June 9, 2025
Best Books?
Best Books? – Chris Boyd opens this episode with a story from his most recent trip to the
dentist where the hygienist was asking for financial planning book recommendations and
advice as to how she should go about finding a financial planner who is willing to work
with someone who has a modest income and assets. Chris and co-host Jeff Perry suggest
a wide variety of books for people at various stages of their financial journey. The
dialogue shifts to the challenges of finding a financial planner. Jeff shares the three
questions that everyone should ask to anyone in the financial services industry who they
are considering working with.
For more information or to reach TEAM AMR, click the following link:
https://www.wealthenhancement.com/s/advisor-teams/amr
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Welcome to Something More with Chris Boyd.
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Chris Boyd is a Certified Financial Planner Practitioner
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and Senior Vice President and Financial Advisor at
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Wealth Enhancement Group, one of the nation's largest
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registered investment advisors.
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We call it Something More because we'd like
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to talk not only about those important dollar
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and cents issues, but also the quality of
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life issues that make the money matters matter.
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Here he is, your fulfillment facilitator, your partner
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in prosperity, advising clients on Cape Cod and
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across the country.
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Here's your host, Jay Christopher Boyd.
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Thanks for being with us for another episode
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of Something More with Chris Boyd.
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I'm Chris Boyd.
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I'm here with Jeff Perry.
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We are both of the AMR team at
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Wealth Enhancement and glad to have you joining
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us.
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So Jeff, I went for a dental cleaning
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this week and yesterday and felt badly afterwards
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as I was getting a coffee.
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Yeah, all the good stuff.
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Had my teeth cleaned.
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Ruined it with a coffee.
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Red wine, coffee, sugar, all those things that
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are the joys of life in some ways.
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Your dental planning.
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Yeah.
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But anyway, as I was there, it was
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a very nice dental hygienist who was Laureen,
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who asked me, oh, what do you do?
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So she said, I went to go to
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a financial planner about a year ago and
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then he ghosted me and I never heard
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back from him.
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So she's like, so we'll come back to
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that.
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But in the process, she said, what's your
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favorite personal finance book?
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What do you recommend?
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I'm reading Rich Dad, Poor Dad.
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I was like, oh, that's a good choice.
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So I thought that circumstance would be the
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premise of our show today.
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Let's start with the books.
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What are some great book ideas?
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And I, in the process, I asked Co
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-Pilot, our AI, for some thoughts on best
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personal finance books in the process I thought
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might be interesting.
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So it started off with this year's and
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I was like, no, I want all time
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best.
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Right.
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All right.
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So these are pretty good.
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I think some of these you'll know.
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Some of them I don't know.
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Oh, but before we do.
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Yes.
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Do you want to weigh in on, you're
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a student of personal finance.
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You are, I think, someone who's done a
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lot of reading.
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I probably read literally a hundred different personal
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finance books over the decades.
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Wow.
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So you must have a few that stand
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out.
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I do.
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I do.
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I have definitely some favorites.
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Oh, you want my favorites?
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Yeah.
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So what are your favorites?
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So it depends on the subject.
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So back in the day when I was
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just wanting to devour as much information as
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I could get, I was reading books from
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like Susie Orman, Bob Brinker, a radio show
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host, had a book, a book list.
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There were the Dolans who were radio people,
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but they were also writing books.
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And those were all like, um, kind of
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broad based.
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Like, you know, you need, do you need
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life insurance?
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How much should you say?
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Just like really the basics.
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Right.
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Yeah.
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Yeah.
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And then it's like most people, I'm no
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different than most people when they're studying something,
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they go from the, the general to the,
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like, okay, I got the basics.
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I need more.
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Yeah.
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So I think my favorite or my early
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favorite, most memorable investing book was one up
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in wall street by Peter Lynch, where he
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talked about his investing style and how stocks,
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bonds, mutual funds, how they work, you know,
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the inner, not just the basics of what
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they are, but how they work and why
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they're important to your portfolio.
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And then there was a period where I
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started listening to Dave Ramsey, the Ramsey show,
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and he and his team have had dozens
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of books published.
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Yeah.
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Yeah.
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Um, and I, when I was starting to
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think about retire, there was a book by
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Chris Hogan, um, retire inspired.
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So not just the dollars and cents, as
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you might say.
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Um, but like the, you know, this should
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be something, this should be something more than
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a math formula.
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Exactly.
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Yup.
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Yup.
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Love that.
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And, um, when we were updating our financial
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plan, I read, uh, the, the legacy journey.
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So there's so many on so many subjects
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that I've read over the years.
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Um, but you know, something's happened to me
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and I think it's happening to most people
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is we're reading less books, consuming information in
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other ways.
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Right.
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I mean, podcasts here we are.
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Right.
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Yeah.
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So when you find someone that you feel
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that is giving you good information and it's
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helpful, you tend to listen to them more
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than read.
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At least that's what's happened to me.
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I still read, I have a book over
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here.
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Uh, it's right on the top there.
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It is how to retire by how to
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retire by Christine Benz.
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Oh yeah.
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She's great.
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She's got plenty of books too.
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Yeah.
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Morningstar has tons of publications also.
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Yeah.
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It's on my pile because I'm going to
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give it to a friend who's not a
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client, but he's asked me, he said he's
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thinking about retiring and I talked to him
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and I'm going to follow up and have
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him read that book because it's, it's a
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little bit about a lot of things.
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Yeah.
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Yeah.
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So there's, well, I think you make a
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great point that, um, you know, if you,
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if you were to talk about personal finance
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and overview, that's one kind of category.
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An investing book is a different category.
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And even within that, you could get into,
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you know, various types of investing approaches, you
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know, that you could, uh, pursue.
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I, um, yeah, I was thinking, well, it
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was my favorite book and I was coming
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across a, I couldn't remember the name of
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this book.
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It's, it was almost more of a textbook
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in some respects.
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Cause a lot of the books that like
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I've done coursework for my professional development or
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whatever, you know?
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Um, and so those aren't really kind of
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tech more technical, you know, but this particular
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one was, was kind of a blend of,
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it was just a ton of the, the
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foundational basics, but it was done in a,
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in an interesting way.
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And it had some of the specifics, but
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it also was more conversational in tone.
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Right.
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So I'm sorry, I don't remember the name
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of it, but it, uh, I'll tell you
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the background.
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I, I used to do these seminars in
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the nineties and the company that produced them
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was called, uh, successful money management seminars.
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Okay.
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And then they created, um, financial security, no
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financial strategies for secure retirement.
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And then I did for re that was
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geared toward pre-retirees.
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And I did the one that was geared
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toward retirees, lifelong strategies, um, LFS lifelong financial
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strategies.
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So, um, the author of these seminars had
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this book that I was thinking about, but
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they've retired, they sold the whole thing.
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I went looking, I can't find it, but
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anyway.
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Um, but there's so many good options.
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Let me, let me go through some of
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the names.
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You're going to recognize a lot of this
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and, um, you've already given a few good
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ideas already.
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So here's a few, um, the millionaire next
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door.
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Oh, great.
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I've read that.
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Dr. Uh, Thomas Stanley.
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Um, and there's, there's a, um, uh, a
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followup for the revision.
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Yeah.
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I read the revision to a few years
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ago and his daughter came out with another,
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like an updated kind of version of this.
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The, the insight of that one that I
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always stuck with me was the distinction between
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affluence and wealth.
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Yep.
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And that really was, uh, a significant eye
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-opener.
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Don't you think in terms of, there's, there's
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people who have lots of money, lots of
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income, and they may spend a lot of
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that with a nice house and a big
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car and fancy car or whatever.
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And, and the, and the trips or Yep.
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But are they creating wealth?
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And so affluence may be about lifestyle, but
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wealth is the accumulation of assets.
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And, um, ultimately we, and the millionaire next
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door is just the idea that it may
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not be the people that look the most
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successful who are the most wealthy.
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That is so true.
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And the people with all the, the shiny
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stuff are most likely in debt.
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Yeah, exactly.
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You could have a huge income, lots of
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great lifestyle, but you could be really underwater.
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Right.
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Yeah.
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So yeah, that was a really, uh, insightful
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and just a good book.
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Um, you'll like the next one.
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I bet the Bogle head's guide to investing.
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Um, this was, uh, referencing Jack Bogle.
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Yeah, that was a while ago.
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Yeah.
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Uh, he has the next book, the little
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book of common sense investing, uh, by him,
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uh, Jack Bogle, uh, your money or your
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life, uh, by, uh, Vicki Robin and, uh,
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Joe Dominguez.
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I don't know that one.
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I do not know that one either.
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I will teach you to be rich.
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Um, the next one we just talked about
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earlier, rich dad, poor dad, right?
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That's the one.
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00:10:19,060 --> 00:10:20,340
So she's made a good choice.
272
00:10:20,540 --> 00:10:20,980
Yes.
273
00:10:21,900 --> 00:10:23,100
Uh, the next one is really more of
274
00:10:23,100 --> 00:10:26,060
an investing book of the intelligent investor, which
275
00:10:26,060 --> 00:10:28,840
you were referencing on a podcast just a
276
00:10:28,840 --> 00:10:29,660
few weeks ago.
277
00:10:30,020 --> 00:10:33,500
We were talking about Warren Buffett and he,
278
00:10:33,500 --> 00:10:36,860
uh, attributes much of his success to the
279
00:10:36,860 --> 00:10:39,220
author of that book, Benjamin Graham, his mentor.
280
00:10:39,340 --> 00:10:41,860
Now that's an old book now, but, uh,
281
00:10:42,060 --> 00:10:43,820
anyway, some of these principles still apply.
282
00:10:44,420 --> 00:10:47,320
Um, Dave Ramsey's is the next one.
283
00:10:47,720 --> 00:10:48,600
There you go.
284
00:10:48,680 --> 00:10:50,780
Um, total money makeover.
285
00:10:51,200 --> 00:10:51,360
Yeah.
286
00:10:51,540 --> 00:10:54,880
Great place for someone who might have debt
287
00:10:54,880 --> 00:10:56,240
that they're struggling with.
288
00:10:56,380 --> 00:10:57,620
And, you know, at the beginning of their
289
00:10:57,620 --> 00:10:59,500
journey, it's a great foundational book.
290
00:11:00,940 --> 00:11:03,700
The next one is a classic Napoleon Hills
291
00:11:03,700 --> 00:11:04,880
think and grow rich.
292
00:11:05,700 --> 00:11:06,140
Yep.
293
00:11:06,540 --> 00:11:07,920
And, uh, I read this one.
294
00:11:07,960 --> 00:11:09,340
I don't know if you read this one,
295
00:11:09,380 --> 00:11:13,380
uh, Tony Robbins, um, this money master of
296
00:11:13,380 --> 00:11:13,760
the game.
297
00:11:13,860 --> 00:11:14,280
Yep.
298
00:11:14,280 --> 00:11:15,060
I have read that.
299
00:11:15,360 --> 00:11:17,120
It's, um, it's funny.
300
00:11:17,180 --> 00:11:19,900
I didn't enjoy it that much, uh, because
301
00:11:19,900 --> 00:11:21,640
I think maybe because of I'm being a
302
00:11:21,640 --> 00:11:23,280
professional, you know what I mean?
303
00:11:23,480 --> 00:11:25,520
It's a bit raw, right?
304
00:11:26,000 --> 00:11:26,240
Yeah.
305
00:11:26,520 --> 00:11:28,700
But at the same time, um, I bet
306
00:11:28,700 --> 00:11:30,640
for someone starting out, that would be, that
307
00:11:30,640 --> 00:11:33,140
would be a great, um, a lot, there's
308
00:11:33,140 --> 00:11:34,760
a lot of great content in there.
309
00:11:34,800 --> 00:11:36,300
I liked what he had to say.
310
00:11:36,500 --> 00:11:41,000
I love motivational parts of these books, especially
311
00:11:41,000 --> 00:11:45,320
when you're like unsure and the motivational tone
312
00:11:45,320 --> 00:11:47,540
can really get you excited about starting.
313
00:11:47,960 --> 00:11:49,640
Cause starting is the toughest part for a
314
00:11:49,640 --> 00:11:52,020
lot of people, like getting organized and starting.
315
00:11:52,020 --> 00:11:54,240
Cause it seems just so, I mean, you
316
00:11:54,240 --> 00:11:55,960
can do the math and say, Oh yeah,
317
00:11:55,980 --> 00:11:57,540
that's what I can end up with a
318
00:11:57,540 --> 00:11:59,440
million dollars or, you know, whatever it is.
319
00:11:59,600 --> 00:12:02,100
But to start with your first hundred dollars
320
00:12:02,100 --> 00:12:04,260
is where do I begin?
321
00:12:04,600 --> 00:12:07,840
It's like someone who's really overweight and that
322
00:12:07,840 --> 00:12:10,580
those first steps on the walk and the
323
00:12:10,580 --> 00:12:14,560
first saying no to that treat is the
324
00:12:14,560 --> 00:12:15,280
toughest, right?
325
00:12:15,320 --> 00:12:16,540
Getting started is the toughest.
326
00:12:16,900 --> 00:12:18,740
So the motivational books have a place, especially
327
00:12:18,740 --> 00:12:21,100
at the beginning of your financial journey.
328
00:12:21,340 --> 00:12:22,100
Good point.
329
00:12:23,100 --> 00:12:25,800
The, uh, the, uh, I'll, I'll, we'll come
330
00:12:25,800 --> 00:12:28,780
back and talk about the, um, the challenges
331
00:12:28,780 --> 00:12:31,620
that, uh, Laureen ran into, but let me,
332
00:12:31,680 --> 00:12:34,340
uh, just hit on, I'll just run through
333
00:12:34,340 --> 00:12:38,660
some of these books that were, um, uh,
334
00:12:38,660 --> 00:12:41,880
I said, well, what about best investment investing
335
00:12:41,880 --> 00:12:43,630
books of all time?
336
00:12:44,240 --> 00:12:46,460
Here's what the list came out with the
337
00:12:46,460 --> 00:12:47,400
intelligent investor.
338
00:12:48,560 --> 00:12:52,760
Next one, Ben Graham and David Dodd, Graham
339
00:12:52,760 --> 00:12:53,440
and Dodd.
340
00:12:53,440 --> 00:12:56,000
You've heard of the value investor, sure.
341
00:12:56,380 --> 00:12:58,160
You know, classic value investors.
342
00:12:58,480 --> 00:13:02,940
Um, security analysis is that book, um, a
343
00:13:02,940 --> 00:13:07,500
random walk down wall street street, um, um,
344
00:13:07,840 --> 00:13:10,400
common stocks and uncommon profits.
345
00:13:11,820 --> 00:13:14,160
The essays of Warren Buffett.
346
00:13:14,980 --> 00:13:16,520
I didn't know that was a book.
347
00:13:16,860 --> 00:13:17,300
Yeah.
348
00:13:18,200 --> 00:13:21,480
Um, the little book of common sense investing
349
00:13:21,480 --> 00:13:23,060
we talked about on the last list.
350
00:13:23,760 --> 00:13:27,480
Uh, you mentioned Peter Lynch one up on
351
00:13:27,480 --> 00:13:27,980
wall street.
352
00:13:28,080 --> 00:13:28,440
Yeah.
353
00:13:29,160 --> 00:13:30,640
I think a lot of people like Peter
354
00:13:30,640 --> 00:13:34,240
Lynch cause that that's really accessible to say,
355
00:13:34,460 --> 00:13:37,540
invest what you know, and pursue the things
356
00:13:37,540 --> 00:13:39,580
that you observe, you know, the, where you
357
00:13:39,580 --> 00:13:41,580
see still makes sense today.
358
00:13:41,700 --> 00:13:42,180
Yeah.
359
00:13:42,300 --> 00:13:44,340
You know, it's, it's like, there's a, there's
360
00:13:44,340 --> 00:13:46,320
a accessibility of that.
361
00:13:46,380 --> 00:13:47,100
Oh, I like that.
362
00:13:47,240 --> 00:13:47,360
Yeah.
363
00:13:47,940 --> 00:13:48,300
Anyway.
364
00:13:48,480 --> 00:13:52,460
Um, the most important thing by Howard Marks,
365
00:13:52,500 --> 00:13:56,580
uh, reminiscences of stock operator of a stock
366
00:13:56,580 --> 00:13:57,080
operator.
367
00:13:57,080 --> 00:14:00,300
And then the last one, uh, market wizards.
368
00:14:00,800 --> 00:14:04,440
Anyway, I'll know some of those, but, uh,
369
00:14:05,020 --> 00:14:05,480
okay.
370
00:14:05,820 --> 00:14:07,160
Just threw it out there.
371
00:14:07,200 --> 00:14:09,300
Some books for people to, if they're looking
372
00:14:09,300 --> 00:14:13,400
for that list, let's talk about the other
373
00:14:13,400 --> 00:14:15,380
aspect of this circumstance.
374
00:14:15,660 --> 00:14:17,460
I'm curious if there's more to the story
375
00:14:17,460 --> 00:14:18,600
with your hygienist.
376
00:14:18,920 --> 00:14:19,300
Yeah.
377
00:14:19,360 --> 00:14:22,820
So she, she said she had, um, tried
378
00:14:22,820 --> 00:14:27,300
to meet with someone and, um, and had
379
00:14:27,300 --> 00:14:29,440
a conversation then never heard back from them.
380
00:14:30,080 --> 00:14:32,720
And I said, Oh, was, was he a
381
00:14:32,720 --> 00:14:33,300
fiduciary?
382
00:14:33,740 --> 00:14:34,780
She said, yes.
383
00:14:34,860 --> 00:14:35,720
Are you a fiduciary?
384
00:14:35,820 --> 00:14:36,920
You know, I immediately asked me.
385
00:14:37,480 --> 00:14:38,300
I like that.
386
00:14:38,360 --> 00:14:38,880
She's asking.
387
00:14:39,080 --> 00:14:39,180
Yeah.
388
00:14:39,240 --> 00:14:39,820
Which was good.
389
00:14:41,040 --> 00:14:41,320
Yeah.
390
00:14:42,900 --> 00:14:45,860
Um, and she's thinking about like, I liked
391
00:14:45,860 --> 00:14:46,020
that.
392
00:14:46,060 --> 00:14:47,200
She was talking about like, Oh, I want
393
00:14:47,200 --> 00:14:50,480
to create, you know, multiple income streams, you
394
00:14:50,480 --> 00:14:51,440
know, that kind of mindset.
395
00:14:51,760 --> 00:14:53,380
So she's got, got the right idea.
396
00:14:54,220 --> 00:14:56,960
Um, that idea of creating wealth and generating
397
00:14:56,960 --> 00:14:58,000
cashflow from it.
398
00:14:58,460 --> 00:14:58,920
Diversification.
399
00:14:59,120 --> 00:14:59,240
Yeah.
400
00:14:59,360 --> 00:14:59,640
Yeah.
401
00:14:59,940 --> 00:15:05,220
But in any case, um, so, uh, you
402
00:15:05,220 --> 00:15:06,720
know, I mean, while I'm like getting my
403
00:15:06,720 --> 00:15:10,640
teeth prodded, so I couldn't, it wasn't a
404
00:15:10,640 --> 00:15:12,440
lengthy conversation, you know what I mean?
405
00:15:13,020 --> 00:15:17,100
But, uh, but in any case, um, uh,
406
00:15:18,060 --> 00:15:20,360
it sounded like, you know, I was thinking
407
00:15:20,360 --> 00:15:23,240
it's, it's challenging for people who are starting
408
00:15:23,240 --> 00:15:27,420
out because our industry is really geared toward
409
00:15:27,420 --> 00:15:31,500
working with people who have assets to manage
410
00:15:32,180 --> 00:15:38,480
our, our compensation structure generally for advisors is,
411
00:15:38,500 --> 00:15:40,640
uh, designed around assets under management.
412
00:15:41,340 --> 00:15:46,400
Um, and so there's less incentive for advisors
413
00:15:46,400 --> 00:15:49,500
to work with people who are starting out.
414
00:15:49,580 --> 00:15:52,400
Now there are some compensation models that are
415
00:15:52,400 --> 00:15:56,160
geared toward this, this population, but even those
416
00:15:56,160 --> 00:16:02,000
require a wealth or, you know, income because,
417
00:16:02,060 --> 00:16:04,000
you know, you're going to be charged for
418
00:16:04,000 --> 00:16:06,820
time or, you know, some commitment of time.
419
00:16:07,380 --> 00:16:10,500
Uh, it's common for some advisors, not, uh,
420
00:16:10,620 --> 00:16:12,660
not everyone, but some advisors say, well, we'll
421
00:16:12,660 --> 00:16:13,980
charge a subscription fee.
422
00:16:14,420 --> 00:16:16,740
I'm going to charge you $250 a month
423
00:16:16,740 --> 00:16:17,700
or whatever it is.
424
00:16:17,920 --> 00:16:18,060
Right.
425
00:16:18,580 --> 00:16:20,900
And we'll do your financial planning.
426
00:16:20,940 --> 00:16:22,120
We'll help you prioritize.
427
00:16:22,180 --> 00:16:24,320
We'll, you know, get you on the right
428
00:16:24,320 --> 00:16:24,620
path.
429
00:16:24,800 --> 00:16:27,600
But that's a commitment of a substantial sum
430
00:16:27,600 --> 00:16:28,160
of money.
431
00:16:28,520 --> 00:16:29,080
Right.
432
00:16:29,400 --> 00:16:33,280
That's not going toward your savings investing or
433
00:16:33,280 --> 00:16:36,580
debt reduction or whatever the priorities might be.
434
00:16:37,620 --> 00:16:41,000
So, um, that's challenging, you know?
435
00:16:41,200 --> 00:16:43,940
Uh, similarly, uh, if you work with an
436
00:16:43,940 --> 00:16:46,980
advisor who doesn't charge you for time in
437
00:16:46,980 --> 00:16:51,860
some fashion hourly or of the sort, you're
438
00:16:51,860 --> 00:16:54,500
probably working with someone who's compensated to sell
439
00:16:54,500 --> 00:16:55,280
you products.
440
00:16:55,340 --> 00:16:55,840
Right.
441
00:16:57,040 --> 00:16:59,900
And that can create challenges.
442
00:16:59,900 --> 00:17:03,760
May it, if, if the advisor to use
443
00:17:03,760 --> 00:17:06,940
that word loosely, maybe they have one product
444
00:17:06,940 --> 00:17:10,160
that they sell or three products that they
445
00:17:10,160 --> 00:17:10,520
sell.
446
00:17:10,800 --> 00:17:10,980
Yeah.
447
00:17:11,180 --> 00:17:12,680
Oh, you're a good fit for an annuity
448
00:17:12,680 --> 00:17:14,180
life insurance or whatever.
449
00:17:14,260 --> 00:17:14,540
Right.
450
00:17:14,720 --> 00:17:16,740
That's their, you know, like that's their wheelhouse,
451
00:17:17,520 --> 00:17:20,660
uh, where maybe that's not what's desirable for
452
00:17:20,660 --> 00:17:21,880
you with what you're trying to do.
453
00:17:21,880 --> 00:17:22,400
Right.
454
00:17:22,940 --> 00:17:29,060
Um, so trying to find that, um, counsel
455
00:17:29,060 --> 00:17:32,580
is, is definitely challenging as someone who's starting
456
00:17:32,580 --> 00:17:32,840
out.
457
00:17:33,000 --> 00:17:34,700
I know this is an area that you're
458
00:17:34,700 --> 00:17:35,460
passionate about.
459
00:17:35,540 --> 00:17:37,340
So I thought it would be an interesting
460
00:17:37,340 --> 00:17:40,120
topic to just to discuss a little bit.
461
00:17:40,260 --> 00:17:41,500
And by the way, I did give her
462
00:17:41,500 --> 00:17:46,700
your name and email address saying, Hey, you
463
00:17:46,700 --> 00:17:48,480
know, if you want to talk to Jeff,
464
00:17:48,820 --> 00:17:50,800
um, you know, our firm, you know, uh,
465
00:17:50,900 --> 00:17:53,700
can be a resource, but Jeff particularly loves
466
00:17:53,700 --> 00:17:55,900
working with people who are motivated and getting
467
00:17:55,900 --> 00:17:56,320
started.
468
00:17:56,760 --> 00:17:56,860
Yeah.
469
00:17:57,060 --> 00:17:59,200
I certainly won't give his name, but you
470
00:17:59,200 --> 00:18:00,340
know, this is kind of timely.
471
00:18:00,540 --> 00:18:02,880
Last week I did a review of a
472
00:18:02,880 --> 00:18:06,800
young man who came with very little assets.
473
00:18:06,900 --> 00:18:08,360
He was out of college getting his first
474
00:18:08,360 --> 00:18:11,660
job and he wanted to start off on
475
00:18:11,660 --> 00:18:12,320
the right course.
476
00:18:12,900 --> 00:18:13,000
Yeah.
477
00:18:13,420 --> 00:18:16,420
And, uh, a year later, or maybe it's
478
00:18:16,420 --> 00:18:18,880
a year and a half now, but he's
479
00:18:18,880 --> 00:18:20,860
made significant progress.
480
00:18:20,860 --> 00:18:24,120
He's putting away money in his 401k.
481
00:18:24,160 --> 00:18:26,560
That's, you know, he sees building, he started
482
00:18:26,560 --> 00:18:29,220
a Roth IRA, he's full, fully funding it
483
00:18:29,220 --> 00:18:29,820
every year.
484
00:18:29,980 --> 00:18:32,980
And he just says, because he lives, he
485
00:18:32,980 --> 00:18:33,600
has no debt.
486
00:18:33,640 --> 00:18:35,060
He didn't create debt.
487
00:18:35,560 --> 00:18:39,380
Um, since he's living below his means, he
488
00:18:39,380 --> 00:18:41,820
has a good salary after, after college, but
489
00:18:41,820 --> 00:18:44,880
he's sucking away money in a brokerage account
490
00:18:44,880 --> 00:18:47,740
that he'll, you know, he doesn't have it
491
00:18:47,740 --> 00:18:48,360
earmarked.
492
00:18:48,400 --> 00:18:50,220
I can, we talked about what he thinks
493
00:18:50,220 --> 00:18:51,060
it might be used for.
494
00:18:51,100 --> 00:18:52,320
It might be used to buy his first
495
00:18:52,320 --> 00:18:52,620
home.
496
00:18:52,680 --> 00:18:53,120
Sure.
497
00:18:53,140 --> 00:18:53,880
That makes sense.
498
00:18:54,020 --> 00:18:55,920
But whatever it's used for.
499
00:18:56,000 --> 00:18:58,400
Um, so he's got two retirements building.
500
00:18:58,700 --> 00:19:00,440
He's in his mid twenties.
501
00:19:00,860 --> 00:19:03,620
He's aggressively saving for this big goal, which
502
00:19:03,620 --> 00:19:04,640
say it's a house.
503
00:19:05,060 --> 00:19:07,320
Um, he's building wealth.
504
00:19:07,640 --> 00:19:11,180
He's managing no debt because he's being responsible.
505
00:19:11,180 --> 00:19:14,540
And I mean, so it's, you know, financially
506
00:19:14,540 --> 00:19:18,760
as far as fees or anything, it's not
507
00:19:18,760 --> 00:19:22,180
as productive as having a $10 million client
508
00:19:22,180 --> 00:19:22,660
come in.
509
00:19:23,140 --> 00:19:24,780
But I, you know, I have to, I
510
00:19:24,780 --> 00:19:29,000
have to admit, I get more joy, I
511
00:19:29,000 --> 00:19:32,260
guess, out of these little things that you
512
00:19:32,260 --> 00:19:33,380
can inspire people.
513
00:19:33,380 --> 00:19:35,560
To do when they're young and they're motivated
514
00:19:35,560 --> 00:19:36,340
to do it.
515
00:19:36,400 --> 00:19:36,920
Yeah.
516
00:19:37,160 --> 00:19:40,260
Absolutely change their trajectory and foundational.
517
00:19:40,460 --> 00:19:40,660
Yeah.
518
00:19:41,560 --> 00:19:44,120
These habits that he's building and other, you
519
00:19:44,120 --> 00:19:45,940
know, he's just the example from last week,
520
00:19:45,980 --> 00:19:49,180
but these habits that young people can build
521
00:19:49,180 --> 00:19:52,380
or helping people who have bad habits, you
522
00:19:52,380 --> 00:19:55,340
know, make corrective courses and make changes in
523
00:19:55,340 --> 00:19:55,920
their lives.
524
00:19:56,380 --> 00:20:00,440
I mean, that's, that's, that's a great choice
525
00:20:00,440 --> 00:20:02,280
of being motivated though.
526
00:20:02,340 --> 00:20:02,540
Right.
527
00:20:02,600 --> 00:20:06,740
You know, have to be, uh, you know,
528
00:20:06,900 --> 00:20:12,260
serious about making these decisions and what's involved
529
00:20:12,260 --> 00:20:13,120
in that, you know?
530
00:20:13,180 --> 00:20:13,440
Yeah.
531
00:20:13,740 --> 00:20:15,340
And if they are, they can make changes
532
00:20:15,340 --> 00:20:18,860
that will forever, you know, improve their financial
533
00:20:18,860 --> 00:20:21,220
stability and their financial success.
534
00:20:21,240 --> 00:20:23,500
But, you know, sometimes you get people who
535
00:20:23,500 --> 00:20:27,280
present as motivated, but they're really, they're coming
536
00:20:27,280 --> 00:20:29,920
out of desperation and they're not ready to,
537
00:20:30,560 --> 00:20:32,320
I mean, with anything that you're doing is
538
00:20:32,320 --> 00:20:34,940
something you're giving up, right?
539
00:20:35,080 --> 00:20:37,180
So if you're not staying within your means
540
00:20:37,180 --> 00:20:39,280
or you're not ready to make those commitments
541
00:20:39,280 --> 00:20:41,760
to your, your own future, then it's tough
542
00:20:41,760 --> 00:20:43,140
to change that for somebody.
543
00:20:44,720 --> 00:20:45,200
Yeah.
544
00:20:45,380 --> 00:20:48,240
Um, I, I think, um, just to go
545
00:20:48,240 --> 00:20:52,600
back to the notion of, um, the industry,
546
00:20:52,600 --> 00:20:54,780
I think, I just, I don't think there's
547
00:20:54,780 --> 00:20:55,880
an easy answer.
548
00:20:56,180 --> 00:20:59,640
There's not a, there's not an ideal solution.
549
00:21:00,300 --> 00:21:04,220
There may be, um, you know, multiple avenues
550
00:21:04,220 --> 00:21:05,100
to pursue.
551
00:21:05,340 --> 00:21:07,780
There may be some resources that are, you
552
00:21:07,780 --> 00:21:09,460
know, relatively low costs.
553
00:21:09,560 --> 00:21:12,400
There may be, there may be possibilities, but
554
00:21:12,400 --> 00:21:14,960
I think at some level it, it requires,
555
00:21:15,200 --> 00:21:19,460
if you're going to get professional help, there's
556
00:21:19,460 --> 00:21:20,300
going to be a cost.
557
00:21:21,240 --> 00:21:21,340
Sure.
558
00:21:24,440 --> 00:21:27,120
Well, trying to find maybe that, how do
559
00:21:27,120 --> 00:21:27,800
you get started?
560
00:21:28,600 --> 00:21:33,900
Um, there are, you know, resources, podcasts, like
561
00:21:33,900 --> 00:21:37,580
we were just talking about, people consume information
562
00:21:37,580 --> 00:21:40,440
through podcasts like ours and others.
563
00:21:41,060 --> 00:21:43,900
Um, you mentioned, uh, some, some of the
564
00:21:43,900 --> 00:21:45,700
greats over the time, you know, the radio
565
00:21:45,700 --> 00:21:48,200
listening that you've done with, you know, but
566
00:21:48,200 --> 00:21:50,380
Dave Ramsey to this day has got a
567
00:21:50,380 --> 00:21:53,060
lot of great resources for people as they
568
00:21:53,060 --> 00:21:53,680
get started.
569
00:21:53,920 --> 00:21:54,580
As they get started.
570
00:21:54,820 --> 00:21:57,740
And, you know, Dave Ramsey has, um, always
571
00:21:57,740 --> 00:22:00,820
suggested that people work with a financial advisor,
572
00:22:01,080 --> 00:22:01,580
right.
573
00:22:01,780 --> 00:22:03,300
You know, when they, when they have that
574
00:22:03,300 --> 00:22:04,740
need, when they get through there, he has
575
00:22:04,740 --> 00:22:06,620
baby steps when he gets through there, like
576
00:22:06,620 --> 00:22:09,920
get your emergency fund, pay down your debt,
577
00:22:10,060 --> 00:22:11,680
contribute to your 401k.
578
00:22:11,680 --> 00:22:15,660
And then yeah, covered.
579
00:22:15,660 --> 00:22:16,100
Okay.
580
00:22:16,100 --> 00:22:17,960
We got the groundwork laid.
581
00:22:17,980 --> 00:22:18,420
That's right.
582
00:22:18,680 --> 00:22:20,840
Then you get to a more complex, right.
583
00:22:21,300 --> 00:22:21,640
That's right.
584
00:22:21,800 --> 00:22:23,940
Um, I think that's, that's good counsel.
585
00:22:24,760 --> 00:22:27,840
Um, so in any case, um, I don't
586
00:22:27,840 --> 00:22:29,400
know what else I just, this was on
587
00:22:29,400 --> 00:22:31,180
my mind and I was like, having just
588
00:22:31,180 --> 00:22:33,520
gone through that, I thought, Oh, this is
589
00:22:33,520 --> 00:22:36,280
a, this is a topic that's challenging, but
590
00:22:36,280 --> 00:22:37,600
worthy of discussion.
591
00:22:37,600 --> 00:22:39,940
You know, it's absolutely challenging to a lot
592
00:22:39,940 --> 00:22:40,260
of people.
593
00:22:40,260 --> 00:22:42,720
I think the, the individuals have the, you
594
00:22:42,720 --> 00:22:46,120
know, my example of the gentleman, um, that
595
00:22:46,120 --> 00:22:50,000
young man we're helping, um, is a bit
596
00:22:50,000 --> 00:22:50,360
unique.
597
00:22:50,540 --> 00:22:52,920
Most people, when they get that first kind
598
00:22:52,920 --> 00:22:55,000
of real job and they have that paperwork
599
00:22:55,000 --> 00:22:57,440
in front of them and, you know, Oh,
600
00:22:57,480 --> 00:22:58,580
we have a 401k.
601
00:22:58,660 --> 00:22:58,980
Okay.
602
00:22:59,140 --> 00:22:59,780
What is that?
603
00:22:59,820 --> 00:23:00,080
You know?
604
00:23:00,080 --> 00:23:02,860
So that's, that's a good time to seek
605
00:23:02,860 --> 00:23:03,360
counsel.
606
00:23:03,840 --> 00:23:04,880
Like, yeah, that's a good point.
607
00:23:05,020 --> 00:23:05,380
Right.
608
00:23:05,520 --> 00:23:07,480
Because a lot of times people just fill
609
00:23:07,480 --> 00:23:09,280
out the and move on.
610
00:23:09,620 --> 00:23:09,940
Right.
611
00:23:10,120 --> 00:23:12,120
And may miss out on opportunity.
612
00:23:12,480 --> 00:23:13,020
That's right.
613
00:23:13,380 --> 00:23:17,420
Uh, may be because they're unfamiliar with markets
614
00:23:17,420 --> 00:23:18,860
and risk.
615
00:23:18,980 --> 00:23:20,280
Oh, the terms themselves.
616
00:23:20,560 --> 00:23:23,320
They may be sitting in a, like a,
617
00:23:23,320 --> 00:23:27,800
a fixed interest account when in reality they've
618
00:23:27,800 --> 00:23:30,140
got maybe 40 years before they plan on
619
00:23:30,140 --> 00:23:34,580
accessing these four resources and they'd be better
620
00:23:34,580 --> 00:23:39,900
served with a more invested, uh, approach to
621
00:23:39,900 --> 00:23:41,960
the, those funds or even worse.
622
00:23:41,960 --> 00:23:43,640
They say, um, I don't know what that
623
00:23:43,640 --> 00:23:43,860
is.
624
00:23:43,900 --> 00:23:44,660
I'll deal with it later.
625
00:23:44,740 --> 00:23:45,640
Do I have to do it now?
626
00:23:45,720 --> 00:23:46,560
No, you don't.
627
00:23:47,280 --> 00:23:48,880
You know, so yeah.
628
00:23:48,880 --> 00:23:51,760
Missed opportunity may be giving up on, uh,
629
00:23:51,880 --> 00:23:54,340
voluntary, uh, compensation.
630
00:23:55,340 --> 00:23:57,580
Uh, if they don't do a match, if
631
00:23:57,580 --> 00:23:59,420
they don't actually contribute, they may be giving
632
00:23:59,420 --> 00:24:01,920
up on the match, which is, you know,
633
00:24:02,380 --> 00:24:04,280
volunteering for a lower pay.
634
00:24:04,900 --> 00:24:05,000
Yeah.
635
00:24:05,000 --> 00:24:06,440
Free money, as they say.
636
00:24:06,580 --> 00:24:06,740
Right.
637
00:24:07,200 --> 00:24:07,460
Yeah.
638
00:24:07,820 --> 00:24:10,840
But it all comes down to, um, seek
639
00:24:10,840 --> 00:24:12,400
counsel and educate yourself.
640
00:24:12,420 --> 00:24:14,840
You know, we're, we're, we're all responsible to
641
00:24:14,840 --> 00:24:16,840
educate ourselves of the basics.
642
00:24:17,180 --> 00:24:20,820
And I, I absolutely love what your hygienist
643
00:24:20,820 --> 00:24:21,640
was asking you about.
644
00:24:21,720 --> 00:24:22,460
Are you fiduciary?
645
00:24:22,580 --> 00:24:24,820
Because you've heard my three things.
646
00:24:24,820 --> 00:24:27,720
Um, and she, she got the first one,
647
00:24:27,720 --> 00:24:30,260
like whoever you're working with, I don't in
648
00:24:30,260 --> 00:24:32,900
the financial sector world, um, ask if they're
649
00:24:32,900 --> 00:24:35,960
fiduciary and that means, uh, to, are they,
650
00:24:36,120 --> 00:24:37,620
do they have your best interest at heart?
651
00:24:37,700 --> 00:24:41,120
Are they, are they morally, ethically, legally responsible
652
00:24:41,120 --> 00:24:42,880
to give you advice that is in your
653
00:24:42,880 --> 00:24:44,660
best interest and not their own?
654
00:24:45,280 --> 00:24:46,480
So that's a yes.
655
00:24:46,500 --> 00:24:47,340
You want to hear yes.
656
00:24:47,600 --> 00:24:52,340
The second one, um, is how are they
657
00:24:52,340 --> 00:24:52,920
compensated?
658
00:24:53,100 --> 00:24:55,400
You know, you've touched on different ways, but
659
00:24:55,400 --> 00:24:57,600
if someone you're about to work with and
660
00:24:57,600 --> 00:24:59,720
you're about to pay, however, that either pay
661
00:24:59,720 --> 00:25:02,520
by your assets or pay, you know, hourly
662
00:25:02,520 --> 00:25:04,540
or whatever the model is, if they can't
663
00:25:04,540 --> 00:25:06,760
explain to you how they're compensated within a
664
00:25:06,760 --> 00:25:10,620
minute, you know, maybe, maybe it's not a
665
00:25:10,620 --> 00:25:12,300
straightforward way of compensation.
666
00:25:12,620 --> 00:25:14,820
Maybe there, that should raise your, uh, your
667
00:25:14,820 --> 00:25:17,040
concerns just for a moment or two to
668
00:25:17,040 --> 00:25:17,660
step back.
669
00:25:17,840 --> 00:25:18,040
Yeah.
670
00:25:18,080 --> 00:25:18,260
Yeah.
671
00:25:18,260 --> 00:25:20,400
Just step up and say, I don't, I'm
672
00:25:20,400 --> 00:25:20,880
not sure.
673
00:25:21,060 --> 00:25:21,780
Are you fiduciary?
674
00:25:21,780 --> 00:25:21,940
Yes.
675
00:25:22,220 --> 00:25:23,220
How are you compensated?
676
00:25:23,820 --> 00:25:25,000
Reasonably quick answer.
677
00:25:25,120 --> 00:25:26,560
And the third is where is, where are
678
00:25:26,560 --> 00:25:27,100
my assets?
679
00:25:27,260 --> 00:25:28,400
Where will my money be held?
680
00:25:29,460 --> 00:25:31,380
We want it held at a third party
681
00:25:31,380 --> 00:25:32,080
custodian.
682
00:25:32,140 --> 00:25:35,300
The person giving you the advice, it's just
683
00:25:35,300 --> 00:25:37,700
prudent and wise for them not to be
684
00:25:37,700 --> 00:25:39,960
actually handling your actual dollars.
685
00:25:40,420 --> 00:25:40,520
Yeah.
686
00:25:40,540 --> 00:25:43,920
You want, um, sort of, it's like the
687
00:25:43,920 --> 00:25:46,060
checks and balances we talk about in government,
688
00:25:46,320 --> 00:25:46,540
right?
689
00:25:46,660 --> 00:25:46,920
Right.
690
00:25:47,100 --> 00:25:49,260
Same idea with your money.
691
00:25:49,820 --> 00:25:49,920
Yeah.
692
00:25:50,120 --> 00:25:52,560
You want, so for our example, if you
693
00:25:52,560 --> 00:25:55,520
work with us, we're a fiduciary, we're typically
694
00:25:55,520 --> 00:25:59,280
paid on assets under management, not always, uh,
695
00:25:59,320 --> 00:26:03,360
special circumstances, and you'll be getting your statements
696
00:26:03,360 --> 00:26:06,380
from us, but also from Schwab or Fidelity
697
00:26:06,380 --> 00:26:08,260
or whoever we're using on behalf.
698
00:26:09,060 --> 00:26:12,680
So brokerage platform, um, who actually holds the
699
00:26:12,680 --> 00:26:16,420
assets and you can log into separately anytime,
700
00:26:16,720 --> 00:26:19,160
day or night and see what's going on,
701
00:26:19,240 --> 00:26:19,600
what's there.
702
00:26:19,720 --> 00:26:22,540
Now we might have, uh, access to make
703
00:26:22,540 --> 00:26:26,680
changes when we have discretion to manage the
704
00:26:26,680 --> 00:26:31,020
portfolio, but, uh, it's, it's not something that's
705
00:26:31,020 --> 00:26:31,940
in our back pocket.
706
00:26:32,040 --> 00:26:35,040
It's something that's, uh, you know, it's not,
707
00:26:35,160 --> 00:26:36,680
it's not just on a ledger.
708
00:26:36,780 --> 00:26:39,100
It's it's, you can see the third party
709
00:26:39,100 --> 00:26:41,400
is reporting to your assets.
710
00:26:42,700 --> 00:26:44,740
And, uh, another way and I'm still self
711
00:26:44,740 --> 00:26:47,340
-promotion here, but of learning is listening to
712
00:26:47,340 --> 00:26:50,200
podcasts like this one, because we cover, we
713
00:26:50,200 --> 00:26:52,780
cover a variety of these topics.
714
00:26:53,020 --> 00:26:55,220
So I hope that you gave the hygienist
715
00:26:55,220 --> 00:26:56,620
or will, no, I don't think I did,
716
00:26:56,660 --> 00:26:57,780
but I'm going to send her this, I
717
00:26:57,780 --> 00:26:58,000
think.
718
00:26:58,080 --> 00:26:59,300
Yeah, absolutely.
719
00:26:59,420 --> 00:27:00,360
She'll get a kick out of it.
720
00:27:00,860 --> 00:27:02,040
But it's a good way.
721
00:27:02,140 --> 00:27:03,760
You know, I think things have changed.
722
00:27:03,880 --> 00:27:05,840
I read less books, but I listened to
723
00:27:05,840 --> 00:27:08,920
more podcasts and when I find somebody credible
724
00:27:08,920 --> 00:27:11,180
and a little entertaining, you know, we want
725
00:27:11,180 --> 00:27:12,140
to be entertained too.
726
00:27:12,540 --> 00:27:12,780
Yup.
727
00:27:12,940 --> 00:27:14,920
That talks about issues that I care about.
728
00:27:15,300 --> 00:27:16,980
Um, I subscribe.
729
00:27:17,180 --> 00:27:17,820
It's your interest.
730
00:27:18,000 --> 00:27:19,400
And, uh, if you're a listener, we hope
731
00:27:19,400 --> 00:27:21,020
you subscribe and we hope you find this
732
00:27:21,020 --> 00:27:24,740
interesting and entertaining and, and we hope you'll
733
00:27:24,740 --> 00:27:25,420
share it.
734
00:27:25,440 --> 00:27:28,460
Uh, hope you'll rate and, um, you know,
735
00:27:28,480 --> 00:27:31,340
give a review of our podcast because it
736
00:27:31,340 --> 00:27:33,900
does help others find our show.
737
00:27:33,900 --> 00:27:35,620
There's lots of great ones out there.
738
00:27:35,820 --> 00:27:37,760
Hopefully we're among the ones that you enjoy
739
00:27:37,760 --> 00:27:38,240
the most.
740
00:27:38,980 --> 00:27:40,340
Jeff, uh, thanks.
741
00:27:40,540 --> 00:27:41,680
Good, good discussion.
742
00:27:41,880 --> 00:27:42,460
Good topic.
743
00:27:42,560 --> 00:27:44,740
Hopefully people got a couple of ideas for
744
00:27:44,740 --> 00:27:47,420
their, uh, bedside reading if they want a
745
00:27:47,420 --> 00:27:50,240
little financial, uh, uh, reading list.
746
00:27:50,440 --> 00:27:52,880
I'm looking forward to hearing from your hygienist.
747
00:27:55,500 --> 00:27:58,100
With that, everybody, thanks for being with us.
748
00:27:58,280 --> 00:28:01,440
Um, until next time, keep striving for something
749
00:28:01,440 --> 00:28:01,840
more.
750
00:28:01,840 --> 00:28:05,400
Thank you for listening to something more with
751
00:28:05,400 --> 00:28:07,980
Chris Boyd, call us for help, whether it's
752
00:28:07,980 --> 00:28:11,780
for financial planning or portfolio management, insurance concerns,
753
00:28:12,020 --> 00:28:14,200
or those quality of life issues that make
754
00:28:14,200 --> 00:28:15,640
the money matters matter.
755
00:28:16,040 --> 00:28:18,140
Whatever's on your mind, visit us at something
756
00:28:18,140 --> 00:28:21,140
more with chrisboyd.com or call us toll
757
00:28:21,140 --> 00:28:27,000
free at 866-771-8901, or send us
758
00:28:27,000 --> 00:28:31,820
your questions to amr-info at wealthenhancement.com.
759
00:28:31,840 --> 00:28:34,060
You're listening to something more with Chris Boyd,
760
00:28:34,080 --> 00:28:36,680
financial talk show wealth enhancement, advisory services, and
761
00:28:36,680 --> 00:28:38,820
Jay Christopher Boyd provide investment advice on an
762
00:28:38,820 --> 00:28:40,160
individual basis to clients.
763
00:28:40,180 --> 00:28:42,280
Only proper advice depends on a complete analysis
764
00:28:42,280 --> 00:28:43,720
of all facts and circumstances.
765
00:28:43,720 --> 00:28:45,800
The information given on this program is general
766
00:28:45,800 --> 00:28:47,840
financial comments and cannot be relied upon as
767
00:28:47,840 --> 00:28:49,480
pertaining to your specific situation.
768
00:28:49,640 --> 00:28:51,600
Wealth enhancement group cannot guarantee that using the
769
00:28:51,600 --> 00:28:53,600
information from this show will generate profits or
770
00:28:53,600 --> 00:28:54,720
ensure freedom from loss.
771
00:28:54,920 --> 00:28:57,080
Listeners should consult their own financial advisors or
772
00:28:57,080 --> 00:28:59,120
conduct their own due diligence before making any
773
00:28:59,120 --> 00:28:59,920
financial decisions.
00:00:00,200 --> 00:00:02,720
Welcome to Something More with Chris Boyd.
2
00:00:03,080 --> 00:00:06,020
Chris Boyd is a Certified Financial Planner Practitioner
3
00:00:06,020 --> 00:00:08,640
and Senior Vice President and Financial Advisor at
4
00:00:08,640 --> 00:00:10,920
Wealth Enhancement Group, one of the nation's largest
5
00:00:10,920 --> 00:00:12,520
registered investment advisors.
6
00:00:13,020 --> 00:00:14,960
We call it Something More because we'd like
7
00:00:14,960 --> 00:00:17,080
to talk not only about those important dollar
8
00:00:17,080 --> 00:00:19,280
and cents issues, but also the quality of
9
00:00:19,280 --> 00:00:21,700
life issues that make the money matters matter.
10
00:00:22,140 --> 00:00:25,460
Here he is, your fulfillment facilitator, your partner
11
00:00:25,460 --> 00:00:28,620
in prosperity, advising clients on Cape Cod and
12
00:00:28,620 --> 00:00:29,660
across the country.
13
00:00:30,040 --> 00:00:32,480
Here's your host, Jay Christopher Boyd.
14
00:00:33,020 --> 00:00:35,020
Thanks for being with us for another episode
15
00:00:35,020 --> 00:00:36,380
of Something More with Chris Boyd.
16
00:00:36,440 --> 00:00:37,180
I'm Chris Boyd.
17
00:00:37,200 --> 00:00:38,200
I'm here with Jeff Perry.
18
00:00:38,420 --> 00:00:40,380
We are both of the AMR team at
19
00:00:40,380 --> 00:00:43,000
Wealth Enhancement and glad to have you joining
20
00:00:43,000 --> 00:00:43,220
us.
21
00:00:43,440 --> 00:00:47,020
So Jeff, I went for a dental cleaning
22
00:00:47,020 --> 00:00:54,400
this week and yesterday and felt badly afterwards
23
00:00:54,400 --> 00:00:56,960
as I was getting a coffee.
24
00:00:59,580 --> 00:01:01,140
Yeah, all the good stuff.
25
00:01:01,160 --> 00:01:01,980
Had my teeth cleaned.
26
00:01:02,860 --> 00:01:04,060
Ruined it with a coffee.
27
00:01:04,440 --> 00:01:08,660
Red wine, coffee, sugar, all those things that
28
00:01:08,660 --> 00:01:10,820
are the joys of life in some ways.
29
00:01:11,360 --> 00:01:12,360
Your dental planning.
30
00:01:12,600 --> 00:01:12,800
Yeah.
31
00:01:13,720 --> 00:01:15,780
But anyway, as I was there, it was
32
00:01:15,780 --> 00:01:20,720
a very nice dental hygienist who was Laureen,
33
00:01:20,800 --> 00:01:24,040
who asked me, oh, what do you do?
34
00:01:24,380 --> 00:01:29,080
So she said, I went to go to
35
00:01:29,080 --> 00:01:31,860
a financial planner about a year ago and
36
00:01:31,860 --> 00:01:34,220
then he ghosted me and I never heard
37
00:01:34,220 --> 00:01:35,040
back from him.
38
00:01:35,460 --> 00:01:38,820
So she's like, so we'll come back to
39
00:01:38,820 --> 00:01:39,280
that.
40
00:01:39,500 --> 00:01:44,700
But in the process, she said, what's your
41
00:01:44,700 --> 00:01:48,480
favorite personal finance book?
42
00:01:48,540 --> 00:01:49,220
What do you recommend?
43
00:01:49,460 --> 00:01:52,000
I'm reading Rich Dad, Poor Dad.
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I was like, oh, that's a good choice.
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So I thought that circumstance would be the
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premise of our show today.
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Let's start with the books.
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What are some great book ideas?
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And I, in the process, I asked Co
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-Pilot, our AI, for some thoughts on best
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personal finance books in the process I thought
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might be interesting.
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So it started off with this year's and
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I was like, no, I want all time
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best.
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Right.
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All right.
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So these are pretty good.
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I think some of these you'll know.
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Some of them I don't know.
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Oh, but before we do.
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Yes.
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Do you want to weigh in on, you're
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a student of personal finance.
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You are, I think, someone who's done a
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lot of reading.
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I probably read literally a hundred different personal
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finance books over the decades.
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Wow.
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So you must have a few that stand
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out.
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I do.
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I do.
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I have definitely some favorites.
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Oh, you want my favorites?
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Yeah.
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So what are your favorites?
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So it depends on the subject.
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So back in the day when I was
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just wanting to devour as much information as
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I could get, I was reading books from
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like Susie Orman, Bob Brinker, a radio show
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host, had a book, a book list.
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There were the Dolans who were radio people,
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but they were also writing books.
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And those were all like, um, kind of
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broad based.
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Like, you know, you need, do you need
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life insurance?
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How much should you say?
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Just like really the basics.
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Right.
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Yeah.
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Yeah.
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And then it's like most people, I'm no
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different than most people when they're studying something,
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they go from the, the general to the,
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like, okay, I got the basics.
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I need more.
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Yeah.
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So I think my favorite or my early
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favorite, most memorable investing book was one up
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in wall street by Peter Lynch, where he
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talked about his investing style and how stocks,
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bonds, mutual funds, how they work, you know,
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the inner, not just the basics of what
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they are, but how they work and why
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they're important to your portfolio.
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And then there was a period where I
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started listening to Dave Ramsey, the Ramsey show,
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and he and his team have had dozens
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of books published.
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Yeah.
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Yeah.
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Um, and I, when I was starting to
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think about retire, there was a book by
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Chris Hogan, um, retire inspired.
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So not just the dollars and cents, as
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you might say.
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Um, but like the, you know, this should
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be something, this should be something more than
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a math formula.
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Exactly.
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Yup.
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Yup.
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Love that.
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And, um, when we were updating our financial
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plan, I read, uh, the, the legacy journey.
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So there's so many on so many subjects
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that I've read over the years.
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Um, but you know, something's happened to me
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and I think it's happening to most people
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is we're reading less books, consuming information in
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other ways.
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Right.
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I mean, podcasts here we are.
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Right.
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Yeah.
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So when you find someone that you feel
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that is giving you good information and it's
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helpful, you tend to listen to them more
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than read.
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At least that's what's happened to me.
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I still read, I have a book over
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here.
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Uh, it's right on the top there.
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It is how to retire by how to
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retire by Christine Benz.
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Oh yeah.
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She's great.
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She's got plenty of books too.
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Yeah.
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Morningstar has tons of publications also.
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Yeah.
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It's on my pile because I'm going to
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give it to a friend who's not a
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client, but he's asked me, he said he's
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thinking about retiring and I talked to him
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and I'm going to follow up and have
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him read that book because it's, it's a
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little bit about a lot of things.
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Yeah.
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Yeah.
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So there's, well, I think you make a
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great point that, um, you know, if you,
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if you were to talk about personal finance
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and overview, that's one kind of category.
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An investing book is a different category.
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And even within that, you could get into,
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you know, various types of investing approaches, you
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know, that you could, uh, pursue.
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I, um, yeah, I was thinking, well, it
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was my favorite book and I was coming
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across a, I couldn't remember the name of
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this book.
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It's, it was almost more of a textbook
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in some respects.
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Cause a lot of the books that like
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I've done coursework for my professional development or
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whatever, you know?
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Um, and so those aren't really kind of
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tech more technical, you know, but this particular
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one was, was kind of a blend of,
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it was just a ton of the, the
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foundational basics, but it was done in a,
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in an interesting way.
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And it had some of the specifics, but
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it also was more conversational in tone.
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Right.
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So I'm sorry, I don't remember the name
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of it, but it, uh, I'll tell you
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the background.
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I, I used to do these seminars in
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the nineties and the company that produced them
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was called, uh, successful money management seminars.
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Okay.
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And then they created, um, financial security, no
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financial strategies for secure retirement.
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And then I did for re that was
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geared toward pre-retirees.
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And I did the one that was geared
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toward retirees, lifelong strategies, um, LFS lifelong financial
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strategies.
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So, um, the author of these seminars had
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this book that I was thinking about, but
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they've retired, they sold the whole thing.
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I went looking, I can't find it, but
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anyway.
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Um, but there's so many good options.
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Let me, let me go through some of
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the names.
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You're going to recognize a lot of this
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and, um, you've already given a few good
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ideas already.
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So here's a few, um, the millionaire next
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door.
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Oh, great.
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I've read that.
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Dr. Uh, Thomas Stanley.
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Um, and there's, there's a, um, uh, a
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followup for the revision.
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Yeah.
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I read the revision to a few years
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ago and his daughter came out with another,
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like an updated kind of version of this.
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The, the insight of that one that I
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always stuck with me was the distinction between
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affluence and wealth.
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Yep.
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And that really was, uh, a significant eye
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-opener.
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Don't you think in terms of, there's, there's
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people who have lots of money, lots of
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income, and they may spend a lot of
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that with a nice house and a big
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car and fancy car or whatever.
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And, and the, and the trips or Yep.
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But are they creating wealth?
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And so affluence may be about lifestyle, but
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wealth is the accumulation of assets.
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And, um, ultimately we, and the millionaire next
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door is just the idea that it may
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not be the people that look the most
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successful who are the most wealthy.
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That is so true.
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And the people with all the, the shiny
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stuff are most likely in debt.
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Yeah, exactly.
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You could have a huge income, lots of
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great lifestyle, but you could be really underwater.
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Right.
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Yeah.
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So yeah, that was a really, uh, insightful
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and just a good book.
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Um, you'll like the next one.
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I bet the Bogle head's guide to investing.
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Um, this was, uh, referencing Jack Bogle.
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Yeah, that was a while ago.
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Yeah.
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Uh, he has the next book, the little
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book of common sense investing, uh, by him,
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uh, Jack Bogle, uh, your money or your
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life, uh, by, uh, Vicki Robin and, uh,
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Joe Dominguez.
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I don't know that one.
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I do not know that one either.
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I will teach you to be rich.
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Um, the next one we just talked about
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earlier, rich dad, poor dad, right?
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That's the one.
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So she's made a good choice.
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Yes.
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Uh, the next one is really more of
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an investing book of the intelligent investor, which
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you were referencing on a podcast just a
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few weeks ago.
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We were talking about Warren Buffett and he,
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uh, attributes much of his success to the
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author of that book, Benjamin Graham, his mentor.
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Now that's an old book now, but, uh,
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anyway, some of these principles still apply.
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Um, Dave Ramsey's is the next one.
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There you go.
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Um, total money makeover.
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Yeah.
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Great place for someone who might have debt
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that they're struggling with.
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And, you know, at the beginning of their
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journey, it's a great foundational book.
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The next one is a classic Napoleon Hills
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think and grow rich.
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Yep.
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And, uh, I read this one.
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I don't know if you read this one,
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uh, Tony Robbins, um, this money master of
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the game.
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Yep.
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I have read that.
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It's, um, it's funny.
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I didn't enjoy it that much, uh, because
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I think maybe because of I'm being a
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professional, you know what I mean?
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It's a bit raw, right?
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Yeah.
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But at the same time, um, I bet
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for someone starting out, that would be, that
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would be a great, um, a lot, there's
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a lot of great content in there.
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I liked what he had to say.
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I love motivational parts of these books, especially
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when you're like unsure and the motivational tone
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can really get you excited about starting.
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Cause starting is the toughest part for a
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lot of people, like getting organized and starting.
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00:11:52,020 --> 00:11:54,240
Cause it seems just so, I mean, you
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00:11:54,240 --> 00:11:55,960
can do the math and say, Oh yeah,
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that's what I can end up with a
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million dollars or, you know, whatever it is.
319
00:11:59,600 --> 00:12:02,100
But to start with your first hundred dollars
320
00:12:02,100 --> 00:12:04,260
is where do I begin?
321
00:12:04,600 --> 00:12:07,840
It's like someone who's really overweight and that
322
00:12:07,840 --> 00:12:10,580
those first steps on the walk and the
323
00:12:10,580 --> 00:12:14,560
first saying no to that treat is the
324
00:12:14,560 --> 00:12:15,280
toughest, right?
325
00:12:15,320 --> 00:12:16,540
Getting started is the toughest.
326
00:12:16,900 --> 00:12:18,740
So the motivational books have a place, especially
327
00:12:18,740 --> 00:12:21,100
at the beginning of your financial journey.
328
00:12:21,340 --> 00:12:22,100
Good point.
329
00:12:23,100 --> 00:12:25,800
The, uh, the, uh, I'll, I'll, we'll come
330
00:12:25,800 --> 00:12:28,780
back and talk about the, um, the challenges
331
00:12:28,780 --> 00:12:31,620
that, uh, Laureen ran into, but let me,
332
00:12:31,680 --> 00:12:34,340
uh, just hit on, I'll just run through
333
00:12:34,340 --> 00:12:38,660
some of these books that were, um, uh,
334
00:12:38,660 --> 00:12:41,880
I said, well, what about best investment investing
335
00:12:41,880 --> 00:12:43,630
books of all time?
336
00:12:44,240 --> 00:12:46,460
Here's what the list came out with the
337
00:12:46,460 --> 00:12:47,400
intelligent investor.
338
00:12:48,560 --> 00:12:52,760
Next one, Ben Graham and David Dodd, Graham
339
00:12:52,760 --> 00:12:53,440
and Dodd.
340
00:12:53,440 --> 00:12:56,000
You've heard of the value investor, sure.
341
00:12:56,380 --> 00:12:58,160
You know, classic value investors.
342
00:12:58,480 --> 00:13:02,940
Um, security analysis is that book, um, a
343
00:13:02,940 --> 00:13:07,500
random walk down wall street street, um, um,
344
00:13:07,840 --> 00:13:10,400
common stocks and uncommon profits.
345
00:13:11,820 --> 00:13:14,160
The essays of Warren Buffett.
346
00:13:14,980 --> 00:13:16,520
I didn't know that was a book.
347
00:13:16,860 --> 00:13:17,300
Yeah.
348
00:13:18,200 --> 00:13:21,480
Um, the little book of common sense investing
349
00:13:21,480 --> 00:13:23,060
we talked about on the last list.
350
00:13:23,760 --> 00:13:27,480
Uh, you mentioned Peter Lynch one up on
351
00:13:27,480 --> 00:13:27,980
wall street.
352
00:13:28,080 --> 00:13:28,440
Yeah.
353
00:13:29,160 --> 00:13:30,640
I think a lot of people like Peter
354
00:13:30,640 --> 00:13:34,240
Lynch cause that that's really accessible to say,
355
00:13:34,460 --> 00:13:37,540
invest what you know, and pursue the things
356
00:13:37,540 --> 00:13:39,580
that you observe, you know, the, where you
357
00:13:39,580 --> 00:13:41,580
see still makes sense today.
358
00:13:41,700 --> 00:13:42,180
Yeah.
359
00:13:42,300 --> 00:13:44,340
You know, it's, it's like, there's a, there's
360
00:13:44,340 --> 00:13:46,320
a accessibility of that.
361
00:13:46,380 --> 00:13:47,100
Oh, I like that.
362
00:13:47,240 --> 00:13:47,360
Yeah.
363
00:13:47,940 --> 00:13:48,300
Anyway.
364
00:13:48,480 --> 00:13:52,460
Um, the most important thing by Howard Marks,
365
00:13:52,500 --> 00:13:56,580
uh, reminiscences of stock operator of a stock
366
00:13:56,580 --> 00:13:57,080
operator.
367
00:13:57,080 --> 00:14:00,300
And then the last one, uh, market wizards.
368
00:14:00,800 --> 00:14:04,440
Anyway, I'll know some of those, but, uh,
369
00:14:05,020 --> 00:14:05,480
okay.
370
00:14:05,820 --> 00:14:07,160
Just threw it out there.
371
00:14:07,200 --> 00:14:09,300
Some books for people to, if they're looking
372
00:14:09,300 --> 00:14:13,400
for that list, let's talk about the other
373
00:14:13,400 --> 00:14:15,380
aspect of this circumstance.
374
00:14:15,660 --> 00:14:17,460
I'm curious if there's more to the story
375
00:14:17,460 --> 00:14:18,600
with your hygienist.
376
00:14:18,920 --> 00:14:19,300
Yeah.
377
00:14:19,360 --> 00:14:22,820
So she, she said she had, um, tried
378
00:14:22,820 --> 00:14:27,300
to meet with someone and, um, and had
379
00:14:27,300 --> 00:14:29,440
a conversation then never heard back from them.
380
00:14:30,080 --> 00:14:32,720
And I said, Oh, was, was he a
381
00:14:32,720 --> 00:14:33,300
fiduciary?
382
00:14:33,740 --> 00:14:34,780
She said, yes.
383
00:14:34,860 --> 00:14:35,720
Are you a fiduciary?
384
00:14:35,820 --> 00:14:36,920
You know, I immediately asked me.
385
00:14:37,480 --> 00:14:38,300
I like that.
386
00:14:38,360 --> 00:14:38,880
She's asking.
387
00:14:39,080 --> 00:14:39,180
Yeah.
388
00:14:39,240 --> 00:14:39,820
Which was good.
389
00:14:41,040 --> 00:14:41,320
Yeah.
390
00:14:42,900 --> 00:14:45,860
Um, and she's thinking about like, I liked
391
00:14:45,860 --> 00:14:46,020
that.
392
00:14:46,060 --> 00:14:47,200
She was talking about like, Oh, I want
393
00:14:47,200 --> 00:14:50,480
to create, you know, multiple income streams, you
394
00:14:50,480 --> 00:14:51,440
know, that kind of mindset.
395
00:14:51,760 --> 00:14:53,380
So she's got, got the right idea.
396
00:14:54,220 --> 00:14:56,960
Um, that idea of creating wealth and generating
397
00:14:56,960 --> 00:14:58,000
cashflow from it.
398
00:14:58,460 --> 00:14:58,920
Diversification.
399
00:14:59,120 --> 00:14:59,240
Yeah.
400
00:14:59,360 --> 00:14:59,640
Yeah.
401
00:14:59,940 --> 00:15:05,220
But in any case, um, so, uh, you
402
00:15:05,220 --> 00:15:06,720
know, I mean, while I'm like getting my
403
00:15:06,720 --> 00:15:10,640
teeth prodded, so I couldn't, it wasn't a
404
00:15:10,640 --> 00:15:12,440
lengthy conversation, you know what I mean?
405
00:15:13,020 --> 00:15:17,100
But, uh, but in any case, um, uh,
406
00:15:18,060 --> 00:15:20,360
it sounded like, you know, I was thinking
407
00:15:20,360 --> 00:15:23,240
it's, it's challenging for people who are starting
408
00:15:23,240 --> 00:15:27,420
out because our industry is really geared toward
409
00:15:27,420 --> 00:15:31,500
working with people who have assets to manage
410
00:15:32,180 --> 00:15:38,480
our, our compensation structure generally for advisors is,
411
00:15:38,500 --> 00:15:40,640
uh, designed around assets under management.
412
00:15:41,340 --> 00:15:46,400
Um, and so there's less incentive for advisors
413
00:15:46,400 --> 00:15:49,500
to work with people who are starting out.
414
00:15:49,580 --> 00:15:52,400
Now there are some compensation models that are
415
00:15:52,400 --> 00:15:56,160
geared toward this, this population, but even those
416
00:15:56,160 --> 00:16:02,000
require a wealth or, you know, income because,
417
00:16:02,060 --> 00:16:04,000
you know, you're going to be charged for
418
00:16:04,000 --> 00:16:06,820
time or, you know, some commitment of time.
419
00:16:07,380 --> 00:16:10,500
Uh, it's common for some advisors, not, uh,
420
00:16:10,620 --> 00:16:12,660
not everyone, but some advisors say, well, we'll
421
00:16:12,660 --> 00:16:13,980
charge a subscription fee.
422
00:16:14,420 --> 00:16:16,740
I'm going to charge you $250 a month
423
00:16:16,740 --> 00:16:17,700
or whatever it is.
424
00:16:17,920 --> 00:16:18,060
Right.
425
00:16:18,580 --> 00:16:20,900
And we'll do your financial planning.
426
00:16:20,940 --> 00:16:22,120
We'll help you prioritize.
427
00:16:22,180 --> 00:16:24,320
We'll, you know, get you on the right
428
00:16:24,320 --> 00:16:24,620
path.
429
00:16:24,800 --> 00:16:27,600
But that's a commitment of a substantial sum
430
00:16:27,600 --> 00:16:28,160
of money.
431
00:16:28,520 --> 00:16:29,080
Right.
432
00:16:29,400 --> 00:16:33,280
That's not going toward your savings investing or
433
00:16:33,280 --> 00:16:36,580
debt reduction or whatever the priorities might be.
434
00:16:37,620 --> 00:16:41,000
So, um, that's challenging, you know?
435
00:16:41,200 --> 00:16:43,940
Uh, similarly, uh, if you work with an
436
00:16:43,940 --> 00:16:46,980
advisor who doesn't charge you for time in
437
00:16:46,980 --> 00:16:51,860
some fashion hourly or of the sort, you're
438
00:16:51,860 --> 00:16:54,500
probably working with someone who's compensated to sell
439
00:16:54,500 --> 00:16:55,280
you products.
440
00:16:55,340 --> 00:16:55,840
Right.
441
00:16:57,040 --> 00:16:59,900
And that can create challenges.
442
00:16:59,900 --> 00:17:03,760
May it, if, if the advisor to use
443
00:17:03,760 --> 00:17:06,940
that word loosely, maybe they have one product
444
00:17:06,940 --> 00:17:10,160
that they sell or three products that they
445
00:17:10,160 --> 00:17:10,520
sell.
446
00:17:10,800 --> 00:17:10,980
Yeah.
447
00:17:11,180 --> 00:17:12,680
Oh, you're a good fit for an annuity
448
00:17:12,680 --> 00:17:14,180
life insurance or whatever.
449
00:17:14,260 --> 00:17:14,540
Right.
450
00:17:14,720 --> 00:17:16,740
That's their, you know, like that's their wheelhouse,
451
00:17:17,520 --> 00:17:20,660
uh, where maybe that's not what's desirable for
452
00:17:20,660 --> 00:17:21,880
you with what you're trying to do.
453
00:17:21,880 --> 00:17:22,400
Right.
454
00:17:22,940 --> 00:17:29,060
Um, so trying to find that, um, counsel
455
00:17:29,060 --> 00:17:32,580
is, is definitely challenging as someone who's starting
456
00:17:32,580 --> 00:17:32,840
out.
457
00:17:33,000 --> 00:17:34,700
I know this is an area that you're
458
00:17:34,700 --> 00:17:35,460
passionate about.
459
00:17:35,540 --> 00:17:37,340
So I thought it would be an interesting
460
00:17:37,340 --> 00:17:40,120
topic to just to discuss a little bit.
461
00:17:40,260 --> 00:17:41,500
And by the way, I did give her
462
00:17:41,500 --> 00:17:46,700
your name and email address saying, Hey, you
463
00:17:46,700 --> 00:17:48,480
know, if you want to talk to Jeff,
464
00:17:48,820 --> 00:17:50,800
um, you know, our firm, you know, uh,
465
00:17:50,900 --> 00:17:53,700
can be a resource, but Jeff particularly loves
466
00:17:53,700 --> 00:17:55,900
working with people who are motivated and getting
467
00:17:55,900 --> 00:17:56,320
started.
468
00:17:56,760 --> 00:17:56,860
Yeah.
469
00:17:57,060 --> 00:17:59,200
I certainly won't give his name, but you
470
00:17:59,200 --> 00:18:00,340
know, this is kind of timely.
471
00:18:00,540 --> 00:18:02,880
Last week I did a review of a
472
00:18:02,880 --> 00:18:06,800
young man who came with very little assets.
473
00:18:06,900 --> 00:18:08,360
He was out of college getting his first
474
00:18:08,360 --> 00:18:11,660
job and he wanted to start off on
475
00:18:11,660 --> 00:18:12,320
the right course.
476
00:18:12,900 --> 00:18:13,000
Yeah.
477
00:18:13,420 --> 00:18:16,420
And, uh, a year later, or maybe it's
478
00:18:16,420 --> 00:18:18,880
a year and a half now, but he's
479
00:18:18,880 --> 00:18:20,860
made significant progress.
480
00:18:20,860 --> 00:18:24,120
He's putting away money in his 401k.
481
00:18:24,160 --> 00:18:26,560
That's, you know, he sees building, he started
482
00:18:26,560 --> 00:18:29,220
a Roth IRA, he's full, fully funding it
483
00:18:29,220 --> 00:18:29,820
every year.
484
00:18:29,980 --> 00:18:32,980
And he just says, because he lives, he
485
00:18:32,980 --> 00:18:33,600
has no debt.
486
00:18:33,640 --> 00:18:35,060
He didn't create debt.
487
00:18:35,560 --> 00:18:39,380
Um, since he's living below his means, he
488
00:18:39,380 --> 00:18:41,820
has a good salary after, after college, but
489
00:18:41,820 --> 00:18:44,880
he's sucking away money in a brokerage account
490
00:18:44,880 --> 00:18:47,740
that he'll, you know, he doesn't have it
491
00:18:47,740 --> 00:18:48,360
earmarked.
492
00:18:48,400 --> 00:18:50,220
I can, we talked about what he thinks
493
00:18:50,220 --> 00:18:51,060
it might be used for.
494
00:18:51,100 --> 00:18:52,320
It might be used to buy his first
495
00:18:52,320 --> 00:18:52,620
home.
496
00:18:52,680 --> 00:18:53,120
Sure.
497
00:18:53,140 --> 00:18:53,880
That makes sense.
498
00:18:54,020 --> 00:18:55,920
But whatever it's used for.
499
00:18:56,000 --> 00:18:58,400
Um, so he's got two retirements building.
500
00:18:58,700 --> 00:19:00,440
He's in his mid twenties.
501
00:19:00,860 --> 00:19:03,620
He's aggressively saving for this big goal, which
502
00:19:03,620 --> 00:19:04,640
say it's a house.
503
00:19:05,060 --> 00:19:07,320
Um, he's building wealth.
504
00:19:07,640 --> 00:19:11,180
He's managing no debt because he's being responsible.
505
00:19:11,180 --> 00:19:14,540
And I mean, so it's, you know, financially
506
00:19:14,540 --> 00:19:18,760
as far as fees or anything, it's not
507
00:19:18,760 --> 00:19:22,180
as productive as having a $10 million client
508
00:19:22,180 --> 00:19:22,660
come in.
509
00:19:23,140 --> 00:19:24,780
But I, you know, I have to, I
510
00:19:24,780 --> 00:19:29,000
have to admit, I get more joy, I
511
00:19:29,000 --> 00:19:32,260
guess, out of these little things that you
512
00:19:32,260 --> 00:19:33,380
can inspire people.
513
00:19:33,380 --> 00:19:35,560
To do when they're young and they're motivated
514
00:19:35,560 --> 00:19:36,340
to do it.
515
00:19:36,400 --> 00:19:36,920
Yeah.
516
00:19:37,160 --> 00:19:40,260
Absolutely change their trajectory and foundational.
517
00:19:40,460 --> 00:19:40,660
Yeah.
518
00:19:41,560 --> 00:19:44,120
These habits that he's building and other, you
519
00:19:44,120 --> 00:19:45,940
know, he's just the example from last week,
520
00:19:45,980 --> 00:19:49,180
but these habits that young people can build
521
00:19:49,180 --> 00:19:52,380
or helping people who have bad habits, you
522
00:19:52,380 --> 00:19:55,340
know, make corrective courses and make changes in
523
00:19:55,340 --> 00:19:55,920
their lives.
524
00:19:56,380 --> 00:20:00,440
I mean, that's, that's, that's a great choice
525
00:20:00,440 --> 00:20:02,280
of being motivated though.
526
00:20:02,340 --> 00:20:02,540
Right.
527
00:20:02,600 --> 00:20:06,740
You know, have to be, uh, you know,
528
00:20:06,900 --> 00:20:12,260
serious about making these decisions and what's involved
529
00:20:12,260 --> 00:20:13,120
in that, you know?
530
00:20:13,180 --> 00:20:13,440
Yeah.
531
00:20:13,740 --> 00:20:15,340
And if they are, they can make changes
532
00:20:15,340 --> 00:20:18,860
that will forever, you know, improve their financial
533
00:20:18,860 --> 00:20:21,220
stability and their financial success.
534
00:20:21,240 --> 00:20:23,500
But, you know, sometimes you get people who
535
00:20:23,500 --> 00:20:27,280
present as motivated, but they're really, they're coming
536
00:20:27,280 --> 00:20:29,920
out of desperation and they're not ready to,
537
00:20:30,560 --> 00:20:32,320
I mean, with anything that you're doing is
538
00:20:32,320 --> 00:20:34,940
something you're giving up, right?
539
00:20:35,080 --> 00:20:37,180
So if you're not staying within your means
540
00:20:37,180 --> 00:20:39,280
or you're not ready to make those commitments
541
00:20:39,280 --> 00:20:41,760
to your, your own future, then it's tough
542
00:20:41,760 --> 00:20:43,140
to change that for somebody.
543
00:20:44,720 --> 00:20:45,200
Yeah.
544
00:20:45,380 --> 00:20:48,240
Um, I, I think, um, just to go
545
00:20:48,240 --> 00:20:52,600
back to the notion of, um, the industry,
546
00:20:52,600 --> 00:20:54,780
I think, I just, I don't think there's
547
00:20:54,780 --> 00:20:55,880
an easy answer.
548
00:20:56,180 --> 00:20:59,640
There's not a, there's not an ideal solution.
549
00:21:00,300 --> 00:21:04,220
There may be, um, you know, multiple avenues
550
00:21:04,220 --> 00:21:05,100
to pursue.
551
00:21:05,340 --> 00:21:07,780
There may be some resources that are, you
552
00:21:07,780 --> 00:21:09,460
know, relatively low costs.
553
00:21:09,560 --> 00:21:12,400
There may be, there may be possibilities, but
554
00:21:12,400 --> 00:21:14,960
I think at some level it, it requires,
555
00:21:15,200 --> 00:21:19,460
if you're going to get professional help, there's
556
00:21:19,460 --> 00:21:20,300
going to be a cost.
557
00:21:21,240 --> 00:21:21,340
Sure.
558
00:21:24,440 --> 00:21:27,120
Well, trying to find maybe that, how do
559
00:21:27,120 --> 00:21:27,800
you get started?
560
00:21:28,600 --> 00:21:33,900
Um, there are, you know, resources, podcasts, like
561
00:21:33,900 --> 00:21:37,580
we were just talking about, people consume information
562
00:21:37,580 --> 00:21:40,440
through podcasts like ours and others.
563
00:21:41,060 --> 00:21:43,900
Um, you mentioned, uh, some, some of the
564
00:21:43,900 --> 00:21:45,700
greats over the time, you know, the radio
565
00:21:45,700 --> 00:21:48,200
listening that you've done with, you know, but
566
00:21:48,200 --> 00:21:50,380
Dave Ramsey to this day has got a
567
00:21:50,380 --> 00:21:53,060
lot of great resources for people as they
568
00:21:53,060 --> 00:21:53,680
get started.
569
00:21:53,920 --> 00:21:54,580
As they get started.
570
00:21:54,820 --> 00:21:57,740
And, you know, Dave Ramsey has, um, always
571
00:21:57,740 --> 00:22:00,820
suggested that people work with a financial advisor,
572
00:22:01,080 --> 00:22:01,580
right.
573
00:22:01,780 --> 00:22:03,300
You know, when they, when they have that
574
00:22:03,300 --> 00:22:04,740
need, when they get through there, he has
575
00:22:04,740 --> 00:22:06,620
baby steps when he gets through there, like
576
00:22:06,620 --> 00:22:09,920
get your emergency fund, pay down your debt,
577
00:22:10,060 --> 00:22:11,680
contribute to your 401k.
578
00:22:11,680 --> 00:22:15,660
And then yeah, covered.
579
00:22:15,660 --> 00:22:16,100
Okay.
580
00:22:16,100 --> 00:22:17,960
We got the groundwork laid.
581
00:22:17,980 --> 00:22:18,420
That's right.
582
00:22:18,680 --> 00:22:20,840
Then you get to a more complex, right.
583
00:22:21,300 --> 00:22:21,640
That's right.
584
00:22:21,800 --> 00:22:23,940
Um, I think that's, that's good counsel.
585
00:22:24,760 --> 00:22:27,840
Um, so in any case, um, I don't
586
00:22:27,840 --> 00:22:29,400
know what else I just, this was on
587
00:22:29,400 --> 00:22:31,180
my mind and I was like, having just
588
00:22:31,180 --> 00:22:33,520
gone through that, I thought, Oh, this is
589
00:22:33,520 --> 00:22:36,280
a, this is a topic that's challenging, but
590
00:22:36,280 --> 00:22:37,600
worthy of discussion.
591
00:22:37,600 --> 00:22:39,940
You know, it's absolutely challenging to a lot
592
00:22:39,940 --> 00:22:40,260
of people.
593
00:22:40,260 --> 00:22:42,720
I think the, the individuals have the, you
594
00:22:42,720 --> 00:22:46,120
know, my example of the gentleman, um, that
595
00:22:46,120 --> 00:22:50,000
young man we're helping, um, is a bit
596
00:22:50,000 --> 00:22:50,360
unique.
597
00:22:50,540 --> 00:22:52,920
Most people, when they get that first kind
598
00:22:52,920 --> 00:22:55,000
of real job and they have that paperwork
599
00:22:55,000 --> 00:22:57,440
in front of them and, you know, Oh,
600
00:22:57,480 --> 00:22:58,580
we have a 401k.
601
00:22:58,660 --> 00:22:58,980
Okay.
602
00:22:59,140 --> 00:22:59,780
What is that?
603
00:22:59,820 --> 00:23:00,080
You know?
604
00:23:00,080 --> 00:23:02,860
So that's, that's a good time to seek
605
00:23:02,860 --> 00:23:03,360
counsel.
606
00:23:03,840 --> 00:23:04,880
Like, yeah, that's a good point.
607
00:23:05,020 --> 00:23:05,380
Right.
608
00:23:05,520 --> 00:23:07,480
Because a lot of times people just fill
609
00:23:07,480 --> 00:23:09,280
out the and move on.
610
00:23:09,620 --> 00:23:09,940
Right.
611
00:23:10,120 --> 00:23:12,120
And may miss out on opportunity.
612
00:23:12,480 --> 00:23:13,020
That's right.
613
00:23:13,380 --> 00:23:17,420
Uh, may be because they're unfamiliar with markets
614
00:23:17,420 --> 00:23:18,860
and risk.
615
00:23:18,980 --> 00:23:20,280
Oh, the terms themselves.
616
00:23:20,560 --> 00:23:23,320
They may be sitting in a, like a,
617
00:23:23,320 --> 00:23:27,800
a fixed interest account when in reality they've
618
00:23:27,800 --> 00:23:30,140
got maybe 40 years before they plan on
619
00:23:30,140 --> 00:23:34,580
accessing these four resources and they'd be better
620
00:23:34,580 --> 00:23:39,900
served with a more invested, uh, approach to
621
00:23:39,900 --> 00:23:41,960
the, those funds or even worse.
622
00:23:41,960 --> 00:23:43,640
They say, um, I don't know what that
623
00:23:43,640 --> 00:23:43,860
is.
624
00:23:43,900 --> 00:23:44,660
I'll deal with it later.
625
00:23:44,740 --> 00:23:45,640
Do I have to do it now?
626
00:23:45,720 --> 00:23:46,560
No, you don't.
627
00:23:47,280 --> 00:23:48,880
You know, so yeah.
628
00:23:48,880 --> 00:23:51,760
Missed opportunity may be giving up on, uh,
629
00:23:51,880 --> 00:23:54,340
voluntary, uh, compensation.
630
00:23:55,340 --> 00:23:57,580
Uh, if they don't do a match, if
631
00:23:57,580 --> 00:23:59,420
they don't actually contribute, they may be giving
632
00:23:59,420 --> 00:24:01,920
up on the match, which is, you know,
633
00:24:02,380 --> 00:24:04,280
volunteering for a lower pay.
634
00:24:04,900 --> 00:24:05,000
Yeah.
635
00:24:05,000 --> 00:24:06,440
Free money, as they say.
636
00:24:06,580 --> 00:24:06,740
Right.
637
00:24:07,200 --> 00:24:07,460
Yeah.
638
00:24:07,820 --> 00:24:10,840
But it all comes down to, um, seek
639
00:24:10,840 --> 00:24:12,400
counsel and educate yourself.
640
00:24:12,420 --> 00:24:14,840
You know, we're, we're, we're all responsible to
641
00:24:14,840 --> 00:24:16,840
educate ourselves of the basics.
642
00:24:17,180 --> 00:24:20,820
And I, I absolutely love what your hygienist
643
00:24:20,820 --> 00:24:21,640
was asking you about.
644
00:24:21,720 --> 00:24:22,460
Are you fiduciary?
645
00:24:22,580 --> 00:24:24,820
Because you've heard my three things.
646
00:24:24,820 --> 00:24:27,720
Um, and she, she got the first one,
647
00:24:27,720 --> 00:24:30,260
like whoever you're working with, I don't in
648
00:24:30,260 --> 00:24:32,900
the financial sector world, um, ask if they're
649
00:24:32,900 --> 00:24:35,960
fiduciary and that means, uh, to, are they,
650
00:24:36,120 --> 00:24:37,620
do they have your best interest at heart?
651
00:24:37,700 --> 00:24:41,120
Are they, are they morally, ethically, legally responsible
652
00:24:41,120 --> 00:24:42,880
to give you advice that is in your
653
00:24:42,880 --> 00:24:44,660
best interest and not their own?
654
00:24:45,280 --> 00:24:46,480
So that's a yes.
655
00:24:46,500 --> 00:24:47,340
You want to hear yes.
656
00:24:47,600 --> 00:24:52,340
The second one, um, is how are they
657
00:24:52,340 --> 00:24:52,920
compensated?
658
00:24:53,100 --> 00:24:55,400
You know, you've touched on different ways, but
659
00:24:55,400 --> 00:24:57,600
if someone you're about to work with and
660
00:24:57,600 --> 00:24:59,720
you're about to pay, however, that either pay
661
00:24:59,720 --> 00:25:02,520
by your assets or pay, you know, hourly
662
00:25:02,520 --> 00:25:04,540
or whatever the model is, if they can't
663
00:25:04,540 --> 00:25:06,760
explain to you how they're compensated within a
664
00:25:06,760 --> 00:25:10,620
minute, you know, maybe, maybe it's not a
665
00:25:10,620 --> 00:25:12,300
straightforward way of compensation.
666
00:25:12,620 --> 00:25:14,820
Maybe there, that should raise your, uh, your
667
00:25:14,820 --> 00:25:17,040
concerns just for a moment or two to
668
00:25:17,040 --> 00:25:17,660
step back.
669
00:25:17,840 --> 00:25:18,040
Yeah.
670
00:25:18,080 --> 00:25:18,260
Yeah.
671
00:25:18,260 --> 00:25:20,400
Just step up and say, I don't, I'm
672
00:25:20,400 --> 00:25:20,880
not sure.
673
00:25:21,060 --> 00:25:21,780
Are you fiduciary?
674
00:25:21,780 --> 00:25:21,940
Yes.
675
00:25:22,220 --> 00:25:23,220
How are you compensated?
676
00:25:23,820 --> 00:25:25,000
Reasonably quick answer.
677
00:25:25,120 --> 00:25:26,560
And the third is where is, where are
678
00:25:26,560 --> 00:25:27,100
my assets?
679
00:25:27,260 --> 00:25:28,400
Where will my money be held?
680
00:25:29,460 --> 00:25:31,380
We want it held at a third party
681
00:25:31,380 --> 00:25:32,080
custodian.
682
00:25:32,140 --> 00:25:35,300
The person giving you the advice, it's just
683
00:25:35,300 --> 00:25:37,700
prudent and wise for them not to be
684
00:25:37,700 --> 00:25:39,960
actually handling your actual dollars.
685
00:25:40,420 --> 00:25:40,520
Yeah.
686
00:25:40,540 --> 00:25:43,920
You want, um, sort of, it's like the
687
00:25:43,920 --> 00:25:46,060
checks and balances we talk about in government,
688
00:25:46,320 --> 00:25:46,540
right?
689
00:25:46,660 --> 00:25:46,920
Right.
690
00:25:47,100 --> 00:25:49,260
Same idea with your money.
691
00:25:49,820 --> 00:25:49,920
Yeah.
692
00:25:50,120 --> 00:25:52,560
You want, so for our example, if you
693
00:25:52,560 --> 00:25:55,520
work with us, we're a fiduciary, we're typically
694
00:25:55,520 --> 00:25:59,280
paid on assets under management, not always, uh,
695
00:25:59,320 --> 00:26:03,360
special circumstances, and you'll be getting your statements
696
00:26:03,360 --> 00:26:06,380
from us, but also from Schwab or Fidelity
697
00:26:06,380 --> 00:26:08,260
or whoever we're using on behalf.
698
00:26:09,060 --> 00:26:12,680
So brokerage platform, um, who actually holds the
699
00:26:12,680 --> 00:26:16,420
assets and you can log into separately anytime,
700
00:26:16,720 --> 00:26:19,160
day or night and see what's going on,
701
00:26:19,240 --> 00:26:19,600
what's there.
702
00:26:19,720 --> 00:26:22,540
Now we might have, uh, access to make
703
00:26:22,540 --> 00:26:26,680
changes when we have discretion to manage the
704
00:26:26,680 --> 00:26:31,020
portfolio, but, uh, it's, it's not something that's
705
00:26:31,020 --> 00:26:31,940
in our back pocket.
706
00:26:32,040 --> 00:26:35,040
It's something that's, uh, you know, it's not,
707
00:26:35,160 --> 00:26:36,680
it's not just on a ledger.
708
00:26:36,780 --> 00:26:39,100
It's it's, you can see the third party
709
00:26:39,100 --> 00:26:41,400
is reporting to your assets.
710
00:26:42,700 --> 00:26:44,740
And, uh, another way and I'm still self
711
00:26:44,740 --> 00:26:47,340
-promotion here, but of learning is listening to
712
00:26:47,340 --> 00:26:50,200
podcasts like this one, because we cover, we
713
00:26:50,200 --> 00:26:52,780
cover a variety of these topics.
714
00:26:53,020 --> 00:26:55,220
So I hope that you gave the hygienist
715
00:26:55,220 --> 00:26:56,620
or will, no, I don't think I did,
716
00:26:56,660 --> 00:26:57,780
but I'm going to send her this, I
717
00:26:57,780 --> 00:26:58,000
think.
718
00:26:58,080 --> 00:26:59,300
Yeah, absolutely.
719
00:26:59,420 --> 00:27:00,360
She'll get a kick out of it.
720
00:27:00,860 --> 00:27:02,040
But it's a good way.
721
00:27:02,140 --> 00:27:03,760
You know, I think things have changed.
722
00:27:03,880 --> 00:27:05,840
I read less books, but I listened to
723
00:27:05,840 --> 00:27:08,920
more podcasts and when I find somebody credible
724
00:27:08,920 --> 00:27:11,180
and a little entertaining, you know, we want
725
00:27:11,180 --> 00:27:12,140
to be entertained too.
726
00:27:12,540 --> 00:27:12,780
Yup.
727
00:27:12,940 --> 00:27:14,920
That talks about issues that I care about.
728
00:27:15,300 --> 00:27:16,980
Um, I subscribe.
729
00:27:17,180 --> 00:27:17,820
It's your interest.
730
00:27:18,000 --> 00:27:19,400
And, uh, if you're a listener, we hope
731
00:27:19,400 --> 00:27:21,020
you subscribe and we hope you find this
732
00:27:21,020 --> 00:27:24,740
interesting and entertaining and, and we hope you'll
733
00:27:24,740 --> 00:27:25,420
share it.
734
00:27:25,440 --> 00:27:28,460
Uh, hope you'll rate and, um, you know,
735
00:27:28,480 --> 00:27:31,340
give a review of our podcast because it
736
00:27:31,340 --> 00:27:33,900
does help others find our show.
737
00:27:33,900 --> 00:27:35,620
There's lots of great ones out there.
738
00:27:35,820 --> 00:27:37,760
Hopefully we're among the ones that you enjoy
739
00:27:37,760 --> 00:27:38,240
the most.
740
00:27:38,980 --> 00:27:40,340
Jeff, uh, thanks.
741
00:27:40,540 --> 00:27:41,680
Good, good discussion.
742
00:27:41,880 --> 00:27:42,460
Good topic.
743
00:27:42,560 --> 00:27:44,740
Hopefully people got a couple of ideas for
744
00:27:44,740 --> 00:27:47,420
their, uh, bedside reading if they want a
745
00:27:47,420 --> 00:27:50,240
little financial, uh, uh, reading list.
746
00:27:50,440 --> 00:27:52,880
I'm looking forward to hearing from your hygienist.
747
00:27:55,500 --> 00:27:58,100
With that, everybody, thanks for being with us.
748
00:27:58,280 --> 00:28:01,440
Um, until next time, keep striving for something
749
00:28:01,440 --> 00:28:01,840
more.
750
00:28:01,840 --> 00:28:05,400
Thank you for listening to something more with
751
00:28:05,400 --> 00:28:07,980
Chris Boyd, call us for help, whether it's
752
00:28:07,980 --> 00:28:11,780
for financial planning or portfolio management, insurance concerns,
753
00:28:12,020 --> 00:28:14,200
or those quality of life issues that make
754
00:28:14,200 --> 00:28:15,640
the money matters matter.
755
00:28:16,040 --> 00:28:18,140
Whatever's on your mind, visit us at something
756
00:28:18,140 --> 00:28:21,140
more with chrisboyd.com or call us toll
757
00:28:21,140 --> 00:28:27,000
free at 866-771-8901, or send us
758
00:28:27,000 --> 00:28:31,820
your questions to amr-info at wealthenhancement.com.
759
00:28:31,840 --> 00:28:34,060
You're listening to something more with Chris Boyd,
760
00:28:34,080 --> 00:28:36,680
financial talk show wealth enhancement, advisory services, and
761
00:28:36,680 --> 00:28:38,820
Jay Christopher Boyd provide investment advice on an
762
00:28:38,820 --> 00:28:40,160
individual basis to clients.
763
00:28:40,180 --> 00:28:42,280
Only proper advice depends on a complete analysis
764
00:28:42,280 --> 00:28:43,720
of all facts and circumstances.
765
00:28:43,720 --> 00:28:45,800
The information given on this program is general
766
00:28:45,800 --> 00:28:47,840
financial comments and cannot be relied upon as
767
00:28:47,840 --> 00:28:49,480
pertaining to your specific situation.
768
00:28:49,640 --> 00:28:51,600
Wealth enhancement group cannot guarantee that using the
769
00:28:51,600 --> 00:28:53,600
information from this show will generate profits or
770
00:28:53,600 --> 00:28:54,720
ensure freedom from loss.
771
00:28:54,920 --> 00:28:57,080
Listeners should consult their own financial advisors or
772
00:28:57,080 --> 00:28:59,120
conduct their own due diligence before making any
773
00:28:59,120 --> 00:28:59,920
financial decisions.
