WEBVTT 00:00:00.000 --> 00:00:02.680 These are our words, but number one, financial 00:00:02.680 --> 00:00:05.240 freedom. So how do I build a financial system 00:00:05.240 --> 00:00:08.759 that gives me all the money I need and enough 00:00:08.759 --> 00:00:11.560 that I don't have to worry about it? What's the 00:00:11.560 --> 00:00:14.259 difference between a scarcity mindset and an 00:00:14.259 --> 00:00:16.820 abundance mindset? And how does that show up 00:00:16.820 --> 00:00:20.179 in business? I literally just got off a call 00:00:20.179 --> 00:00:22.960 recently. So we have a new client, successful 00:00:22.960 --> 00:00:29.120 entrepreneur in Colorado. He sold his business. 00:00:29.530 --> 00:00:33.270 and we're trying to cure him of it, but he definitely 00:00:33.270 --> 00:00:39.409 has the scarcity mindset, right? And I think 00:00:39.409 --> 00:00:42.950 it's just as much comfort zone as anything else. 00:00:42.969 --> 00:00:46.670 So he started a company from scratch. One of 00:00:46.670 --> 00:00:50.009 the things that drives a lot of tax reduction 00:00:50.009 --> 00:00:53.840 is the structuring of your business. Are you 00:00:53.840 --> 00:00:56.700 an S Corp? Are you a C Corp? Are you a partnership? 00:00:56.880 --> 00:00:59.939 Can you be QSBS? I mean, there are a lot of things 00:00:59.939 --> 00:01:04.799 and, you know, entrepreneurs by nature, I don't 00:01:04.799 --> 00:01:07.420 know, you know, tend to shoot first and aim later, 00:01:07.480 --> 00:01:11.079 right? They're action -oriented and they're not 00:01:11.079 --> 00:01:15.760 afraid to move, but... What if true wealth had 00:01:15.760 --> 00:01:18.420 nothing to do with money? In this episode of 00:01:18.420 --> 00:01:20.599 The Thrive World Journey, we sit down with Peter 00:01:20.599 --> 00:01:23.280 Colbert. entrepreneur, author, and co -founder 00:01:23.280 --> 00:01:26.239 of Freedom Family Office. Together, we explore 00:01:26.239 --> 00:01:28.879 how entrepreneurs can break free from scarcity, 00:01:29.500 --> 00:01:32.040 rethink success, and design a life that's not 00:01:32.040 --> 00:01:34.780 just profitable but purposeful. From building 00:01:34.780 --> 00:01:37.500 predictable income to leaving a lasting legacy, 00:01:38.019 --> 00:01:41.140 Peter reveals why the richest life is always 00:01:41.140 --> 00:01:45.260 built beyond money. Hey there. Look, my hope 00:01:45.260 --> 00:01:47.760 is that the Thravo journey meets you exactly 00:01:47.760 --> 00:01:51.359 where you are. and helps you rise into who you're 00:01:51.359 --> 00:01:54.579 here to be. It's 2025 and this is your year to 00:01:54.579 --> 00:01:56.359 thrive despite what the world is throwing at 00:01:56.359 --> 00:01:58.819 us. And our desire is that our conversations 00:01:58.819 --> 00:02:01.760 inspire you, bring clarity and give you a reason 00:02:01.760 --> 00:02:04.439 to breathe deeper. So our ask is that you take 00:02:04.439 --> 00:02:06.980 a moment to subscribe, download the episode and 00:02:06.980 --> 00:02:10.340 follow us on your favorite RSS platform. Your 00:02:10.340 --> 00:02:12.900 support doesn't just help the show grow. It helps 00:02:12.900 --> 00:02:15.860 build a space that's rooted in your evolution. 00:02:15.960 --> 00:02:18.620 And that means everything to me and the TTJ team. 00:02:18.979 --> 00:02:21.879 Now, if you're ready to go beyond the episodes, 00:02:22.259 --> 00:02:25.020 come join our private Thrive World Journey discussion 00:02:25.020 --> 00:02:27.740 group on Facebook. We're walking through a 22 00:02:27.740 --> 00:02:31.060 -week series built to anchor each week in intention, 00:02:31.639 --> 00:02:34.759 purpose, and meaningful connection. I do so look 00:02:34.759 --> 00:02:36.840 forward to hearing your voice and can't wait 00:02:36.840 --> 00:02:39.460 to see you in the group. But for right now, let's 00:02:39.460 --> 00:02:46.780 get into it. We are talking about being rich 00:02:46.780 --> 00:02:52.139 beyond money. And Peter is here. We had some 00:02:52.139 --> 00:02:55.319 crazy technical difficulties, but I'm so glad 00:02:55.319 --> 00:02:58.539 that we stuck it out. We found our path and we 00:02:58.539 --> 00:03:00.460 are here. So how are you doing today, Peter? 00:03:01.360 --> 00:03:05.319 Doing great. Appreciate your patience. Someone 00:03:05.319 --> 00:03:08.819 needs to teach me how to live rich with technology. 00:03:13.280 --> 00:03:16.639 I'm happy to be on and chat with you. It's a 00:03:16.639 --> 00:03:20.599 must. The technology world is a must, the know 00:03:20.599 --> 00:03:24.979 -how and knowledge of it all. But I read up on 00:03:24.979 --> 00:03:27.840 you and you've come through a lot. Who is Peter 00:03:27.840 --> 00:03:34.840 today? So I would say a couple of things, which 00:03:34.840 --> 00:03:37.740 probably our audiences shares. I'm just a happy, 00:03:37.759 --> 00:03:42.830 forward -looking person trying to in our company 00:03:42.830 --> 00:03:48.050 help entrepreneurs be both financially successful 00:03:48.050 --> 00:03:52.050 but the point of a phrase that we use which you 00:03:52.050 --> 00:03:56.530 alluded to which is rich beyond money is Being 00:03:56.530 --> 00:03:58.889 wealthy having some kind of financial underpinning 00:03:58.889 --> 00:04:03.189 is great. But what for? You know, I don't think 00:04:03.189 --> 00:04:06.370 anybody wants their epitaph to be he was a rich 00:04:06.370 --> 00:04:12.689 man Right and so and what else I do is help people 00:04:12.689 --> 00:04:18.529 first Get some clarity about what we call their 00:04:18.529 --> 00:04:24.879 ideal life looks like and and and then use our 00:04:24.879 --> 00:04:28.160 skills, both technical and some are people management 00:04:28.160 --> 00:04:33.199 skills to help them design and implement a plan 00:04:33.199 --> 00:04:37.579 to get from where they are today to what we call 00:04:37.579 --> 00:04:44.000 their ideal life. So I'm fortunate that I have 00:04:44.000 --> 00:04:47.279 a vocation, whatever you want to call it. I just 00:04:47.279 --> 00:04:51.180 love what I'm doing. So most of the day, I talk 00:04:51.180 --> 00:04:54.370 to successful entrepreneurs and try to show them 00:04:54.370 --> 00:04:57.790 a way to be even more successful. That's a lovely 00:04:57.790 --> 00:05:02.449 career. It is. I love it. Well, in order to do 00:05:02.449 --> 00:05:07.990 that, you must have gone through a lot to get 00:05:07.990 --> 00:05:09.930 that figured out. What are some of the things 00:05:09.930 --> 00:05:12.529 that you do talk about with entrepreneurs to 00:05:12.529 --> 00:05:18.500 be more successful entrepreneurs? maybe this 00:05:18.500 --> 00:05:20.639 will be a little bit of a visual picture maybe 00:05:20.639 --> 00:05:23.680 to give you a feel for it. So our technical skills 00:05:23.680 --> 00:05:27.899 in our company are in financial planning, taxes, 00:05:28.079 --> 00:05:31.300 I'm going to come back to that in a minute, investments, 00:05:31.639 --> 00:05:34.360 estate planning, insurance and exit plan. So 00:05:34.360 --> 00:05:38.500 those are technical skills. And usually the reason 00:05:38.500 --> 00:05:42.930 our phone rings initially is someone has an issue 00:05:42.930 --> 00:05:46.790 in one of those areas. In our company, the three 00:05:46.790 --> 00:05:50.689 most common reasons people call is like 75 % 00:05:50.689 --> 00:05:53.029 of the time they're paying too much in taxes 00:05:53.029 --> 00:05:55.069 and they want to figure out how to pay less in 00:05:55.069 --> 00:05:58.610 taxes. That's kind of our real core core strength. 00:06:00.170 --> 00:06:03.209 Some people have gotten from wherever they started 00:06:03.209 --> 00:06:07.040 to a certain level of success and wealth. and 00:06:07.040 --> 00:06:09.040 they're kind of like hitting the ceiling a little 00:06:09.040 --> 00:06:12.040 bit, right? So how do I push on to the next level? 00:06:13.000 --> 00:06:15.779 And then a lot of them, if they're in an operating 00:06:15.779 --> 00:06:19.199 business, that right now is generating all the 00:06:19.199 --> 00:06:21.139 income they need. They're thinking about, well, 00:06:21.160 --> 00:06:22.819 what if I sell my business someday? Or what if 00:06:22.819 --> 00:06:25.180 I just don't want to work anymore? Where's the 00:06:25.180 --> 00:06:28.680 income going to come from? So how to generate 00:06:28.680 --> 00:06:33.459 passive income. Now, the psychiatrist or psychologist 00:06:33.459 --> 00:06:37.199 would say, Those are the presenting problems. 00:06:37.420 --> 00:06:40.759 That's why people call us on the phone. What's 00:06:40.759 --> 00:06:43.500 interesting is when we get into a deeper conversation 00:06:43.500 --> 00:06:46.620 with them below the surface and sometimes we 00:06:46.620 --> 00:06:50.160 use the image of an iceberg and you know, there's 00:06:50.160 --> 00:06:52.839 less of the iceberg above the surface than below 00:06:52.839 --> 00:06:56.079 the surface. So those issues that I just mentioned, 00:06:56.120 --> 00:06:59.220 they're the tip of the iceberg. And when we get 00:06:59.220 --> 00:07:01.860 into kind of really having a longer conversation 00:07:01.860 --> 00:07:04.639 with them, they're interested in These are our 00:07:04.639 --> 00:07:07.120 words, but number one, financial freedom. So 00:07:07.120 --> 00:07:09.560 how do I build a financial system that gives 00:07:09.560 --> 00:07:13.079 me all the money I need and enough that I don't 00:07:13.079 --> 00:07:16.300 have to worry about it? Another thing we run 00:07:16.300 --> 00:07:19.860 into a lot is successful business owners are 00:07:19.860 --> 00:07:23.040 by definition good at running a business and 00:07:23.040 --> 00:07:25.120 managing all the finances of their business. 00:07:25.339 --> 00:07:28.560 A lot of them, probably because they spend so 00:07:28.560 --> 00:07:32.019 much time in their business, don't feel successful 00:07:32.019 --> 00:07:35.660 in the management of their personal finance. 00:07:35.899 --> 00:07:38.579 They don't have a will. They know they should, 00:07:38.660 --> 00:07:40.660 but they don't. They don't have an estate, you 00:07:40.660 --> 00:07:46.019 know, all of that. And then the last thing is 00:07:46.019 --> 00:07:48.939 when we, if you have all the money that you need 00:07:48.939 --> 00:07:52.399 and you have that, you know, great feeling of 00:07:52.399 --> 00:07:55.220 personal success, I think at some point entrepreneurs 00:07:55.220 --> 00:07:58.649 start to feel like, I don't need to work and 00:07:58.649 --> 00:08:02.569 I don't want to work 50, 60, 70 hours just for 00:08:02.569 --> 00:08:05.850 me. I want to do something that in some level 00:08:05.850 --> 00:08:09.689 gives back. We call that higher purpose. And 00:08:09.689 --> 00:08:12.269 I think a lot of people that don't really know 00:08:12.269 --> 00:08:15.329 entrepreneurs think all they care about is money. 00:08:16.250 --> 00:08:19.230 And the real reason people become entrepreneurs 00:08:19.230 --> 00:08:23.029 is in part to become better off financially. 00:08:23.500 --> 00:08:26.920 But it's really because the freedom of being 00:08:26.920 --> 00:08:29.620 an entrepreneur is attractive to that freedom 00:08:29.620 --> 00:08:32.080 of time, freedom of purpose, whatever it is. 00:08:32.659 --> 00:08:37.360 So that's kind of the mindset that we approach 00:08:37.360 --> 00:08:40.379 the work that we do. Every entrepreneur is different, 00:08:41.159 --> 00:08:44.919 but similar process in trying to help each one. 00:08:45.679 --> 00:08:48.480 Yeah. The mindset of entrepreneurs is much different 00:08:48.480 --> 00:08:51.019 than, you know, someone who wants to work, but 00:08:51.019 --> 00:08:54.789 sometimes entrepreneurs struggle. with redefining 00:08:54.789 --> 00:08:57.970 their wealth or redefining wealth and success. 00:08:58.870 --> 00:09:03.830 Why do so many entrepreneurs do that? Why do 00:09:03.830 --> 00:09:08.850 so many entrepreneurs do that? It's like everybody 00:09:08.850 --> 00:09:12.409 you get into a comfort zone, you get into a pattern. 00:09:16.529 --> 00:09:20.529 It takes a little while to step out of that and 00:09:20.529 --> 00:09:25.590 into a new life and maybe Some people can navigate 00:09:25.590 --> 00:09:29.370 that all by themselves, but sometimes it's, you 00:09:29.370 --> 00:09:34.570 know, nice to have a coach or a guide to help 00:09:34.570 --> 00:09:37.490 you through that. The company that we have, we 00:09:37.490 --> 00:09:39.730 have three companies actually in total. I have 00:09:39.730 --> 00:09:43.350 a partner. We're both, he was a CPA for about 00:09:43.350 --> 00:09:45.730 a decade. I was a lawyer for about a decade, 00:09:45.730 --> 00:09:48.309 but since then we've been entrepreneurs. So we 00:09:48.309 --> 00:09:51.049 often say about our company that it's a company 00:09:51.049 --> 00:09:55.629 built for entrepreneurs by entrepreneurs. So 00:09:55.629 --> 00:09:58.769 we know all the peaks and valleys of what it's 00:09:58.769 --> 00:10:03.070 like to be an entrepreneur where I think we're 00:10:03.070 --> 00:10:06.250 far enough down the road now that we can help 00:10:06.250 --> 00:10:09.769 some that are, you know, trying to reimagine 00:10:09.769 --> 00:10:13.029 themselves or reinvent themselves. And sometimes 00:10:13.029 --> 00:10:17.590 you just, you know, you need, you need an outside 00:10:17.590 --> 00:10:21.690 input to help you. design the plan, stick to 00:10:21.690 --> 00:10:25.789 the plan, those kinds of things. Yeah. So you 00:10:25.789 --> 00:10:29.389 were talking about, you talk to entrepreneurs 00:10:29.389 --> 00:10:32.870 to be more successful. What's the difference 00:10:32.870 --> 00:10:36.490 between a scarcity mindset and an abundance mindset? 00:10:36.870 --> 00:10:40.210 And how does that show up in business? I literally 00:10:40.210 --> 00:10:42.570 just got off a call recently. So we have a new 00:10:42.570 --> 00:10:47.769 client, a successful entrepreneur in Colorado. 00:10:48.400 --> 00:10:52.240 He sold his business and he, we're trying to 00:10:52.240 --> 00:10:56.460 cure him of it, but he definitely has the scarcity 00:10:56.460 --> 00:11:01.840 mindset, right? And he's just, and I think it's 00:11:01.840 --> 00:11:04.279 just as much comfort zone as anything else. So 00:11:04.279 --> 00:11:07.220 he started a company from scratch. He was the 00:11:07.220 --> 00:11:11.960 CEO and, and, you know, then he sold it and he, 00:11:11.960 --> 00:11:15.179 he, he went to sort of, you know, being master 00:11:15.179 --> 00:11:32.019 of the universe, his little universe and right 00:11:32.019 --> 00:11:45.929 right right Lots of things that happen in the 00:11:45.929 --> 00:11:48.269 outside world you can control what happens in 00:11:48.269 --> 00:11:51.070 your company now he's got a pile of money that 00:11:51.070 --> 00:11:55.090 he needs to invest and It's a it's just a whole 00:11:55.090 --> 00:11:58.690 new bike to ride. So and I would say right now 00:11:58.690 --> 00:12:03.970 he's constantly worrying about Does he have enough 00:12:03.970 --> 00:12:08.129 money to do all the things he wants to do? It's 00:12:08.129 --> 00:12:10.509 sort of driving his wife crazy because I would 00:12:10.509 --> 00:12:14.990 say she was born more with an abundance mindset, 00:12:15.470 --> 00:12:22.809 right? So that's a little bit, I think that different 00:12:22.809 --> 00:12:25.950 personality, I mean, that's a little bit more, 00:12:25.950 --> 00:12:29.970 you know, wired into your internal makeup. That 00:12:29.970 --> 00:12:32.169 takes a little time. We're definitely making 00:12:32.169 --> 00:12:36.490 progress with this guy. Really kind of It's blocking 00:12:36.490 --> 00:12:38.570 and tackling, but how much money do you need 00:12:38.570 --> 00:12:41.049 to live on? How much money do we have to work 00:12:41.049 --> 00:12:47.529 with? So we're making progress, but he'd been 00:12:47.529 --> 00:12:50.149 starting and running his company for 15 years. 00:12:50.149 --> 00:12:53.850 He's been in this new arena where he's not really 00:12:53.850 --> 00:12:55.990 managing a company anymore. He's got to figure 00:12:55.990 --> 00:12:58.570 out how to manage his finances for maybe a year 00:12:58.570 --> 00:13:02.250 and a half. So it's not surprising. I think that 00:13:02.250 --> 00:13:04.909 it takes a little while. Would you say like the 00:13:04.909 --> 00:13:06.809 fact that there's some freedom there for him 00:13:06.809 --> 00:13:09.590 maybe scares him because he's not doing the normal 00:13:09.590 --> 00:13:12.690 thing that he was doing day in and day out? Yeah, 00:13:12.750 --> 00:13:17.549 I don't know. There's a little bit of fear there. 00:13:17.669 --> 00:13:20.509 I just think he's uncomfortable, right? Do you 00:13:20.509 --> 00:13:26.409 know what I mean? He had a routine and it's not 00:13:26.409 --> 00:13:29.429 helping in a way but this will help him throughout 00:13:29.429 --> 00:13:33.389 his life is He feels like he's just sort of getting 00:13:33.389 --> 00:13:37.149 his sea legs and then the market goes down 15%. 00:13:37.149 --> 00:13:43.330 That's a little tricky for him to navigate. I 00:13:43.330 --> 00:13:45.789 think you mentioned you have some background 00:13:45.789 --> 00:13:47.889 in the financial services. There are a lot of 00:13:47.889 --> 00:13:52.649 tools we can use to set a plan, give them confidence 00:13:52.649 --> 00:14:00.730 of a plan. I think we're making progress. But 00:14:00.730 --> 00:14:04.090 I think it's his innate disposition in a way 00:14:04.090 --> 00:14:06.809 to be sort of a worrywart, which is probably 00:14:06.809 --> 00:14:10.669 why he built a successful business, right? You 00:14:10.669 --> 00:14:15.289 know his wife They're taking some big trip to 00:14:15.289 --> 00:14:17.769 Europe for a month or so this summer and it's 00:14:17.769 --> 00:14:22.490 like to him I literally like have to do projections 00:14:22.490 --> 00:14:26.490 and run scenarios Just to make him feel like 00:14:26.490 --> 00:14:28.929 he can afford to do it his wife will say well 00:14:29.049 --> 00:14:31.309 She'll turn to me and say, can you just tell 00:14:31.309 --> 00:14:33.789 me that we can afford this? And I wouldn't tell 00:14:33.789 --> 00:14:36.809 her a lie, but it's true. That's all she needs 00:14:36.809 --> 00:14:40.250 to know. She's happy with that. So the other 00:14:40.250 --> 00:14:46.769 thing I think is they're used to that very hands 00:14:46.769 --> 00:14:50.029 -on kind of life that all entrepreneurs have. 00:14:50.789 --> 00:14:55.110 And so in the long run, I think you'll be happier 00:14:55.110 --> 00:14:58.590 if you'll let go a little bit and just Not worry, 00:14:58.590 --> 00:15:01.350 let other people help you with stuff. Get experts, 00:15:01.529 --> 00:15:04.110 you know, things like that. His wife is just 00:15:04.110 --> 00:15:08.750 more inherently accepting. I think so. There's 00:15:08.750 --> 00:15:12.710 some freedom there for her. Yeah. Yeah. You have 00:15:12.710 --> 00:15:16.309 a lot of experience and I know that, you know, 00:15:16.330 --> 00:15:18.490 you have your personal moments. Can you share 00:15:18.490 --> 00:15:21.950 a personal moment when you realized money alone 00:15:21.950 --> 00:15:25.029 wasn't enough for you? Here on The Thrival Journey, 00:15:25.110 --> 00:15:28.580 we talk a lot about not just surviving. but thriving. 00:15:29.120 --> 00:15:31.700 And a big part of that for me has been understanding 00:15:31.700 --> 00:15:34.659 my health on a deeper level. That's why I partnered 00:15:34.659 --> 00:15:37.179 with Livegood and brought it under my company, 00:15:37.340 --> 00:15:39.720 Orion's Health. Not just because I believe in 00:15:39.720 --> 00:15:42.000 the products, but because I've seen what they 00:15:42.000 --> 00:15:44.879 can do firsthand. I've walked through some hard 00:15:44.879 --> 00:15:47.600 health chapters in my life, including cancer 00:15:47.600 --> 00:15:51.179 and a kidney transplant. And I know what it feels 00:15:51.179 --> 00:15:54.549 like when your body's working against you. That's 00:15:54.549 --> 00:15:57.470 why we're offering two free tools that help me 00:15:57.470 --> 00:16:00.690 and can help you too. First, go to MyFreeHealthReport 00:16:00.690 --> 00:16:04.090 .com, forward slash, Orients Health. Take our 00:16:04.090 --> 00:16:06.330 quick health questionnaire and get a personalized 00:16:06.330 --> 00:16:09.250 report created by Dr. Ryan Goodkin, LiveGoods 00:16:09.250 --> 00:16:11.429 Director of Product Development. It's clear, 00:16:12.110 --> 00:16:15.980 actionable, and totally free. Second, visit myfreedetox 00:16:15.980 --> 00:16:19.419 .com and get a free chlorophyll and zealot detox 00:16:19.419 --> 00:16:22.000 bottle with your first product order. It's a 00:16:22.000 --> 00:16:24.600 gentle, natural way to clear out toxins and start 00:16:24.600 --> 00:16:28.059 fresh. Something I personally use and stand behind. 00:16:28.639 --> 00:16:30.820 This isn't just a sponsorship. It's part of my 00:16:30.820 --> 00:16:33.220 mission through Orion's Health to help people 00:16:33.220 --> 00:16:36.960 thrive and body, mind and spirit. Of course, 00:16:37.159 --> 00:16:39.259 of course, always, always, always consult your 00:16:39.259 --> 00:16:41.259 physician before starting any new supplement 00:16:41.259 --> 00:16:43.899 or health regimen. Your body is unique and your 00:16:43.899 --> 00:16:45.820 health care provider should always be part of 00:16:45.820 --> 00:16:48.440 the conversation. The links are in the show notes. 00:16:48.720 --> 00:16:51.580 Now tap in and take your next step toward thriving 00:16:51.580 --> 00:16:55.580 that you have more purpose. Yeah, I'm trying 00:16:55.580 --> 00:17:02.370 to think if there was a moment moment. It's certainly 00:17:02.370 --> 00:17:13.609 been an evolution over time I Mean part of the 00:17:13.609 --> 00:17:15.930 the story which may connect with it so I mentioned 00:17:15.930 --> 00:17:19.829 I was a lawyer for ten years and I represented 00:17:19.829 --> 00:17:26.190 as a lawyer mostly business But as a lawyer and 00:17:26.190 --> 00:17:30.190 I had a client that started an investment company 00:17:30.349 --> 00:17:34.210 And I did the legal work. So I organized the 00:17:34.210 --> 00:17:36.970 entity and did the contracts and helped them 00:17:36.970 --> 00:17:42.410 raise money and all that. And when they, we got 00:17:42.410 --> 00:17:46.190 to kind of the end game, they hadn't really in 00:17:46.190 --> 00:17:50.269 the beginning identified a specific person to 00:17:50.269 --> 00:17:53.829 run the company after this new business was started. 00:17:54.669 --> 00:17:56.349 And I don't know where they came up with this 00:17:56.349 --> 00:17:59.230 idea, but someone said to me, well, you created 00:17:59.230 --> 00:18:05.170 it. Why don't you run it? And it was interesting. 00:18:05.450 --> 00:18:07.809 I mean, I had a great job as a lawyer and this 00:18:07.809 --> 00:18:10.710 was an entrepreneurial startup venture, but something 00:18:10.710 --> 00:18:13.130 told me, you know, and the law firm said, if 00:18:13.130 --> 00:18:16.269 it doesn't work out, you can come back. So to 00:18:16.269 --> 00:18:18.190 make a long story short, I literally walked across 00:18:18.190 --> 00:18:20.410 the street from an office at my law firm to the 00:18:20.410 --> 00:18:24.440 new office of this company. And I wasn't there 00:18:24.440 --> 00:18:29.759 more than a week. And I knew I would never go 00:18:29.759 --> 00:18:33.380 back. And I think part of what registered with 00:18:33.380 --> 00:18:34.880 me was, I don't know how much you know about 00:18:34.880 --> 00:18:38.200 the law business, but it's all sort of, you record 00:18:38.200 --> 00:18:41.880 your time in six minute increments and it's billable 00:18:41.880 --> 00:18:44.519 hours and they track how much money you're earning 00:18:44.519 --> 00:18:48.720 for the firm and how much, you know, you're going 00:18:48.720 --> 00:18:52.869 to keep of that. The other thing is, A lot of 00:18:52.869 --> 00:18:55.869 the work you do as a lawyer, I would have described 00:18:55.869 --> 00:19:01.230 my life as a lawyer as 20 % client time, 80 % 00:19:01.230 --> 00:19:03.490 doing what lawyers do, researching, writing, 00:19:03.609 --> 00:19:07.269 all that kind of stuff. The work I do now and 00:19:07.269 --> 00:19:12.450 have done for 30 years is more 80 % people time, 00:19:13.089 --> 00:19:18.410 20 % other stuff. And so I think that appeals 00:19:18.410 --> 00:19:24.200 to me much more And I think I've been fortunate 00:19:24.200 --> 00:19:27.880 enough to, along the way, be good enough at it 00:19:27.880 --> 00:19:31.359 that I've accumulated some money. But I've never 00:19:31.359 --> 00:19:34.299 been just not a worrier about money. I don't 00:19:34.299 --> 00:19:38.440 have overarching material needs or anything. 00:19:38.579 --> 00:19:41.779 I remember my dad said once when I started to 00:19:41.779 --> 00:19:46.180 have my own kids, his view was don't give your 00:19:46.180 --> 00:19:50.500 kids money. give them good experiences. Oh, yeah, 00:19:50.500 --> 00:19:54.720 I like that. So I think that's a good philosophy. 00:19:55.180 --> 00:19:58.740 So yeah, I like that. I like that. So you went, 00:19:58.960 --> 00:20:01.319 you know, you went from being a lawyer, and then 00:20:01.319 --> 00:20:03.500 was the first business that you started with 00:20:03.500 --> 00:20:06.980 was a freedom family office? No, this was quite 00:20:06.980 --> 00:20:12.779 a while ago. And I kind of had a succession of 00:20:12.779 --> 00:20:18.079 so that company we started, we ran for about 00:20:18.079 --> 00:20:23.140 seven years, we ended up selling it to a bank 00:20:23.140 --> 00:20:26.200 that wanted to bring into the Bank of Financial 00:20:26.200 --> 00:20:29.599 Services company. So I don't know, I stuck around 00:20:29.599 --> 00:20:33.059 there for a year or so. And, you know, now I 00:20:33.059 --> 00:20:36.519 was back in a bureaucracy, not in an entrepreneurial 00:20:36.519 --> 00:20:40.460 business. So I left, started another investment 00:20:40.460 --> 00:20:44.619 company that when we sold. And along the way, 00:20:46.079 --> 00:20:50.289 I met the person who is now my partner, Noah. 00:20:51.130 --> 00:20:54.170 Initially, he was actually a client of mine. 00:20:54.309 --> 00:20:57.130 We provided investment services, he had clients 00:20:57.130 --> 00:21:00.630 who needed those services, we partnered. And 00:21:00.630 --> 00:21:04.529 what happened over, we got to know each other 00:21:04.529 --> 00:21:11.109 about 20 years ago. And initially, we had two 00:21:11.109 --> 00:21:13.569 separate businesses, we shared some clients. 00:21:13.569 --> 00:21:17.759 And what happened over time was, We ended up 00:21:17.759 --> 00:21:22.900 really doing the same thing in coordination for 00:21:22.900 --> 00:21:27.099 mostly the same clients. And it finally dawned 00:21:27.099 --> 00:21:30.140 on us that we don't need to have two businesses 00:21:30.140 --> 00:21:32.960 to do the same thing for the same clients. So 00:21:32.960 --> 00:21:36.720 we put those together about 10 years ago. That's 00:21:36.720 --> 00:21:41.700 the origin of Freedom Family Office. It's a good 00:21:41.700 --> 00:21:47.650 sort of division of responsibility. primarily 00:21:47.650 --> 00:21:53.410 does, he does speeches, he does a lot of writing. 00:21:54.710 --> 00:21:58.670 He's a member of a bunch of sort of entrepreneurial 00:21:58.670 --> 00:22:02.349 networking groups like YPO and EO and things 00:22:02.349 --> 00:22:05.089 like that. So in a way, up until very recently, 00:22:05.410 --> 00:22:08.910 he's like the Mr. Outside of our company. Okay. 00:22:09.069 --> 00:22:11.549 And I was the Mr. Inside. Now what's happened 00:22:11.549 --> 00:22:15.200 over time is when we started Freedom, We had 00:22:15.200 --> 00:22:18.500 three people, Noah, myself, and an assistant. 00:22:19.259 --> 00:22:22.400 Well, fast forward 25 years, I mean 10 years, 00:22:22.660 --> 00:22:26.099 we have 25 people. And what's happened along 00:22:26.099 --> 00:22:31.579 the way is we've nurtured someone, another one 00:22:31.579 --> 00:22:35.319 of our colleagues, who now really runs the company 00:22:35.319 --> 00:22:39.059 on a day -to -day basis. So that's freeing up 00:22:39.059 --> 00:22:42.180 my time to do the two things that I like doing, 00:22:42.180 --> 00:22:48.309 which is doing client work, and some of the podcasting, 00:22:48.450 --> 00:22:51.690 giving presentations, all that kind of stuff. 00:22:52.930 --> 00:22:54.930 I've been in the business for 40 years. I know 00:22:54.930 --> 00:22:58.829 a few tips and tricks, and so it's just fun to 00:22:58.829 --> 00:23:00.690 share those with people and get their reaction. 00:23:01.670 --> 00:23:04.890 Well, let's get another tip. What are some overlooked 00:23:04.890 --> 00:23:08.750 mistakes new entrepreneurs make when it comes 00:23:08.750 --> 00:23:12.829 to building wealth? So I like to say all the 00:23:12.829 --> 00:23:16.529 time, there are two great ways to build wealth 00:23:16.529 --> 00:23:20.410 in America. Number one is start a business, run 00:23:20.410 --> 00:23:22.970 it successfully, grow it to some significance, 00:23:23.009 --> 00:23:26.690 and either it just becomes a cash cow and you 00:23:26.690 --> 00:23:28.990 hang on to it. Maybe you pass it on to your kids 00:23:28.990 --> 00:23:34.849 or to your management, or you sell it. But the 00:23:34.849 --> 00:23:37.470 other, in our opinion, and there's some real 00:23:37.470 --> 00:23:42.819 math to this, The other great way to get wealthy 00:23:42.819 --> 00:23:48.680 in America is to pay less in taxes. People in 00:23:48.680 --> 00:23:51.359 the investment world always talk about compounding, 00:23:51.740 --> 00:23:54.420 and the rule of seven and all this jazz if you 00:23:54.420 --> 00:23:56.700 just hang in there and keep compounding your 00:23:56.700 --> 00:24:00.740 money. Well, think about the impact of if what 00:24:00.740 --> 00:24:04.960 you're compounding doesn't get a haircut, or 00:24:04.960 --> 00:24:08.140 gets a much lower haircut than it would if you 00:24:08.140 --> 00:24:12.880 pay taxes. And so we do a lot of work. That's 00:24:12.880 --> 00:24:16.779 really our core skill. We help clients reduce 00:24:16.779 --> 00:24:20.799 income taxes, capital gain taxes, and in some 00:24:20.799 --> 00:24:23.140 cases, if they're wealthy enough, the estate 00:24:23.140 --> 00:24:28.920 tax. And I think, obviously, when you have a 00:24:28.920 --> 00:24:32.529 business up and running, Hopefully you're making 00:24:32.529 --> 00:24:34.930 some money. So you want to save on income taxes. 00:24:35.150 --> 00:24:37.450 You might sell an asset. You might sell the whole 00:24:37.450 --> 00:24:39.529 business at some time. So you want to do capital 00:24:39.529 --> 00:24:45.349 gains taxes. I think a lot of. So one of the 00:24:45.349 --> 00:24:49.210 things that drives a lot of tax reduction is 00:24:49.210 --> 00:24:52.549 the structuring of your business. Are you an 00:24:52.549 --> 00:24:55.230 S corp? Are you a C corp? Are you a partnership? 00:24:55.410 --> 00:24:58.430 Can you be QSBS? I mean, there are a lot of things 00:24:58.430 --> 00:25:04.130 and. entrepreneurs by nature, I don't know, tend 00:25:04.130 --> 00:25:07.089 to shoot first and aim later, right? They're 00:25:07.089 --> 00:25:11.589 action oriented and they're not afraid to move. 00:25:12.549 --> 00:25:15.890 So that's an area that if we can start early 00:25:15.890 --> 00:25:19.769 enough, we can help them with that structuring. 00:25:19.869 --> 00:25:23.130 And then obviously along the way, we partner 00:25:23.130 --> 00:25:28.019 with them to reduce their taxes. we draw a distinction 00:25:28.019 --> 00:25:33.140 in our world, we would say what we are is a tax 00:25:33.140 --> 00:25:36.180 strategist. So we don't do tax returns. We don't 00:25:36.180 --> 00:25:39.380 do them. We don't want to do them. And I would 00:25:39.380 --> 00:25:42.720 say doing tax returns and being a CPA, which 00:25:42.720 --> 00:25:46.380 is very important, is more of a compliance function, 00:25:47.019 --> 00:25:49.640 right? The client is the CPA, the numbers, the 00:25:49.640 --> 00:25:51.960 client... The CPA puts the numbers in boxes, 00:25:52.079 --> 00:25:54.500 in the right boxes. They file the return on time. 00:25:54.599 --> 00:25:56.880 They tell you the right amount to pay. All super, 00:25:56.880 --> 00:26:01.720 super important. But they pretty much take the 00:26:01.720 --> 00:26:07.359 numbers that the client gives them. Most CPAs 00:26:07.359 --> 00:26:09.839 don't call their clients recommending creative 00:26:09.839 --> 00:26:12.740 ideas to reduce their taxes. This is not what 00:26:12.740 --> 00:26:15.099 they do. That world is not that. That's what 00:26:15.099 --> 00:26:19.240 we do is we're kind of You know, the CPA kind 00:26:19.240 --> 00:26:22.720 of operates inside the sandbox, right? And what 00:26:22.720 --> 00:26:26.119 we're trying to do is outside the sandboxes, 00:26:26.160 --> 00:26:30.759 think about ways that the numbers that the client 00:26:30.759 --> 00:26:34.240 might give to the CPA are just smaller numbers 00:26:34.240 --> 00:26:38.420 because they've done things to reduce their taxes. 00:26:41.289 --> 00:26:45.369 Again, the math of not paying taxes is unbelievably 00:26:45.369 --> 00:26:49.130 powerful. I think many, many, not just entrepreneurs, 00:26:49.410 --> 00:26:51.150 many, many people who make a lot of money, they 00:26:51.150 --> 00:26:54.670 just overlook how powerful that could be. And 00:26:54.670 --> 00:27:01.589 because of that different mindset of a CPA, a 00:27:01.589 --> 00:27:04.869 compliance person versus a strategist, they're 00:27:04.869 --> 00:27:08.470 not going to get those ideas from their CPA typically. 00:27:11.519 --> 00:27:13.960 Now we're okay. Yeah. So I'm gonna ask you this 00:27:13.960 --> 00:27:16.960 question. It's not necessarily entrepreneur, 00:27:16.960 --> 00:27:20.460 but I was having this conversation with my sister's 00:27:20.460 --> 00:27:22.460 sister's husband, my brother -in -law. Yeah. 00:27:22.460 --> 00:27:25.240 And he's like, man, we pay so much in taxes because 00:27:25.240 --> 00:27:27.940 of this and because of that. Do you work with 00:27:27.940 --> 00:27:35.400 people who are high earners that can help them, 00:27:35.400 --> 00:27:39.059 you know, restructure their money? I would say 00:27:39.440 --> 00:27:44.339 You know, our target market is people who are 00:27:44.339 --> 00:27:50.579 high income earners. The number at which we can 00:27:50.579 --> 00:27:56.000 help people varies a little bit, primarily by 00:27:56.000 --> 00:28:00.059 state, right? So if you live in California, that's 00:28:00.059 --> 00:28:03.720 the worst tax state in America. So everything 00:28:03.720 --> 00:28:07.220 else being equal for the same amount of income, 00:28:07.220 --> 00:28:10.460 if you lived in California, say versus Florida 00:28:10.460 --> 00:28:13.700 or Texas or some of the other low tax state, 00:28:14.200 --> 00:28:16.660 California, you're going to pay like 15 % more 00:28:16.660 --> 00:28:20.299 tax. So for the same level of income, there's 00:28:20.299 --> 00:28:23.519 more we could do to help you. So that's on the 00:28:23.519 --> 00:28:27.960 income tax side. The other side that we're very 00:28:27.960 --> 00:28:31.640 active in is help. So that's just your W -2 wages, 00:28:32.000 --> 00:28:34.980 your distributions, all that kind of stuff. The 00:28:34.980 --> 00:28:38.180 other area that we're very active in is the capital 00:28:38.180 --> 00:28:42.500 gains tax. So that's when someone sells a business, 00:28:42.759 --> 00:28:45.720 sells a valuable piece of real estate, that kind 00:28:45.720 --> 00:28:50.000 of thing, more of a one time transaction than 00:28:50.000 --> 00:28:52.200 the income tax, which is this year and next year 00:28:52.200 --> 00:28:57.700 and the year after that. And so that's an area 00:28:57.700 --> 00:29:01.460 we're active in helping people, you know, From 00:29:01.460 --> 00:29:03.740 their perspective, they started a business. They 00:29:03.740 --> 00:29:06.220 grew it for 15 years. It's worth whatever it 00:29:06.220 --> 00:29:10.220 is now They if they lived in California, they 00:29:10.220 --> 00:29:14.140 might have to give back like 40 % of that. So 00:29:14.140 --> 00:29:18.779 they're interested in Reducing that so that are 00:29:18.779 --> 00:29:22.339 we so both of those? Categories both people on 00:29:22.339 --> 00:29:27.000 a regular basis who earn a good income or regardless 00:29:27.000 --> 00:29:30.029 of their income people who are having that, you 00:29:30.029 --> 00:29:33.170 know, lifetime liquidity event or whatever it 00:29:33.170 --> 00:29:36.910 is. So, yeah, either of those two areas were 00:29:36.910 --> 00:29:42.950 very active. Now this goes back to mindset. Why 00:29:42.950 --> 00:29:46.450 do so many entrepreneurs or people period delay 00:29:46.450 --> 00:29:53.390 in building a financial plan? Wow, that yeah. 00:29:55.990 --> 00:30:00.450 I mean, I think A couple of things. One of the 00:30:00.450 --> 00:30:03.609 things that I think gets in the way of entrepreneurs 00:30:03.609 --> 00:30:08.369 is they're by definition do -it -yourselfers, 00:30:08.670 --> 00:30:10.789 right? Self -starters, do -it -yourselfers and 00:30:10.789 --> 00:30:15.910 stuff like that. And, you know, a lot of you 00:30:15.910 --> 00:30:17.930 know this yourself. I mean, there's a fair amount 00:30:17.930 --> 00:30:21.130 of financial planning that if you know the concepts 00:30:21.130 --> 00:30:23.930 and the tools, this is not nuclear physics or 00:30:23.930 --> 00:30:29.640 anything like that. But it's not what most entrepreneurs 00:30:29.640 --> 00:30:31.859 do all day long. They do that in their business, 00:30:32.039 --> 00:30:34.339 right? Of course. What are my assets? What are 00:30:34.339 --> 00:30:36.839 my liabilities? What's my income? What's my expenses? 00:30:36.920 --> 00:30:42.720 It's the same thing. I think the do -it -yourself 00:30:42.720 --> 00:30:45.440 mindset prevents them from getting help that 00:30:45.440 --> 00:30:52.140 they could use for whatever reason. They just 00:30:52.140 --> 00:30:55.880 haven't gotten connected with the world of advisors, 00:30:56.079 --> 00:31:03.539 which are super helpful. And I mean, my experience 00:31:03.539 --> 00:31:08.240 is once they're exposed to it, and if they're 00:31:08.240 --> 00:31:11.579 doing it with someone who's good, it kind of, 00:31:11.579 --> 00:31:14.460 you know, it becomes the framework for everything. 00:31:15.599 --> 00:31:19.720 We have a tool that we use a lot in our world 00:31:19.720 --> 00:31:24.759 called e -money. Which in part is a financial 00:31:24.759 --> 00:31:29.160 projection tool. So I want to buy a second house. 00:31:29.279 --> 00:31:32.299 Can I afford to do that? We can run that through 00:31:32.299 --> 00:31:34.539 e -money. I want to take this big vacation to 00:31:34.539 --> 00:31:36.940 Europe. Is that affordable? Am I going to run 00:31:36.940 --> 00:31:44.519 out of money? And probably the biggest reason 00:31:44.519 --> 00:31:47.200 they don't do it is They're just so darn busy 00:31:47.200 --> 00:31:49.759 running their businesses that if they have any, 00:31:49.980 --> 00:31:51.940 you know, if you've been at the office for 10 00:31:51.940 --> 00:31:54.960 hours, most entrepreneurs don't want to go home 00:31:54.960 --> 00:31:58.680 and like work on their own financial plan. Right, 00:31:58.680 --> 00:32:00.539 right. You know, they want to break and spend 00:32:00.539 --> 00:32:02.660 some time with their family. But I think if they're 00:32:02.660 --> 00:32:07.140 exposed to it at a professional level, they see 00:32:07.140 --> 00:32:11.119 the value of it and lock on to it. So what I'm 00:32:11.119 --> 00:32:13.200 hearing you take some of that pressure off because 00:32:13.200 --> 00:32:15.720 like you said entrepreneurs, they're busy like 00:32:15.720 --> 00:32:19.359 they're focusing on 100 % taking their business 00:32:19.359 --> 00:32:22.700 to the next level or fixing issues or problems 00:32:22.700 --> 00:32:24.720 or whatever and just being the captain of their 00:32:24.720 --> 00:32:29.700 ship so you so basically you take the Pressure 00:32:29.700 --> 00:32:33.119 off of them a little bit and I would say I sometimes 00:32:33.119 --> 00:32:36.940 describe the way we work with clients as what 00:32:36.940 --> 00:32:42.819 I call the CEO model. So a really good business 00:32:42.819 --> 00:32:46.480 owner is what we call a visionary, right? So 00:32:46.480 --> 00:32:48.859 he doesn't do everything or she doesn't do everything. 00:32:49.240 --> 00:32:52.000 They have the big ideas. They have the strategic 00:32:52.000 --> 00:32:56.059 vision. They have kind of the moxie to get it 00:32:56.059 --> 00:32:58.160 done, but they don't want to, ultimately they 00:32:58.160 --> 00:33:00.579 don't want to do everything themselves. And so, 00:33:01.099 --> 00:33:04.500 you know, they identify a problem. They get together 00:33:04.500 --> 00:33:07.259 the group of people who can solve the problem 00:33:07.259 --> 00:33:10.319 and, hey, guys and gals, we need to figure out, 00:33:10.599 --> 00:33:13.420 you know, I want to buy another business, right? 00:33:14.059 --> 00:33:18.259 And then the people that that project is delegated 00:33:18.259 --> 00:33:23.039 to, they go away and they study and they come 00:33:23.039 --> 00:33:28.619 back to the CEO person with a recommendation 00:33:28.619 --> 00:33:34.059 or a series of options. And so That kind of preserves 00:33:34.059 --> 00:33:39.819 the time of that person to not have to do the 00:33:39.819 --> 00:33:42.799 workup, to have other people do the workup and 00:33:42.799 --> 00:33:46.079 reserve his or her time for making smart decisions. 00:33:46.200 --> 00:33:48.980 So that's a common model in running a business. 00:33:49.200 --> 00:33:54.359 We just take the same model and say to the CEO 00:33:54.359 --> 00:33:59.150 of the family, let's follow the same model. What's 00:33:59.150 --> 00:34:01.549 your vision? What are the strategic objectives 00:34:01.549 --> 00:34:03.930 you wanted? You know, all that kind of stuff. 00:34:04.990 --> 00:34:09.050 Then we use our tools. We go away and we come 00:34:09.050 --> 00:34:14.349 back and present options that, you know, either, 00:34:14.369 --> 00:34:16.710 you know, it could be a husband and wife, whoever, 00:34:17.070 --> 00:34:19.130 whether it's a single person or some kind of 00:34:19.130 --> 00:34:23.269 partnership. So we try and make the work that 00:34:23.269 --> 00:34:27.449 we do efficient for the business owner, right? 00:34:27.630 --> 00:34:30.110 He doesn't want to learn to become a financial 00:34:30.110 --> 00:34:31.969 planner. She doesn't want to learn to become 00:34:31.969 --> 00:34:34.489 an, you know, they don't want to learn all that 00:34:34.489 --> 00:34:39.590 stuff. They want to use the tools to get to the 00:34:39.590 --> 00:34:44.469 goals they've personally set. Right. Right. Yeah. 00:34:44.469 --> 00:34:48.670 That's where you come in. That's our goal. That's 00:34:48.670 --> 00:34:50.869 your goal. So what are some of the core building 00:34:50.869 --> 00:34:54.670 blocks of a healthy financial foundation for 00:34:54.670 --> 00:34:59.079 business, business owners? Yeah, so I would you 00:34:59.079 --> 00:35:06.000 know, I think In a way One you need to get a 00:35:06.000 --> 00:35:10.400 handle on either what you have or what you need 00:35:10.400 --> 00:35:14.360 in the areas of financial planning so that you 00:35:14.360 --> 00:35:17.280 know, that's Every business owner has a financial 00:35:17.280 --> 00:35:20.119 plan for his business. They should have a financial 00:35:20.119 --> 00:35:25.039 plan for their family And then that can involve 00:35:25.039 --> 00:35:29.010 investments As we've discussed before, it certainly 00:35:29.010 --> 00:35:33.789 should involve taxes. We help clients with kind 00:35:33.789 --> 00:35:39.530 of the combination of estate planning. What's 00:35:39.530 --> 00:35:41.889 gonna happen to my stuff if something should 00:35:41.889 --> 00:35:45.690 happen to me? That's both a practical question. 00:35:45.730 --> 00:35:50.909 There's a big tax issue in there. Having insurance 00:35:50.909 --> 00:35:53.960 to cover a whole. You know, what happens if I 00:35:53.960 --> 00:35:57.039 die and I'm the CEO of my business? What's the 00:35:57.039 --> 00:36:00.340 impact of that on my family? How can I deal with 00:36:00.340 --> 00:36:04.719 that? And then we're, as you've talked about, 00:36:04.900 --> 00:36:09.340 a lot of our work is helping business owners 00:36:09.340 --> 00:36:12.980 sell a business, what we call exit planning. 00:36:16.159 --> 00:36:18.320 It's not something you want to start the day 00:36:18.320 --> 00:36:20.860 before you sell your business. There's a process. 00:36:22.079 --> 00:36:27.360 So, uh, and then what you want to do is I think 00:36:27.360 --> 00:36:31.719 the value we add is a lot of people. If I say, 00:36:32.320 --> 00:36:35.679 you know, who, who's your financial planner and 00:36:35.679 --> 00:36:38.739 they'll Susan Smith or whatever it, who manages 00:36:38.739 --> 00:36:41.320 your investments, Michael Byrd and who does your 00:36:41.320 --> 00:36:45.059 insurance Culver, whatever it is. But if we say, 00:36:45.480 --> 00:36:47.980 Do you ever get all those people in a room to 00:36:47.980 --> 00:36:50.800 work together to make sure that all the stuff 00:36:50.800 --> 00:36:53.440 that they're doing is well coordinated? The answer 00:36:53.440 --> 00:36:57.820 is usually no. No. Yeah. And so what I think 00:36:57.820 --> 00:37:02.079 we try and do is kind of be, you know, the hub 00:37:02.079 --> 00:37:05.320 in the spokes kind of thing and make sure that 00:37:05.320 --> 00:37:10.880 all those pieces are working together. Not that 00:37:10.880 --> 00:37:13.179 anybody would have the intention of them working 00:37:13.179 --> 00:37:16.769 in conflict, but If there's not good communication, 00:37:17.090 --> 00:37:19.389 someone could be going in one direction and something 00:37:19.389 --> 00:37:21.829 else could be leading in a different direction. 00:37:22.210 --> 00:37:26.889 So that's, that's part of the role we play is 00:37:26.889 --> 00:37:31.510 to get all of those pieces to be what we call 00:37:31.510 --> 00:37:34.670 integrate. And then that's good for the client 00:37:34.670 --> 00:37:38.949 back to my CEO model. You know, the client. In 00:37:38.949 --> 00:37:40.929 our world, most of our clients, oh, I have an 00:37:40.929 --> 00:37:42.489 investment question. Well, I'm going to call 00:37:42.489 --> 00:37:44.949 Peter because he's monitoring all that. He may 00:37:44.949 --> 00:37:47.389 not be doing it all, but he may be supervising. 00:37:48.469 --> 00:37:51.230 So the client doesn't have to call six people 00:37:51.230 --> 00:37:55.650 to, I think they find that helpful. Yeah. Yeah. 00:37:55.650 --> 00:37:58.050 I can see that being helpful. And just from your 00:37:58.050 --> 00:38:01.309 personal experience, what's, we always like to 00:38:01.309 --> 00:38:03.789 talk about, you know, you see the success and 00:38:03.789 --> 00:38:06.519 all that kind of good stuff, but what's What 00:38:06.519 --> 00:38:10.800 was one failure that taught you about building 00:38:10.800 --> 00:38:13.360 lasting freedom? And then we talked about entrepreneurs, 00:38:13.599 --> 00:38:17.380 our entrepreneurs because of freedom. Can you 00:38:17.380 --> 00:38:21.539 share? Yeah, I would say like a lot of entrepreneurs, 00:38:22.320 --> 00:38:27.619 I'm in a lot of way, I mean, and I was much more 00:38:27.619 --> 00:38:31.199 so this way. hands on, do it yourself, I'll do 00:38:31.199 --> 00:38:34.980 everything. Don't get help, all that kind of 00:38:34.980 --> 00:38:41.579 stuff. And so learning to be comfortable, delegating 00:38:41.579 --> 00:38:44.820 things to other experts. And that's what we tell 00:38:44.820 --> 00:38:46.619 all of our clients. So we've got to learn how 00:38:46.619 --> 00:38:53.019 to do that ourselves. But I think it's a natural 00:38:53.019 --> 00:38:58.420 evolution. And I think you learn that Whatever 00:38:58.420 --> 00:39:01.500 your skills are, and nobody has all the skills, 00:39:02.099 --> 00:39:06.159 you can leverage your own skills for your benefit. 00:39:06.480 --> 00:39:08.820 And for them, if you have a team rather than 00:39:08.820 --> 00:39:13.699 you're just a team of one, right? I think that's 00:39:13.699 --> 00:39:18.679 a lesson that not everybody was born knowing, 00:39:18.760 --> 00:39:22.179 but you learn over time, right? Sometimes just 00:39:22.179 --> 00:39:25.030 by being too busy, right? Oh my God. I got a 00:39:25.030 --> 00:39:27.289 successful company, but I'm sleeping four hours 00:39:27.289 --> 00:39:30.869 a day. That's not a good thing. No, it's not. 00:39:31.150 --> 00:39:35.110 It's not sustainable, first of all. And I've 00:39:35.110 --> 00:39:37.909 learned over and over again the hard way, again 00:39:37.909 --> 00:39:40.250 and again and again, that something like that 00:39:40.250 --> 00:39:43.889 doesn't work. I was just actually talking to 00:39:43.889 --> 00:39:46.530 a producer like, you know, in this world of social 00:39:46.530 --> 00:39:49.849 media, it's a tendency to just keep going, keep 00:39:49.849 --> 00:39:52.769 going, keep going and keep going. Oh, it's endless. 00:39:53.739 --> 00:39:57.239 open your phone up at 1 .30 in the morning and 00:39:57.239 --> 00:39:59.980 TikTok's still going strong, right? Or whatever 00:39:59.980 --> 00:40:03.420 it is. Right. And we're like, hey, I said, this 00:40:03.420 --> 00:40:05.900 is what we're going to do. We're going to do 00:40:05.900 --> 00:40:08.900 three months. Even in the three months, it's 00:40:08.900 --> 00:40:10.980 going to be a little break. But three months, 00:40:11.519 --> 00:40:13.260 we're working on what we got to work on with 00:40:13.260 --> 00:40:14.840 this podcast and all that kind of stuff in one 00:40:14.840 --> 00:40:17.460 month off. And I think that's probably an idea 00:40:17.460 --> 00:40:22.480 for entrepreneurs. There's a famous coaching 00:40:22.480 --> 00:40:25.030 program that you've probably heard of and maybe 00:40:25.030 --> 00:40:26.989 many in the audience have heard of called the 00:40:26.989 --> 00:40:32.429 strategic coach. Started by a famous guy in Toronto. 00:40:33.210 --> 00:40:36.230 And it's a coaching program for entrepreneurs. 00:40:37.429 --> 00:40:40.269 And some people stay in it for decades. The basic 00:40:40.269 --> 00:40:43.710 program is initially three years and then usually 00:40:43.710 --> 00:40:47.309 another three years. So you apply, you pay, and 00:40:47.309 --> 00:40:50.190 you go to the initial meeting, the kickoff meeting. 00:40:50.369 --> 00:40:53.719 And when you get My sessions, although the guy 00:40:53.719 --> 00:40:55.699 lives in Toronto, my sessions were in Chicago, 00:40:55.739 --> 00:40:58.659 so they rent a conference room someplace. And 00:40:58.659 --> 00:41:02.280 on the table in front of everybody's chair is 00:41:02.280 --> 00:41:05.820 a little like pamphlet thing that's about the 00:41:05.820 --> 00:41:10.500 size of a checkbook. And it unfolds. And the 00:41:10.500 --> 00:41:13.639 front side of it is January to June, every day, 00:41:13.820 --> 00:41:17.059 little lines. You turn it over. The flip side 00:41:17.059 --> 00:41:20.429 is July to December. And you're kind of wondering, 00:41:20.710 --> 00:41:22.250 okay, what the hell is this thing? And the guy 00:41:22.250 --> 00:41:25.630 comes in and he says, the very first thing we're 00:41:25.630 --> 00:41:28.909 going to do in this strategic coach course is 00:41:28.909 --> 00:41:32.750 you are going to put into the calendar when you're 00:41:32.750 --> 00:41:39.150 going to take your vacation. So that's good advice 00:41:39.150 --> 00:41:43.510 at a whole bunch of different levels, but you 00:41:43.510 --> 00:41:48.059 know, you, you, you need to I think there are 00:41:48.059 --> 00:41:50.400 affirmative things you can do to create more 00:41:50.400 --> 00:41:53.239 freedom, but some of the things are just blocking 00:41:53.239 --> 00:41:56.800 time and not just, you know, I'm not going to 00:41:56.800 --> 00:42:00.079 work seven days a week. To me, we don't regard 00:42:00.079 --> 00:42:02.519 that as success. We're pretty strong in our company 00:42:02.519 --> 00:42:06.039 about people. Every once in a while, you got 00:42:06.039 --> 00:42:10.780 to work a little extra hard, but it's not a sign 00:42:10.780 --> 00:42:14.239 of success that everybody's overworked and overstressed 00:42:14.239 --> 00:42:17.750 and all that kind of. And maybe that's that rich 00:42:17.750 --> 00:42:22.469 beyond money thing, right? Which is, uh, you 00:42:22.469 --> 00:42:27.389 want to be able to enjoy some of the fruits of 00:42:27.389 --> 00:42:30.550 your labor. And one of them ought to be time 00:42:30.550 --> 00:42:34.050 to do stuff. That's not work stuff. That's pleasurable. 00:42:34.550 --> 00:42:38.690 Yeah, exactly. Uh, you, you talked about, you 00:42:38.690 --> 00:42:41.349 know, your, your, your thing here is rich beyond 00:42:41.349 --> 00:42:45.380 rich beyond money. Yep. Um, And as we're winding 00:42:45.380 --> 00:42:52.260 down here, what's some simple systems or habits 00:42:52.260 --> 00:42:57.679 that new entrepreneurs could adopt today to set 00:42:57.679 --> 00:43:00.659 themselves, to set up for long -term wealth? 00:43:02.400 --> 00:43:06.139 Yeah, so I would, I don't know if this is the 00:43:06.139 --> 00:43:11.380 steps themselves, but I would, I think I talked 00:43:11.380 --> 00:43:14.079 about the ideal life, whenever we have a new 00:43:14.079 --> 00:43:17.340 client, which is sort of a version of the strategic 00:43:17.340 --> 00:43:19.579 coach thing is we don't start with the numbers. 00:43:19.760 --> 00:43:22.920 We give them three or four exercises where we 00:43:22.920 --> 00:43:26.260 really say to them, imagine Michael, it's five 00:43:26.260 --> 00:43:27.960 years from now, 10 years from now, whatever it 00:43:27.960 --> 00:43:30.820 is, they can kind of pick the timeframe, but 00:43:30.820 --> 00:43:36.400 we want you to vision what your ideal life looks 00:43:36.400 --> 00:43:40.179 like. And we've done, I don't know, thousands 00:43:40.179 --> 00:43:43.360 maybe of those little exercises with entrepreneurs. 00:43:43.500 --> 00:43:45.699 And what's really interesting is when you ask 00:43:45.699 --> 00:43:48.679 them those questions, they never talk about money. 00:43:50.019 --> 00:43:52.840 They talk about where they want to be who they 00:43:52.840 --> 00:43:55.239 want to be with sometimes who they don't want 00:43:55.239 --> 00:44:02.880 to be with. All of that. And so that's our version 00:44:02.880 --> 00:44:05.860 of what we call begin with the end in mind. So 00:44:06.219 --> 00:44:10.059 have a clear vision, a confident vision about 00:44:10.059 --> 00:44:13.420 what you'd like your feature to look like, then 00:44:13.420 --> 00:44:17.039 go back and start to reverse engineer that, right? 00:44:17.340 --> 00:44:22.420 So, and I think they'll find that for, you know, 00:44:22.420 --> 00:44:25.119 it may take a certain level of income, it's going 00:44:25.119 --> 00:44:27.619 to take a plan, maybe some of the money you need 00:44:27.619 --> 00:44:33.400 to invest, we can help them do that. But I think 00:44:33.400 --> 00:44:39.539 you always want to have that Most successful 00:44:39.539 --> 00:44:42.519 entrepreneurs are really good in general at making 00:44:42.519 --> 00:44:44.840 goals and striving for goals, right? They're 00:44:44.840 --> 00:44:49.699 kind of future -oriented people, usually. So 00:44:49.699 --> 00:44:52.920 we're just trying to get that sort of innate 00:44:52.920 --> 00:44:58.400 mindset adapted to their personal financial and 00:44:58.400 --> 00:45:02.679 non -financial success. So they have to learn 00:45:02.679 --> 00:45:06.869 to maybe slightly operate in a new world, but 00:45:06.869 --> 00:45:09.769 the kind of fundamental structure is very similar 00:45:09.769 --> 00:45:12.269 to, I think, the world they're already working 00:45:12.269 --> 00:45:18.510 in. Yeah. I agree. I agree. As we're winding 00:45:18.510 --> 00:45:21.849 down, rather, and your last words on the podcast 00:45:21.849 --> 00:45:24.730 this time around, because we'll have you back 00:45:24.730 --> 00:45:30.010 on again. What's on your heart or your mind that 00:45:30.010 --> 00:45:34.199 you would like to share to someone about? living 00:45:34.199 --> 00:45:38.360 rich beyond money and, and just offering something 00:45:38.360 --> 00:45:42.980 from your experience. I was in a big discussion 00:45:42.980 --> 00:45:45.539 over the over the weekend about the future and 00:45:45.539 --> 00:45:48.219 is the future bleak or is the future not bleak? 00:45:48.599 --> 00:45:50.420 And there's a bunch of stuff going on in America 00:45:50.420 --> 00:45:52.760 that makes a lot of people, you know, not feel 00:45:52.760 --> 00:45:55.260 so great right now. But I think it was Barack 00:45:55.260 --> 00:45:57.739 Obama said in a speech, I don't think he coined 00:45:57.739 --> 00:46:01.630 this phrase, but he said, The moral arc of the 00:46:01.630 --> 00:46:05.750 universe is not a straight line, but it always 00:46:05.750 --> 00:46:10.070 moves upward. So I think that's something that 00:46:10.070 --> 00:46:12.969 most entrepreneurs believe that somehow the future 00:46:12.969 --> 00:46:17.849 is already always going to be brighter. And what 00:46:17.849 --> 00:46:20.130 you want to do is make sure that that future 00:46:20.130 --> 00:46:22.610 isn't just bright, say just for your company. 00:46:22.920 --> 00:46:26.400 but that you devote some of your mindset to how 00:46:26.400 --> 00:46:30.079 do I create the future I want for me, my family, 00:46:30.260 --> 00:46:35.940 my charities, whatever it is. And I think if 00:46:35.940 --> 00:46:40.820 you take a little time with some guidance to 00:46:40.820 --> 00:46:47.500 get clear on where you're arcing toward, you're 00:46:47.500 --> 00:46:50.980 gonna be A, more successful financially, I think, 00:46:51.039 --> 00:46:53.639 but you're going to be much more satisfied. Yeah. 00:46:54.480 --> 00:46:56.980 I don't think that's the key. Yeah. I think that's 00:46:56.980 --> 00:47:00.079 the key. Peter, I want to say thank you so much 00:47:00.079 --> 00:47:02.579 for being here. Pleasure. It's fun. I wish we 00:47:02.579 --> 00:47:04.619 had more time, but I know we got a hard stop. 00:47:05.780 --> 00:47:08.659 How do people get in touch with you? Oh, sure. 00:47:10.019 --> 00:47:12.139 I'm kind of old fashioned. Literally, they could 00:47:12.139 --> 00:47:15.159 call or text me if they want my phone number, 00:47:15.159 --> 00:47:22.320 which is 917. 697 -414 -156, or just email me, 00:47:22.320 --> 00:47:25.280 Peter at Freedom Family Office. We do have a 00:47:25.280 --> 00:47:27.619 website. There are things that you can go on 00:47:27.619 --> 00:47:31.760 there, but one of our company policies is sort 00:47:31.760 --> 00:47:38.239 of, I don't know, open intake valve and high 00:47:38.239 --> 00:47:42.500 responsiveness. So some of the most fun things 00:47:42.500 --> 00:47:46.000 we do is hear for the first time from a successful 00:47:46.000 --> 00:47:48.699 entrepreneur, what their story is and what they're 00:47:48.699 --> 00:47:50.840 trying to do. That's my favorite thing to do. 00:47:50.920 --> 00:47:53.059 And then hopefully we can help. But just reach 00:47:53.059 --> 00:47:56.340 out. Yeah. Nice. And we'll have all your information 00:47:56.340 --> 00:47:58.380 in the description below. And we're on we're 00:47:58.380 --> 00:48:01.179 on LinkedIn and you know, all the usual places. 00:48:01.179 --> 00:48:04.099 So yeah. Yeah, nice. Yeah, actually, I think 00:48:04.099 --> 00:48:06.579 we've I think I followed and connected with you 00:48:06.579 --> 00:48:09.719 today. Good. And so all you listeners or watchers, 00:48:09.800 --> 00:48:12.139 thank you for tuning in. And our question of 00:48:12.139 --> 00:48:15.800 the week is what does being rich beyond money 00:48:15.800 --> 00:48:18.719 mean to you? and what's one step you're taking 00:48:18.719 --> 00:48:22.300 to create a life of purpose and freedom. Peter, 00:48:22.400 --> 00:48:25.599 thank you so much for being here, and we'll see 00:48:25.599 --> 00:48:28.480 you next week. Before you go, I just want to 00:48:28.480 --> 00:48:30.500 say thank you. Thank you for being a part of 00:48:30.500 --> 00:48:33.059 the Thrabull journey. Every time you show up 00:48:33.059 --> 00:48:36.260 here, you're choosing growth, clarity, and the 00:48:36.260 --> 00:48:38.440 deeper work of becoming who you're meant to be 00:48:38.440 --> 00:48:41.159 in this world. And if you're ready to reconnect 00:48:41.159 --> 00:48:44.010 with what truly lights you up, I created something 00:48:44.010 --> 00:48:47.590 powerful that can help you. It's called the Empowered 00:48:47.590 --> 00:48:50.269 Path. Seven days to reclaim your purpose and 00:48:50.269 --> 00:48:53.530 passion. It's a beautifully designed guided workbook 00:48:53.530 --> 00:48:55.909 that walks you through a week of powerful prompts, 00:48:56.469 --> 00:48:59.869 clarity building tools, and real mindset shifts. 00:49:00.070 --> 00:49:02.989 Now you can get instant access to it today. It's 00:49:02.989 --> 00:49:06.170 a small investment for a huge return. Your energy, 00:49:06.670 --> 00:49:09.929 your clarity, your alignment. And if you want 00:49:09.929 --> 00:49:12.610 to take it deeper, check this out. I'm offering 00:49:12.610 --> 00:49:15.769 a limited number of free 30 -minute purpose coaching 00:49:15.769 --> 00:49:18.610 sessions. No pressure, no pitch, just space for 00:49:18.610 --> 00:49:21.349 you to reconnect with your direction, your gifts, 00:49:21.409 --> 00:49:24.230 and what's next. So you can grab the guide and 00:49:24.230 --> 00:49:26.710 book your session at the link in the show notes. 00:49:27.369 --> 00:49:30.010 Let's not just go through the motions. Let's 00:49:30.010 --> 00:49:33.269 really walk this path on purpose. I appreciate 00:49:33.269 --> 00:49:36.050 you. And like we always say, let's make thriving 00:49:36.050 --> 00:49:38.389 our new normal. And I'll talk to you soon.