1 00:00:00,120 --> 00:00:02,239 Speaker 1: This is Kelly Henderson and you're listening to the Velvet 2 00:00:02,320 --> 00:00:05,680 Speaker 1: Edge Podcast. My guest this week is our favorite financial guru, 3 00:00:05,960 --> 00:00:10,240 Speaker 1: Daniel Burke. Daniel is president of business planning firm Burke 4 00:00:10,360 --> 00:00:14,000 Speaker 1: Financial Group ll C. He is also a financial advisor 5 00:00:14,040 --> 00:00:18,239 Speaker 1: with Eagle Strategies ll C, a registered investment advisor, and 6 00:00:18,480 --> 00:00:22,400 Speaker 1: he offers securities through n Y Life Securities LLC member 7 00:00:22,600 --> 00:00:27,080 Speaker 1: Finra s I p C, a licensed insurance agency. Burke 8 00:00:27,160 --> 00:00:30,640 Speaker 1: Financial Group is independently owned and operated from Eagle Strategies 9 00:00:30,640 --> 00:00:33,960 Speaker 1: and its affiliates. Today, Daniel and I are talking about 10 00:00:34,000 --> 00:00:36,400 Speaker 1: how you can save if you are self employed or 11 00:00:36,400 --> 00:00:38,960 Speaker 1: a small business owner. Things can look a little different 12 00:00:39,000 --> 00:00:41,560 Speaker 1: from this perspective, and I know I personally have really 13 00:00:41,560 --> 00:00:44,400 Speaker 1: struggled with this topic. So Daniel is here with tips 14 00:00:44,440 --> 00:00:47,360 Speaker 1: and thoughts on how to start, even during these crazy 15 00:00:47,400 --> 00:00:53,519 Speaker 1: times of COVID. Here's our conversation. Okay, so we are 16 00:00:53,600 --> 00:00:58,920 Speaker 1: back with our financial favorite, Daniel Burke. Hi, Daniel, Okay, 17 00:01:00,040 --> 00:01:01,680 Speaker 1: So I wanted to talk to you because this is 18 00:01:01,720 --> 00:01:05,080 Speaker 1: one of the things that I've really struggled with, uh, financially, 19 00:01:05,120 --> 00:01:08,679 Speaker 1: I think as a self employed person, just knowing exactly 20 00:01:08,680 --> 00:01:10,520 Speaker 1: how to navigate that right, Like I don't work for 21 00:01:10,560 --> 00:01:13,479 Speaker 1: a corporation that has a four O n K set 22 00:01:13,520 --> 00:01:17,160 Speaker 1: up for me or kind of teaches you where to 23 00:01:17,200 --> 00:01:19,640 Speaker 1: put your money, or it's like it's a talked about thing. 24 00:01:19,680 --> 00:01:21,880 Speaker 1: Like I'm just completely on my own with this, right. 25 00:01:22,000 --> 00:01:25,280 Speaker 1: So there are so many things that I personally face 26 00:01:25,360 --> 00:01:27,520 Speaker 1: and I mean we've kind of touched on this too, 27 00:01:27,560 --> 00:01:30,280 Speaker 1: but this year, especially with COVID, I think your business 28 00:01:30,280 --> 00:01:32,800 Speaker 1: could go either way, Like you know, my business kind 29 00:01:32,800 --> 00:01:34,880 Speaker 1: of shut down, and then there's some businesses that have 30 00:01:35,080 --> 00:01:38,400 Speaker 1: totally expanded. So I want to just talk through maybe 31 00:01:38,400 --> 00:01:42,120 Speaker 1: some of the financial benefits and hardships to being self 32 00:01:42,160 --> 00:01:46,120 Speaker 1: employed and just sort of, um, where you should really 33 00:01:46,160 --> 00:01:48,280 Speaker 1: put your focus if you are a person who owns 34 00:01:48,320 --> 00:01:51,840 Speaker 1: their own business financially Yeah, yeah, I know for sure, 35 00:01:51,920 --> 00:01:53,920 Speaker 1: let's let's get on common ground to you know, kind 36 00:01:53,960 --> 00:01:56,200 Speaker 1: of talk through some of those those issues that are 37 00:01:56,240 --> 00:01:59,680 Speaker 1: facing you know, self employed people in business owners. Um. 38 00:01:59,720 --> 00:02:02,600 Speaker 1: You know, one of the biggest issues that we see 39 00:02:02,640 --> 00:02:05,240 Speaker 1: with business owners is you know, they typically are are 40 00:02:05,360 --> 00:02:07,800 Speaker 1: very creative or they've done just a great job becoming 41 00:02:07,800 --> 00:02:10,800 Speaker 1: an expert in a particular field, and they're all in 42 00:02:10,880 --> 00:02:13,280 Speaker 1: on that which is great and I think that's what 43 00:02:13,400 --> 00:02:16,880 Speaker 1: breeds you know, a lot of success. Um. But the 44 00:02:16,960 --> 00:02:19,080 Speaker 1: issue is, you know, you're you're a specialist in that 45 00:02:19,200 --> 00:02:21,200 Speaker 1: particular field, but maybe you just don't have the expertise 46 00:02:21,200 --> 00:02:23,280 Speaker 1: in the in the financial realm, or in the retirement realm, 47 00:02:23,360 --> 00:02:25,800 Speaker 1: or in the you know, estate planning realm or and 48 00:02:25,840 --> 00:02:28,280 Speaker 1: all these different you know things that attorneys and CPAs 49 00:02:28,280 --> 00:02:31,360 Speaker 1: can help with as well, and so it can be overwhelming, 50 00:02:31,360 --> 00:02:33,359 Speaker 1: and I think a lot of business owners think, hey, 51 00:02:33,440 --> 00:02:35,400 Speaker 1: I need to be an expert in those fields, and 52 00:02:35,480 --> 00:02:37,760 Speaker 1: so there's a sense of guilt sometimes, you know, when 53 00:02:37,800 --> 00:02:40,679 Speaker 1: they don't feel like they're succeeding, uh, you know, financially, 54 00:02:40,720 --> 00:02:42,520 Speaker 1: or maybe they don't know how to you know, use 55 00:02:42,560 --> 00:02:46,639 Speaker 1: certain investment vehicles or to save money in certain places. Um. 56 00:02:46,680 --> 00:02:48,680 Speaker 1: And so you have to understand you don't have to 57 00:02:48,720 --> 00:02:51,040 Speaker 1: be an expert, you know, at everything. You you've done 58 00:02:51,040 --> 00:02:54,240 Speaker 1: a great job hopefully at creating a successful business and 59 00:02:54,280 --> 00:02:56,800 Speaker 1: a revenue stream that you know you can rely on 60 00:02:56,840 --> 00:02:59,200 Speaker 1: other people or research and a lot of times you 61 00:02:59,280 --> 00:03:02,440 Speaker 1: build it over time. You know, when you don't have anything, 62 00:03:02,680 --> 00:03:04,920 Speaker 1: it doesn't really matter how much you know about investments. 63 00:03:05,280 --> 00:03:08,320 Speaker 1: But once you start building, you know, some kind of wealth. 64 00:03:08,639 --> 00:03:10,359 Speaker 1: Then you know, when it's your money, there's a lot 65 00:03:10,360 --> 00:03:11,639 Speaker 1: more on the line. And so that's when we see 66 00:03:11,639 --> 00:03:13,600 Speaker 1: a lot of business owners and self employed people, you know, 67 00:03:13,639 --> 00:03:15,680 Speaker 1: get a lot more serious about their finances. That's so 68 00:03:15,760 --> 00:03:18,959 Speaker 1: interesting what you just said about just not even knowing, 69 00:03:19,000 --> 00:03:20,839 Speaker 1: like kind of focusing on the one thing and being 70 00:03:20,840 --> 00:03:24,639 Speaker 1: a creative. That is something I have felt super harshly, 71 00:03:24,720 --> 00:03:28,120 Speaker 1: like I got into business, didn't even really mean to 72 00:03:28,160 --> 00:03:30,480 Speaker 1: create a business actually, and then it just sort of 73 00:03:30,560 --> 00:03:34,480 Speaker 1: happened over time, and I found myself just almost feeling 74 00:03:34,520 --> 00:03:36,160 Speaker 1: like I was drowning and like I don't know what 75 00:03:36,240 --> 00:03:39,800 Speaker 1: to do. Um. I've been lucky because my boyfriend is 76 00:03:40,080 --> 00:03:41,960 Speaker 1: really in the business world and he can kind of 77 00:03:42,280 --> 00:03:44,800 Speaker 1: guide me. But sometimes he'll start asking me questions about, 78 00:03:45,560 --> 00:03:47,720 Speaker 1: you know, what's the return on investment in blah blah 79 00:03:47,720 --> 00:03:49,880 Speaker 1: blah blah blah, and I'm like, what the what? I 80 00:03:49,960 --> 00:03:53,200 Speaker 1: just I don't know. I just work. Yeah, I know 81 00:03:53,280 --> 00:03:55,320 Speaker 1: that well. And you know a lot of these big, 82 00:03:55,880 --> 00:03:58,320 Speaker 1: you know, businesses and corporations where people you know are 83 00:03:58,320 --> 00:04:01,320 Speaker 1: employees at they've got an entire hr department that feeds them, 84 00:04:01,360 --> 00:04:04,800 Speaker 1: you know, kind of what their options are. Really that 85 00:04:05,160 --> 00:04:07,280 Speaker 1: Oh yeah, every year, you know, you get what they 86 00:04:07,280 --> 00:04:10,120 Speaker 1: call open enrollment, and that's where you know, your your 87 00:04:10,160 --> 00:04:13,360 Speaker 1: company typically sends out here's the new benefits going forward. 88 00:04:13,400 --> 00:04:15,800 Speaker 1: Here's you know, the health insurance plans, or disability plans 89 00:04:15,840 --> 00:04:18,240 Speaker 1: or life insurance plans. You know, here's how the the 90 00:04:18,320 --> 00:04:20,960 Speaker 1: retirement account works, all those types of things. And so 91 00:04:21,440 --> 00:04:23,640 Speaker 1: you know, for a lot of employees, it's not that 92 00:04:23,680 --> 00:04:27,240 Speaker 1: they're they're necessarily smarter or you know, less smart than 93 00:04:27,240 --> 00:04:29,640 Speaker 1: a business owner. It's just they're provided with options they 94 00:04:29,640 --> 00:04:32,320 Speaker 1: can choose readily. Where a business owner is it sometimes 95 00:04:32,320 --> 00:04:35,120 Speaker 1: gets paralyzed going I just don't know what decisions to 96 00:04:35,160 --> 00:04:37,520 Speaker 1: make or who to call, and so I extended doing nothing. 97 00:04:37,960 --> 00:04:39,800 Speaker 1: And so that's that's the hard part. That's really where 98 00:04:39,839 --> 00:04:42,080 Speaker 1: you have to as a self employed or business owner, 99 00:04:42,400 --> 00:04:45,040 Speaker 1: you know, think through, you know, how is this gonna 100 00:04:45,040 --> 00:04:47,560 Speaker 1: affect me long term? And not taking any action can 101 00:04:47,600 --> 00:04:50,280 Speaker 1: sometimes be worse than taking the wrong actions sometimes, and 102 00:04:50,320 --> 00:04:52,360 Speaker 1: so sometimes you just have to make those decisions, take 103 00:04:52,400 --> 00:04:55,040 Speaker 1: the first step forward, and then start learning as you go. 104 00:04:56,240 --> 00:04:58,640 Speaker 1: And one thing on that too there and this is 105 00:04:58,680 --> 00:05:01,160 Speaker 1: kind of nitpicking. There's really like two different things. When 106 00:05:01,200 --> 00:05:04,080 Speaker 1: we're talking about self employed individuals, that might be one thing, 107 00:05:04,400 --> 00:05:06,919 Speaker 1: and then business owners might be another thing. So you know, 108 00:05:06,960 --> 00:05:09,960 Speaker 1: you can get some people, um not not always, but 109 00:05:10,040 --> 00:05:12,680 Speaker 1: you know, if you're maybe a bartender, you possibly you're 110 00:05:12,720 --> 00:05:14,560 Speaker 1: just self employed, maybe just tend on your iron off 111 00:05:14,560 --> 00:05:17,040 Speaker 1: tips and those types of things. Or in your field, 112 00:05:17,160 --> 00:05:19,960 Speaker 1: you know, you you own the business of Velvet's Edge, 113 00:05:19,960 --> 00:05:23,240 Speaker 1: but you're also self employed doing the style and makeup 114 00:05:23,240 --> 00:05:26,040 Speaker 1: and those types of things. And so I really think 115 00:05:26,120 --> 00:05:30,040 Speaker 1: one of the the biggest things, biggest considerations for small 116 00:05:30,080 --> 00:05:31,760 Speaker 1: business owners that that you need to think about our 117 00:05:31,760 --> 00:05:34,360 Speaker 1: self employed people's It's like, what is the endgame? So 118 00:05:34,760 --> 00:05:37,920 Speaker 1: if Kelly, you know, does makeup and style and just 119 00:05:38,080 --> 00:05:40,840 Speaker 1: during examples out there makeup and style for the next 120 00:05:40,880 --> 00:05:43,599 Speaker 1: thirty years, Okay, at the end of the thirty years, 121 00:05:44,080 --> 00:05:46,680 Speaker 1: when Kelly's done, Kelly's done, there's nothing to sell. There's 122 00:05:46,720 --> 00:05:50,520 Speaker 1: no intellectual property, there's not a product per se um, 123 00:05:50,600 --> 00:05:53,040 Speaker 1: and so we have to think about, Okay, in that scenario, 124 00:05:53,360 --> 00:05:56,960 Speaker 1: there's gonna be no you know, tangible quote unquote tangible value. 125 00:05:57,279 --> 00:06:00,559 Speaker 1: So what can Kelly do to systematically save the money 126 00:06:00,600 --> 00:06:03,600 Speaker 1: that she brings in from the work okay. Whereas a 127 00:06:03,680 --> 00:06:07,479 Speaker 1: business owner and again reasoning just general examples, business owner 128 00:06:07,520 --> 00:06:10,520 Speaker 1: that produces some type of product, um, you know, whatever 129 00:06:10,560 --> 00:06:13,600 Speaker 1: the case, maybe maybe they can build that business up 130 00:06:13,600 --> 00:06:16,120 Speaker 1: to where that business is beyond them. It's they've got 131 00:06:16,440 --> 00:06:19,479 Speaker 1: staff and teams and if something happened to them, that 132 00:06:19,520 --> 00:06:21,960 Speaker 1: business could keep going and that is something that they 133 00:06:21,960 --> 00:06:25,440 Speaker 1: could sell or pass on to the next generation, or 134 00:06:25,680 --> 00:06:28,120 Speaker 1: you know, could fund their retirement, you know, from a 135 00:06:28,160 --> 00:06:30,240 Speaker 1: revenue stream maybe when they're not as active in the 136 00:06:30,240 --> 00:06:32,440 Speaker 1: business later on. So you really need to think about 137 00:06:32,520 --> 00:06:34,400 Speaker 1: how is you are you are you self employed or 138 00:06:34,440 --> 00:06:36,920 Speaker 1: are you running a business? And then you have to 139 00:06:37,000 --> 00:06:38,800 Speaker 1: kind of fast forward to the end, even though it 140 00:06:38,800 --> 00:06:40,240 Speaker 1: seems silly. A lot of times you're just in the 141 00:06:40,240 --> 00:06:42,800 Speaker 1: weeds trying to survive, but fast forward to the end. 142 00:06:42,880 --> 00:06:45,279 Speaker 1: Assuming you're successful and you grow the business way you want, 143 00:06:45,640 --> 00:06:46,719 Speaker 1: how are you going to get out or how are 144 00:06:46,720 --> 00:06:49,200 Speaker 1: you gonna make this work for retirement? Right? And that's 145 00:06:49,240 --> 00:06:51,280 Speaker 1: so that we've kind of talked about this last time. 146 00:06:51,320 --> 00:06:55,200 Speaker 1: But it's so hard to think about retirement, like even 147 00:06:55,200 --> 00:06:57,240 Speaker 1: that word. I'm like I can't think about that, Like 148 00:06:57,279 --> 00:06:59,040 Speaker 1: I'm just trying to get through this year, you know, 149 00:06:59,200 --> 00:07:01,760 Speaker 1: and so it is a little bit tricky sometimes to 150 00:07:01,920 --> 00:07:07,000 Speaker 1: fast forward and think think forwardly and try to make 151 00:07:07,040 --> 00:07:10,360 Speaker 1: a plan, especially when you're building a business. So do 152 00:07:10,400 --> 00:07:12,760 Speaker 1: you feel like a person who actually owns the business 153 00:07:12,760 --> 00:07:15,760 Speaker 1: is in a better position than just a self employed 154 00:07:15,800 --> 00:07:17,640 Speaker 1: like a freelancer like what we're talking about with my 155 00:07:17,760 --> 00:07:20,280 Speaker 1: styling thing, because like when I stopped working, I stopped 156 00:07:20,280 --> 00:07:23,160 Speaker 1: making money. Yeah, yeah, yeah, And I think that's one 157 00:07:23,160 --> 00:07:26,040 Speaker 1: of the considerations. You know, you have to think, all right, 158 00:07:26,080 --> 00:07:28,960 Speaker 1: if I stopped working, I stopped making money. So is 159 00:07:29,000 --> 00:07:31,760 Speaker 1: there a way that I can parlay this into still 160 00:07:31,800 --> 00:07:34,239 Speaker 1: being able to generate revenue even when I'm not there, 161 00:07:34,600 --> 00:07:36,960 Speaker 1: you know, put clocking in and clocking out, if that 162 00:07:37,040 --> 00:07:39,920 Speaker 1: makes sense. But we do have we have several self 163 00:07:39,920 --> 00:07:44,200 Speaker 1: employed clients that make a ton of money just being 164 00:07:44,200 --> 00:07:46,200 Speaker 1: self employed. And it's and it's them, you know, they're 165 00:07:46,240 --> 00:07:48,120 Speaker 1: the value. It's not they don't have a product or 166 00:07:48,120 --> 00:07:51,280 Speaker 1: anything they can sell, or any intellectual property. Um. But 167 00:07:51,440 --> 00:07:54,040 Speaker 1: if you understand that's it, you have to then be 168 00:07:54,080 --> 00:07:56,720 Speaker 1: responsible with setting those funds aside to where maybe that 169 00:07:56,760 --> 00:07:59,160 Speaker 1: one day when you can't work, um, you know, where 170 00:07:59,160 --> 00:08:01,480 Speaker 1: you're not able to work, that you know, you've got 171 00:08:01,520 --> 00:08:03,320 Speaker 1: some kind of safety that you can fall back on, 172 00:08:03,360 --> 00:08:05,080 Speaker 1: our some kind of account that will you know, provide 173 00:08:05,080 --> 00:08:07,240 Speaker 1: income for you long term. Yeah, I will say that 174 00:08:07,280 --> 00:08:09,640 Speaker 1: with that's been an interesting experience for me even this year. 175 00:08:09,680 --> 00:08:11,960 Speaker 1: And maybe this is an easy way to talk about 176 00:08:11,960 --> 00:08:14,680 Speaker 1: the way COVID affects a self employed type person. But 177 00:08:15,040 --> 00:08:19,560 Speaker 1: when I got COVID, I couldn't work right and so um, 178 00:08:19,600 --> 00:08:22,280 Speaker 1: it was like okay, well there's no money coming in then, 179 00:08:22,360 --> 00:08:24,680 Speaker 1: and then also the industry sort of disappeared, and so 180 00:08:24,760 --> 00:08:27,000 Speaker 1: that can be very stressful because like if you go down, 181 00:08:27,080 --> 00:08:30,360 Speaker 1: if you get COVID, if you have an accident, or 182 00:08:30,400 --> 00:08:31,880 Speaker 1: you know, like I use my hands all the time, 183 00:08:31,920 --> 00:08:33,640 Speaker 1: what if I couldn't use my hands. That's a lot 184 00:08:33,720 --> 00:08:38,680 Speaker 1: to think about. So preparation and saving is even it 185 00:08:38,679 --> 00:08:41,120 Speaker 1: seems like even maybe more important for a person in 186 00:08:41,120 --> 00:08:43,760 Speaker 1: this position. It is, it is, and there's ways to 187 00:08:43,880 --> 00:08:47,200 Speaker 1: you know, accomplish both. Um. You know, we all think 188 00:08:47,200 --> 00:08:50,120 Speaker 1: of planning in a systematic process or of an approach 189 00:08:50,120 --> 00:08:53,480 Speaker 1: to planning. Most uh, most a lot of advisors are 190 00:08:53,480 --> 00:08:56,520 Speaker 1: really good about talking about products or investments, um, and 191 00:08:56,520 --> 00:08:59,040 Speaker 1: they kind of lead with that. Whereas our our focus 192 00:08:59,080 --> 00:09:00,520 Speaker 1: is a little bit more Okay, you know, where are 193 00:09:00,559 --> 00:09:02,160 Speaker 1: we at now, where do we want to be long term? 194 00:09:02,480 --> 00:09:04,040 Speaker 1: And then what are the best steps we can take 195 00:09:04,080 --> 00:09:06,440 Speaker 1: to achieve those long term goals. And then once we 196 00:09:06,480 --> 00:09:08,920 Speaker 1: have like a clear picture of you know, what we're 197 00:09:08,920 --> 00:09:11,160 Speaker 1: gonna do over the next twenty thirty years, then it's 198 00:09:11,240 --> 00:09:13,400 Speaker 1: very easy for us to say, Okay, here's the products 199 00:09:13,400 --> 00:09:15,280 Speaker 1: and investments that are going to allow us to achieve 200 00:09:15,280 --> 00:09:18,160 Speaker 1: those goals, you know. And so for a self employed person, 201 00:09:18,480 --> 00:09:20,079 Speaker 1: you know, there's a couple of things that you need 202 00:09:20,120 --> 00:09:23,479 Speaker 1: to remember. While while there are sometimes viewed as negatives 203 00:09:23,800 --> 00:09:26,679 Speaker 1: of being self employed or owning your own business, there 204 00:09:26,720 --> 00:09:29,160 Speaker 1: can be a lot of positives to you know. Some 205 00:09:29,240 --> 00:09:31,080 Speaker 1: of those pauses that we like to talk about is 206 00:09:31,360 --> 00:09:34,280 Speaker 1: number one, you can really try to maximize your tax situation. 207 00:09:34,360 --> 00:09:36,480 Speaker 1: You know, if you can find a good uh c 208 00:09:36,720 --> 00:09:38,319 Speaker 1: p A to help you, you know, make sure you're 209 00:09:38,320 --> 00:09:41,920 Speaker 1: taking advantage of all the deductions and possibly depreciations and 210 00:09:41,920 --> 00:09:43,680 Speaker 1: all these other things that you know, you might be 211 00:09:43,720 --> 00:09:45,920 Speaker 1: able to take advantage of his business owner that maybe 212 00:09:45,960 --> 00:09:48,640 Speaker 1: someone that's a W two employee can't take advantage of. 213 00:09:48,679 --> 00:09:51,800 Speaker 1: That's a good opportunity. Um Number two is you can 214 00:09:51,920 --> 00:09:54,840 Speaker 1: optimize you know, your retirement, your savings. I'll give you 215 00:09:54,880 --> 00:09:58,120 Speaker 1: an easy example of this. If you're a W two employee, 216 00:09:58,120 --> 00:09:59,439 Speaker 1: the max that you can put into a four O 217 00:09:59,520 --> 00:10:02,640 Speaker 1: one K is nineteen five hundred per year. Okay, that's 218 00:10:02,640 --> 00:10:04,720 Speaker 1: the max you're allowed to put in. And then if 219 00:10:04,720 --> 00:10:07,120 Speaker 1: your employer gives you any you know, matching contributions that 220 00:10:07,120 --> 00:10:10,000 Speaker 1: will go on top of that. Whereas when you're self employed, 221 00:10:10,320 --> 00:10:12,400 Speaker 1: you can save up to fifty eight thousand dollars a 222 00:10:12,440 --> 00:10:14,920 Speaker 1: year in the solo four one K. And so I'm 223 00:10:14,920 --> 00:10:16,960 Speaker 1: not saying that everyone's going to have the ability to 224 00:10:17,160 --> 00:10:20,160 Speaker 1: or should say that much, but it's just it's nice 225 00:10:20,200 --> 00:10:22,520 Speaker 1: to know that you can, you know, have a lot 226 00:10:22,559 --> 00:10:25,199 Speaker 1: of you know, options on how much you want to 227 00:10:25,200 --> 00:10:26,520 Speaker 1: get in there based upon you had a really good 228 00:10:26,600 --> 00:10:28,400 Speaker 1: year or you didn't have such a good year. But 229 00:10:28,440 --> 00:10:30,439 Speaker 1: then the last pieces you can really customize things is 230 00:10:30,480 --> 00:10:31,720 Speaker 1: the way you want, you know, when you work for 231 00:10:31,760 --> 00:10:34,240 Speaker 1: a large corporation, if you don't like their four own 232 00:10:34,320 --> 00:10:39,000 Speaker 1: K or you don't like their benefits, these are the 233 00:10:39,000 --> 00:10:41,240 Speaker 1: options that you have to select from, whereas when you're 234 00:10:41,280 --> 00:10:43,439 Speaker 1: self employed, guess what, maybe you want a certain type 235 00:10:43,480 --> 00:10:45,199 Speaker 1: of health insurance you can go find that. Maybe you 236 00:10:45,240 --> 00:10:47,640 Speaker 1: want a certain type of life insurance or disability you 237 00:10:47,640 --> 00:10:49,800 Speaker 1: can go get that, you know, specific coverage. Maybe you 238 00:10:49,840 --> 00:10:52,760 Speaker 1: want a certain type of retirement account with a certain 239 00:10:52,760 --> 00:10:54,960 Speaker 1: type of investments in that just normally wouldn't be offered 240 00:10:54,960 --> 00:10:57,240 Speaker 1: by big You can do all that, and so there's 241 00:10:57,280 --> 00:10:59,400 Speaker 1: a lot of benefits if you really dive into it 242 00:10:59,440 --> 00:11:02,040 Speaker 1: and try to think gone how to maximize every avenue. 243 00:11:02,520 --> 00:11:04,600 Speaker 1: But another big piece that I think you have to 244 00:11:04,600 --> 00:11:06,960 Speaker 1: have as a business owner is flexibility. I think, Kelly, 245 00:11:06,960 --> 00:11:09,160 Speaker 1: what you mentioned with COVID is case in point. We're 246 00:11:09,160 --> 00:11:11,240 Speaker 1: living it um. You know, let's say you you had 247 00:11:11,280 --> 00:11:13,880 Speaker 1: some kind of savings or investment strategy, or you're putting 248 00:11:13,880 --> 00:11:17,199 Speaker 1: money into certain products that had zero flexibility. Mean you 249 00:11:17,200 --> 00:11:19,240 Speaker 1: have got to put it money in every month or 250 00:11:19,280 --> 00:11:22,000 Speaker 1: every year. You know, there's no if ins or butts. Well, 251 00:11:22,000 --> 00:11:24,040 Speaker 1: guess what you know that's going to wreck your plan. 252 00:11:24,280 --> 00:11:27,520 Speaker 1: You know when there's a worldwide pandemic. And so what 253 00:11:27,640 --> 00:11:29,280 Speaker 1: we have to think about as a business owner is 254 00:11:29,520 --> 00:11:31,720 Speaker 1: you know, when the when they getting is good, let's 255 00:11:31,760 --> 00:11:33,720 Speaker 1: really try to save and when it's not, you know, 256 00:11:33,840 --> 00:11:35,760 Speaker 1: we gotta understanding we can hunker down a little bit 257 00:11:35,760 --> 00:11:38,680 Speaker 1: and maybe pull from some accounts, um, you know, to 258 00:11:38,720 --> 00:11:41,559 Speaker 1: kind of keep our lifestyle you know, uh, maintained or 259 00:11:41,600 --> 00:11:44,320 Speaker 1: going the way that that it needs to. Right. That's 260 00:11:44,320 --> 00:11:45,880 Speaker 1: I mean, that's just such a good thing. I think 261 00:11:45,880 --> 00:11:48,400 Speaker 1: we've all sort of experienced that in one way or another, 262 00:11:48,440 --> 00:11:51,560 Speaker 1: but especially the self employed people this year have really 263 00:11:51,600 --> 00:11:53,480 Speaker 1: felt it. And I know you and I mentioned it 264 00:11:53,559 --> 00:11:57,079 Speaker 1: last time we talked just how important. I mean, it's 265 00:11:57,240 --> 00:12:00,200 Speaker 1: really open my to how important saving is because you us, 266 00:12:00,240 --> 00:12:02,240 Speaker 1: if this hasn't taught us anything, it's it's that you 267 00:12:02,400 --> 00:12:05,480 Speaker 1: just don't know what is going to happen in the world. Yeah, 268 00:12:05,559 --> 00:12:07,240 Speaker 1: and and it's tough. I mean we you know, we 269 00:12:07,280 --> 00:12:10,720 Speaker 1: all get pulled, you know, into into things and stuff 270 00:12:10,800 --> 00:12:13,880 Speaker 1: and spending and vacations, and you know that that is 271 00:12:13,960 --> 00:12:15,760 Speaker 1: I can never be blinded that as an advisor. And 272 00:12:15,800 --> 00:12:17,600 Speaker 1: the reason I say that it's because I get pulled 273 00:12:17,600 --> 00:12:19,560 Speaker 1: into it right there. There are so many things where 274 00:12:19,559 --> 00:12:21,840 Speaker 1: I find myself like, oh, well, you know, I'm gonna 275 00:12:21,880 --> 00:12:23,960 Speaker 1: buy that, and then I stop and I say why 276 00:12:24,200 --> 00:12:26,120 Speaker 1: I don't need this? Or is just the one not 277 00:12:26,240 --> 00:12:29,360 Speaker 1: in need something? I heard um someone saying I can't 278 00:12:29,360 --> 00:12:31,480 Speaker 1: remember where I heard them say that, but it's it 279 00:12:31,559 --> 00:12:34,240 Speaker 1: was a gentleman. That's it's extremely successful. I think he 280 00:12:34,280 --> 00:12:36,280 Speaker 1: was worth a couple hundred millions. Oh yes, I do know. 281 00:12:36,520 --> 00:12:39,160 Speaker 1: It's some guy on Instagram, Um, you know worth. I 282 00:12:39,200 --> 00:12:41,360 Speaker 1: think he's four hundred million dollars. And he said, every 283 00:12:41,360 --> 00:12:43,280 Speaker 1: time he goes to make a large purchase, you know, 284 00:12:43,320 --> 00:12:46,240 Speaker 1: outside the ordinary, he stops and he doesn't make that 285 00:12:46,280 --> 00:12:49,880 Speaker 1: purchase for thirty days, and thirty days he goes. After 286 00:12:49,920 --> 00:12:52,000 Speaker 1: thirty days if I'm still like I gotta have that, 287 00:12:52,040 --> 00:12:54,320 Speaker 1: I think about it, then I'll buy it. He's like, 288 00:12:54,360 --> 00:12:56,480 Speaker 1: but that has kept me from buying so many things. 289 00:12:56,520 --> 00:12:58,760 Speaker 1: And I went, well, you know, that's that's good. That 290 00:12:58,880 --> 00:13:00,520 Speaker 1: that's just kind of a good lesson and maybe something 291 00:13:00,520 --> 00:13:03,120 Speaker 1: thirty days or days sometimes for me if I just 292 00:13:03,120 --> 00:13:05,760 Speaker 1: went twenty four hours, that's what I was going to say, right, 293 00:13:05,920 --> 00:13:08,720 Speaker 1: just sleep on it. Yeah. And I think he's discussing 294 00:13:08,720 --> 00:13:10,679 Speaker 1: like big purchases, not like should I buy you know, 295 00:13:10,720 --> 00:13:12,760 Speaker 1: these shoes or that shirt, you know, something like that. 296 00:13:12,880 --> 00:13:15,520 Speaker 1: But um, you know, so it's just all those little 297 00:13:15,640 --> 00:13:17,920 Speaker 1: those little tricks to try to you know, fool yourself 298 00:13:18,000 --> 00:13:20,480 Speaker 1: when it comes down to it. Money's about psychology. It's 299 00:13:20,559 --> 00:13:22,640 Speaker 1: it's the dollars and cents or the dollars and cents. 300 00:13:22,679 --> 00:13:25,559 Speaker 1: You know, whether you like two plus two equals four 301 00:13:25,640 --> 00:13:28,280 Speaker 1: doesn't matter because it's still equals four, um. But it's 302 00:13:28,320 --> 00:13:30,560 Speaker 1: the psychology of how we think about money. What was 303 00:13:30,600 --> 00:13:34,240 Speaker 1: our uh, you know, referencing to our childhood, how we 304 00:13:34,240 --> 00:13:37,439 Speaker 1: were you know, brought up. You know, maybe you lift uh, 305 00:13:37,480 --> 00:13:39,280 Speaker 1: you know, through two thousand and eight, maybe you lose 306 00:13:39,360 --> 00:13:41,440 Speaker 1: lived through two thousand and one, you know, or all 307 00:13:41,480 --> 00:13:43,880 Speaker 1: these different times. Back in the eighties when interest rates 308 00:13:43,880 --> 00:13:46,800 Speaker 1: were extremely high. My parents first home, i believe they said, 309 00:13:46,840 --> 00:13:50,679 Speaker 1: was sixteen or eighteen percent interest rate. Right now we're 310 00:13:50,679 --> 00:13:52,720 Speaker 1: seeing you know, rates in the in the upper twos 311 00:13:52,720 --> 00:13:57,160 Speaker 1: and and so their reference is, hey, rates were also high. 312 00:13:57,200 --> 00:13:59,520 Speaker 1: You know, this is incredible right now, whereas our generation 313 00:13:59,559 --> 00:14:01,680 Speaker 1: we're like, oh, rates of you know always been you know, 314 00:14:01,760 --> 00:14:04,960 Speaker 1: fairly reasonable compare the sixteen and eight and so you 315 00:14:05,000 --> 00:14:07,400 Speaker 1: just have to think about those things as you're saving money, 316 00:14:07,400 --> 00:14:10,360 Speaker 1: building and flexibility, you know, what works for you. You know, 317 00:14:10,400 --> 00:14:12,560 Speaker 1: your situation is different to as a business owner. So 318 00:14:12,600 --> 00:14:15,560 Speaker 1: if you're if you're a business owner, and maybe it's 319 00:14:15,559 --> 00:14:17,480 Speaker 1: just you and your spouse. There are certain types of 320 00:14:17,520 --> 00:14:20,320 Speaker 1: retirement plans that are better than others, whereas maybe you 321 00:14:20,360 --> 00:14:22,760 Speaker 1: have two or three or four ten employees, Well there 322 00:14:22,800 --> 00:14:25,000 Speaker 1: might be totally different retirement plans that are better for 323 00:14:25,040 --> 00:14:27,600 Speaker 1: someone with employees. And so there's just a lot that 324 00:14:27,640 --> 00:14:30,440 Speaker 1: goes into uh, you know, where how much you save, 325 00:14:30,680 --> 00:14:32,880 Speaker 1: where do you save it, how you invest it? And 326 00:14:32,880 --> 00:14:35,440 Speaker 1: so you just want to think methodically give those things. Well, 327 00:14:35,440 --> 00:14:37,680 Speaker 1: how do you figure that out? I guess that would 328 00:14:37,680 --> 00:14:40,120 Speaker 1: be my question is because you know, we've talked a 329 00:14:40,120 --> 00:14:43,120 Speaker 1: little bit about putting away a certain amount from each 330 00:14:43,240 --> 00:14:45,960 Speaker 1: check or putting away a certain amount of month, and 331 00:14:46,000 --> 00:14:49,080 Speaker 1: so how do you decide what the right number for 332 00:14:49,160 --> 00:14:52,200 Speaker 1: you to save would be? Yeah, yeah, you know, I 333 00:14:52,240 --> 00:14:55,720 Speaker 1: think there's formulas that we use, you know, based upon 334 00:14:55,800 --> 00:14:59,040 Speaker 1: how much you need to save, you know, around the 335 00:14:59,120 --> 00:15:01,240 Speaker 1: timeline of when you and retire, how much income you 336 00:15:01,240 --> 00:15:03,400 Speaker 1: want to retirement, all those types of things. But once 337 00:15:03,440 --> 00:15:05,280 Speaker 1: you determine hey, you know I need to be saving 338 00:15:05,800 --> 00:15:08,480 Speaker 1: you know two grade a month or nth or thousand 339 00:15:08,520 --> 00:15:10,600 Speaker 1: a month or ten grande a month, whatever your number is, 340 00:15:10,840 --> 00:15:13,240 Speaker 1: then you have say, okay, where should it go and why? 341 00:15:13,480 --> 00:15:14,960 Speaker 1: And so I think you need to go through that 342 00:15:15,000 --> 00:15:17,520 Speaker 1: methodical process of number one. And you've probably talked about 343 00:15:17,520 --> 00:15:20,080 Speaker 1: this a bazillion times, Kelly, but you get it. Is 344 00:15:20,160 --> 00:15:22,880 Speaker 1: you know your emergency fund is that fully funded, because 345 00:15:22,880 --> 00:15:24,800 Speaker 1: if it's not, you don't really need to be cranking 346 00:15:24,800 --> 00:15:27,360 Speaker 1: away at these these you know, massive contributions to retirement 347 00:15:27,360 --> 00:15:30,200 Speaker 1: accounts or you know, buying all these individual stocks because 348 00:15:30,200 --> 00:15:32,280 Speaker 1: you think the markets, you know, underprice and all these 349 00:15:32,320 --> 00:15:35,320 Speaker 1: different things. You need to build the emergency fund after that. 350 00:15:35,680 --> 00:15:37,320 Speaker 1: You know, we love for for people to move on, 351 00:15:37,440 --> 00:15:41,280 Speaker 1: especially for self employed and um uh, you know, self 352 00:15:41,280 --> 00:15:44,600 Speaker 1: employed and business owners to move on to retirement accounts. 353 00:15:44,600 --> 00:15:48,160 Speaker 1: We just think tax deferral whereas the money grows, you're 354 00:15:48,160 --> 00:15:50,320 Speaker 1: not taxed on the growth. Is is one of the 355 00:15:50,360 --> 00:15:52,400 Speaker 1: best ways to grow wealth. I mean it's been proven 356 00:15:52,440 --> 00:15:56,560 Speaker 1: for you know, decades, so um you know, if you've 357 00:15:56,600 --> 00:15:59,200 Speaker 1: got the ability to set up a maybe like a 358 00:15:59,200 --> 00:16:01,600 Speaker 1: solo for one that might be a great option for you, 359 00:16:01,720 --> 00:16:03,800 Speaker 1: or maybe it's a roth ira or maybe it's a 360 00:16:03,800 --> 00:16:07,280 Speaker 1: traditional iarra. A lot of those considerations should be made 361 00:16:07,280 --> 00:16:09,120 Speaker 1: with you know, like your c p A or your 362 00:16:09,160 --> 00:16:12,600 Speaker 1: financial advisor once they can assess your situation. But they're 363 00:16:12,640 --> 00:16:15,960 Speaker 1: all semi similar, but they have some different rules based 364 00:16:16,000 --> 00:16:19,000 Speaker 1: on tax treatments, and then they also have different contribution limits, 365 00:16:19,280 --> 00:16:21,680 Speaker 1: and so you know, you just need to think about Okay, 366 00:16:21,960 --> 00:16:24,320 Speaker 1: might I start that? Uh? And if you are going 367 00:16:24,360 --> 00:16:26,080 Speaker 1: to start that, make sure your emergency fund is in 368 00:16:26,120 --> 00:16:28,520 Speaker 1: place first. We see a lot of people kind of 369 00:16:28,560 --> 00:16:31,240 Speaker 1: get lured into not not that these are about at all, 370 00:16:31,240 --> 00:16:34,840 Speaker 1: but lured into like investment brokerage accounts UM because they 371 00:16:34,920 --> 00:16:37,680 Speaker 1: like the ability to buy, sell and trade that maybe 372 00:16:37,680 --> 00:16:40,080 Speaker 1: they wouldn't have in a retirement account, you know as much. 373 00:16:40,720 --> 00:16:43,160 Speaker 1: But the difference in a brokerage account is as you 374 00:16:43,240 --> 00:16:46,080 Speaker 1: buy and sell investments, you have to pay taxes on 375 00:16:46,120 --> 00:16:49,080 Speaker 1: the growth if there is growth, um. And so the 376 00:16:49,160 --> 00:16:51,720 Speaker 1: downside of that is if we're looking at this money 377 00:16:51,720 --> 00:16:54,040 Speaker 1: being a long term meaning we're going to access this, 378 00:16:54,120 --> 00:16:57,080 Speaker 1: you know in retirement, UM, it might be better to 379 00:16:57,120 --> 00:16:59,480 Speaker 1: try to get that tax deferral or maybe tax free 380 00:16:59,480 --> 00:17:03,480 Speaker 1: access and row account rather than you know, having the 381 00:17:03,520 --> 00:17:05,399 Speaker 1: allure of buying and selling and trading and having to 382 00:17:05,440 --> 00:17:08,240 Speaker 1: pay taxes along the way. Does that make sense, Yeah, 383 00:17:08,280 --> 00:17:11,200 Speaker 1: that does make sense. Okay, Now, a brokerage account, I 384 00:17:11,240 --> 00:17:13,920 Speaker 1: think a lot it intrigues a lot of self employed 385 00:17:13,960 --> 00:17:17,200 Speaker 1: people and a lot of um, you know, um small 386 00:17:17,200 --> 00:17:19,920 Speaker 1: business owners because the money is accessible. You know, when 387 00:17:19,920 --> 00:17:23,000 Speaker 1: you put money into a retirement account, there are some 388 00:17:23,080 --> 00:17:24,880 Speaker 1: rules where you could access to early, but you really 389 00:17:24,880 --> 00:17:27,040 Speaker 1: need to have that, you know, thought process of I'm 390 00:17:27,040 --> 00:17:28,840 Speaker 1: not going to touch this money until at least fifty 391 00:17:28,880 --> 00:17:30,680 Speaker 1: nine and a half. So a lot of people get 392 00:17:30,760 --> 00:17:33,600 Speaker 1: scared when they think about that. So there's got to 393 00:17:33,640 --> 00:17:35,640 Speaker 1: be a balance of, yeah, hey, I'm setting money side 394 00:17:35,640 --> 00:17:38,720 Speaker 1: and these accounts, and I I feel comfortable that I'm 395 00:17:38,760 --> 00:17:40,280 Speaker 1: not going to have to touch those if there is 396 00:17:40,280 --> 00:17:43,040 Speaker 1: an emergency because I've got this emergency fund set up 397 00:17:43,119 --> 00:17:45,439 Speaker 1: or maybe a little brokerage accounts somewhere else. Well, right, 398 00:17:45,480 --> 00:17:47,480 Speaker 1: And I think that's a huge thing. I mean, I'm 399 00:17:47,480 --> 00:17:49,280 Speaker 1: sure that's what a lot of people felt this year, right, 400 00:17:49,320 --> 00:17:51,679 Speaker 1: Like what if you needed that extra money? You needed 401 00:17:51,680 --> 00:17:53,520 Speaker 1: that extra cash, so you kind of want to have 402 00:17:53,560 --> 00:17:56,520 Speaker 1: the option of being able to access it as a 403 00:17:56,520 --> 00:17:59,200 Speaker 1: small business owner. Maybe because you just can't predict the 404 00:17:59,200 --> 00:18:01,160 Speaker 1: way things are going to you got it, you got 405 00:18:01,160 --> 00:18:02,680 Speaker 1: so maybe maybe it's you know, in that scenario, a 406 00:18:02,680 --> 00:18:05,600 Speaker 1: little bit of accommodation. Yeah, maybe maybe what's your emergency funds, 407 00:18:05,640 --> 00:18:07,000 Speaker 1: you know, to the place where you want it to be. 408 00:18:07,280 --> 00:18:09,959 Speaker 1: Maybe we're putting a little bit into an investment account 409 00:18:09,960 --> 00:18:11,840 Speaker 1: that we can access whenever we want, but it doesn't 410 00:18:11,880 --> 00:18:14,399 Speaker 1: it's not as tax efficient. Um. And then maybe we 411 00:18:14,480 --> 00:18:16,199 Speaker 1: put a little bit into retirement account a little more 412 00:18:16,200 --> 00:18:18,960 Speaker 1: tax efficient, but also a little more and more strings attached. 413 00:18:19,160 --> 00:18:20,680 Speaker 1: And so it doesn't have to be all or none. 414 00:18:20,720 --> 00:18:22,560 Speaker 1: It can be a combination. Sometimes maybe you lean a 415 00:18:22,600 --> 00:18:24,760 Speaker 1: little bit heavier to one direction or the mixed upon 416 00:18:24,800 --> 00:18:27,080 Speaker 1: how good your income is that year, Okay, And just 417 00:18:27,280 --> 00:18:30,640 Speaker 1: as a refresher for people, the emergency fund typically you 418 00:18:30,680 --> 00:18:33,560 Speaker 1: like to have about a three month three to six 419 00:18:33,560 --> 00:18:37,800 Speaker 1: months of expenses, Okay. If you're someone that maybe you're 420 00:18:37,840 --> 00:18:39,560 Speaker 1: the sole provider for your house or you don't have 421 00:18:39,600 --> 00:18:42,159 Speaker 1: a spouse, Um, I really really like it to be 422 00:18:42,240 --> 00:18:45,520 Speaker 1: closer to that six. You know. Sometimes we've got you know, 423 00:18:45,640 --> 00:18:48,719 Speaker 1: dual income household and they're both stable jobs, and that 424 00:18:48,800 --> 00:18:51,280 Speaker 1: individual says, hey, I'm comfortable with three because we both 425 00:18:51,320 --> 00:18:54,160 Speaker 1: have good stable jobs. Okay, you know, that's that's fine. 426 00:18:54,240 --> 00:18:56,000 Speaker 1: We can get there, but we really we don't want 427 00:18:56,040 --> 00:18:58,040 Speaker 1: to have too little because that defeats the purpose of 428 00:18:58,080 --> 00:18:59,640 Speaker 1: the emergency fund. You know, we're gonna have to put 429 00:18:59,640 --> 00:19:01,360 Speaker 1: something on a credit card if we have a big expense. 430 00:19:01,760 --> 00:19:05,280 Speaker 1: We also don't want to have, you know, eighteen to 431 00:19:05,400 --> 00:19:07,640 Speaker 1: twenty four months of cash on hand, because that's money 432 00:19:07,680 --> 00:19:09,760 Speaker 1: that we could be you know, putting to use somewhere 433 00:19:09,760 --> 00:19:11,760 Speaker 1: else you hopefully be getting a better rate of return. 434 00:19:11,880 --> 00:19:14,920 Speaker 1: So it just to find balance. We're seeing some people 435 00:19:14,920 --> 00:19:17,720 Speaker 1: now that say, you know, with the pandemic um as 436 00:19:17,720 --> 00:19:20,280 Speaker 1: scary as it's been, we would like to build ours 437 00:19:20,320 --> 00:19:22,160 Speaker 1: up to maybe a year. And I don't think that's 438 00:19:22,160 --> 00:19:24,119 Speaker 1: a bad idea there. It really kind of depends on 439 00:19:24,160 --> 00:19:26,760 Speaker 1: your risk tolerance, you know, the type of business that 440 00:19:26,800 --> 00:19:28,760 Speaker 1: you're in, you know, is it very susceptible to these 441 00:19:28,800 --> 00:19:32,399 Speaker 1: types of things or two trends um and so you know, 442 00:19:32,720 --> 00:19:35,000 Speaker 1: it's there's not an exact number. There's kind of a 443 00:19:35,000 --> 00:19:38,120 Speaker 1: gauge based upon industry feel all those types of things. Yeah, 444 00:19:38,160 --> 00:19:40,199 Speaker 1: I'll tell you the truth. I would have thought that 445 00:19:40,240 --> 00:19:43,760 Speaker 1: was insane before this year, but I have watched I mean, 446 00:19:43,760 --> 00:19:47,600 Speaker 1: the music industry has just completely stopped, and so there 447 00:19:47,600 --> 00:19:50,840 Speaker 1: are so many people in my world that literally have 448 00:19:51,000 --> 00:19:54,520 Speaker 1: not worked or made one dollar this last year and 449 00:19:54,560 --> 00:19:57,159 Speaker 1: so like to me, now I would literally would have 450 00:19:57,200 --> 00:20:00,880 Speaker 1: thought that's ridiculous. You know, we can always figure something out. 451 00:20:00,960 --> 00:20:04,040 Speaker 1: But now it doesn't seem so crazy. You know. Never 452 00:20:04,160 --> 00:20:06,680 Speaker 1: never be that person that says, well, this could never happen. 453 00:20:07,000 --> 00:20:09,400 Speaker 1: Never be that person. You know. I I have heard 454 00:20:09,400 --> 00:20:11,760 Speaker 1: for years and we've got several clients in the in 455 00:20:11,800 --> 00:20:14,080 Speaker 1: the music industry. Um, you know I've heard for years 456 00:20:14,119 --> 00:20:16,000 Speaker 1: that well, people are always gonna want to go listen 457 00:20:16,040 --> 00:20:19,200 Speaker 1: to live exactly, but what if they can't? Right? I 458 00:20:19,200 --> 00:20:21,880 Speaker 1: mean they want to, but can they something Something We've 459 00:20:21,880 --> 00:20:23,280 Speaker 1: heard from a lot of clients that have a lot 460 00:20:23,320 --> 00:20:25,119 Speaker 1: of real estate holdings. Well, people are always going to 461 00:20:25,160 --> 00:20:27,199 Speaker 1: need somewhere to live. Yeah, but what if they're not 462 00:20:27,240 --> 00:20:28,960 Speaker 1: going to pay you rent and you can't evict them 463 00:20:28,960 --> 00:20:31,520 Speaker 1: because the government tells you exactly, because that's what that's 464 00:20:31,520 --> 00:20:33,639 Speaker 1: where we're in right now. So you've really got to 465 00:20:33,680 --> 00:20:36,120 Speaker 1: think through these things and whatever you think, you know, 466 00:20:36,600 --> 00:20:41,160 Speaker 1: understand it could change. Yeah, exactly. Okay, you sort of mentioned, 467 00:20:41,320 --> 00:20:44,200 Speaker 1: um briefly, if you have employees, how things can look 468 00:20:44,200 --> 00:20:46,240 Speaker 1: a little different. Do you have any tips for people 469 00:20:46,240 --> 00:20:48,720 Speaker 1: out there who may have some employees and maybe how 470 00:20:48,760 --> 00:20:51,959 Speaker 1: they invest a little differently. Yeah. Yeah, So you know 471 00:20:53,000 --> 00:20:55,639 Speaker 1: some accounts that we see, uh, you know, people that 472 00:20:55,680 --> 00:20:58,360 Speaker 1: are that owned businesses do as far as retirement accounts, 473 00:20:58,560 --> 00:21:00,840 Speaker 1: we see set by raise. The downside of set BI 474 00:21:00,920 --> 00:21:04,080 Speaker 1: raise though, is uh and that's s e P as 475 00:21:04,080 --> 00:21:07,600 Speaker 1: an acronym, so uh set bi raise is they have 476 00:21:07,720 --> 00:21:10,239 Speaker 1: to contribute the same percentage for their employees as they 477 00:21:10,280 --> 00:21:12,440 Speaker 1: contribute for themselves. And so you know, if they want 478 00:21:12,440 --> 00:21:14,560 Speaker 1: to get really aggressive with their own retirement, they that's 479 00:21:14,560 --> 00:21:15,800 Speaker 1: gonna be a lot of money that they're putting out 480 00:21:15,800 --> 00:21:18,160 Speaker 1: of pocative they have a lot of employees. Um. Doesn't 481 00:21:18,160 --> 00:21:20,160 Speaker 1: mean that's a bad thing per se, but maybe that's 482 00:21:20,160 --> 00:21:21,719 Speaker 1: a strain on the cash flow that you just as 483 00:21:21,760 --> 00:21:24,040 Speaker 1: a business owner don't want to take on. So sometimes 484 00:21:24,119 --> 00:21:27,119 Speaker 1: we see those business owners you know, do things um, 485 00:21:27,160 --> 00:21:29,960 Speaker 1: you know like setting up for win K plans um 486 00:21:30,000 --> 00:21:32,160 Speaker 1: you know. And there's ways that you can structure things 487 00:21:32,200 --> 00:21:35,680 Speaker 1: with third party administrators and record keepers to where business 488 00:21:35,720 --> 00:21:37,920 Speaker 1: owners can really stalk away a lot more money while 489 00:21:37,960 --> 00:21:40,360 Speaker 1: still providing some benefit for their employees but not having 490 00:21:40,400 --> 00:21:43,159 Speaker 1: you to the exact same percentage um. You know. So 491 00:21:43,200 --> 00:21:45,000 Speaker 1: those are some things, but you can really get creative 492 00:21:45,040 --> 00:21:47,520 Speaker 1: as a business owner. Right again, I'm not saying it is. 493 00:21:48,600 --> 00:21:51,080 Speaker 1: I think I think as a business owner, you're accepting 494 00:21:51,080 --> 00:21:53,600 Speaker 1: a ton of risk too for that dream and idea 495 00:21:53,600 --> 00:21:56,280 Speaker 1: of being able to build something great. And for that, 496 00:21:56,440 --> 00:21:58,600 Speaker 1: I think you have the opportunity to really take advantages 497 00:21:58,600 --> 00:22:00,960 Speaker 1: to some cool things that you know, W two people 498 00:22:01,000 --> 00:22:03,679 Speaker 1: cannot take advantage of. So if you don't feel like 499 00:22:03,760 --> 00:22:06,440 Speaker 1: you've gotten in the weeds on do I fully understand 500 00:22:06,440 --> 00:22:09,040 Speaker 1: my tax situation or my state plan, or my retirement 501 00:22:09,080 --> 00:22:12,280 Speaker 1: savings and my investment planning, seek out these professionals that 502 00:22:12,320 --> 00:22:14,920 Speaker 1: are really good at that stuff, because I mean c 503 00:22:15,080 --> 00:22:17,560 Speaker 1: p as have made their careers on helping business owners. 504 00:22:18,000 --> 00:22:20,239 Speaker 1: Financial advisors have done a great job. Some of them 505 00:22:20,320 --> 00:22:21,840 Speaker 1: done a great job at you know, really trying to 506 00:22:21,840 --> 00:22:24,000 Speaker 1: help them maximize how much they can save for retirement. 507 00:22:24,320 --> 00:22:27,280 Speaker 1: Because as a business owner, you know you are you know, 508 00:22:27,320 --> 00:22:29,119 Speaker 1: we talked about self employed for business owner. As a 509 00:22:29,119 --> 00:22:31,719 Speaker 1: business owner, you always think that your your baby, your 510 00:22:31,760 --> 00:22:34,280 Speaker 1: business is worth more than it is. Okay, Uh, this 511 00:22:34,320 --> 00:22:36,200 Speaker 1: happens to us all the time. Where you know someone's 512 00:22:36,200 --> 00:22:38,600 Speaker 1: getting close to retirement, you know, they kind of bring 513 00:22:38,600 --> 00:22:40,639 Speaker 1: their advisors into the room they've got you know, their 514 00:22:40,680 --> 00:22:42,840 Speaker 1: attorney there, they've got their c p A. Maybe they 515 00:22:42,880 --> 00:22:45,639 Speaker 1: bring us in and then uh, you know, maybe they 516 00:22:45,680 --> 00:22:47,800 Speaker 1: bring in like a valuation expert that looks at all 517 00:22:47,840 --> 00:22:52,680 Speaker 1: their financials, their profit loss statements, their balance sheets, their accounts, receivables, accounts, payables, 518 00:22:52,680 --> 00:22:55,120 Speaker 1: all these things. And then I always just sit back 519 00:22:55,119 --> 00:22:57,320 Speaker 1: because I know it's coming. And the business owner thinks, 520 00:22:57,400 --> 00:22:59,960 Speaker 1: you know, their their companies worth ten million, and then 521 00:23:00,040 --> 00:23:02,080 Speaker 1: the valuation expert comes back and said it's only worth 522 00:23:02,240 --> 00:23:05,080 Speaker 1: five or four or six, you know, and then they 523 00:23:05,119 --> 00:23:07,040 Speaker 1: get upset. It's like, no, it's worth more than that. 524 00:23:07,080 --> 00:23:08,919 Speaker 1: You're crazy, let's get a new value. You know. It 525 00:23:09,000 --> 00:23:12,600 Speaker 1: always happens, and so I do think, well, you know, 526 00:23:12,640 --> 00:23:14,440 Speaker 1: if you've built a successful business that brings in a 527 00:23:14,480 --> 00:23:16,359 Speaker 1: lot of revenue or sells a lot of products or 528 00:23:16,400 --> 00:23:18,800 Speaker 1: whatever the case is, um you know, that's great and 529 00:23:18,800 --> 00:23:20,720 Speaker 1: hopefully you do sell them for a lot one day, 530 00:23:20,960 --> 00:23:24,639 Speaker 1: but also anticipate, you know, something could happen. So you what, 531 00:23:24,760 --> 00:23:27,680 Speaker 1: I would rather see as someone saves along the journey, 532 00:23:28,119 --> 00:23:30,000 Speaker 1: just to make sure that, you know, if something happens 533 00:23:30,000 --> 00:23:31,560 Speaker 1: at the end and they don't get that dollar value 534 00:23:31,560 --> 00:23:33,719 Speaker 1: that they want for it, they're still gonna be Okay. 535 00:23:33,760 --> 00:23:36,320 Speaker 1: We just see so many business owners where all of 536 00:23:36,359 --> 00:23:39,040 Speaker 1: their eggs are in one basket, and and and they 537 00:23:39,280 --> 00:23:42,159 Speaker 1: they're excuse to that is number one, it's what I know, 538 00:23:42,240 --> 00:23:45,400 Speaker 1: which I agree. But then number two is I can 539 00:23:45,440 --> 00:23:47,359 Speaker 1: make morning money in my business, that I can in 540 00:23:47,359 --> 00:23:49,879 Speaker 1: the stock market, that I can in real estate or 541 00:23:49,920 --> 00:23:52,440 Speaker 1: in something else. And I really have to step back 542 00:23:52,480 --> 00:23:55,119 Speaker 1: and kind of bite my tongue because we're talking apples 543 00:23:55,160 --> 00:23:57,120 Speaker 1: and oranges. You know, you're talking about something that you're 544 00:23:57,119 --> 00:23:59,800 Speaker 1: working in eight to ten to twelve hours a day, 545 00:24:00,040 --> 00:24:02,879 Speaker 1: that is your baby, that is your revenue stream, versus 546 00:24:03,000 --> 00:24:04,960 Speaker 1: something that you're setting money into an account that you 547 00:24:05,040 --> 00:24:07,520 Speaker 1: might spend thirty minutes a year on um, you know. 548 00:24:07,640 --> 00:24:10,920 Speaker 1: And it's about diversification. It's about building up economic capital, 549 00:24:10,920 --> 00:24:14,399 Speaker 1: economic value outside of you know, just you working. Like 550 00:24:14,440 --> 00:24:16,560 Speaker 1: we talked about, what if you can't work so that 551 00:24:16,600 --> 00:24:19,200 Speaker 1: way it can help fund you later on down the road. 552 00:24:22,440 --> 00:24:25,040 Speaker 1: I really love that point putting not putting all of 553 00:24:25,080 --> 00:24:28,000 Speaker 1: your eggs in one basket, because I do I totally 554 00:24:28,000 --> 00:24:29,320 Speaker 1: agree with you about you know, if you feel like 555 00:24:29,320 --> 00:24:32,440 Speaker 1: it's your baby, you can't just can't even think outside 556 00:24:32,440 --> 00:24:34,480 Speaker 1: of it. And one thing for me, I mean that's 557 00:24:34,520 --> 00:24:36,960 Speaker 1: been reiterated again this year, but if I hadn't had 558 00:24:37,040 --> 00:24:39,440 Speaker 1: Velvet Edge this last year, I would have been very 559 00:24:39,600 --> 00:24:43,320 Speaker 1: much in trouble, yes, exactly. And so that was something 560 00:24:43,320 --> 00:24:45,320 Speaker 1: I learned a couple of years ago, just because as 561 00:24:45,359 --> 00:24:47,920 Speaker 1: a freelancer, you don't know what your clients are even 562 00:24:47,960 --> 00:24:49,600 Speaker 1: going to have going on in in a year. So 563 00:24:49,640 --> 00:24:51,240 Speaker 1: I just started to be like, where else can I 564 00:24:51,240 --> 00:24:54,200 Speaker 1: start to make money? And then now I've started thinking through, Okay, 565 00:24:54,200 --> 00:24:56,359 Speaker 1: what about real estate and a lot of people in 566 00:24:56,440 --> 00:24:59,880 Speaker 1: my industry that is sort of their other thing these 567 00:25:00,200 --> 00:25:02,639 Speaker 1: to fall back on as they get older. So what 568 00:25:02,680 --> 00:25:04,680 Speaker 1: are some other options like that? So you can invest 569 00:25:04,720 --> 00:25:07,560 Speaker 1: in real estate? You can? You can invest in real estate. 570 00:25:07,560 --> 00:25:09,399 Speaker 1: We see people that have you know, built you know, 571 00:25:09,480 --> 00:25:11,679 Speaker 1: there's billionaires in this country that have built it on 572 00:25:11,720 --> 00:25:14,639 Speaker 1: real estate. Um, you know you can do it in 573 00:25:14,680 --> 00:25:17,719 Speaker 1: the market. Um, you can do it. You know if 574 00:25:17,720 --> 00:25:20,919 Speaker 1: through buying other businesses, um, you know, you can do 575 00:25:20,960 --> 00:25:23,119 Speaker 1: all these different things that will work. You know, just 576 00:25:23,240 --> 00:25:26,240 Speaker 1: understand that every every single one of those investments has 577 00:25:26,280 --> 00:25:29,399 Speaker 1: its inherent risks and also it's inherent you know, potentials 578 00:25:29,720 --> 00:25:31,679 Speaker 1: you know, if you buy real estate, the risk is 579 00:25:32,119 --> 00:25:35,360 Speaker 1: you don't rent it, or there's major damage that isn't 580 00:25:35,359 --> 00:25:38,760 Speaker 1: covered by insurance, or you know, there's all these repairs, 581 00:25:38,800 --> 00:25:41,280 Speaker 1: all these other things. But the benefits are you know, 582 00:25:41,359 --> 00:25:43,600 Speaker 1: maybe there's tax benefits along with that. There's there's that 583 00:25:43,640 --> 00:25:46,920 Speaker 1: monthly cash flow hopefully from the from the investments. When 584 00:25:46,920 --> 00:25:49,760 Speaker 1: we look at the market, um, you know, stock market, 585 00:25:50,119 --> 00:25:52,199 Speaker 1: the benefits are a lot of times, you know, you 586 00:25:52,240 --> 00:25:54,440 Speaker 1: can allocate those funds and you don't have to spend 587 00:25:54,480 --> 00:25:56,679 Speaker 1: a lot of time on it, I mean, micromanaging what 588 00:25:56,720 --> 00:25:59,000 Speaker 1: all these you know, companies are doing in your portfolio. 589 00:25:59,080 --> 00:26:01,240 Speaker 1: You're just kind of pretty it across, you know, maybe 590 00:26:01,280 --> 00:26:04,560 Speaker 1: an index or these other things. Um. And you know, 591 00:26:05,240 --> 00:26:07,320 Speaker 1: one concern we hear from a lot of business owners 592 00:26:07,320 --> 00:26:09,159 Speaker 1: that aren't in the stock market is well, I just 593 00:26:09,200 --> 00:26:12,000 Speaker 1: don't feel like I could control the stock market. And 594 00:26:12,000 --> 00:26:13,840 Speaker 1: and I hear what they're saying, you know, because at 595 00:26:13,840 --> 00:26:15,520 Speaker 1: the end of day, we can't control what ealing must 596 00:26:15,520 --> 00:26:18,359 Speaker 1: does or one of these other CEOs. But then I 597 00:26:18,480 --> 00:26:20,280 Speaker 1: like to turn the tables a little bit and say, okay, 598 00:26:20,280 --> 00:26:22,159 Speaker 1: so you can control when your tenant pays rent and 599 00:26:22,160 --> 00:26:23,560 Speaker 1: you can control that they punched a hole in the 600 00:26:23,560 --> 00:26:26,480 Speaker 1: wall and control that the pipe burst or neats your house, 601 00:26:26,720 --> 00:26:28,200 Speaker 1: and you can control the government telling you that you 602 00:26:28,240 --> 00:26:31,360 Speaker 1: can evict them. And you know, so everything everything's got 603 00:26:31,359 --> 00:26:33,560 Speaker 1: its pros and its cons. And then buying, you know, 604 00:26:33,560 --> 00:26:35,560 Speaker 1: if you bought a business outside of the business you 605 00:26:35,560 --> 00:26:37,760 Speaker 1: own or outside of the you know, employment that you have, 606 00:26:38,480 --> 00:26:40,800 Speaker 1: the risks are you know, everything you can imagine from 607 00:26:41,080 --> 00:26:43,280 Speaker 1: employees not showing up two products, not going out to 608 00:26:43,320 --> 00:26:45,960 Speaker 1: all those other things. Um, and so it really just 609 00:26:46,040 --> 00:26:49,440 Speaker 1: depends and you know, diversifying out. Listen to a podcast 610 00:26:49,480 --> 00:26:53,520 Speaker 1: this morning with one of those. It was that great 611 00:26:53,520 --> 00:26:54,879 Speaker 1: pod because I didn't think I'd like it as much. 612 00:26:54,960 --> 00:26:57,280 Speaker 1: But one of the uh is it the sway House? 613 00:26:57,320 --> 00:26:58,879 Speaker 1: I think that's right, one of those guys in l 614 00:26:58,920 --> 00:27:02,399 Speaker 1: A that you know is of the big tiktoker's. Yeah, yeah, 615 00:27:02,440 --> 00:27:04,680 Speaker 1: I can't even remember his name, but it was really 616 00:27:04,680 --> 00:27:07,639 Speaker 1: good because he was talking about he got popular, you know, 617 00:27:07,680 --> 00:27:09,960 Speaker 1: I think it was on one platform, maybe TikTok or 618 00:27:09,960 --> 00:27:12,159 Speaker 1: one of those. And then he said, you know this 619 00:27:12,240 --> 00:27:14,280 Speaker 1: is great, but you know what if TikTok's gets gets 620 00:27:14,320 --> 00:27:16,720 Speaker 1: totally and so he got on you know, YouTube and 621 00:27:16,760 --> 00:27:18,960 Speaker 1: then Instagram and then you know all these other several 622 00:27:18,960 --> 00:27:21,040 Speaker 1: ones I hadn't heard of, And He's like, it wasn't 623 00:27:21,280 --> 00:27:23,119 Speaker 1: trying to make all those big. It was just to 624 00:27:23,200 --> 00:27:25,440 Speaker 1: make sure I'm getting my message out across multiple platforms. 625 00:27:25,440 --> 00:27:27,880 Speaker 1: And now you know, we almost saw TikTok getting shut 626 00:27:27,920 --> 00:27:30,320 Speaker 1: down in the US. Um. You know, we're seeing you know, 627 00:27:30,400 --> 00:27:33,720 Speaker 1: the president getting kicked off you social media platforms. And 628 00:27:33,800 --> 00:27:36,439 Speaker 1: so I do think every industry can diverse by in 629 00:27:36,560 --> 00:27:38,600 Speaker 1: some form or fashion. I try to do that in 630 00:27:38,640 --> 00:27:40,639 Speaker 1: my business as well. You know, what if what if 631 00:27:40,640 --> 00:27:43,720 Speaker 1: there's regulation changes or industry changes or those types of things, 632 00:27:43,720 --> 00:27:46,080 Speaker 1: how can I be very nimble of what I do? Yeah, 633 00:27:46,119 --> 00:27:48,800 Speaker 1: I think that's so so so important. And maybe that 634 00:27:48,880 --> 00:27:50,600 Speaker 1: is a it's a situation like you're saying, like, maybe 635 00:27:50,680 --> 00:27:52,639 Speaker 1: it is some real estate and maybe it is some 636 00:27:53,320 --> 00:27:56,600 Speaker 1: business investments or brokerage accounts or anything like that. What 637 00:27:56,640 --> 00:27:59,040 Speaker 1: would you say to the person, um, because I think 638 00:27:59,080 --> 00:28:01,919 Speaker 1: all of this is super ful information. If you are 639 00:28:01,960 --> 00:28:04,399 Speaker 1: in a financially secure place, what would you say the 640 00:28:04,440 --> 00:28:06,879 Speaker 1: person this year? I mean, especially in Nashville, if you're 641 00:28:06,880 --> 00:28:09,160 Speaker 1: a small business owner, talk about a rough year. We've 642 00:28:09,160 --> 00:28:13,200 Speaker 1: had the tornado We've had the downtown bombing and COVID, 643 00:28:13,320 --> 00:28:17,119 Speaker 1: and so what if you're just like investment, so, you know, 644 00:28:17,160 --> 00:28:19,720 Speaker 1: like retirement, I can't even think about that. What is 645 00:28:19,760 --> 00:28:23,200 Speaker 1: the smallest, simplest thing that you can do to just 646 00:28:23,280 --> 00:28:25,960 Speaker 1: get started. I would say, you know, dip your toe 647 00:28:26,000 --> 00:28:28,040 Speaker 1: in the water on something. I think you've got to 648 00:28:28,040 --> 00:28:30,199 Speaker 1: do something. I I really do think you're going to 649 00:28:30,960 --> 00:28:33,320 Speaker 1: regret it long term if you're just hunker down and 650 00:28:33,320 --> 00:28:35,640 Speaker 1: sit on a bunch of cash. Yeah. I just think 651 00:28:35,640 --> 00:28:37,320 Speaker 1: that's very difficult. And the reason I say that is 652 00:28:37,880 --> 00:28:39,640 Speaker 1: you might think, well, at least I'm not losing money, 653 00:28:39,640 --> 00:28:41,720 Speaker 1: but I would turn the tables on you and tell you, yeah, 654 00:28:41,760 --> 00:28:43,800 Speaker 1: you are. You know, if if we look at you know, 655 00:28:43,840 --> 00:28:48,600 Speaker 1: inflation being to you know historically long term, well, by 656 00:28:48,680 --> 00:28:50,280 Speaker 1: you know, sitting on a bunch of cash, you're losing 657 00:28:50,320 --> 00:28:52,640 Speaker 1: your your purchase power long term because the cost of 658 00:28:52,680 --> 00:28:55,280 Speaker 1: goods are rising and you're not money is not keeping 659 00:28:55,280 --> 00:28:57,560 Speaker 1: pace with it. So gep your toe in the water, 660 00:28:57,680 --> 00:29:00,239 Speaker 1: you know, and try to start learning about, you know, 661 00:29:00,320 --> 00:29:03,000 Speaker 1: a retirement account, try to start learning about brokerage account, 662 00:29:03,040 --> 00:29:05,400 Speaker 1: you know. Chat with a realtor or mortgage professional or 663 00:29:05,520 --> 00:29:07,640 Speaker 1: a real state investor, you know, if that's the direction 664 00:29:07,680 --> 00:29:09,040 Speaker 1: you want to go, and just kind of say, tell 665 00:29:09,080 --> 00:29:11,280 Speaker 1: me about your journey. How did you do it, what 666 00:29:11,360 --> 00:29:13,520 Speaker 1: did you like? What were the mistakes you make? Do 667 00:29:13,520 --> 00:29:17,040 Speaker 1: you still like it? I talked with Ay, had had 668 00:29:17,120 --> 00:29:20,640 Speaker 1: lunch with a guy that last was I think two 669 00:29:20,720 --> 00:29:23,520 Speaker 1: years ago. He kind of went on a rampage and 670 00:29:23,560 --> 00:29:26,800 Speaker 1: bought I think he said, two small little apartment complexes, 671 00:29:26,840 --> 00:29:28,920 Speaker 1: like eight units each, and then he bought like three 672 00:29:28,920 --> 00:29:31,360 Speaker 1: other rental properties and he goes, I was on my 673 00:29:31,440 --> 00:29:34,000 Speaker 1: way to building this master rental portfolio, and he goes, 674 00:29:34,480 --> 00:29:38,000 Speaker 1: and I just didn't like it. It wasn't funny. He goes. 675 00:29:38,000 --> 00:29:39,880 Speaker 1: We were having issues with tenants. He goes, and so 676 00:29:39,920 --> 00:29:41,440 Speaker 1: I hire a property manager because I just don't want 677 00:29:41,440 --> 00:29:43,520 Speaker 1: to deal with stuff. And then I had issues with 678 00:29:43,600 --> 00:29:45,480 Speaker 1: a property manager, and so my other buddy told me, what, 679 00:29:45,520 --> 00:29:47,760 Speaker 1: you gotta hire manager to manager property manager, and he goes, 680 00:29:47,960 --> 00:29:49,600 Speaker 1: I just I don't want to deal with this because 681 00:29:49,600 --> 00:29:51,680 Speaker 1: I make it. I make enough money to where, you know, 682 00:29:52,040 --> 00:29:53,680 Speaker 1: I can do other things that I'm a little more 683 00:29:53,720 --> 00:29:56,120 Speaker 1: comfortable with, and so it's not for everyone. And then 684 00:29:56,120 --> 00:29:58,640 Speaker 1: I've got other friends who literally don't have a job. 685 00:29:58,920 --> 00:30:01,440 Speaker 1: They quit their nine to five in their upper thirties 686 00:30:01,640 --> 00:30:04,400 Speaker 1: and they just travel the country and they just make 687 00:30:04,440 --> 00:30:08,360 Speaker 1: income off their properties and so like, it just depends 688 00:30:08,400 --> 00:30:10,360 Speaker 1: on what do you want. You know, what is your future. 689 00:30:10,400 --> 00:30:12,120 Speaker 1: I can't tell you what your future looks like or 690 00:30:12,160 --> 00:30:14,600 Speaker 1: what your dreams are. You have to be able to articulate. 691 00:30:14,640 --> 00:30:16,760 Speaker 1: If you can't articulate those, that's the first step. What 692 00:30:16,800 --> 00:30:18,720 Speaker 1: do you want? You got to figure that out and 693 00:30:18,760 --> 00:30:20,600 Speaker 1: then just back into it. And if you're not good 694 00:30:20,600 --> 00:30:23,160 Speaker 1: at backing into it, then you know, hire people that 695 00:30:23,200 --> 00:30:26,400 Speaker 1: are hire cps, hire financial advisors, hire these other people 696 00:30:26,680 --> 00:30:28,880 Speaker 1: until you feel comfortable you've taken on yourself, or you 697 00:30:28,920 --> 00:30:30,960 Speaker 1: just partner with them as you go. I think that 698 00:30:31,000 --> 00:30:33,840 Speaker 1: has been one of the biggest lessons as a business 699 00:30:33,840 --> 00:30:36,120 Speaker 1: owner or self employed person that I have learned is 700 00:30:36,400 --> 00:30:38,120 Speaker 1: just like you said at the beginning of this podcast, 701 00:30:38,360 --> 00:30:41,280 Speaker 1: you really have to invest in whatever your skill is 702 00:30:41,400 --> 00:30:44,320 Speaker 1: or whatever your business is because that is what makes 703 00:30:44,360 --> 00:30:46,600 Speaker 1: it successful. Right, So you really hone in on that 704 00:30:46,640 --> 00:30:49,280 Speaker 1: one thing. And as a business owner, there are so 705 00:30:49,320 --> 00:30:52,120 Speaker 1: many different things flying at you every single day. I'm 706 00:30:52,120 --> 00:30:54,560 Speaker 1: sure you focused too. And when you have employees or 707 00:30:54,960 --> 00:30:58,040 Speaker 1: and you just there's absolutely the best thing I ever 708 00:30:58,040 --> 00:31:00,400 Speaker 1: admitted was that I just don't know how to do everything, 709 00:31:01,040 --> 00:31:03,160 Speaker 1: and then and then to go ask for help. And 710 00:31:03,200 --> 00:31:05,080 Speaker 1: I love what you're saying to you about go pick up, 711 00:31:05,240 --> 00:31:07,680 Speaker 1: Go pick out people who you see that you like 712 00:31:07,760 --> 00:31:10,240 Speaker 1: what they're doing or they've been successful in the industry, 713 00:31:10,280 --> 00:31:12,360 Speaker 1: and just ask questions. If that's not a great way 714 00:31:12,400 --> 00:31:14,480 Speaker 1: to get started, I don't know what is. And that's 715 00:31:14,480 --> 00:31:16,280 Speaker 1: what I did, you know, my career, and not just 716 00:31:16,320 --> 00:31:18,440 Speaker 1: from a financial advisor standpoint, which I did. I would 717 00:31:19,040 --> 00:31:21,560 Speaker 1: my first you know, two years in the business, I 718 00:31:21,680 --> 00:31:24,520 Speaker 1: literally to joint work when I can't tell you how 719 00:31:24,560 --> 00:31:27,520 Speaker 1: many other advisors uh. And it was not because I 720 00:31:27,560 --> 00:31:30,400 Speaker 1: thought they were maybe great or not great, or I 721 00:31:30,480 --> 00:31:32,360 Speaker 1: wanted to, you know, steal stuff from them. It was 722 00:31:32,360 --> 00:31:34,640 Speaker 1: simply a standpoint of, Hey, I'm doing the business. I've 723 00:31:34,640 --> 00:31:36,600 Speaker 1: got these clients. I think need help. I think I 724 00:31:36,680 --> 00:31:38,200 Speaker 1: know what to do, but I'm not a hun percent 725 00:31:38,240 --> 00:31:40,360 Speaker 1: would you go with me? And I picked up just 726 00:31:40,440 --> 00:31:43,200 Speaker 1: some great nuggets from these other advisors in my business. 727 00:31:43,440 --> 00:31:45,200 Speaker 1: But on the flip side, they were also teams were 728 00:31:45,240 --> 00:31:47,520 Speaker 1: of it. I don't think I want to do it 729 00:31:47,560 --> 00:31:50,360 Speaker 1: that way. I don't think the client responded very well 730 00:31:50,360 --> 00:31:52,680 Speaker 1: to that. And then on the other side, I've done 731 00:31:52,720 --> 00:31:55,320 Speaker 1: the same thing with investing, you know, of I've just 732 00:31:55,440 --> 00:31:58,080 Speaker 1: I can't tell you how many lunches or you know, 733 00:31:58,160 --> 00:32:01,120 Speaker 1: coffees that I've had with uh, you know, real estate investors. 734 00:32:01,120 --> 00:32:02,719 Speaker 1: I just said, tell me, tell me about what you 735 00:32:02,760 --> 00:32:04,520 Speaker 1: like about it or or how would you do differently, 736 00:32:04,600 --> 00:32:06,880 Speaker 1: or did you get started or And it's just a 737 00:32:06,920 --> 00:32:09,600 Speaker 1: process of discovery over time to where you you can 738 00:32:09,800 --> 00:32:11,520 Speaker 1: you can either seek out the or you know, figure 739 00:32:11,520 --> 00:32:13,440 Speaker 1: out the information on your own, or you can have 740 00:32:13,480 --> 00:32:15,280 Speaker 1: others kind of feed that to you. And I think 741 00:32:15,320 --> 00:32:17,160 Speaker 1: both are pretty good because you can kind of determine, 742 00:32:17,280 --> 00:32:19,600 Speaker 1: you know, where you fall on what your investment philosophies are. Yeah, 743 00:32:19,760 --> 00:32:22,760 Speaker 1: never hurts to keep asking questions. I don't just keep 744 00:32:22,760 --> 00:32:25,560 Speaker 1: asking questions. Again, what I hear from you is take 745 00:32:25,600 --> 00:32:28,560 Speaker 1: the next right step, just get started and whatever capacity 746 00:32:28,600 --> 00:32:30,480 Speaker 1: that looks like. And I think the other big thing 747 00:32:30,480 --> 00:32:33,800 Speaker 1: I'm taking away is just to divide, to diversify. I 748 00:32:33,840 --> 00:32:36,600 Speaker 1: love that tip. I think that is huge, not not 749 00:32:36,640 --> 00:32:39,560 Speaker 1: only in investments, but also you know, in your business practices. 750 00:32:39,600 --> 00:32:42,760 Speaker 1: You know kind of always think, hey, worst I'm trying 751 00:32:42,760 --> 00:32:44,320 Speaker 1: to think what the saying was. But there was a 752 00:32:44,320 --> 00:32:45,960 Speaker 1: guy that I knew where he always kind of had 753 00:32:46,040 --> 00:32:47,320 Speaker 1: the what you say. I think it was like the 754 00:32:47,320 --> 00:32:48,920 Speaker 1: bomb drill is what he called it, which you know, 755 00:32:48,960 --> 00:32:51,400 Speaker 1: you gotta be careful with what happened Nashville, but bomb 756 00:32:51,480 --> 00:32:53,760 Speaker 1: drill to where something happened to his business, could he 757 00:32:53,800 --> 00:32:56,960 Speaker 1: survive like worst case scenario, you know, uh, it gets 758 00:32:56,960 --> 00:32:59,400 Speaker 1: shut down or you know a product line you know, 759 00:32:59,440 --> 00:33:01,920 Speaker 1: gets complete, be scratched or something like that, like how 760 00:33:01,960 --> 00:33:04,200 Speaker 1: would he? And so that really helped build his business 761 00:33:04,200 --> 00:33:06,880 Speaker 1: and kept them from a lot of pitfalls. Yeah, Daniel, 762 00:33:06,920 --> 00:33:09,520 Speaker 1: thank you so much. This is so helpful. As always. 763 00:33:09,520 --> 00:33:11,480 Speaker 1: Where can people find you if they have more questions 764 00:33:11,520 --> 00:33:15,080 Speaker 1: for you? Yeah? Yeah, So we are you know, on Facebook, 765 00:33:15,120 --> 00:33:17,920 Speaker 1: and then we also have a website www. Dot Burke 766 00:33:18,120 --> 00:33:20,120 Speaker 1: my last name b r k E and then the 767 00:33:20,200 --> 00:33:23,960 Speaker 1: letter F and G dot com So Burke Financial Group 768 00:33:24,000 --> 00:33:28,360 Speaker 1: dot com group dot com. You got it. We're gonna 769 00:33:28,440 --> 00:33:31,400 Speaker 1: we're gonna really work on adulting this next year in 770 00:33:32,080 --> 00:33:33,960 Speaker 1: one here on bolts Edge that it's like my new 771 00:33:34,080 --> 00:33:37,240 Speaker 1: thing to get back to taking responsibility for your own 772 00:33:37,280 --> 00:33:40,520 Speaker 1: life and even in the unpredictable times the next right 773 00:33:40,560 --> 00:33:42,600 Speaker 1: step that we can all take. So I really appreciate 774 00:33:42,600 --> 00:33:44,960 Speaker 1: you being here. I know the listeners do as well. 775 00:33:45,080 --> 00:33:48,120 Speaker 1: Thanks again, thanks so much. Bye,