.900
to be functional. You go to health, but everything's

00:51:25.900 --> 00:51:29.460
functional and working together. You then go

00:51:29.460 --> 00:51:32.380
to fitness, which is defined as the ability to

00:51:32.380 --> 00:51:35.139
handle the load. And then you go to performance.

00:51:35.199 --> 00:51:37.099
And when you realize that that's a framework

00:51:37.099 --> 00:51:40.340
that you can use for your money for anything.

00:51:42.000 --> 00:51:45.039
Okay. So you have to be, you start off and you

00:51:45.039 --> 00:51:47.199
say, what's going on in your money life. If you're

00:51:47.199 --> 00:51:51.019
back in that functional stage, fine. Own it.

00:51:51.440 --> 00:51:54.369
Feel the pain. and say, okay, I'm gonna move

00:51:54.369 --> 00:51:56.349
forward. The only way to resolve the anxiety

00:51:56.349 --> 00:51:59.750
is movement. You move over to health where you

00:51:59.750 --> 00:52:03.590
get things working together. And I define financially

00:52:03.590 --> 00:52:07.170
fit when you're able to handle the load of your

00:52:07.170 --> 00:52:11.150
obligations and fund your goals. I like that.

00:52:11.750 --> 00:52:14.469
Okay. And then performance is when you have that

00:52:14.469 --> 00:52:17.949
wealth that's feeding you so that you don't have

00:52:17.949 --> 00:52:19.849
to work. Work becomes optional at that point.

00:52:19.949 --> 00:52:22.190
Yeah, I really like that. I want everybody to

00:52:22.190 --> 00:52:24.849
get there. I'm working my way there. Let's talk

00:52:24.849 --> 00:52:26.750
about myths. What are some of the biggest myths

00:52:26.750 --> 00:52:31.130
about entrepreneurship and wealth? Boy, it starts

00:52:31.130 --> 00:52:34.369
off with that income is wealth. It starts off

00:52:34.369 --> 00:52:38.750
with I have complete control that I don't have

00:52:38.750 --> 00:52:42.349
to do the planning that I have time. Okay, the

00:52:42.349 --> 00:52:44.050
graveyards are full of people who thought they

00:52:44.050 --> 00:52:49.139
had more time than they did. Okay. And then there's

00:52:49.139 --> 00:52:53.519
also the problem. And it's really what I look

00:52:53.519 --> 00:52:55.360
at and I say to people, most people who wind

00:52:55.360 --> 00:52:58.219
up in my office or, you know, working with me

00:52:58.219 --> 00:53:01.280
as a financial advisor, not the coach, have had

00:53:01.280 --> 00:53:06.380
a financial relationship go bad. Okay. So what

00:53:06.380 --> 00:53:11.139
I say to people is this is a professional. Instead

00:53:11.139 --> 00:53:14.019
of hiring your buddy, you need to stop and think

00:53:14.019 --> 00:53:17.590
who understands you, who respects you. and who

00:53:17.590 --> 00:53:20.889
is able to meet your needs. But ultimately, no

00:53:20.889 --> 00:53:23.869
one should care more about your financial condition

00:53:23.869 --> 00:53:27.250
than you do. Right, yeah. Okay, so that's it.

00:53:27.849 --> 00:53:30.690
The other thing that people do, and it's a problem,

00:53:31.769 --> 00:53:34.849
is they use their corporate bank account to pay

00:53:34.849 --> 00:53:36.829
personal expenses and they have money going both

00:53:36.829 --> 00:53:42.329
ways. And that becomes a real issue. You need

00:53:42.329 --> 00:53:47.349
to create a hard and fast wall. between the two.

00:53:48.170 --> 00:53:51.369
Yeah, I think like I think, especially entrepreneurs

00:53:51.369 --> 00:53:53.789
in the beginning, like you said, the building

00:53:53.789 --> 00:53:55.929
the bootstraps, you know, bring yourself up from

00:53:55.929 --> 00:53:57.750
the bootstraps and then trying to figure it out.

00:53:57.989 --> 00:54:01.909
But I think that lesson right there is it's it's

00:54:01.909 --> 00:54:04.389
imperative because I mean, you had so crossing

00:54:04.389 --> 00:54:06.570
monies and things like that. It's it's it's a

00:54:06.570 --> 00:54:10.650
horror. It is and you see it, you realize it,

00:54:11.150 --> 00:54:14.800
you know, people make mistakes. But you have

00:54:14.800 --> 00:54:17.760
to learn to pay the penalty for the mistake and

00:54:17.760 --> 00:54:20.840
move on. Yeah. Yeah. And it may mean you may

00:54:20.840 --> 00:54:23.079
have to close down an LLC and open up a new one.

00:54:23.579 --> 00:54:26.219
It's a pain in the butt. It's expensive. But

00:54:26.219 --> 00:54:30.480
when you feel the pain of the consequence, that

00:54:30.480 --> 00:54:34.099
can inspire you to not do it again. Yeah. Just

00:54:34.099 --> 00:54:36.300
don't do it again. All right. So I know that.

00:54:36.440 --> 00:54:38.719
So first of all, thank you again, because I know

00:54:38.719 --> 00:54:40.909
you're not. you know, all the way there with

00:54:40.909 --> 00:54:42.949
everything because you're sick. So I'm going

00:54:42.949 --> 00:54:45.530
to ask you a couple more questions. We're talking

00:54:45.530 --> 00:54:47.429
about, you talked about tools, practical tools

00:54:47.429 --> 00:54:49.789
and everything. What's one financial system or

00:54:49.789 --> 00:54:53.269
habit that changed everything for you and your

00:54:53.269 --> 00:54:56.010
clients? Oh boy. What I want people to do is

00:54:56.010 --> 00:54:57.829
to get, first thing that I ask them to do is

00:54:57.829 --> 00:55:00.550
to get, we get organized. Okay. We put things

00:55:00.550 --> 00:55:02.150
into place so that we can see what they have

00:55:02.150 --> 00:55:04.829
and they can see what they have. Whether we manage

00:55:04.829 --> 00:55:07.429
it or it's managed elsewhere or it's split apart.

00:55:07.869 --> 00:55:10.550
We want to see to make sure that it works together.

00:55:11.130 --> 00:55:14.530
The second thing that I work with my clients

00:55:14.530 --> 00:55:18.530
in a huge way is I want them to understand the

00:55:18.530 --> 00:55:22.869
system they're in so that they can make decisions

00:55:22.869 --> 00:55:28.389
from a place of strength. So what that means

00:55:28.389 --> 00:55:32.949
frequently is let's stop and think, do you understand

00:55:32.949 --> 00:55:34.929
what they're saying to you? Are they using real

00:55:34.929 --> 00:55:39.289
language? Okay, does it make sense? And so I

00:55:39.289 --> 00:55:41.989
work with them on that. Now on the planning side,

00:55:42.409 --> 00:55:45.610
I love using the system to maximize people's

00:55:45.610 --> 00:55:49.230
chances of success. So I will look for every

00:55:49.230 --> 00:55:53.489
way possible to do things like Roth contributions,

00:55:53.829 --> 00:55:56.070
backdoor Roth contributions. If people are employed

00:55:56.070 --> 00:55:58.010
and they can afford it, I want them to do the

00:55:58.010 --> 00:56:01.030
mega backdoor contributions. I want people to

00:56:01.030 --> 00:56:04.840
use the system as it's built. to fund and fuel

00:56:04.840 --> 00:56:07.679
their future. So for example, if they can afford

00:56:07.679 --> 00:56:10.159
to pay the higher deductible and they have the

00:56:10.159 --> 00:56:12.300
money to do it, I want them to put money into

00:56:12.300 --> 00:56:18.179
the HSA. Why? Because that becomes extraordinarily

00:56:18.179 --> 00:56:21.579
powerful. One, if you have a medical event that's

00:56:21.579 --> 00:56:24.699
an emergency, you can use that to pay your deductible

00:56:24.699 --> 00:56:28.239
and then use your long -term care, long -term

00:56:28.239 --> 00:56:30.960
disability to pay for your living expenses while

00:56:30.960 --> 00:56:33.530
you recover. and then all of a sudden the money

00:56:33.530 --> 00:56:36.030
issue isn't what's first on your mind. Right.

00:56:36.530 --> 00:56:40.570
Okay. But I work with people to really use the

00:56:40.570 --> 00:56:44.269
system as much as possible. And with entrepreneurs,

00:56:44.289 --> 00:56:48.110
I want them to put money into retirement. I don't

00:56:48.110 --> 00:56:50.489
want them. I understand there's a push and pull

00:56:50.489 --> 00:56:52.710
between the accountant. The accountant and the

00:56:52.710 --> 00:56:56.309
advisor, if both are competent, should be working

00:56:56.309 --> 00:56:59.610
together. Together. And so what that means is

00:56:59.610 --> 00:57:01.940
the The accountant is going to want to lower

00:57:01.940 --> 00:57:04.659
the income to lower the tax, but you also need

00:57:04.659 --> 00:57:07.940
to save for the future. And a lot of entrepreneurs

00:57:07.940 --> 00:57:11.280
don't put money away for retirement. And that

00:57:11.280 --> 00:57:13.900
becomes a huge vulnerability. So you have that

00:57:13.900 --> 00:57:18.280
push pull and ultimately the client has to decide

00:57:18.280 --> 00:57:21.019
that they need to be able to pay tax at some

00:57:21.019 --> 00:57:23.480
point so that in the future they don't have to

00:57:23.480 --> 00:57:27.039
work. They want work to be optional. And then

00:57:27.039 --> 00:57:29.590
the other piece is You have to understand the

00:57:29.590 --> 00:57:31.750
retirement account and the retirement system

00:57:31.750 --> 00:57:34.329
and all the different types of accounts, make

00:57:34.329 --> 00:57:37.909
them work together. And then you have decisions.

00:57:38.150 --> 00:57:41.050
Like if I have a solo entrepreneur and they're

00:57:41.050 --> 00:57:43.889
in a business where they could get sued, or if

00:57:43.889 --> 00:57:46.369
their biggest liability, for example, was somebody,

00:57:46.610 --> 00:57:48.550
she realized her biggest liability would be the

00:57:48.550 --> 00:57:51.909
car and having a major lawsuit. You need to really

00:57:51.909 --> 00:57:54.809
look and see where the money is and then say,

00:57:54.989 --> 00:57:57.389
well, maybe we need to mitigate for them. So

00:57:57.389 --> 00:57:59.510
we work through that, we work through the whole

00:57:59.510 --> 00:58:02.170
system. That's part of the reason why, for example,

00:58:02.349 --> 00:58:06.949
if money's in a 401k and you have a lawsuit,

00:58:08.849 --> 00:58:11.329
it can be almost near impossible to get into

00:58:11.329 --> 00:58:12.869
that money and have somebody have to pay that

00:58:12.869 --> 00:58:16.650
out. Think OJ Simpson. Nobody could touch his

00:58:16.650 --> 00:58:20.829
retirement money. Yeah. Okay. So no, you're not

00:58:20.829 --> 00:58:23.269
OJ Simpson. And I'm not saying that, but I'm

00:58:23.269 --> 00:58:26.619
saying that You know, use the system legally

00:58:26.619 --> 00:58:29.639
and lawfully to protect yourself. Yeah. Don't

00:58:29.639 --> 00:58:31.820
do O .J. Simpson things, but you know, get the

00:58:31.820 --> 00:58:35.300
idea. But the how he did with his finances, he

00:58:35.300 --> 00:58:37.960
took care of himself. Right. And I don't think

00:58:37.960 --> 00:58:39.500
he thought about that. I don't think he planned

00:58:39.500 --> 00:58:41.820
that. But that was just a consequence of somebody

00:58:41.820 --> 00:58:45.400
saying this is retirement money. This is pension

00:58:45.400 --> 00:58:48.619
money. You can't touch it. Yeah. Yeah. That's

00:58:48.619 --> 00:58:50.420
good. The law was written in such a way that

00:58:50.420 --> 00:58:52.440
they didn't want a lawsuit to prevent somebody

00:58:52.840 --> 00:58:57.639
who's 60 or 70 from being able to live. Okay.

00:58:58.059 --> 00:59:00.440
So that's another reason why it's sort of a,

00:59:00.699 --> 00:59:02.480
you know, you have to use the system and the

00:59:02.480 --> 00:59:04.519
protections to make it work. I never want to

00:59:04.519 --> 00:59:06.739
see people say, oh, I want things so consolidated

00:59:06.739 --> 00:59:09.320
so that there's only one IRA. Well, if you've

00:59:09.320 --> 00:59:13.159
been contributing money and then to an IRA, but

00:59:13.159 --> 00:59:15.920
then you have this 401k money, you really shouldn't

00:59:15.920 --> 00:59:18.099
be co -mingling it. You need to keep it separate.

00:59:18.420 --> 00:59:20.760
Okay. So you can have a rollover, but label it

00:59:20.760 --> 00:59:23.590
rollover. So it's Really, you have to learn to

00:59:23.590 --> 00:59:26.150
manage the system. I want you to be proactive

00:59:26.150 --> 00:59:28.429
and not afraid of it. And if you talk to somebody

00:59:28.429 --> 00:59:30.250
who's not going to help you actually learn it,

00:59:30.769 --> 00:59:34.530
you need to shift. Yeah. That's good. That's

00:59:34.530 --> 00:59:38.170
good. Monica, I have many questions, but I'm

00:59:38.170 --> 00:59:41.269
going to spare your voice. I'm sorry. I'm losing

00:59:41.269 --> 00:59:43.849
it. Aren't I? No, no, you're fine. But I know

00:59:43.849 --> 00:59:46.150
that you're dealing with something and I just

00:59:46.150 --> 00:59:48.820
want to be gracious about. I appreciate that.

00:59:49.059 --> 00:59:50.420
Thank you. What's going on with you? And maybe

00:59:50.420 --> 00:59:52.920
we'll just do a part two with you. I love that.

00:59:52.980 --> 00:59:54.619
Anytime you want me back, I'm happy to come.

00:59:54.980 --> 00:59:57.440
That's cool. That's awesome. Well, we'll definitely

00:59:57.440 --> 00:59:59.579
put that in the books to have you back because

00:59:59.579 --> 01:00:04.960
what you're sharing is a lot of information that

01:00:04.960 --> 01:00:08.000
is solid, first of all, and a lot of information

01:00:08.000 --> 01:00:10.900
that people don't necessarily know or privy to.

01:00:11.400 --> 01:00:14.119
And to have that kind of knowledge in someone's

01:00:14.119 --> 01:00:17.579
arsenal can really save them one day from, you

01:00:17.579 --> 01:00:19.360
know, whatever it may be that could, you know,

01:00:19.440 --> 01:00:22.019
kind of just mess them up financially. But, you

01:00:22.019 --> 01:00:24.559
know, using some of your advice could, you know,

01:00:24.860 --> 01:00:27.920
really turn tables for for someone's life. And

01:00:27.920 --> 01:00:31.139
so for you to share that is that's gold right

01:00:31.139 --> 01:00:35.460
there. So thank you. How does how does someone

01:00:35.460 --> 01:00:37.840
getting connected with you and trust with you

01:00:37.840 --> 01:00:40.039
use your services, all that good stuff? Okay,

01:00:40.039 --> 01:00:42.739
so I want to make a couple of offers. And here's

01:00:42.739 --> 01:00:45.349
the thing. If you're an entrepreneur and for

01:00:45.349 --> 01:00:47.909
your people and you just want to talk it through

01:00:47.909 --> 01:00:50.809
I'm willing to give you a consultation No expectation

01:00:50.809 --> 01:00:53.710
some people may want to participate in the Academy

01:00:53.710 --> 01:00:56.210
Some people may need an advisor some people may

01:00:56.210 --> 01:00:58.929
just need a half an hour an hour to just talk

01:00:58.929 --> 01:01:01.269
something through So I'm willing to give your

01:01:01.269 --> 01:01:04.070
people I'll send you a link and we can they can

01:01:04.070 --> 01:01:06.449
log on to that and we'll schedule some time I'll

01:01:06.449 --> 01:01:09.369
block out some time. That's just for them. And

01:01:09.369 --> 01:01:13.130
then the second thing is I've noticed a lot of

01:01:13.130 --> 01:01:15.530
people are struggling with goals. And I looked

01:01:15.530 --> 01:01:18.570
at April 15th and I thought, while sick, okay,

01:01:18.710 --> 01:01:21.650
this is an accountability day. How far are you

01:01:21.650 --> 01:01:23.829
on your goals? Have you achieved what you intended

01:01:23.829 --> 01:01:27.190
to achieve? And I used to run a goal group and

01:01:27.190 --> 01:01:28.809
I'm gonna bring it back where I bring in some

01:01:28.809 --> 01:01:31.030
of the psychology of actually achieving the goals

01:01:31.030 --> 01:01:34.449
and how to work with yourself with tools, completely

01:01:34.449 --> 01:01:36.650
pitch free. There's nothing else going on with

01:01:36.650 --> 01:01:38.550
that. But if people would like to attend that,

01:01:38.780 --> 01:01:41.500
they can attend that I will sell said, I'll give

01:01:41.500 --> 01:01:43.639
you the link so that they can do that. Other

01:01:43.639 --> 01:01:46.159
than that, they can reach out to me via email

01:01:46.159 --> 01:01:48.739
at any time or they can log on to our websites.

01:01:49.059 --> 01:01:51.579
So but I'll send you those links. All right,

01:01:51.679 --> 01:01:53.320
perfect. That's perfect. And we'll have that

01:01:53.320 --> 01:01:55.880
in the description. Good. Thank you so much for

01:01:55.880 --> 01:02:00.079
being here and sharing what you shared even through

01:02:00.079 --> 01:02:03.380
through the issues that you have with your health

01:02:03.380 --> 01:02:06.539
and everything. So it's a pleasure to have you

01:02:06.539 --> 01:02:10.940
here. And as we do weekly, we have a question

01:02:10.940 --> 01:02:13.920
of the week. And our question of the week with

01:02:13.920 --> 01:02:17.920
this is what's one small financial or mind shift

01:02:17.920 --> 01:02:21.519
you've made or want to make this year to build

01:02:21.519 --> 01:02:24.019
a stronger future for yourself? So leave those

01:02:24.019 --> 01:02:27.239
in the comments and get to it. And as we always

01:02:27.239 --> 01:02:29.659
say around this time, let's make thriving our

01:02:29.659 --> 01:02:32.820
new normal. Again, thank you Monica. You're welcome.

01:02:32.920 --> 01:02:34.800
And I apologize for my appearance, guys. I'm

01:02:34.800 --> 01:02:38.260
sorry I came on like this. You look fine. Thank

01:02:38.260 --> 01:02:41.420
you. I appreciate it. Before you go, I just want

01:02:41.420 --> 01:02:43.360
to say thank you. Thank you for being a part

01:02:43.360 --> 01:02:45.920
of the Thrabull journey. Every time you show

01:02:45.920 --> 01:02:49.059
up here, you're choosing growth, clarity, and

01:02:49.059 --> 01:02:50.920
the deeper work of becoming who you're meant

01:02:50.920 --> 01:02:54.199
to be in this world. And if you're ready to reconnect

01:02:54.199 --> 01:02:57.050
with what truly lights you up, I created something

01:02:57.050 --> 01:03:00.630
powerful that can help you. It's called the Empowered

01:03:00.630 --> 01:03:03.309
Path. Seven days to reclaim your purpose and

01:03:03.309 --> 01:03:06.550
passion. It's a beautifully designed guided workbook

01:03:06.550 --> 01:03:08.969
that walks you through a week of powerful prompts,

01:03:09.510 --> 01:03:12.929
clarity building tools, and real mindset shifts.

01:03:13.110 --> 01:03:16.030
Now you can get instant access to it today. It's

01:03:16.030 --> 01:03:19.210
a small investment for a huge return. Your energy,

01:03:19.690 --> 01:03:22.969
your clarity, your alignment. And if you want

01:03:22.969 --> 01:03:25.650
to take it deeper, check this out. I'm offering

01:03:25.650 --> 01:03:28.789
a limited number of free 30 -minute purpose coaching

01:03:28.789 --> 01:03:31.650
sessions. No pressure, no pitch, just space for

01:03:31.650 --> 01:03:34.369
you to reconnect with your direction, your gifts,

01:03:34.489 --> 01:03:37.269
and what's next. So you can grab the guide and

01:03:37.269 --> 01:03:39.730
book your session at the link in the show notes.

01:03:40.369 --> 01:03:43.030
Let's not just go through the motions. Let's

01:03:43.030 --> 01:03:46.309
really walk this path on purpose. I appreciate

01:03:46.309 --> 01:03:49.090
you. And like we always say, let's make thriving

01:03:49.090 --> 01:03:51.349
our new normal. And I'll talk to you soon.