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So go to buy 17 00:00:51,520 --> 00:00:54,640 Speaker 1: Recon dot com slash I heart to get off your 18 00:00:54,720 --> 00:00:58,320 Speaker 1: order that's by Recon dot com slash I Heart for 19 00:00:59,080 --> 00:01:01,320 Speaker 1: off Recon why or listen ear buds. If you've been 20 00:01:01,320 --> 00:01:03,240 Speaker 1: eyeing a parent, now is the time to get an 21 00:01:03,240 --> 00:01:07,120 Speaker 1: amazing deal one more time by raycon dot com Slash 22 00:01:07,280 --> 00:01:10,240 Speaker 1: my heart, but next guest is on the phone. He 23 00:01:10,360 --> 00:01:13,319 Speaker 1: is a family man, a businessman, and the author of 24 00:01:13,319 --> 00:01:16,280 Speaker 1: The Common Sense Bowl, The Keys to the Good Life 25 00:01:16,280 --> 00:01:19,400 Speaker 1: Before and Doing Retirement. He's also one of the partners 26 00:01:19,400 --> 00:01:22,560 Speaker 1: and the Key Advisors Group, LLC. Located in the state 27 00:01:22,600 --> 00:01:26,480 Speaker 1: of Delaware. It's an independent financial advisory company. They focused 28 00:01:26,520 --> 00:01:31,039 Speaker 1: on providing customized retirement planning strategies that are designed to 29 00:01:31,080 --> 00:01:34,960 Speaker 1: work towards meeting each client's specific goals. Please welcome to 30 00:01:35,000 --> 00:01:39,360 Speaker 1: money Making Conversation. Eddie, good boy. Thank you so much 31 00:01:39,360 --> 00:01:41,320 Speaker 1: for having me on your show. Well, it's good seen 32 00:01:41,360 --> 00:01:43,480 Speaker 1: you one on TV all the time and you know 33 00:01:43,680 --> 00:01:46,240 Speaker 1: my you know, good looking guy. I guess that's why 34 00:01:46,240 --> 00:01:47,880 Speaker 1: you keep you on TV. Or you're a smart guy. 35 00:01:47,920 --> 00:01:52,560 Speaker 1: What you want for debate is not the debate with 36 00:01:52,560 --> 00:01:55,520 Speaker 1: your wife because she married you and your son is 37 00:01:55,560 --> 00:01:58,480 Speaker 1: happy because they're good looking at young men too. How 38 00:01:58,560 --> 00:02:01,560 Speaker 1: you doing today? You're in the state of Delaware. Delaware? 39 00:02:01,600 --> 00:02:04,480 Speaker 1: Is that is that a tax state? Uh? Did these 40 00:02:04,520 --> 00:02:07,000 Speaker 1: charge income tax in the state of Delaware as a 41 00:02:07,120 --> 00:02:10,120 Speaker 1: it's a tax free state. Yes, there is income tax 42 00:02:10,240 --> 00:02:13,799 Speaker 1: on in Delaware, but there's no sales tax, and their 43 00:02:13,840 --> 00:02:16,600 Speaker 1: property taxes are very very low in the state of Delaware. 44 00:02:16,600 --> 00:02:18,480 Speaker 1: And then the area that I live in, which is 45 00:02:18,800 --> 00:02:22,600 Speaker 1: uh Lewis Beach area, is becoming one of the fastest 46 00:02:22,680 --> 00:02:26,280 Speaker 1: growing areas per capita in the country for retirees because 47 00:02:26,320 --> 00:02:28,320 Speaker 1: of how low the cost of living is. So we're 48 00:02:28,320 --> 00:02:30,440 Speaker 1: getting a ton of people from New York, New Jersey, 49 00:02:30,480 --> 00:02:34,000 Speaker 1: Connecticut uh DC area that are actually moving to the 50 00:02:34,040 --> 00:02:37,360 Speaker 1: small state of Delaware for those economic reasons. Now what 51 00:02:37,520 --> 00:02:40,079 Speaker 1: benefit what what? What? How would that benefit the state 52 00:02:40,120 --> 00:02:43,519 Speaker 1: of Delaware an older population coming into the state of 53 00:02:43,560 --> 00:02:46,240 Speaker 1: Delaware like that. Well, one of the biggest things that 54 00:02:46,320 --> 00:02:49,080 Speaker 1: helps Delaware is when a lot of the real estate 55 00:02:49,120 --> 00:02:52,079 Speaker 1: transactions brings a tremendous amount of revenue to the state 56 00:02:52,120 --> 00:02:54,520 Speaker 1: of Delaware because they charge a transfer tax of four 57 00:02:54,600 --> 00:02:59,360 Speaker 1: percent uh for every property that's spot or sold. So 58 00:02:59,440 --> 00:03:01,360 Speaker 1: you can image aagine with all the people moving to 59 00:03:01,400 --> 00:03:04,919 Speaker 1: the state of Delaware. Uh, those transactions do generate quite 60 00:03:04,919 --> 00:03:07,240 Speaker 1: a bit of revenue, and they tax the pensions at 61 00:03:07,240 --> 00:03:09,400 Speaker 1: the state level too, so that brings in state income 62 00:03:09,440 --> 00:03:12,080 Speaker 1: tax for the state of Delaware. Okay, that's how you're working. So, 63 00:03:12,200 --> 00:03:14,920 Speaker 1: my friend, I've read your book and jarred the book. 64 00:03:15,120 --> 00:03:17,000 Speaker 1: But one of the big takeaways I got from the 65 00:03:17,000 --> 00:03:20,240 Speaker 1: book was it you really I think I've a clear 66 00:03:20,360 --> 00:03:23,680 Speaker 1: understand how to balance your family and your professional life. 67 00:03:23,760 --> 00:03:27,600 Speaker 1: Is that correct? That is exactly correct? And I haven't always. 68 00:03:27,760 --> 00:03:30,160 Speaker 1: I didn't always have that perspective. When I first got 69 00:03:30,160 --> 00:03:32,320 Speaker 1: into business twenty years ago, I was just so focused 70 00:03:32,320 --> 00:03:37,080 Speaker 1: on my career and uh frankly accumulating a uh strong 71 00:03:37,200 --> 00:03:39,480 Speaker 1: net worth that I did not have a balance in 72 00:03:39,520 --> 00:03:42,320 Speaker 1: my life. And then I started getting coaching, professional coaching 73 00:03:43,320 --> 00:03:46,200 Speaker 1: on myself for my business and my personal life, and 74 00:03:46,240 --> 00:03:48,120 Speaker 1: it was a game changer. Not only do I have 75 00:03:48,200 --> 00:03:51,960 Speaker 1: more balance, but my income and net worth went up. 76 00:03:52,000 --> 00:03:53,920 Speaker 1: It was crazy how it works. But yeah, so I 77 00:03:53,960 --> 00:03:57,200 Speaker 1: try to really focus and coach on our clients is 78 00:03:57,240 --> 00:03:59,840 Speaker 1: to have that balance in life, because to be bl 79 00:04:00,040 --> 00:04:02,080 Speaker 1: I've met a lot of wealthy people who are miserable 80 00:04:02,120 --> 00:04:04,280 Speaker 1: because they don't have that balance. But we're on the 81 00:04:04,280 --> 00:04:07,040 Speaker 1: phone with Edie Goober. He's the author of the book 82 00:04:07,080 --> 00:04:10,320 Speaker 1: The Common Sensible The Keys to the Good Life Before 83 00:04:10,400 --> 00:04:14,040 Speaker 1: and During retirement, Um, I really appreciate you saying that 84 00:04:14,120 --> 00:04:16,800 Speaker 1: about it, because I I struggle with having a balanced life. 85 00:04:16,800 --> 00:04:20,599 Speaker 1: I disrust I success was my priority. So when I 86 00:04:20,640 --> 00:04:23,760 Speaker 1: when I meet a young man like you who figured 87 00:04:23,760 --> 00:04:26,000 Speaker 1: it out, you know I didn't figure it out at 88 00:04:26,040 --> 00:04:30,240 Speaker 1: your age. So congratulations. I'll do a lot of health 89 00:04:30,240 --> 00:04:32,479 Speaker 1: and mentoring for sure. Yeah, And it really is. And 90 00:04:32,560 --> 00:04:35,400 Speaker 1: also I guess you have to trust yourself too. I 91 00:04:35,400 --> 00:04:37,840 Speaker 1: think trust is involved in the process too, because it's 92 00:04:37,880 --> 00:04:40,440 Speaker 1: about not wanting to miss out of an opportunity or 93 00:04:40,480 --> 00:04:42,680 Speaker 1: feeling is you will miss it on an opportunity if 94 00:04:42,720 --> 00:04:45,200 Speaker 1: you don't if you don't stay committed, if you don't 95 00:04:45,200 --> 00:04:48,039 Speaker 1: stay on the grind. So when you say mentoring, and 96 00:04:48,480 --> 00:04:51,160 Speaker 1: because a degree of maturity and acceptance of your role 97 00:04:51,600 --> 00:04:53,920 Speaker 1: with your family, and well it's your business because you 98 00:04:53,960 --> 00:04:56,160 Speaker 1: have a business partner who also trust you as well. 99 00:04:56,240 --> 00:04:57,960 Speaker 1: We get we'll get into that in a minute, but 100 00:04:58,360 --> 00:05:00,640 Speaker 1: I just want to just just a little bit more 101 00:05:00,640 --> 00:05:03,360 Speaker 1: on that, that balanced life because because you mentioned in 102 00:05:03,400 --> 00:05:05,960 Speaker 1: your book, you know, your your pictures of your your families. 103 00:05:06,000 --> 00:05:08,280 Speaker 1: In the book you talk about your two sons and 104 00:05:08,360 --> 00:05:12,240 Speaker 1: your book, and that is amidst all the great information 105 00:05:12,279 --> 00:05:15,839 Speaker 1: you talk about UH and finances and how to balance 106 00:05:15,880 --> 00:05:18,440 Speaker 1: yourself and get ready for retirement as well as living 107 00:05:18,440 --> 00:05:20,960 Speaker 1: the current life that you have now. But that that 108 00:05:20,960 --> 00:05:22,840 Speaker 1: that really stood out for me, and I thought I 109 00:05:22,880 --> 00:05:25,040 Speaker 1: wanted to let you expound just a little bit more 110 00:05:25,080 --> 00:05:28,680 Speaker 1: on that. How did you figure it out? You know? Well, 111 00:05:28,720 --> 00:05:30,599 Speaker 1: you know I figured it out, like I said, when 112 00:05:30,600 --> 00:05:33,120 Speaker 1: I when I got some coaching and talking about balance, 113 00:05:33,160 --> 00:05:36,440 Speaker 1: and I actually talked to some really successful people that 114 00:05:36,600 --> 00:05:39,000 Speaker 1: told me that when they started to focus more on 115 00:05:39,040 --> 00:05:42,159 Speaker 1: a balance, that they actually were more productive at work, 116 00:05:42,960 --> 00:05:45,920 Speaker 1: and that productiveness when they were there, so maybe per 117 00:05:45,960 --> 00:05:49,080 Speaker 1: hour every week, we're not working as many hours as 118 00:05:49,080 --> 00:05:51,000 Speaker 1: we were in the beginning when we're trying to grind 119 00:05:51,080 --> 00:05:53,839 Speaker 1: and not miss out on opportunities. To your point, and 120 00:05:53,920 --> 00:05:55,960 Speaker 1: I used to always think, well, if I'm not in 121 00:05:56,040 --> 00:06:00,760 Speaker 1: my office grinding my competition is I'm losing an opportunity. 122 00:06:00,800 --> 00:06:03,920 Speaker 1: And what I found out was by having more balance 123 00:06:04,279 --> 00:06:07,560 Speaker 1: in my life, I did not I was more productive 124 00:06:07,600 --> 00:06:09,920 Speaker 1: working less hours. And I know it's hard for someone 125 00:06:09,960 --> 00:06:14,440 Speaker 1: to conceptually think about that, but you're sharper, you're happier, 126 00:06:14,880 --> 00:06:18,440 Speaker 1: and that shows you have opportunities that come across your 127 00:06:18,560 --> 00:06:22,040 Speaker 1: desk that you probably would not have seen otherwise because 128 00:06:22,040 --> 00:06:25,200 Speaker 1: you were blinded by other things. And I think as 129 00:06:25,200 --> 00:06:29,039 Speaker 1: a father, one of the biggest rewards is watching my 130 00:06:29,120 --> 00:06:31,560 Speaker 1: kids grow and trying to raise them in a way 131 00:06:31,600 --> 00:06:35,719 Speaker 1: that will be proud of them and give them security 132 00:06:35,720 --> 00:06:39,480 Speaker 1: and success, not just financially, but as a family. You know, 133 00:06:39,600 --> 00:06:43,080 Speaker 1: there's many people that probably look back at their business 134 00:06:43,080 --> 00:06:45,560 Speaker 1: careers and say, boy, I wish I would not have 135 00:06:45,640 --> 00:06:49,119 Speaker 1: missed my son's football game baseball game due to that meeting, 136 00:06:49,160 --> 00:06:52,400 Speaker 1: and so I made their priority. My clients understand it. 137 00:06:52,680 --> 00:06:55,760 Speaker 1: I work my business schedule around my kids schedule. I 138 00:06:55,800 --> 00:06:58,560 Speaker 1: coached them in football, I coached them in baseball. I 139 00:06:58,600 --> 00:07:03,080 Speaker 1: do not miss any of their trips at school, and frankly, 140 00:07:03,120 --> 00:07:05,839 Speaker 1: I take that same family approach with our clients, and 141 00:07:05,880 --> 00:07:08,000 Speaker 1: our clients know that when they come, if we take 142 00:07:08,040 --> 00:07:09,600 Speaker 1: them on as a client, that they're going to get 143 00:07:09,640 --> 00:07:12,680 Speaker 1: that same treatment as if they are family, because family 144 00:07:12,760 --> 00:07:16,240 Speaker 1: is my top priority, and hopefully the goal long term 145 00:07:16,320 --> 00:07:19,560 Speaker 1: is it will mold my kids into being good people 146 00:07:19,680 --> 00:07:24,280 Speaker 1: and successful as well too. That as well, said my friend, 147 00:07:24,600 --> 00:07:27,280 Speaker 1: let's talk about you figuring it out at such a 148 00:07:27,320 --> 00:07:30,240 Speaker 1: young age, at the age of twenty two uh potential 149 00:07:30,480 --> 00:07:34,120 Speaker 1: as where you was employed by your current business partner, Doug, 150 00:07:34,840 --> 00:07:38,200 Speaker 1: and then two years later he decided to make you 151 00:07:38,240 --> 00:07:42,720 Speaker 1: a business partner. Yes. I always joke with him and said, boy, 152 00:07:42,800 --> 00:07:45,520 Speaker 1: your family and friends probably thought you were nuts to 153 00:07:45,600 --> 00:07:48,120 Speaker 1: trust someone in their early twenties with only two years 154 00:07:48,120 --> 00:07:53,120 Speaker 1: of experience to be a full business partner. Um to lose, 155 00:07:53,200 --> 00:07:55,280 Speaker 1: and I did. I didn't have a dime to my name, 156 00:07:55,360 --> 00:07:58,520 Speaker 1: I did not have kids or a wife. So to me, 157 00:07:59,640 --> 00:08:02,440 Speaker 1: I had no idea the risk that I was taking 158 00:08:02,480 --> 00:08:04,760 Speaker 1: by just going out on my own and saying I'm 159 00:08:04,800 --> 00:08:07,240 Speaker 1: not gonna have any paycheck unless I generate it myself. 160 00:08:08,160 --> 00:08:11,160 Speaker 1: But frankly, because of that trust he put in me, 161 00:08:11,680 --> 00:08:14,240 Speaker 1: it put a lot of pressure on myself and my 162 00:08:14,480 --> 00:08:17,160 Speaker 1: drive was to make sure that he did not look 163 00:08:17,200 --> 00:08:19,640 Speaker 1: like he made a foolish decision. So my business partner, 164 00:08:19,720 --> 00:08:23,160 Speaker 1: Doug Ferris, is one of the greatest human beings I've 165 00:08:23,200 --> 00:08:27,400 Speaker 1: ever met. He's like a big brother to me, and 166 00:08:27,640 --> 00:08:31,800 Speaker 1: we have been working together for twenty years and I think, 167 00:08:31,800 --> 00:08:35,079 Speaker 1: looking back now, has risk hopefully he feels has paid off, 168 00:08:35,640 --> 00:08:39,840 Speaker 1: and it's just been a wonderful business relationship because when 169 00:08:39,880 --> 00:08:43,200 Speaker 1: you're running a business. It's not all rose pedals. I 170 00:08:43,240 --> 00:08:45,240 Speaker 1: know some people think that it is, but there's lots 171 00:08:45,280 --> 00:08:48,240 Speaker 1: of challenges that you face on a weekly, monthly, yearly 172 00:08:48,280 --> 00:08:51,000 Speaker 1: basis and having that support system around you with not 173 00:08:51,040 --> 00:08:54,319 Speaker 1: only a good staff, but in my scenario, a business 174 00:08:54,360 --> 00:08:57,280 Speaker 1: partner that I can talk to openly, uh and has 175 00:08:57,320 --> 00:09:00,240 Speaker 1: mentored me because he's nineteen years older than I him. 176 00:09:00,720 --> 00:09:03,440 Speaker 1: I owe a tremendous a tremendous amount of credit to 177 00:09:04,200 --> 00:09:07,360 Speaker 1: our success to him because he took a big risk 178 00:09:07,440 --> 00:09:10,640 Speaker 1: on me. He trained me, he taught me everything he knows, 179 00:09:10,720 --> 00:09:12,640 Speaker 1: and I tried to just take that and take our 180 00:09:12,679 --> 00:09:15,120 Speaker 1: company to the next level. Oh, you know, the big 181 00:09:15,160 --> 00:09:18,800 Speaker 1: generation nowadays is the millennial generation. You know that some 182 00:09:18,840 --> 00:09:21,440 Speaker 1: people say to know it all the generation here here 183 00:09:21,480 --> 00:09:24,200 Speaker 1: you you came on board at twenty two. He actually 184 00:09:24,280 --> 00:09:27,199 Speaker 1: hired you to come to work at Credential and two 185 00:09:27,280 --> 00:09:29,880 Speaker 1: years later, what do you think the qualities I'm sure 186 00:09:29,920 --> 00:09:32,520 Speaker 1: you've discussed this, but just want to hear my listening 187 00:09:32,520 --> 00:09:35,160 Speaker 1: in my viewing audience. What do you think the qualities 188 00:09:35,200 --> 00:09:37,800 Speaker 1: that he saw in you that made him want to 189 00:09:37,840 --> 00:09:40,839 Speaker 1: make you a business partner. I think what he saw 190 00:09:40,920 --> 00:09:43,640 Speaker 1: in me as my drive like I had. My football 191 00:09:43,679 --> 00:09:45,640 Speaker 1: coach used to tell me he had a saying, and 192 00:09:45,679 --> 00:09:49,360 Speaker 1: they're saying was refused to lose. And so I try 193 00:09:49,640 --> 00:09:51,840 Speaker 1: every day when I come to work, I think about 194 00:09:51,880 --> 00:09:56,000 Speaker 1: that saying, because to me, business is a lot like athletics, 195 00:09:56,040 --> 00:09:58,480 Speaker 1: and I was really big in the athletics in high school. 196 00:09:58,960 --> 00:10:01,920 Speaker 1: And so when I first got into the business, you know, 197 00:10:02,120 --> 00:10:05,640 Speaker 1: I was pretty successful very early on, and because I 198 00:10:05,679 --> 00:10:09,160 Speaker 1: took that very competitive nature uh that made me a 199 00:10:09,160 --> 00:10:12,040 Speaker 1: decent athlete in high school to the business world. And 200 00:10:12,080 --> 00:10:13,839 Speaker 1: I think he saw that. I mean, I was the 201 00:10:13,880 --> 00:10:16,200 Speaker 1: first one in the office in the morning and I 202 00:10:16,320 --> 00:10:19,760 Speaker 1: was the last one out. Because again, my whole focus 203 00:10:19,760 --> 00:10:22,319 Speaker 1: in my early twenties was trying to be as successful 204 00:10:22,320 --> 00:10:24,400 Speaker 1: as I could be financially, and I knew in order 205 00:10:24,400 --> 00:10:26,360 Speaker 1: for me to do that, I had to be willing 206 00:10:26,400 --> 00:10:28,840 Speaker 1: to put in the time and effort no matter what 207 00:10:28,960 --> 00:10:31,280 Speaker 1: obstacle was thrown at me, and use the thing that 208 00:10:31,320 --> 00:10:33,640 Speaker 1: he taught me to try to win. And that's what 209 00:10:33,720 --> 00:10:35,439 Speaker 1: I look at every single day. You're either going to 210 00:10:35,520 --> 00:10:37,120 Speaker 1: be a winner or you're going to be a loser. 211 00:10:37,280 --> 00:10:40,880 Speaker 1: Not everyone gets a trophy, that's true. That's absolutely true. 212 00:10:40,960 --> 00:10:43,800 Speaker 1: But there's there's a there's competition out there. And I 213 00:10:44,040 --> 00:10:45,520 Speaker 1: when I when I was aloud to reading your book, 214 00:10:45,600 --> 00:10:48,440 Speaker 1: good book, by the way, I recommend anybody who wants 215 00:10:48,440 --> 00:10:52,760 Speaker 1: to understand the value of uh. How one thing I 216 00:10:52,760 --> 00:10:55,559 Speaker 1: liked about the book with that you you broke down terminology, 217 00:10:55,600 --> 00:10:57,480 Speaker 1: which I think is a big fear factor for a 218 00:10:57,559 --> 00:10:59,800 Speaker 1: lot of people when they're trying to look at what 219 00:11:00,080 --> 00:11:02,199 Speaker 1: do with their money, especially when you start looking to 220 00:11:02,280 --> 00:11:04,760 Speaker 1: the stock market. I feel if you read this book, 221 00:11:04,880 --> 00:11:07,679 Speaker 1: the book I'm references the common sense bull the keys 222 00:11:07,679 --> 00:11:10,640 Speaker 1: to the good life before and doing retirement is that 223 00:11:10,720 --> 00:11:13,200 Speaker 1: you want to go and talk to anybody, and you 224 00:11:13,240 --> 00:11:16,280 Speaker 1: recommend talking to a financial planner or somebody regards to 225 00:11:16,400 --> 00:11:19,840 Speaker 1: stocks or insurance or any way they can take their 226 00:11:19,840 --> 00:11:21,920 Speaker 1: money and just don't leave it in the savings account. 227 00:11:22,000 --> 00:11:25,559 Speaker 1: It just sits there and does nothing. So what drove 228 00:11:25,640 --> 00:11:29,520 Speaker 1: you to write this book, Eddie well Um, The main, 229 00:11:29,679 --> 00:11:34,280 Speaker 1: my main motivational factor behind this is I see the 230 00:11:34,400 --> 00:11:37,280 Speaker 1: number statistically the amount of people that are not where 231 00:11:37,320 --> 00:11:41,280 Speaker 1: they want to be financially, and to me, this thing, 232 00:11:41,640 --> 00:11:44,320 Speaker 1: this comes naturally to me and I love it and 233 00:11:44,360 --> 00:11:47,120 Speaker 1: have a true passion and for the same reason why 234 00:11:47,160 --> 00:11:50,440 Speaker 1: I love coaching sports, because I love teaching people and 235 00:11:50,480 --> 00:11:52,880 Speaker 1: watching the growth is one of the passions I have 236 00:11:53,000 --> 00:11:56,360 Speaker 1: in this business is the educational piece, and the concept 237 00:11:56,360 --> 00:11:58,160 Speaker 1: of this book is the writ in the term that 238 00:11:58,200 --> 00:12:01,880 Speaker 1: everybody understands, and my motive aation was hopefully to not 239 00:12:01,960 --> 00:12:05,559 Speaker 1: only educate people, but motivate them to actually move forward, 240 00:12:05,679 --> 00:12:08,280 Speaker 1: because people may think I'm crazy when I say this, 241 00:12:08,400 --> 00:12:13,280 Speaker 1: but becoming financially independent is actually very very easy. People 242 00:12:13,360 --> 00:12:16,120 Speaker 1: become intimidated because some of the things that say they 243 00:12:16,160 --> 00:12:18,719 Speaker 1: don't understand. And I try to put this book and 244 00:12:19,240 --> 00:12:22,679 Speaker 1: levels that everyone can understand. Because with the right team 245 00:12:22,720 --> 00:12:27,640 Speaker 1: around you and a discipline approach, anyone, whether your income 246 00:12:27,840 --> 00:12:31,000 Speaker 1: is thirty thousand or thirty million, whatever your income is 247 00:12:31,040 --> 00:12:34,640 Speaker 1: per year, you can become financially independent and don't be 248 00:12:34,640 --> 00:12:37,480 Speaker 1: intimidated by it. And I hope that when they read this, 249 00:12:37,520 --> 00:12:39,840 Speaker 1: they'll say, Okay, a light goes off and says, you 250 00:12:39,840 --> 00:12:42,480 Speaker 1: know what, I can do this, and I'm gonna put 251 00:12:42,480 --> 00:12:44,920 Speaker 1: the right team around me to hold myself accountable so 252 00:12:45,000 --> 00:12:48,199 Speaker 1: that way, when I'm in my fifties or in my sixties, 253 00:12:48,679 --> 00:12:51,240 Speaker 1: I'm doing what I want to do. Traveling at the beach, 254 00:12:51,280 --> 00:12:53,600 Speaker 1: on the golf course, whatever it may be. And my 255 00:12:53,720 --> 00:12:57,520 Speaker 1: money is working for me. I'm not working for the money. Well, 256 00:12:57,559 --> 00:13:00,760 Speaker 1: that's very true. And a lot of peop don't understand that. 257 00:13:00,760 --> 00:13:02,400 Speaker 1: A lot of people are a lot of people do 258 00:13:02,520 --> 00:13:05,960 Speaker 1: have that keep the money under the mattress philosophy. Keep 259 00:13:06,000 --> 00:13:08,120 Speaker 1: the money in the bank, you know, and the bank's 260 00:13:08,160 --> 00:13:10,080 Speaker 1: not doing anything for you. If you just you gotta 261 00:13:10,120 --> 00:13:12,360 Speaker 1: sitting there checking account of the savings account, it is 262 00:13:12,440 --> 00:13:14,880 Speaker 1: not doing anything for you. When we come back. One 263 00:13:14,920 --> 00:13:16,559 Speaker 1: of the one of the chapters that really hit home 264 00:13:16,600 --> 00:13:19,959 Speaker 1: for me was what is investing? We'll come back. We're 265 00:13:19,960 --> 00:13:24,000 Speaker 1: gonna have more. Our conversation with my man, Eddie Gobor. 266 00:13:24,120 --> 00:13:26,920 Speaker 1: He's located in the state of Delaware. He has a 267 00:13:26,920 --> 00:13:30,120 Speaker 1: great book called The Common Sense Ball The Keys to 268 00:13:30,200 --> 00:13:33,120 Speaker 1: the Good Life Before and during retirement. You're listening to 269 00:13:33,200 --> 00:13:38,840 Speaker 1: money making conversation. Don't go nowhere. Hi, This ra Sean McDonald. 270 00:13:38,880 --> 00:13:41,439 Speaker 1: You're listening to money making conversation on the phone. Is 271 00:13:41,480 --> 00:13:44,280 Speaker 1: the co owner and the managing partner of Key Advisors Group, 272 00:13:44,360 --> 00:13:47,920 Speaker 1: located and in the state of Delaware. He graduated from 273 00:13:47,960 --> 00:13:50,560 Speaker 1: Your College of Pennsylvania with a degree in economics and 274 00:13:50,600 --> 00:13:54,760 Speaker 1: finance in night he began his successful career in financial 275 00:13:54,760 --> 00:13:58,079 Speaker 1: planning with Predential. That is where he met his business partner, Doug. 276 00:13:58,559 --> 00:14:00,720 Speaker 1: He not only met him, but he was hired to 277 00:14:00,800 --> 00:14:03,520 Speaker 1: work a potential by his future business partner, and just 278 00:14:03,559 --> 00:14:07,760 Speaker 1: two years about standing work, his business part looked over 279 00:14:07,800 --> 00:14:09,720 Speaker 1: to look across the room and say, you know something, 280 00:14:10,559 --> 00:14:12,200 Speaker 1: I want to be in business with you, young man, 281 00:14:13,000 --> 00:14:16,000 Speaker 1: despite his an eighteen year age difference and Eddie being 282 00:14:16,040 --> 00:14:19,320 Speaker 1: nervous and wondering why is he selecting this youthful guy 283 00:14:19,400 --> 00:14:23,000 Speaker 1: with no responsibility in life of making money and guess what, 284 00:14:23,880 --> 00:14:27,040 Speaker 1: they're successful And along the way Eddie has discovered that 285 00:14:27,840 --> 00:14:30,000 Speaker 1: you can't win with a balanced life, and you try 286 00:14:30,080 --> 00:14:31,560 Speaker 1: to teach us that we can win. Two was a 287 00:14:31,640 --> 00:14:34,240 Speaker 1: new book, The Common Sense Bull The Keys to the 288 00:14:34,280 --> 00:14:38,560 Speaker 1: Good Life. Before and during retirement, Eddie, what is investing? 289 00:14:40,320 --> 00:14:43,000 Speaker 1: So investing is? You know a lot of people just 290 00:14:43,040 --> 00:14:45,360 Speaker 1: think about dollars and cents when it comes to investing. 291 00:14:45,360 --> 00:14:48,000 Speaker 1: And in the book, when I on that chapter, I 292 00:14:48,040 --> 00:14:51,760 Speaker 1: talked about my first big investment was my education and 293 00:14:52,040 --> 00:14:55,080 Speaker 1: that's why I hope the listeners will invest in themselves 294 00:14:55,240 --> 00:14:58,400 Speaker 1: and educate themselves with this book the common sense bull 295 00:14:58,440 --> 00:15:01,760 Speaker 1: because education is power. The more that you know and understand, 296 00:15:01,800 --> 00:15:04,040 Speaker 1: the more powerful you will be and more prepared you'll be. 297 00:15:04,720 --> 00:15:07,280 Speaker 1: Uh So, investing is in the form of educating yourself, 298 00:15:07,320 --> 00:15:11,320 Speaker 1: investing in yourself, but then investing for your future. I 299 00:15:11,320 --> 00:15:13,160 Speaker 1: mean I talked about in the book. I talked to 300 00:15:13,400 --> 00:15:15,400 Speaker 1: my kids about this, and they're young. I talked to 301 00:15:15,480 --> 00:15:18,440 Speaker 1: everyone is look, if you sacrifice a little bit today 302 00:15:19,280 --> 00:15:22,920 Speaker 1: for a brighter future financially, you will thank yourself a 303 00:15:22,960 --> 00:15:25,200 Speaker 1: million times over by the time you're retired. Because see, 304 00:15:25,200 --> 00:15:29,080 Speaker 1: we're in a society today of social media, of keeping 305 00:15:29,160 --> 00:15:31,640 Speaker 1: up with the Jones. Is that it's all about material things. 306 00:15:32,080 --> 00:15:35,120 Speaker 1: And my point is this, don't go by those fancy 307 00:15:35,120 --> 00:15:38,160 Speaker 1: cars all the time. So that way the perception is 308 00:15:38,200 --> 00:15:42,000 Speaker 1: that you are wealthy, take a little bit off the 309 00:15:42,040 --> 00:15:44,400 Speaker 1: table and investing yourself and in your future, and then 310 00:15:44,400 --> 00:15:46,480 Speaker 1: when those people who are trying to be flashy are 311 00:15:46,520 --> 00:15:49,560 Speaker 1: still working and you're retired, you will be the one 312 00:15:49,600 --> 00:15:52,360 Speaker 1: that wins at the end of the day. But Eddie, 313 00:15:52,360 --> 00:15:56,440 Speaker 1: come on, man, he's the flashy card. It looks good 314 00:15:57,120 --> 00:16:00,120 Speaker 1: of the watch watch? What what what brand? Watch do 315 00:16:00,160 --> 00:16:03,240 Speaker 1: you wear? Eddie, what do I wear? Actually, I bought 316 00:16:03,280 --> 00:16:06,960 Speaker 1: a have an Apple um, an Apple Watch, and I 317 00:16:07,000 --> 00:16:09,760 Speaker 1: also have an a Mega watch. See Eddie, that's kind 318 00:16:09,760 --> 00:16:12,360 Speaker 1: of like up there, that's not a time X. That's 319 00:16:12,360 --> 00:16:17,400 Speaker 1: not you know, it is not you gotta you know, 320 00:16:17,920 --> 00:16:20,200 Speaker 1: not know a job. I'm teasing you because you're absolutely correct. 321 00:16:20,240 --> 00:16:21,680 Speaker 1: A lot of people do. They go out there and 322 00:16:21,680 --> 00:16:24,240 Speaker 1: they spend money that they should be saving at least 323 00:16:24,240 --> 00:16:26,760 Speaker 1: when they should buy. And they also and they don't 324 00:16:26,760 --> 00:16:29,280 Speaker 1: know how to invest. So I remember, at a very 325 00:16:29,320 --> 00:16:31,120 Speaker 1: young age, it was this young man I was working 326 00:16:31,120 --> 00:16:34,480 Speaker 1: at Tentacole Pipeline, and he would and he was kind 327 00:16:34,520 --> 00:16:37,720 Speaker 1: of telling me, if just put fifty dollars, just put 328 00:16:37,760 --> 00:16:40,840 Speaker 1: fifty dollars away a mark, just come, just put fifty 329 00:16:40,840 --> 00:16:45,160 Speaker 1: dollars away. And I wasn't hearing him. I couldn't understand 330 00:16:45,200 --> 00:16:48,200 Speaker 1: how I could pull together fifty dollars, but I could 331 00:16:48,320 --> 00:16:50,840 Speaker 1: pull together fifty dollars flat pair of pants. I could 332 00:16:50,840 --> 00:16:54,040 Speaker 1: pull fift dollars together for that date. I could find 333 00:16:54,080 --> 00:16:56,520 Speaker 1: that fifty dollars for that, But I can find that 334 00:16:56,600 --> 00:16:59,840 Speaker 1: fifty dollars for my future. Is that the problem? We 335 00:17:00,120 --> 00:17:04,240 Speaker 1: just keep it it is and That's why I say 336 00:17:04,280 --> 00:17:08,240 Speaker 1: I don't care what somebody's income level is. Being financially 337 00:17:08,240 --> 00:17:11,760 Speaker 1: independent is easy, but the hard part is the discipline 338 00:17:11,800 --> 00:17:15,760 Speaker 1: behind it. Okay uh. There's a book called Millionaire next Door, 339 00:17:15,840 --> 00:17:17,719 Speaker 1: and basically the whole premise of that book is there 340 00:17:17,720 --> 00:17:19,920 Speaker 1: are people walking around that you probably think are broke 341 00:17:19,960 --> 00:17:22,399 Speaker 1: because they don't have the fancy car, they don't have 342 00:17:22,440 --> 00:17:25,240 Speaker 1: the fancy suits, they don't have the fancy watches. But 343 00:17:25,280 --> 00:17:27,040 Speaker 1: what they do is they have a fancy bank account. 344 00:17:27,280 --> 00:17:30,160 Speaker 1: They don't have to work anymore because they didn't live 345 00:17:30,240 --> 00:17:32,080 Speaker 1: high on the hog. They live within their means, and 346 00:17:32,119 --> 00:17:35,439 Speaker 1: they invested and paid themselves first, and so there's a balance. 347 00:17:35,520 --> 00:17:38,160 Speaker 1: You can still have really nice things, but as long 348 00:17:38,200 --> 00:17:40,720 Speaker 1: as you do your work first. If you're not paying 349 00:17:40,720 --> 00:17:43,720 Speaker 1: yourself first, you're doing yourself a disservice. Because at the 350 00:17:43,760 --> 00:17:45,560 Speaker 1: end of the day, we all work really hard at 351 00:17:45,600 --> 00:17:48,320 Speaker 1: what we do, and what a shame it would be 352 00:17:48,359 --> 00:17:50,199 Speaker 1: to put in forty fifty years of work and have 353 00:17:50,280 --> 00:17:53,040 Speaker 1: nothing to show for it other than some old clothes 354 00:17:53,480 --> 00:17:57,680 Speaker 1: and an old vehicle and some nice watches. Yes, that's true, 355 00:17:58,359 --> 00:18:00,240 Speaker 1: that's not a lot of to show for it. Year 356 00:18:00,400 --> 00:18:02,639 Speaker 1: seven years old, because you can't eat that watch. You know, 357 00:18:02,840 --> 00:18:08,120 Speaker 1: that's right, You cannot try just take that good. Now, 358 00:18:08,240 --> 00:18:09,879 Speaker 1: here's a question I wanted to ask you about the 359 00:18:09,880 --> 00:18:12,960 Speaker 1: whole process of you know, because because I was I 360 00:18:13,040 --> 00:18:16,480 Speaker 1: joked about my situation, But there really is a problem 361 00:18:16,520 --> 00:18:18,520 Speaker 1: of how you can how do you convince as a 362 00:18:18,560 --> 00:18:22,439 Speaker 1: financial planner what age group generally comes and speaks to you, 363 00:18:22,560 --> 00:18:25,159 Speaker 1: what age group generally comes to speak to you. So 364 00:18:25,280 --> 00:18:28,359 Speaker 1: here's the unfortunate thing, um, And I look at it 365 00:18:28,400 --> 00:18:33,119 Speaker 1: as unfortunate from a industry and a population perspective, as 366 00:18:33,240 --> 00:18:36,240 Speaker 1: most of my clients are fifty and above. These are 367 00:18:36,240 --> 00:18:38,439 Speaker 1: people that get it and understand and grew up in 368 00:18:38,440 --> 00:18:41,480 Speaker 1: an era that there was no buying everything on a 369 00:18:41,480 --> 00:18:43,680 Speaker 1: credit card and financing. If you don't have the money 370 00:18:43,680 --> 00:18:45,880 Speaker 1: to buy it, you don't buy it. So my clients 371 00:18:45,880 --> 00:18:48,120 Speaker 1: that I meet with, I've learned so much from them 372 00:18:48,119 --> 00:18:51,679 Speaker 1: over the last twenty years because they are financially independent. 373 00:18:52,320 --> 00:18:54,480 Speaker 1: And I don't get a lot of younger people coming 374 00:18:54,480 --> 00:18:57,360 Speaker 1: in here because they're not interested in it, or they're 375 00:18:57,400 --> 00:19:00,520 Speaker 1: too busy When I try to talk to somebody about it, 376 00:19:00,720 --> 00:19:03,399 Speaker 1: they're too busy with their everyday lives. And I get it. 377 00:19:03,440 --> 00:19:06,520 Speaker 1: I mean, my kids have baseball, football across schedules are 378 00:19:06,560 --> 00:19:10,560 Speaker 1: schedules are nuts. But most of the younger generation, they'll 379 00:19:10,600 --> 00:19:13,080 Speaker 1: spend more time planning for their vacation than they will 380 00:19:13,160 --> 00:19:17,520 Speaker 1: their financial future. And so it's difficult because they don't 381 00:19:17,560 --> 00:19:20,680 Speaker 1: see the motivation because to them, they're in their twenties, thirties, forties, 382 00:19:20,720 --> 00:19:23,439 Speaker 1: they've got you know, sixty some years old and seventy 383 00:19:23,520 --> 00:19:26,120 Speaker 1: years old seems like a lifetime away for them, and 384 00:19:26,160 --> 00:19:29,160 Speaker 1: they don't take the time to educate and invest in themselves. 385 00:19:29,200 --> 00:19:31,520 Speaker 1: So it's not an easy conversation. And how I try 386 00:19:31,520 --> 00:19:34,520 Speaker 1: to convince them is really by showing them numbers, because 387 00:19:34,520 --> 00:19:37,200 Speaker 1: people are smart enough if they have all the information. 388 00:19:37,840 --> 00:19:40,119 Speaker 1: The problem is is motivating and to actually take that 389 00:19:40,160 --> 00:19:44,120 Speaker 1: step educate themselves and sit down with someone like myself. Uh, 390 00:19:44,160 --> 00:19:46,240 Speaker 1: that can help them get to where they want to 391 00:19:46,280 --> 00:19:50,560 Speaker 1: be financially. And how do they listen? How how do 392 00:19:50,600 --> 00:19:53,040 Speaker 1: they you know? Because you know when you get fifty, 393 00:19:53,280 --> 00:19:56,040 Speaker 1: there's a window then as a very short window starts 394 00:19:56,080 --> 00:20:00,280 Speaker 1: coming up on on your life expectancy. So do you 395 00:20:00,320 --> 00:20:02,760 Speaker 1: look at them when when you start talking about because 396 00:20:02,800 --> 00:20:06,040 Speaker 1: I remember, you have a conservative you have a risky 397 00:20:06,119 --> 00:20:09,240 Speaker 1: or how you cant accelerated because you you know, when 398 00:20:09,240 --> 00:20:11,600 Speaker 1: you're younger, you can do a more conservative approach. When 399 00:20:11,600 --> 00:20:13,879 Speaker 1: you get older, they have those little cut off points 400 00:20:14,160 --> 00:20:16,840 Speaker 1: when you start investing, and and so how do you 401 00:20:16,840 --> 00:20:19,480 Speaker 1: approach that financial planning when you meet somebody in their 402 00:20:19,480 --> 00:20:22,040 Speaker 1: fifties or do they come in already with a sense 403 00:20:22,040 --> 00:20:24,320 Speaker 1: of what they want to spend, what they want to 404 00:20:24,359 --> 00:20:27,240 Speaker 1: do with their lives, and you're just shaping it. It's 405 00:20:27,240 --> 00:20:30,800 Speaker 1: a balance of both, you know, I see both both scenarios, 406 00:20:30,840 --> 00:20:33,080 Speaker 1: and what we try to do is really find out 407 00:20:33,160 --> 00:20:36,480 Speaker 1: what they need an income to maintain the standard of 408 00:20:36,520 --> 00:20:39,919 Speaker 1: living that they want, and we let that drive what 409 00:20:40,000 --> 00:20:42,399 Speaker 1: type of portfolio you should have, because when you're in 410 00:20:42,440 --> 00:20:45,159 Speaker 1: your fifties and in your sixties, you don't want to 411 00:20:45,240 --> 00:20:48,000 Speaker 1: roll the dice with your entire future that you just 412 00:20:48,080 --> 00:20:52,199 Speaker 1: saved thirty plus years of salary into. So you do 413 00:20:52,320 --> 00:20:54,119 Speaker 1: have to be a little bit more cautious from an 414 00:20:54,160 --> 00:20:56,520 Speaker 1: investment perspective because you have a lot more to lose 415 00:20:56,560 --> 00:20:59,520 Speaker 1: when you're in your fifties and sixties. Now, someone who 416 00:20:59,720 --> 00:21:02,639 Speaker 1: does have anything saved and they're trying to get to 417 00:21:02,800 --> 00:21:07,960 Speaker 1: financial independence, sometimes they if they want to get there, 418 00:21:08,000 --> 00:21:10,159 Speaker 1: they may have to take more risk to get to 419 00:21:10,200 --> 00:21:11,960 Speaker 1: where they need to be because they got a lot 420 00:21:11,960 --> 00:21:14,120 Speaker 1: of catching up to do. And that's why we try 421 00:21:14,160 --> 00:21:17,040 Speaker 1: to educate people on look, the sooner you start, the 422 00:21:17,160 --> 00:21:20,080 Speaker 1: less catchup you have to make and the less risks 423 00:21:20,119 --> 00:21:22,960 Speaker 1: you really have to take to achieve that financial independence. 424 00:21:23,480 --> 00:21:26,600 Speaker 1: So we really try to customize the investment strategy based 425 00:21:26,600 --> 00:21:29,399 Speaker 1: off of the income need of the individual client. And 426 00:21:29,440 --> 00:21:31,120 Speaker 1: I talked about that in the book as well, too. 427 00:21:31,240 --> 00:21:34,280 Speaker 1: Is not if there is no cookie cutter approach to 428 00:21:34,480 --> 00:21:37,800 Speaker 1: financial planning. It's not a one size fits all. Everyone 429 00:21:37,840 --> 00:21:40,320 Speaker 1: has their own scenario and it should be customized to 430 00:21:40,359 --> 00:21:44,240 Speaker 1: their specific needs and family goals. I know that it 431 00:21:44,359 --> 00:21:46,800 Speaker 1: really makes a lot of the sense. Here's there's a 432 00:21:46,800 --> 00:21:50,920 Speaker 1: statement that always um, I've always been trying to guess 433 00:21:50,960 --> 00:21:56,000 Speaker 1: understand what is financial independence when you reach a certain age? 434 00:21:56,000 --> 00:21:59,800 Speaker 1: What what's that confidence zone? They help me out with 435 00:21:59,840 --> 00:22:02,159 Speaker 1: that because I know that if you live in a 436 00:22:02,160 --> 00:22:05,760 Speaker 1: certain lifestyle, then guess what property taxes don't get cheaper. 437 00:22:06,480 --> 00:22:09,560 Speaker 1: You know, electricity doesn't get cheaper. So I know a 438 00:22:09,600 --> 00:22:13,800 Speaker 1: different different different wealth groups, that statement of financial independence 439 00:22:13,840 --> 00:22:16,760 Speaker 1: means something. What is what is that statement when you said, 440 00:22:16,760 --> 00:22:19,520 Speaker 1: because you just said in your conversation a minute ago, 441 00:22:19,840 --> 00:22:23,080 Speaker 1: you said, financial independence, what is that, Eddie? So to me, 442 00:22:23,160 --> 00:22:25,680 Speaker 1: financial independence, there's not a number on it. You know. 443 00:22:25,720 --> 00:22:27,960 Speaker 1: I get this. I get this question a lot. How 444 00:22:28,040 --> 00:22:31,560 Speaker 1: much money do I need to be retired? And I'll 445 00:22:31,560 --> 00:22:33,320 Speaker 1: look at them and say, I know nothing about you. 446 00:22:33,359 --> 00:22:34,879 Speaker 1: I don't know what you spend. I don't know what 447 00:22:34,920 --> 00:22:36,920 Speaker 1: your lifestyle is, so I can't answer that. That's why 448 00:22:36,960 --> 00:22:38,640 Speaker 1: I say it's not a one size fits all. So 449 00:22:38,680 --> 00:22:44,840 Speaker 1: to me, financial independence is when your investments and your 450 00:22:44,920 --> 00:22:47,960 Speaker 1: social security or pension or whatever you have are generating 451 00:22:49,240 --> 00:22:52,959 Speaker 1: more income each year, then you need to maintain your 452 00:22:52,960 --> 00:22:55,200 Speaker 1: standard of living. That means you never have to work again. 453 00:22:55,840 --> 00:22:58,840 Speaker 1: That's financial independence. And I have some clients who have 454 00:22:58,920 --> 00:23:02,359 Speaker 1: a very modest style, so they need less than someone 455 00:23:02,359 --> 00:23:06,119 Speaker 1: who has a more flashy lifestyle to achieve financial independence. 456 00:23:06,960 --> 00:23:09,680 Speaker 1: But the one thing with financial independence has consistent across 457 00:23:09,720 --> 00:23:13,720 Speaker 1: the board on all net worth categories is the sense 458 00:23:13,760 --> 00:23:16,720 Speaker 1: of accomplishment and happiness that you see when someone has 459 00:23:16,760 --> 00:23:19,200 Speaker 1: reached that level because they know, you know what, I've 460 00:23:19,240 --> 00:23:21,720 Speaker 1: been grinding for so many years, and now I have 461 00:23:21,880 --> 00:23:24,600 Speaker 1: finally won the game of finance and that's what it's 462 00:23:24,640 --> 00:23:28,240 Speaker 1: all about. Well, and um, I understand that because I'm 463 00:23:28,280 --> 00:23:31,359 Speaker 1: still trying. I'm still sometimes I don't know when to stop, 464 00:23:31,440 --> 00:23:33,480 Speaker 1: you know, because you keep you know, you keep raising 465 00:23:33,520 --> 00:23:35,600 Speaker 1: your bar on the lifestyle I want to live. So 466 00:23:35,640 --> 00:23:37,600 Speaker 1: I just keep working. How do you how does the 467 00:23:37,640 --> 00:23:39,600 Speaker 1: guy like me shut down? I just need to call you, 468 00:23:39,720 --> 00:23:41,480 Speaker 1: ed and just sit down with you. What, Just give 469 00:23:41,520 --> 00:23:43,959 Speaker 1: me a call, man, I take care of you. I 470 00:23:44,000 --> 00:23:48,080 Speaker 1: think that's hard. Look, I think anyone that has uh 471 00:23:48,080 --> 00:23:51,280 Speaker 1: you know, it's entrepreneurial minded like yourself. You know. I 472 00:23:51,400 --> 00:23:53,720 Speaker 1: always I have a challenge with that myself. I always 473 00:23:53,720 --> 00:23:55,800 Speaker 1: tell myself, I don't I'm know, I don't ever seem 474 00:23:55,880 --> 00:23:58,960 Speaker 1: satisfied like in anything. No matter what accomplishment you get, 475 00:23:59,280 --> 00:24:01,760 Speaker 1: it's like, okay, I've done that. Now I need to 476 00:24:01,840 --> 00:24:04,120 Speaker 1: raise the bar again and try to get there. So 477 00:24:04,600 --> 00:24:07,159 Speaker 1: that's the toughest part because our brain is a muscle 478 00:24:07,200 --> 00:24:10,200 Speaker 1: and our brains are kind of triggered in a way 479 00:24:10,240 --> 00:24:12,760 Speaker 1: and work in a way that on entrepreneurial that is 480 00:24:12,840 --> 00:24:16,600 Speaker 1: just so driven that it's very difficult. Um. And so 481 00:24:16,640 --> 00:24:18,400 Speaker 1: what I try to do is I do I sit 482 00:24:18,440 --> 00:24:21,639 Speaker 1: down with my wife. We did this every year and 483 00:24:21,680 --> 00:24:23,600 Speaker 1: we try to sit there and paint the picture of 484 00:24:23,640 --> 00:24:25,879 Speaker 1: what we want our lifestyle to look like at some 485 00:24:25,960 --> 00:24:28,119 Speaker 1: point in time in our life. And that's what we 486 00:24:28,160 --> 00:24:30,560 Speaker 1: have to constantly try to evaluate and then get to 487 00:24:30,600 --> 00:24:33,879 Speaker 1: a point where it's like, Okay, how much is enough? 488 00:24:34,240 --> 00:24:36,919 Speaker 1: And it is. It's a very very difficult thing, especially 489 00:24:37,000 --> 00:24:40,280 Speaker 1: for entrepreneurs because they live in a world that is 490 00:24:40,359 --> 00:24:44,200 Speaker 1: just so highly competitive and trying to grow their business 491 00:24:44,640 --> 00:24:47,960 Speaker 1: that they have this sense of insecurity a lot of failing, 492 00:24:48,080 --> 00:24:50,640 Speaker 1: and that's fear of failure is actually a good thing, 493 00:24:50,680 --> 00:24:52,680 Speaker 1: but it can also hurt you because you just get 494 00:24:52,760 --> 00:24:56,480 Speaker 1: so consumed by it that it's never enough. You know, 495 00:24:56,520 --> 00:24:58,920 Speaker 1: I look at myself ten years ago versus now. I mean, 496 00:24:58,960 --> 00:25:01,320 Speaker 1: if I a this was what it was now and 497 00:25:01,359 --> 00:25:03,000 Speaker 1: he told me that ten years ago, I probably say, 498 00:25:03,000 --> 00:25:05,800 Speaker 1: all right, that's probably enough for me. And I want 499 00:25:05,800 --> 00:25:07,119 Speaker 1: to thank you for calling them on my show. He 500 00:25:07,119 --> 00:25:09,240 Speaker 1: has a great book, The Common Sense Bull The Keys 501 00:25:09,280 --> 00:25:11,800 Speaker 1: to the Good Life. Before and during retirement, Eddie, i' 502 00:25:11,840 --> 00:25:14,160 Speaker 1: be in Delaware in September, but I want to see 503 00:25:14,160 --> 00:25:18,160 Speaker 1: you before the end. You keep winning. Thank you. Listening 504 00:25:18,240 --> 00:25:21,879 Speaker 1: makes us smarter, more connected, people. It makes us better partners, parents, 505 00:25:21,960 --> 00:25:24,679 Speaker 1: and leaders, and there's no better place to start listening 506 00:25:24,720 --> 00:25:28,040 Speaker 1: than Audible. Audible is where so many inspiring voices and 507 00:25:28,080 --> 00:25:31,359 Speaker 1: compelling stories open listeners up to new experiences in ways 508 00:25:31,400 --> 00:25:34,159 Speaker 1: of thinking. 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