Hi everyone, this is Dan Thompson, and I’m really excited to get these things rolling!
So, I want to welcome you to our podcast.
I’ve been asked for a few years when we’d finally get a podcast going and now’s the time.
As many of you know we have a lot of videos out there, but a podcast can be a little less formal, we’ll have some guests, and I think it will be great.
I’m excited to share with you, tons of stuff over these many podcasts about money, investing, saving, retiring, business, and just about anything else related to improving your financial lives.
I started with the idea that so many people live in what I call the financial abyss.
The unknown, and not sure what they can do about it.
It’s a lonely place full of fear, uncertainty, and doubt.
I mean, let me start with just a few questions that so many people struggle with.
It’s not an exhaustive list of questions by any means, but it’s a good start.
Let’s see how you do.
How much money should you save for retirement?
This seems like a biggie in so many people’s minds – and for good reason, the number may be much larger than you thought, and can be a bit overwhelming.
Do you know how long will your money last? At what age is it gone?
What rate of return can you expect from the various investments you have?
Oh, this will be a fun podcast, truly eye opening, particularly when it comes to mutual funds.
How will my family survive without me?
Where should I invest my safe money? How do I determine what should be safe money and risk money?
How much risk do I really have to take? This is probably one of the most aggravating, frustrating, bunch of garbage put out by Wall Street and financial advisors.
They say you have to take greater risk to get a higher reward, it’s the old risk verses reward theory, and I mean theory.
We’re going to turn that upside down and show you why this theory is all wrong!
How will taxes affect my future pile of money? I’m sure you know the impact of taxes, but do you know how to avoid them?
Is there anywhere you can invest that’s tax-free?
How much do you pay in fees each year to have your money managed?
Are the fees reasonable or am are you paying too much? This is another financial killer if you’re not careful.
Does your money manager regularly beat the market?
How can you take advantage of an opportunity that comes along? Where can you access cash?
Finally, how can I learn to manage my own money and control my financial future?
This is what wise money tools, our videos, and this podcast is all about.
We want to empower you and give you the knowledge and confidence to steer your own financial ship!
So, those are just some of the questions we’ll be discussing.
If you are wondering if you have the right answer, well you are in the right place.
– it’s going to be fun!
As part of our first episode, I wanted to go over our core beliefs – our governing rules – so to speak.
Its these core beliefs that drive us, that distinguish us from other advisors, that keep us focused on the prize.
These beliefs take us out of the box that way too advisors are stuck in, and pushes us to find strategies, and ideas, and concepts that really work.
So, let me hit them really quick and I mean quick. There is no way we can go to deep into each one….
Will dive into them one by one in future episodes and talk about the impact these core beliefs have on families and businesses.
Core belief #1:
We believe that YOU can make the best financial decisions as to where you invest your money.
NO ONE, let me say that again, NO ONE cares more about your money that you do.
Yet so many people will take more time reading about places to see and visit during a week-long family vacation than learning how to prepare for retirement.
Along those same lines they will take months to prepare and plan for their week-long vacation than to plan for their 30-year retirement.
Seems a bit backwards wouldn’t you say?
Let’s stop that madness, we’re going to do this by being your education source that will help you with all your financial decisions.
Once you learn the principals, understand investments, know what works and doesn’t work, you’ll be able to steer that financial ship of yours and nothing will feel better or give you greater peace of mind.
Core Belief #2:
You are never too young or too old to learn and make changes.
No excuses here, there is no age where you can’t learn something.
I don’t care if you have one foot in the grave and the other one on a banana peel, you can still improve and learn something to better your financial situation.
The younger you are, the sooner you learn, the better life you’re going have.
Young and old encompasses both ends of the spectrum, so the rest of us in the middle at 20, 30, 40, 50, 60, 70, 80 years old, we are still able to learn, make changes, and take control.
So, weather you are 9 or 90, knowledge is still power.
No excuses – you can do this!
Core Belief #3:
We believe your investments should match your objectives
I know that sounds so basic and like duh – but you’d be surprised how many times advisors do the wrong thing for the wrong reason.
The truth is everyone has a different comfort level when it comes to saving and investing. The three variables to always look at are:
We’ll talk more about each one, what they mean, how to apply them to your situation as we go along.
My main concern it makes sure that your investments match up with your risk, your time frame, and when or if you’ll need income from your investments.
Core Belief #4:
Debt and Wealth are enemies of one another!
I probably don’t have to say too much about this core belief, but if there was one common theme that keeps so many people from acquiring wealth it would be debt.
It has been estimated that the average household pays out 34% of all their income towards debt repayment.
So, if you are making 100,000 a year, that means 34,000 simply passes through your hands and builds the wealth of someone else, usually the banks, right?
Do you know what kind of pressure that puts on your investments?
What I mean is that if you saved 10% of your income or in this example $10,000. In order for that 10,000 to offset the 34,000 you are letting slip through your hands, that 10,000 needs to get a 340% rate of return.
We’ll spend some time talking about all kinds of debt.
And how you can finance yourself, your family, and your business.
This is going to be really good stuff – so make sure you don’t miss an episode.
Core Belief #5:
We look for opportunities
We call this Wealth Squared – it would look like a Capital W with a 2, or a squared number, next to it.
What it means is having 1 dollar working in two different places.
This is pretty unique and exciting, so I’m anxious to share this with you soon.
If you look at any one who’s found financial success more often than not that person was presented with an opportunity.
That might have been to own or invest in a business. It might have been to invest when others were running away.
It might have been seizing an opportunity in one of many markets when they go on sale.
It could have been by climbing the corporate ladder and earing exceptional income as you take on additional leadership roles.
There are so many ways….
The point is, most wealth is built by opportunities that come along.
Often times the only way to take advantage of these opportunities is to have cash, money, capital, a means where you can invest.
It’s at these times where you can buy 10 dollar bills for 5 dollars.
When those times come along, we want to be ready.
Okay, so those are our core beliefs and everything we do and talk about revolves around them
We also like to clone other successful investors –
I like Warren Buffet’s two rules for investing.
Have you heard them?
Rule #1 is don’t lose money
Rule # 2 is don’t forget rule #1.
I couldn’t agree more.
This rule of not losing money should be first and foremost to all of us.
When we look at places to save or invest our money – if we lose money it makes it all that much harder to climb that mountain.
It sets us back, it takes years to eventually, if ever, get it back.
What you might find is that you don’t have to take risk to build wealth.
If we can invest with the Buffet rules, we are going to win the game.
Buffet invests in what is referred to as “value investing.”
The wonderful perk of value investing is that it can be applied to most anything you might want to invest in such as real estate
I mean we can use the same principals used by value investors for our own money even if you don’t buy stocks.
Sadly, before I understood the Buffet rules, I lost money, and I’ll tell you about those experiences as we go along.
To this day it still makes me sick…..
This might have happened to you as well….not very fun is it?
I like to ask people this question:
Would it be better to invent an entirely new way of investing, or clone what great investors such as Buffet, have already proven to work?
You know they say that you can always tell who the pioneers are. They are the ones with arrows in their back.
Meaning, those that blaze the path have all the scars and the arrows to show for it.
Those of us who can follow an already blazed path have a much easier path to follow, without all the arrows.
Buffet’s style and philosophy is out there for anyone to learn and understand and again, in so many different areas of investing.
We can actually clone the best investor in the world! How nice is that?
So, we’ll be looking closely at how he does what he does, and why he does what he does, and maybe we can learn a thing or two.
Alright so there you go – those are our core beliefs.
Let me repeat them again quickly.
Core Belief #1:
YOU will make the best financial decisions as to where you invest your money
Core Belief #2:
You are never too young or too old to learn and make changes
Core Belief #3:
Your investments should match your objectives
Core Belief #4:
Debt and wealth are enemies of one another
Core Belief #5:
We look for opportunities to build wealth
I want you to have a copy of these core beliefs for easy reference.
You can get a PDF of list by going to our show notes at www.wisemoneytools.com and click on podcasts, episode #1
Download these core beliefs and stick them on your fridge and begin to be empowered to take control of our financial future.
With each podcast and video, it’s my objective to build a process of wealth using these core beliefs.
Well that’s it for this podcast, it’s great to have you on board.
I enjoyed it, I hope you did too.
One thing we are trying to do is involve our audience as much as possible as well. How?
We have two ways –
By you sending in your questions. I’ll try to answer them as quick as I can, but in addition, if it’s a question we think many people would like to hear the answer too, we’ll try to answer it on a future podcast.
The second way is if you have a topic for an episode, we’d love to hear it and we’ll try to make it a topic for a podcast.
Send questions to firstname.lastname@example.org
Now, don’t forget to go to our show notes at the wisemoneytools.com website and get your free download of our core beliefs and see if they won’t help you achieve your financial dreams too.
Also, subscribe and leave us a review, and stay tuned for each podcast.
We want to empower you to make wise decisions for yourself – and steer your financial ship to the destination of your choice.
Okay, thanks again for joining us and until next time, take care and be wise!