EP01 - WealthSmarts - The Launch Episode | WealthSmart

EP01 – WealthSmarts – The Launch Episode

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In this episode, Matt and Richard discuss why they created this podcast and how it is an answer to the noise and confusion that is stalling people’s financial progress.

Transcript:
There's so much confusion out there because there's just so much noise and it's really distracting. In many cases, it could be paralyzing. Yeah, this is, well, smarts where you will gain the financial capabilities and confidence to achieve the goals that matter to you. Now you are your host, Richard and Matt. Hey, man, you ever been in? Ah, large gathering, a big public event, and there's lots of people there. There's lots of clattering, a lot of lots of chatter, and the keynote speaker comes up and it's what you've been waiting for and for the life of you, you can't hear his message because of all the noise you ever experienced that Yeah, actually happens a lot more than I'd like to admit.

Well, I mean, it's frustrating, right? Right, Especially when it's something that you're really invested in and you really want to hear, Like your wedding wedding reception parents is that at that point it's clinking glasses. Enough different sounds that z actually the message we like to hear there at the wedding, right? Okay. But when when we're focused on on on getting value out of a message that we really want to hear and there's nothing but noise behind it. It's incredibly frustrating, and that's actually what's going on in the world right now.

It actually always has, but especially during this whole pandemic, Um, when people are are more concerned than ever about their futures, they've had a chance to spend honestly a lot of time with their families. Um, they've had a chance to focus on what really matters, and they also have the time to listen to a lot of social media and social media knows it, and they're thriving and they're in the business of delivering, adds. So people are captivated by that, captivated and distracted by the noise. Um, you know, we're disconnected from each other, but we're we're connecting at an even more frantic pace.

And although we want to go there, we want to get down to that destination. Um, digitally. It's been nuts out there. Yeah, I think I think it's very overwhelming, especially as it relates to, for example, personal finance. Um, and there's so much confusion out there because there's just so much noise and it's really distracting, and in many cases it could be paralyzing. Absolutely So what we have to do is we have to kind of turn down the volume, Turn down the noise. Um, and focus on the facts.

Focus on the data. Um, rather than chasing every new idea. You know, um, what's a part of your brain that deals with emotion? Is that the right side? The right side? Hey, that's the right side. Okay, so shin, But but motion and heart, right? Like like feelings and everything, right? Neuroscience. Eso we It's really hard in a situation like that t kind of disconnect from that and focus more on the left side that deals with the data and the fact it's actually more boring, but it will take us closer to the truth.

Like like, what's an example, Um, in your case, off tuning out noise and focusing crystal clear on your destination. I think it's not so much about tuning out noise. It's about focusing on what actually matters to you. So an example I'll give is buying a house like coming up with the money for down payment. If you've identified that owning a house is important to you, you're going to make that a priority. But what often is not seen is well you're not going out on the weekend. You're not ordering.

Take out all the time. You're being very motivated by one goal and focused on one goal. You know, I've been in this advisory business for a little while. Um, and you've had the fortune or misfortune of living through much of that. Um, and we've had several instances where we've had to tune out noise. And what a lot of people don't see in the financial advisory business is the noise that financial advisors are exposed. Thio, we get constant day to day calls from financial wholesalers people that want to sell us a new idea, and they want us to promote it to our clients.

Um, that Zatz tempting, you know, it z even more tempting when we're taking out and entertained and given Canucks tickets and different things like that and we kind of feel obligated to listen to the noise. But when we discover that much of the noise is flawed, we have to make a fundamental decision Way have to focus on the facts. We have to focus on the data and that caused us gosh, 15 years ago to look closely at what we're doing for clients and say, Okay, what do we what do we actually here for?

We're here for The clients were here to help clients achieve the goals of matter to them. So we had to purposefully tune out the speculative noise because there's a lot of promises in our industry. Um, there's a lot of promises that say Hey, we think we can tell the future is kind of hinting it We're not allowed to say that because that's making forward looking statements and you know, we can't predict the future. We're not profits, But there's a lot of hinting going and say, Hey, we you know, we got an idea of maybe beaten the market here or there is always the disclaimer on most fun statements, which is, What about past performance?

It's on every single one. It's his past. Performance is no indicator of future returns, and a lot of people will look at that statement. I say, Well, that's just a statement they have to make. Well, no, it's a statement they make because it's true. There is no way that we can predict the future s so we had to tune out the noise and say Okay, what's in the best interest of our clients? We had to say, OK, let's tune out the salesmanship. Let's tune out this the speculation.

Let's tune out the multiple calls from hundreds of different sources saying Sell my products, sell my product and we had to instead focus on K. What does the science tell us? What does the data tell us about how the market works? What does the data tell us about how to properly structure a plan? You know, Do you remember when we had the opportunity of trying out that one financial planning solution that was just so complex and we were able to deliver financial plans that were literally, like 150 pages long?

E mean, like, way tried that with a few clients and they told us crystal like on the surface, they were impressed because, wow, you've done a lot of work here. Actually, the computer did a lot of the work, you know. The printer did a lot of work, absolutely, but we had pages and pages of charts and graphs and circles and arrows and and you know, ledgers and ledgers of data, and our clients were Justus confused as when they were very overwhelmed. I remember that. So we had to structure of planning process.

It works, and it's really a three step process of focus, clarify and plan your progress, right? It's really that simple. Um, but getting through the noise was the difficult part, wasn't it? Yeah, So there's a lot of questions out there that people have. I think the biggest question people have is how do I achieve the financial goals that actually matter to me? Well, how do we do that? Well, I think the important thing Number one is knowing which goals actually matter to you. What's the goal that matters here?

It's a good question. Is it important to you to retire eventually? Or is it important for you to, let's say, leave a legacy that survives you? Which one is more important to you? I think it's important to me to leave a legacy that outlives me. Yeah, that's a big goal, and that's where we're going to get into. Some conversation regarding retirement lies in the future because, you know, overwhelmingly, when we meet people for the first time, we'll ask him What are the what are the important goals for you, and one of them is I want to retire.

We'll think about that. There's a guy in the 18 hundreds that invented the term retirement, and it was Otto von Bismarck, and he did that in the middle of an industrial age when people got so broken and bent by the time they were 65 if they even made it there, that they were literally no good to the enterprise out there and they had to find a way off, kind of forcing him out at that time. That was, that was mandatory retirement. It was invented during that time, and ever since that time, all of the noise has been focused on a number.

For when your retirement is. One famous financial services company even coined the term Freedom 55 we use it in our day to day language. Well, I want to retire at 50 because of that. I want to do that. But here's the big question I'm gonna ask, and this relates toe not only retirement, but every financial goal. Why? The unfortunate thing with many financial goals is it actually doesn't matter to people deep down like when you ask many people why they want to retire. They don't have an answer because they haven't thought about it.

Like the retirement in our industry is seen as that huge goal for everyone. But it's not really a goal like it, Zaveri shallow goal if you don't put thought into it. So unfortunately, we've seen good and bad from retirement. We've seen people who have retired in order to do nothing with their lives and what happens there. They either live fairly empty day to day existence is and it's kind of tragic. Or, you know, as a famous coach that I worked with, Dan Sullivan says, You know, when you say to the universe Hey, I want to retire the universe responds back and says, Okay, I want my parts back, you know, and it starts taking a toll on your health because you're not living with purpose.

Yeah, and your your body is literally saying I'm ready to check out now because the world doesn't need me anymore. But I compare that with with people who have retirement goals that are, or any financial goal with meaning behind it. So, for example, I want to retire in order to spend more time with my family and the people that I love. Like you see, in those cases, people living very fulfilling lives, very fulfilling retirements. Right. We, uh, Zine and I got back from a vacation last year just prior to her 55th birthday, and we were in Mexico on.

We just had the time of our lives. We had three weeks solid there of just enjoying each other's company, reflecting on the future, reflecting on where we've been. And I got to tell you that by the end of that three weeks we were ready like we were done. We were ready to come home and get on with the things that really matter. Because although that time was special to us if we didn't want to spend our entire existence is just doing that because there were bigger things happening back home that we wanted to be a part of.

We wanted to be with our family. We wanted to start pursuing the things that actually matter to us. So vacations can you know, which give us a time for, uh, restoration. Yeah. They give us a time for restoration. We often mistake that time for restoration with the goal. Eso like an example of like, a goal that matters is yeah, well, I'd like to travel more. Sure, I'd love to experience the world, but is there something beyond that? Well, you know, ultimately, when we get back here in our lives and just giving an example of a meaningful goal for us, that contrasts with the ones that we like to pursue.

Like Okay, I'd like to get a new car, you know, here and there, like Thio go to some really cool places on vacation. Well, for us, we in our family thrive on this immense sense of gratitude for what we've been given immense sense of gratitude for the people that have gotten us here, our parents, their parents, those grandparent's all of those ancestors that have gotten us to this very moment, and the natural response for that is to pay it forward. So, like in that spirit of gratitude, that big thing for us and I think this resonates well with you is we like to help people, to embrace that sense of gratitude and to pursue joy in their lives and generosity and sharing it with others right.

I think the whole sense of gratitude is very important in ah lot of our discussions and planning and everything, because gratitude not only does it point forward in the paying it forward like you said, but it also honors the past and honors the sacrifices. And it honors the people who saw that bigger future for themselves in a family and who diligently worked to build that absolutely so as financial advisors were privileged in sharing, um, stories the clients have and listening to those stories because sometimes I got to tell you, the most gratifying moments as a financial advisor are not when we're talking about you know where their account is tracking and whether they're well funded for their retirement and how much they can spend.

But when they start telling us about the lives of their Children and grandchildren, yeah, and when they start telling us about the experiences that they're having impacting the lives of others in that zone of financial freedom that we might call retirement, but they're actually busier than they ever have been. And we get Thio, listen to those stories of them impacting the world and realizing that Whoa, you know like you had an impact while you're working. But this life that you're engaged in right now the people call retirement is actually way more vibrant and fulfilling than you've ever experienced before.

It's a new phase of life, right? And that's that's what we like to help people pursue. Right? So, you know, this is motivated. The podcast, hasn't it? Like for you, you were the one that was driving the conversation. You know, like I was thinking of different ways of sharing this being through webinars or courses and different things. And you're the one that says, you know, we actually have toe start with a podcast because that starts the story. Tell me why you were so driven toe move forward on the podcast.

Well, I think the interesting thing about a podcast, it's a conversation between us and the funny thing is, we have these conversations all the time everyday. We need to get work done sometimes, dio Well, yes, but the conversations are important because we needed to find a way to capture these conversations because hopefully it could bring insight to some people's lives and hopefully can help them move towards the goals that actually mattered to them. Absolutely. Yeah. Yeah. So I'm looking forward to this. Yeah, we're gonna talk about in in subsequent episodes.

There's a long list is a long list. Where do we start? What? We got a pile of things Well, and a lot of the material that we're gonna cover is actually in a response to the questions of people are ants asking right? And we have a lot of material that we publish on the Web site, and that would be a good place for people to start, you know? So we're gonna link to our website and the show notes, of course, but it's simply wealth smart dot c a.

So people can go there and visit. There's a ton of resources on there, you know, like when we have questions were often going to reference different resources that are on the website. But you can access at any time, like one huge resource that we love is our financial calculator page. For virtually every financial question that we have, there is a calculator resource that helps us figure out the numbers behind what we're trying to achieve here. So that's something people could check out there. And it's probably also easier for them to check out those calculators because it puts it into the context of their lives. Absolutely.

Their numbers, their figures, everything so well. And one thing that you helped us launch. And this was when you and Dan and I went to Europe in 2000 and 18, right? Um, we actually launched wealth smarts. Yep, while we were on a train in Europe, I believe, like we were writing the stuff and we were sitting there on a I don't know where we were going. I don't either. But you were publishing the first wealth smarts, and it's that was sent out from Europe, and we haven't broken the chain once every week.

We've sent out a one minute tip once a week to help people get one step closer to their goals. And if you know, the response has been pretty good. So we encourage people toe when they go to the website to subscribe to our newsletter, subscribe toe wealth smarts, and we'll include that in the show notes as well. We're always looking for ideas and questions to answer in this podcast. So if you have any things specific that you'd like us to talk about. Maybe we could work that in.

So feel free toe, let us know. Well, look forward to the next podcast. Great talking to you, man. Thanks for listening to today's episode of wealth smarts. Be sure to check out the show notes and our website for more information. If you're not subscribed already, please subscribe wherever you get your podcasts.