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Speaker 1: Welcome to How the Money. I'm Joel and I and

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Speaker 1: Matt and today we're talking jargon free money help with

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Speaker 1: the folks from two Cents. Today we have a great

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Speaker 1: conversation lined up with Philip Olsen and Julia Lorenz Olson

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Speaker 1: as a newly married couple of the transition from being

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Speaker 1: theater kids fresh out of college to money experts. As

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Speaker 1: Philip and Juliet now run their own financial planning firm

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Speaker 1: in Texas. Austin, Texas. They also host the PBS YouTube

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Speaker 1: channel two Cents, where they tackle various personal finance topics,

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Speaker 1: ranging from how cars keep you poor to retiring in

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Speaker 1: your thirties. Man, those two cents videos are so good

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Speaker 1: because Juliet Philip, they cover and they illustrated these concepts

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Speaker 1: in ways that are completely relatable. They make personal finance

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Speaker 1: entertaining and easy to understand. Uh So, Philip and Julia,

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Speaker 1: thank you for joining us today on the podcast. For sure,

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Speaker 1: thanks for having us. Thanks guys, you're excited to be here. Well,

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Speaker 1: we're excited to hear. And the first question we ask

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Speaker 1: everybody who comes on the show. Matt and I we

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Speaker 1: like craft beer and so were drinking one now drinking

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Speaker 1: one now we will intentionally spend some some people would

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Speaker 1: consider too much money on good beer because it's really

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Speaker 1: important to us, while we're also being intentional and saving

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Speaker 1: and investing for the future. So we want to know

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Speaker 1: from you, like, what's your splur to what's your craft

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Speaker 1: beer equivalent? Oh man, Well, it's probably apropos for It's

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Speaker 1: different for both of us for sure, But for me

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Speaker 1: it's definitely travel. And of course I say that being

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Speaker 1: in Puerto Rico, which is like my first you know,

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Speaker 1: post vaccination travel. Um. But even honestly during the pandemic,

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Speaker 1: we spent probably more than you would think because the

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Speaker 1: fact that we worked together pair aren't together. We're in

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Speaker 1: a very pretty small house, and like you know, the

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Speaker 1: intensity of quarantine. We actually made it a point to

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Speaker 1: book like local airbnbs for ourselves, like just for me

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Speaker 1: and then just for Philip for like a weekend, probably

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Speaker 1: once a month, just so we could get a little

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Speaker 1: bit of a pressure release and have like a bit

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Speaker 1: of a change of environment. It was really really good

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Speaker 1: for our mental health and we were able to do that.

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Speaker 1: So that was definitely still splurging. Very nice. Yeah, what

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Speaker 1: about you, Philip, Well, I would say craft beer is

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Speaker 1: probably my number two, But my number one, I think

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Speaker 1: is a mountain bike. Stuff. I got into biking about

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Speaker 1: three years ago or so, and the amount of money

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Speaker 1: you can pour into it is really really stunning. So yes,

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Speaker 1: that's where almost all my fun money goes. Well, you

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Speaker 1: guys can both be honorary members of the HTM tribe,

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Speaker 1: but bikes and beers are to travel travels close there

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Speaker 1: as well. So, Philip, I mean, is its mountain biking

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Speaker 1: specifically just kind of like old school or are you

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Speaker 1: getting into like these new electric mountain bikes that can

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Speaker 1: cost like six thousand dollars I have. I have a

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Speaker 1: full carbon and duro mountain bike that is way more

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Speaker 1: expensive of a bike than I ever thought i'd have.

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Speaker 1: I do have a buddy who just got an e bike.

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Speaker 1: He loves it. He can write a lot further and

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Speaker 1: a lot faster on that, and so we all kind

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Speaker 1: of tear up the slopes. But yeah, mountain biking is

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Speaker 1: definitely my love. I will spend some time on a

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Speaker 1: road bike just for fitness and to get in shape

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Speaker 1: for races, but that's I don't really enjoy it as much. Yeah,

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Speaker 1: I feel like e bikes to me, it kind of

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Speaker 1: feels like cheating. I used to feel that way, but

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Speaker 1: now I look at you know, people who maybe don't

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Speaker 1: have as much time to train or are not as

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Speaker 1: good of shape, and they can have just as much fun.

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Speaker 1: So I'm kind of coming around to it on that's yeah, Honestly,

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Speaker 1: that's exactly where I am with it haters people like

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Speaker 1: for me, it's if an individual can get on an

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Speaker 1: e bike and that means that they can now commute

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Speaker 1: to work on their bike when before it wasn't an

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Speaker 1: option for them. Right for that reason alone, just that

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Speaker 1: right there, I love what e bikes are doing for

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Speaker 1: individuals and their their ability to commute. But um, guys,

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Speaker 1: we would love to kind of get into your backstory

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Speaker 1: a little bit. You know, y'all met during theater. Specifically

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Speaker 1: you were working backstage for a kid's dance show. But like,

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Speaker 1: how in the world did you all get from from

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Speaker 1: doing theater and acting to money and personal finance? Oh lord,

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Speaker 1: it was a strange and winding road, but I'll try

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Speaker 1: and keep it posted. Note version. So basically, you know,

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Speaker 1: we did meet in college. I met him my second

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Speaker 1: semester of my freshman year, and then we were actually

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Speaker 1: married by my junior year. So we married super young. Um,

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Speaker 1: I had only just turned twenty. My poor parents, I know,

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Speaker 1: we were babies and and so you know, our parents

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Speaker 1: were you know, emotionally supportive of us, but they were like, okay,

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Speaker 1: if you're doing this this early, then you on your own,

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Speaker 1: you know, like financially speaking. So we're like, okay, well

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Speaker 1: we can do this, like we will figure it out.

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Speaker 1: And you know, both of us had been working you know,

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Speaker 1: part time while we were in school, but it just

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Speaker 1: basically shoved us out of the nest, I think earlier

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Speaker 1: than most of our compatriots. Um. And so that combined

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Speaker 1: with Philip getting a job that required him to have

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Speaker 1: these kind of long trecks in the car from like

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Speaker 1: theater to theater teaching kids. Um. He stumbled on of course,

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Speaker 1: as you do, Dave Ramsey and he you know, came

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Speaker 1: home and was just kind of like talking about this

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Speaker 1: this guy who was listening to and I was like

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Speaker 1: kind of intrigued. I was like okay, And that just

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Speaker 1: kind of started us down the rabbit hole of at

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Speaker 1: least like working in like budgeting into our lives, right

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Speaker 1: and just like getting us familiar with the super super

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Speaker 1: basic tenants right of like focusing your money, how much

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Speaker 1: avings should you have in what order do you do things?

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Speaker 1: And so, um, that was kind of the next step,

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Speaker 1: and we kind of made money a little bit of

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Speaker 1: a hobby for ourselves. And then, um, both of us

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Speaker 1: made a big transition about a decade ago. So we've

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Speaker 1: been married for fourteen years this year, and ten years

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Speaker 1: ago we both found ourselves actually kind of recruited into

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Speaker 1: the financial world. Um. He was recruited to be like

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Speaker 1: a financial advisor by like a you know, big box firm,

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Speaker 1: and I was recruited to be a loan officer, a

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Speaker 1: mortgage loan officer. And so we just sort of like

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Speaker 1: dove in head first, both of us almost at the

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Speaker 1: same time, and we're just kind of like, you know,

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Speaker 1: it was seriously sink or swim, and somehow we swam.

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Speaker 1: We managed to swim and learned a whole whole lot,

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Speaker 1: but mostly what we learned was like, oh, wow, the

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Speaker 1: financial industry really sucks. Um, it's not really out to

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Speaker 1: help people like we thought it was. And so, you know,

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Speaker 1: as we kind of matured in the businesses that we

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Speaker 1: were both in, we sort of caught a vision of

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Speaker 1: doing something a little differently, doing something that we designed,

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Speaker 1: you know, figuring out how to help people directly, not

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Speaker 1: by selling them products, you know, And eventually we found

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Speaker 1: our way to owning our own what's known as an

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Speaker 1: r I A and we have our own firm now

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Speaker 1: and we've been going for about well over five years

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Speaker 1: now and it's been great. And then Two Cents came

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Speaker 1: into our lives about uh a little over three years

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Speaker 1: ago as well, so it's been quite the journey. So

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Speaker 1: so it was like your foray into the financial services

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Speaker 1: industry and kind of some of the things that you

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Speaker 1: saw there that weren't too appealing. Is that kind of

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Speaker 1: what pushed you in the direction of opening up, you know,

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Speaker 1: your your own financial advisor service and then getting into

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Speaker 1: the videos with Two Cents? Was it like, we need

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Speaker 1: to do something because so much of what people are

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Speaker 1: hearing about personal finance is kind of broken. Yeah, I'll

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Speaker 1: tackle that one. Yeah, I mean you you pretty much

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Speaker 1: nailed that exactly. The The world we both swam in

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Speaker 1: for something like four or five years in finance was

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Speaker 1: very sales oriented, very commission product oriented, and so kind

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Speaker 1: of the solution to everybody who came through your doors

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Speaker 1: was some sort of product you would sell them and

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Speaker 1: not necessarily what they really needed or not necessarily just advice.

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Speaker 1: And that was tough because a lot of times what

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Speaker 1: people really needed was was just some some wisdom, some advice,

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Speaker 1: some encouragement, and there wasn't really a product for that exactly,

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Speaker 1: And so we kind of bounced around in these sort

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Speaker 1: of commission worlds for for a number of years, both

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Speaker 1: of us and Uh. It was it was through a

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Speaker 1: conversation with another financial planner probably five six years ago

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Speaker 1: now who was doing a little bit differently, and I

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Speaker 1: learned there's whole kind of network of younger advisors who

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Speaker 1: um worked on a non commission for the only basis

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Speaker 1: as fiduciaries for the clients, who was very exciting and

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Speaker 1: so kind of got the bug. And we've both been

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Speaker 1: pretty entrepreneurial our whole lives. We've started multiple side businesses

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Speaker 1: and projects along the way, and so starting this firm

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Speaker 1: was just another one really, and it also gave us

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Speaker 1: the freedom to start um, you know, putting ourselves out

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Speaker 1: there in a more creative way. So we have this

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Speaker 1: performing background. We love to perform, love to be creative,

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Speaker 1: and so pretty soon after starting the firm, we started

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Speaker 1: creating our own essentially little finance you know, low jargon,

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Speaker 1: hopefully more accessible YouTube videos, just ourselves out of our house,

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Speaker 1: and uh, that kind of you know, started to get

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Speaker 1: a little better and we got a little smarter of

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Speaker 1: how we would do it, and that eventually kind of

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Speaker 1: caught the eye of some other friends and collaborators and

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Speaker 1: turned into the show that's now Two Cents with half

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Speaker 1: a million subscribers. But that wasn't the plan. The plan

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Speaker 1: was just, you know, do something with a little more

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Speaker 1: integrity that could help people better, um, and more kind

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Speaker 1: of to use our skills a little better. Yeah, yeah,

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Speaker 1: I love that. I love And we're going to talk

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Speaker 1: more about two Cents here in a little bit. But um,

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Speaker 1: you know, entrepreneurship is essentially what led you there and Julia,

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Speaker 1: at one point you had your own vintage clothing store.

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Speaker 1: It sounds like, yeah, that you'll had a number of

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Speaker 1: small businesses over the years, and so like, what are

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Speaker 1: what are some of the biggest lessons that you've learned

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Speaker 1: that you'll have learned together as entrepreneurs. Oh boy, so

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Speaker 1: many And this is gonna sound really really tried, but

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Speaker 1: it really is true. I think the biggest and hardest

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Speaker 1: lesson to learn is that everything costs twice as much

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Speaker 1: and takes twice as long as you think it. Well,

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Speaker 1: like everything creating a new product, hiring the right way,

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Speaker 1: you know, like getting something off the ground. It just

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Speaker 1: it just takes so much longer. It never goes to land.

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Speaker 1: But you know, as long as you sort of set

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Speaker 1: your expectations there, you'll be okay, you won't be shocked

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Speaker 1: when you know something doesn't get off the ground. But also,

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Speaker 1: I think that it's really important for people who do

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Speaker 1: want to make a leap like this. You know, this

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Speaker 1: idea that oh, once you're an entrepreneur that like you'll

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Speaker 1: never work a day in your life, Like that's total bogus.

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Speaker 1: It is work, it's and it's the hardest work. Because

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Speaker 1: I really do feel like businesses are so much like children,

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Speaker 1: and now having one, like, yes, I can confirm this

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Speaker 1: is absolutely true. They go through these different phases. You know,

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Speaker 1: there's like the infancy phase where you know, all it's

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Speaker 1: doing is taking from you, it's not creating anything worthy,

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Speaker 1: like nothing basically, and then you know, as it matures,

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Speaker 1: as it ages, it's able to do a little bit

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Speaker 1: more for you. You You can you can take a little

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Speaker 1: bit more from it, you can ask something of it.

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Speaker 1: But I think people have a really misguided notion that

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Speaker 1: a business is just mature out the gate and they

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Speaker 1: think they're going to be able to support their lives

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Speaker 1: with it, and you know, YadA YadA, and that is

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Speaker 1: not true. It's really a long game. You really have

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Speaker 1: to think about it like something you're bringing out into

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Speaker 1: the world and helping mature. Yeah, that's good. Yeah. And

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Speaker 1: even going to work some days, even when it's a

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Speaker 1: project that you love, it feels like work. Um, you know,

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Speaker 1: even even if you're passionate about it. Someone makes you

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Speaker 1: love your kids right like it's I love my children dearly.

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Speaker 1: It's a lot of work to be a parent and

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Speaker 1: to do it well absolutely all right. So, so you

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Speaker 1: guys do have a baby girl? And how how is

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Speaker 1: having a baby changed the money conversations y'all are having?

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Speaker 1: Like have have they changed quite a bit in the

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Speaker 1: past few years since since y'all have gotten into the

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Speaker 1: parenthood game. I'd say so primarily around childcare. Um, you know,

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Speaker 1: childcare is expensive kind of however you do it. But

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Speaker 1: when we were basically working effectively two different jobs running

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Speaker 1: our firm, both of us full time, and then also

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Speaker 1: producing a series in addition to that. You know, it

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Speaker 1: really felt like we had to make these tactical decisions

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Speaker 1: about are we willing to essentially take most of our

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Speaker 1: discretionary income and poured into having a nanny really so

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Speaker 1: that our you know, our kid can be well taken

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Speaker 1: care of and that we can have some sanity in

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Speaker 1: a little bit of free headspace at the end of

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Speaker 1: the day. You know, that didn't seem like something I

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Speaker 1: thought would be a huge factor before we had a kid,

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Speaker 1: and definitely is. And childcare costs are through the roof.

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Speaker 1: Oh yeah, so we're gonna talk more about y'all show.

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Speaker 1: So you've got a personal finance show on YouTube that

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Speaker 1: we mentioned Two Cents, and we're gonna talk more about

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Speaker 1: that right after this break. M h part we're back.

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Speaker 1: We're talking with Philip and Julia from Two Cents, the

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Speaker 1: hit PPS show that you could find all those videos

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Speaker 1: on YouTube, and guys, you all started creating videos on

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Speaker 1: your own before you even joined up with PBS. The

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Speaker 1: videos now look incredibly slick, they're super well done, But like,

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Speaker 1: what made you want to start publishing that personal financial

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Speaker 1: knowledge out in the world, would you say in the

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Speaker 1: first place, Yeah, thanks for thanks for the kind words

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Speaker 1: on that. So, you know, in uh, the kind of

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Speaker 1: the beginning of this was when I worked as a

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Speaker 1: more traditional financial advisor in a kind of a big

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Speaker 1: box brokerage firm. Uh, there's a whole lot of restrictions

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Speaker 1: about how you can market and advertise really because essentially

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Speaker 1: the firms are are nervous about um liability. So so I,

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Speaker 1: as a freshly minted financial advisor trying to find clients,

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Speaker 1: really had no way to get the word out and

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Speaker 1: and promote myself. And I would find myself daydreaming and

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Speaker 1: just kind of wishing, boy, what what if I could

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Speaker 1: do whatever I wanted? And the way that would look

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Speaker 1: really was using our our performance and production and uh directing,

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Speaker 1: you know, skills and backgrounds. We've produced shows, we've acted

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Speaker 1: in shows. We we have a lot of public speaking performance.

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Speaker 1: Let's use that. So once the once kind of the

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Speaker 1: shackles were off, that was the first thing we were

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Speaker 1: excited to do. And uh, you know, we had a

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Speaker 1: very tiny audience. As anybody who who's ever tried to

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Speaker 1: start a YouTube channel on their own learns that, you know,

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Speaker 1: a hundred views is exciting at the three digits. Yeah,

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Speaker 1: it's true, it's true. I mean, we we didn't have

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Speaker 1: a thousand views for for a long time, to be

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Speaker 1: perfectly honest, And I learned, you know, how to edit

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Speaker 1: videos and the Adobe suite, I learned, you know, taught myself,

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Speaker 1: and we got a green screen in our living in

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Speaker 1: our in our guest bedroom and just kind of slowly

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Speaker 1: chipped away at them, trying to make them a little better.

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Speaker 1: And yeah, there are a couple of different iterations of

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Speaker 1: doing that, but it was it was really, honestly, very

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Speaker 1: satisfying to finally start to put stuff out there, even

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Speaker 1: though there's not much of an audience to say, you know,

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Speaker 1: hopefully we can kind of stretch our legs a little

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Speaker 1: bit here as experts and finance hopefully help some people.

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Speaker 1: Most of our shows at the beginning, we're just answering

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Speaker 1: questions that people had asked us and you know, just

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Speaker 1: see where it takes us. We didn't really have any

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Speaker 1: plans beyond that. Really nice, So I mean essentially then,

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Speaker 1: I mean, were you were using the show is like

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Speaker 1: a marketing platform, like when you were starting the Art

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Speaker 1: of Finance so that's the name of your your your

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Speaker 1: financial firm, right, yeah, yeah, so Art of Finance. So

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Speaker 1: it's it's important that we kind of separate the two.

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Speaker 1: So two Cents came in kind of as its own

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Speaker 1: thing later on. But when we started the firm, we

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Speaker 1: knew that as a marketing tool, we really wanted to

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Speaker 1: create kind of some engaging, funny, educational videos. We wanted

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Speaker 1: to do that, and so we you know, wrote them,

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Speaker 1: and you know, Philip learned all these you know, editing tools,

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Speaker 1: and so we we made them and basically the only

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Speaker 1: place they lived was like on a teeny little YouTube

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Speaker 1: channel and and we put them on Facebook. Actually that's

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Speaker 1: where we first initially had it. And yeah, so and

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Speaker 1: then like Philip mentioned, um, a colleague of ours somebody,

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Speaker 1: a guy who had actually been my director in a

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Speaker 1: production of Hamlet years prior, reached out and was like, hey,

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Speaker 1: I've seen these videos and I happened to work. I'm

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Speaker 1: working on a PBS digital studio series and I know

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Speaker 1: they're looking like for new content. What would you think

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Speaker 1: about pitching them for small finance show? And we were like, hell, yes,

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Speaker 1: where do we like, how does this work? What do

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Speaker 1: we do? Because we're both like died in the wool

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Speaker 1: PBS kids, Like that's all both of our our parents

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Speaker 1: allowed us to watch. That's it the end. Like nothing

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Speaker 1: else was allowed to be watched, um except PPS growing up.

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Speaker 1: So we have you know, extreme brand loyalty. And that

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Speaker 1: was just like such a cool idea. And then it

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Speaker 1: took another year and a half between pitching them the

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Speaker 1: show and them actually saying, okay, let's do this. It

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Speaker 1: was a long again, way longer than either of us thought.

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Speaker 1: But that's the twice as long as your part coming

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Speaker 1: into play. But really it was important to us that

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Speaker 1: the PBS show really remain because we're getting paid to

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Speaker 1: do it, you know, directly by PBS, and I it

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Speaker 1: just feels a little weird, like it's not primarily a

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Speaker 1: marketing tool for us. It just isn't like it's not

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Speaker 1: at This job is to educate people, so that's kind

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Speaker 1: of where we wanted to keep it. Love it. Speaking

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Speaker 1: of educating people, I feel like when you guys do

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Speaker 1: these episodes, you're probably learning something yourselves too, because there's

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Speaker 1: so much it seems like there's a lot of research

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Speaker 1: involved in creating this these videos and like as so

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Speaker 1: as for some of the videos you've created. It which

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Speaker 1: personal finance topic may be surprised you the most, where

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Speaker 1: you learned some stuff and you were like, I had

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Speaker 1: no idea that was the case. Yeah, you're right about that.

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Speaker 1: I would say we kind of powered through the things

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Speaker 1: we knew really stone cold, and probably the first fifteen episodes,

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Speaker 1: and we're we're just about to shoot our hundredth episode,

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Speaker 1: so we're we're learning about the topic generally ourselves first.

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Speaker 1: It's not something we're already an expert on. And that's

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Speaker 1: honestly been really fun. I think it's made as much

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Speaker 1: better advisors. I throw back to our episodes all the

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Speaker 1: time now when people ask me questions because I'm like, oh,

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Speaker 1: I've researched this for multiple weeks. I happen to know, Gosh,

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Speaker 1: we learned. We learned a lot of crazy stuff every time.

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Speaker 1: One that jumps out of me to me was we've

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Speaker 1: covered a couple of kind of trendier investment trends over

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Speaker 1: the years. So we covered bitcoin, and we covered cannabis

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Speaker 1: stocks when they were really hot and starting to get

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Speaker 1: more legalized, and uh, I was fascinating to learn how

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Speaker 1: steeped in racism marijuana is I. I had no idea,

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Speaker 1: and that's basically the reason it's illegal is racism. So uh,

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Speaker 1: that's not really very financial. But I think this blew

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Speaker 1: my mind no idea. One of the things that you discovered.

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Speaker 1: One of the videos I saw up that that seemed

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Speaker 1: really interesting was you did one where you both went

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Speaker 1: to financial therapy together. Yes, that was my brain child.

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Speaker 1: I was wasn't. That's loved it well, Like, so I mean, like,

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Speaker 1: can you explain to listeners, like what does a financial

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Speaker 1: therapist actually do? And that I would love to kind

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Speaker 1: of hear your your personal just experience with that counselor.

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Speaker 1: And yeah, maybe with making that episode as well. Yeah,

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Speaker 1: for sure. So we you know, both of us have

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Speaker 1: our huge, huge proponents of therapy and counseling, and you know,

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Speaker 1: we we started going like probably within the first year

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Speaker 1: and a half of our marriage and we have kept

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Speaker 1: it up the entire time. There's just there's no substitute

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Speaker 1: for it um and so I and I definitely think

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Speaker 1: that all of that counseling and therapy has helped us,

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Speaker 1: you know, not only have a bar or marriage, but

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Speaker 1: has definitely led to us having a better financial relationship.

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Speaker 1: You know, and it all kind of you know, builds

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Speaker 1: up together, um, and so I really wanted to encourage

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Speaker 1: people to think about how they feel about their money

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Speaker 1: way more than they do. Most people are you know,

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Speaker 1: focused on the strategy of it. They think like, oh

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Speaker 1: I just need I just need the right spreadsheet and

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Speaker 1: all my problems will be solved. It's like, nah, this

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Speaker 1: thing is like you have a relationship with your money.

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Speaker 1: And so I wanted to kind of show people by

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Speaker 1: doing it ourselves that like a thinking through how you

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Speaker 1: feel about your money and being open about it and

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Speaker 1: expressing it is so important to having a healthy relationship

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Speaker 1: with your money. So I was listening to MPR like

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Speaker 1: you do, and I think it was on Marketplace where

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Speaker 1: they interviewed a financial therapist and a person who was

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Speaker 1: going to financial therapy, and I was like, what is this.

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Speaker 1: I had no idea this was a thing. I would

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Speaker 1: love to interview one for two cents and there aren't

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Speaker 1: a lot around unfortunately. But the way I understand it

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Speaker 1: is basically there's you know, kind of a a certification

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Speaker 1: that they can go through that basically just says like

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Speaker 1: they've done a lot of work and research around you know,

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Speaker 1: specifically the emotions around money, also talking about you know,

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Speaker 1: scarcity and how you grow up on all that. So

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Speaker 1: they just have like particular expertise. And so I found

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Speaker 1: one in Austin where we live, and I reached out

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Speaker 1: to her to see if she would be open to

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Speaker 1: doing an episode with us, and she said yes. She

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Speaker 1: didn't she didn't push back at all that she's like

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Speaker 1: Yeller or maybe a little too qualified. No, But I

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Speaker 1: think that's kind of that's the point, right, It's like

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Speaker 1: I wanted people to know that we still deal with

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Speaker 1: a bit of tension between ourselves. Even though we're super practiced,

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Speaker 1: that doesn't mean we we are perfectly self aware on

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Speaker 1: everything we do and why we do it. And you

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Speaker 1: really actually hit on a pretty important point there too,

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Speaker 1: which is, you know, we're putting ourselves out there as experts,

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Speaker 1: we're professional financial planners. What the heck could we possibly

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Speaker 1: have to learn or improve on? And it was actually

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Speaker 1: tempting as we were creating that episode to go the

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Speaker 1: route of, because we were gonna, you know, be in

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Speaker 1: a session with her, go the route of, well, here's

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Speaker 1: a thing that we're maybe on, so let's get up

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Speaker 1: to I mean kind of like a you know, not

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Speaker 1: really being very vulnerable and not showing a weakness. We

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Speaker 1: decided to actually focus on something that actually is a

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Speaker 1: major weakness for us financially speaking. UM And I think

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Speaker 1: that ended up making the episode much more successful doing

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Speaker 1: it that way, but it's so scarier. I feel like

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Speaker 1: the thing that came up in the discussion was like

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Speaker 1: the rates that you're charging clients, right, but there's kind

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Speaker 1: of a bit of a cliffhanger at the end of

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Speaker 1: that video. I guess that's true. Well, we hadn't actually

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Speaker 1: you know, first of all, we actually decided that was

430
00:24:11,320 --> 00:24:13,040
Speaker 1: gonna be the topic the day we were shooting, so

431
00:24:13,040 --> 00:24:14,439
Speaker 1: we had not actually given that a whole lot of

432
00:24:14,440 --> 00:24:17,119
Speaker 1: thought in advance. UM And we put a couple out there,

433
00:24:17,160 --> 00:24:18,760
Speaker 1: and she said, let's go with the one that seems

434
00:24:18,760 --> 00:24:20,520
Speaker 1: the scariest, and we said, okay, well, I guess that's

435
00:24:20,560 --> 00:24:25,800
Speaker 1: what we're doing. And you know exactly, but I mean, well, honestly,

436
00:24:25,840 --> 00:24:28,200
Speaker 1: she even says it's something she struggles with. The therapist

437
00:24:28,200 --> 00:24:31,800
Speaker 1: we talked with, she said off camera, and I we

438
00:24:31,920 --> 00:24:34,760
Speaker 1: work with a lot of small business owners and entrepreneurs.

439
00:24:34,840 --> 00:24:37,720
Speaker 1: This is a massive stumbling block. I wouldn't say for all,

440
00:24:37,760 --> 00:24:41,560
Speaker 1: but definitely most, which is feeling weird about raising your

441
00:24:41,640 --> 00:24:45,240
Speaker 1: rates so high that it starts to say something uncomfortable

442
00:24:45,280 --> 00:24:48,399
Speaker 1: about you. And that's where we were, which is like

443
00:24:48,640 --> 00:24:51,600
Speaker 1: the amount we're charging isn't really enough to grow, but

444
00:24:51,680 --> 00:24:53,639
Speaker 1: the amount we need to charge, which is like in

445
00:24:53,720 --> 00:24:59,439
Speaker 1: the close to three hour range, seems incredibly problematic, Like

446
00:24:59,480 --> 00:25:03,359
Speaker 1: we're gonn gonna be too expensive for you know, artists

447
00:25:03,359 --> 00:25:06,000
Speaker 1: to be able to work with us, and um, it

448
00:25:06,080 --> 00:25:09,440
Speaker 1: also seems incredibly greedy, and it seems like who are

449
00:25:09,480 --> 00:25:11,680
Speaker 1: we to be able to do this? There's just so

450
00:25:11,680 --> 00:25:15,440
Speaker 1: so many problematic money scripts involved in this. And uh boy,

451
00:25:15,520 --> 00:25:18,040
Speaker 1: that was that was actually a life changing experience, honestly

452
00:25:18,080 --> 00:25:20,120
Speaker 1: going through that, even though we were on camera, even

453
00:25:20,119 --> 00:25:22,800
Speaker 1: though it was somewhat of a setup. Um, we did

454
00:25:22,920 --> 00:25:27,080
Speaker 1: end up increasing our our rates after that by a lot.

455
00:25:28,359 --> 00:25:30,639
Speaker 1: And Okay, yeah, that was like what's the resolution? What

456
00:25:30,640 --> 00:25:32,320
Speaker 1: did you guys do? And how do you feel about

457
00:25:32,359 --> 00:25:34,240
Speaker 1: that now that you've you kind of like, you know,

458
00:25:34,280 --> 00:25:36,920
Speaker 1: took the plunge to raise rates. How's that gone? Yeah,

459
00:25:36,960 --> 00:25:41,119
Speaker 1: So we didn't actually have a paid by the hour

460
00:25:41,200 --> 00:25:44,440
Speaker 1: service at that time, but for the services we did offer,

461
00:25:44,480 --> 00:25:46,520
Speaker 1: which were like a six month or twelve month long

462
00:25:46,560 --> 00:25:49,320
Speaker 1: engagement or longer. We were charging somewhere in the one

463
00:25:49,440 --> 00:25:54,240
Speaker 1: hundred dollars two an hour range, and we realized to

464
00:25:54,280 --> 00:25:56,679
Speaker 1: make an hourly service work where we could meet for

465
00:25:56,720 --> 00:25:59,000
Speaker 1: someone for just an hour or just an hour and

466
00:25:59,040 --> 00:26:02,679
Speaker 1: a half, we'd have to charge so substantially more. So

467
00:26:02,720 --> 00:26:05,600
Speaker 1: after that meeting we had some strategic talks about it

468
00:26:05,640 --> 00:26:08,040
Speaker 1: was like, what was the amount we would charge if

469
00:26:08,080 --> 00:26:10,320
Speaker 1: we didn't care all what someone would think about us,

470
00:26:10,400 --> 00:26:13,520
Speaker 1: if it was if I had no fear and no judgment,

471
00:26:13,760 --> 00:26:15,200
Speaker 1: what would that number be? And I was like, it's

472
00:26:15,240 --> 00:26:17,760
Speaker 1: got to be more than three And we said, okay,

473
00:26:17,880 --> 00:26:20,160
Speaker 1: let's figure out what three D would be basically after

474
00:26:20,160 --> 00:26:22,920
Speaker 1: our after taxes, and that's what we did, land on

475
00:26:23,000 --> 00:26:26,080
Speaker 1: three twenty or something, and so we rolled it out.

476
00:26:26,119 --> 00:26:28,760
Speaker 1: I was so nervous the very first client we had,

477
00:26:29,119 --> 00:26:32,399
Speaker 1: uh that we met at that rate, I mean, was

478
00:26:32,520 --> 00:26:35,120
Speaker 1: just falling over the cells with gratitude and what an

479
00:26:35,200 --> 00:26:37,399
Speaker 1: unbelievable deal it was that they were able to do this.

480
00:26:37,720 --> 00:26:39,560
Speaker 1: And we've been doing it for almost a year now

481
00:26:40,200 --> 00:26:43,400
Speaker 1: and it is the most popular thing we do. It's

482
00:26:43,480 --> 00:26:46,639
Speaker 1: like people are lining up down the street to do

483
00:26:46,720 --> 00:26:50,000
Speaker 1: hourly work with us for three and it's crazy. I mean,

484
00:26:50,119 --> 00:26:51,959
Speaker 1: it just blows my mind that we could have been

485
00:26:51,960 --> 00:26:54,400
Speaker 1: doing that all along, but we were basically too afraid

486
00:26:54,440 --> 00:26:57,040
Speaker 1: to Julia as our salesperson, so she talks to everyone

487
00:26:57,400 --> 00:27:00,680
Speaker 1: um about this and you get basically no pushback, right

488
00:27:01,480 --> 00:27:05,000
Speaker 1: z ro pushback. That is awesome. Yeah, that sounds like that.

489
00:27:05,080 --> 00:27:07,640
Speaker 1: Financial therapy as a game changer, big time, big time

490
00:27:07,680 --> 00:27:11,320
Speaker 1: game changer. I can't recommend us highly enough. It was incredible.

491
00:27:11,359 --> 00:27:13,280
Speaker 1: We we didn't even think we needed anything, and yeah

492
00:27:13,320 --> 00:27:16,159
Speaker 1: we obviously did very cool. Well, yeah, that's awesome to hear.

493
00:27:16,160 --> 00:27:18,680
Speaker 1: It really encouraging. Uh, And we're actually gonna talk more

494
00:27:19,480 --> 00:27:22,240
Speaker 1: about your your own business there the financial planning firm

495
00:27:22,359 --> 00:27:24,399
Speaker 1: that y'all owned there in Austin, And we'll get to

496
00:27:24,440 --> 00:27:35,720
Speaker 1: that right after the break. Alright, we're back. We're still

497
00:27:35,760 --> 00:27:38,640
Speaker 1: talking with Julia and Philip from the hit series two

498
00:27:38,640 --> 00:27:42,280
Speaker 1: Cents on PBS. Guys, those videos obviously been a major success.

499
00:27:42,520 --> 00:27:45,440
Speaker 1: Some of them have over a million views. But while

500
00:27:45,440 --> 00:27:47,680
Speaker 1: you guys are educating the masses, you also, as we've

501
00:27:47,720 --> 00:27:51,000
Speaker 1: talked about, have this boutique financial advisory firm and it

502
00:27:51,119 --> 00:27:55,600
Speaker 1: specializes in particular in helping artists with their money. And yeah,

503
00:27:55,680 --> 00:27:57,679
Speaker 1: I don't know. I'm curious to know more about what

504
00:27:57,720 --> 00:28:00,240
Speaker 1: it looks like to help artists with their money. Do

505
00:28:00,280 --> 00:28:03,760
Speaker 1: they have like specific financial needs maybe that are different

506
00:28:03,840 --> 00:28:06,359
Speaker 1: than you know, some of the other general members of

507
00:28:06,359 --> 00:28:11,439
Speaker 1: the population. I would say not really when it comes

508
00:28:11,440 --> 00:28:14,760
Speaker 1: down to like nuts and bolts, but I think where

509
00:28:15,080 --> 00:28:17,639
Speaker 1: artists and I would I would also broaden that a

510
00:28:17,640 --> 00:28:22,000
Speaker 1: lot to say, like just creative types. Um. You know,

511
00:28:22,080 --> 00:28:25,200
Speaker 1: you can be in any kind of you know, workplace

512
00:28:25,359 --> 00:28:28,840
Speaker 1: scenario and just know like it's like, you know, if

513
00:28:28,880 --> 00:28:32,360
Speaker 1: you're a creative type or not. And I find the

514
00:28:32,400 --> 00:28:35,320
Speaker 1: biggest thing that they lack and that they need is

515
00:28:35,320 --> 00:28:38,680
Speaker 1: a sense of confidence and a sense of empowerment. Because

516
00:28:38,920 --> 00:28:42,280
Speaker 1: you know, I was totally one of those people who,

517
00:28:42,440 --> 00:28:45,760
Speaker 1: you know, all through school, I struggled with math, I

518
00:28:45,840 --> 00:28:50,800
Speaker 1: really did. And I'm a natural spender. I really enjoy

519
00:28:50,840 --> 00:28:55,920
Speaker 1: spending my money. Um, and I thought, oh, well, those

520
00:28:55,960 --> 00:28:58,800
Speaker 1: two things combined just means I guess I'll just be

521
00:28:58,800 --> 00:29:02,200
Speaker 1: poor the rest of my life, you know. Um, that's it.

522
00:29:02,720 --> 00:29:07,400
Speaker 1: And I you know, through practice, through many years of

523
00:29:07,560 --> 00:29:11,440
Speaker 1: you know, budgeting and listening to somebody who you know.

524
00:29:11,880 --> 00:29:14,760
Speaker 1: I definitely think Dave Ramsey has his issues, but I

525
00:29:14,800 --> 00:29:20,280
Speaker 1: think he is very good at bringing something that seems

526
00:29:20,600 --> 00:29:26,560
Speaker 1: really complicated down to to really like obtainable nuts and bolts.

527
00:29:26,880 --> 00:29:29,560
Speaker 1: And I really appreciate that and I benefit from that,

528
00:29:29,880 --> 00:29:33,360
Speaker 1: and um, and that's what people need. They really need

529
00:29:33,400 --> 00:29:36,320
Speaker 1: to feel like this is not some big scary thing.

530
00:29:36,760 --> 00:29:40,360
Speaker 1: There are some sophisticated tools that can help us, you know,

531
00:29:40,520 --> 00:29:43,880
Speaker 1: get clearer on some stuff, but really what they need

532
00:29:44,000 --> 00:29:47,280
Speaker 1: is some empathy for where they are a place to

533
00:29:47,360 --> 00:29:51,520
Speaker 1: talk about what they're scared about and uh, where they

534
00:29:51,520 --> 00:29:53,719
Speaker 1: can know that they're safe and they're not being you know,

535
00:29:53,920 --> 00:29:58,840
Speaker 1: judged for not knowing something. So that's what they really need. Yeah,

536
00:29:58,920 --> 00:30:00,760
Speaker 1: talk more about that, Like, I mean, do you do

537
00:30:00,800 --> 00:30:03,240
Speaker 1: you think that the financial world needs more empathy in general,

538
00:30:03,280 --> 00:30:05,040
Speaker 1: because you know, that is one of the one of

539
00:30:05,040 --> 00:30:07,600
Speaker 1: the core components that you list on your on your site. Yeah,

540
00:30:07,640 --> 00:30:10,720
Speaker 1: how does that play into the financial advice and talking

541
00:30:10,760 --> 00:30:14,840
Speaker 1: through money with clients? Oh gosh, I think it's huge.

542
00:30:14,880 --> 00:30:18,120
Speaker 1: Of course, of course we need more empathy. We need

543
00:30:18,160 --> 00:30:22,560
Speaker 1: empathy for people who you know, are really intimidated by

544
00:30:22,600 --> 00:30:26,560
Speaker 1: this stuff, who are very scared. Um. They don't want like,

545
00:30:26,680 --> 00:30:29,840
Speaker 1: no one wants to seem dumb. You know, it's super

546
00:30:29,960 --> 00:30:34,760
Speaker 1: vulnerable to come in to a stranger and be like, oh,

547
00:30:35,160 --> 00:30:39,040
Speaker 1: you know, most people are you know, more likely to

548
00:30:39,080 --> 00:30:42,040
Speaker 1: talk about like their sex life than they are their money. Right,

549
00:30:42,080 --> 00:30:44,920
Speaker 1: it's like the last that kind of like hidden really

550
00:30:44,960 --> 00:30:48,440
Speaker 1: taboo thing that's like not okay to talk about um.

551
00:30:48,560 --> 00:30:52,520
Speaker 1: And so I think just providing a space of empathy

552
00:30:52,600 --> 00:30:55,400
Speaker 1: for people say it's all right to be a little scared,

553
00:30:56,040 --> 00:30:58,760
Speaker 1: but you know, we do what we can to make

554
00:30:58,800 --> 00:31:02,840
Speaker 1: a really open, accepting an environment and one where we

555
00:31:02,960 --> 00:31:07,640
Speaker 1: will ask questions about their feelings, not just like okay,

556
00:31:07,640 --> 00:31:13,720
Speaker 1: well when do you want to retire? You know exactly, Yeah,

557
00:31:13,800 --> 00:31:16,000
Speaker 1: like people want that and they do need that, but

558
00:31:16,160 --> 00:31:20,800
Speaker 1: also like, hey, this money sitting over here that isn't

559
00:31:20,800 --> 00:31:24,320
Speaker 1: doing anything, Like how do you feel about that? And

560
00:31:24,440 --> 00:31:26,880
Speaker 1: it'll come out, you know. For example, I can think

561
00:31:26,880 --> 00:31:30,160
Speaker 1: if somebody who's like, well, I inherited that because my

562
00:31:30,200 --> 00:31:33,280
Speaker 1: sister passed, you know, completely unexpectedly, and I just can't

563
00:31:33,720 --> 00:31:36,880
Speaker 1: I can't bring myself to to spend it or invest

564
00:31:36,960 --> 00:31:39,240
Speaker 1: it or do anything with it. And so I'm like

565
00:31:39,440 --> 00:31:42,440
Speaker 1: I can really understand that, so you know, let's talk

566
00:31:42,480 --> 00:31:44,000
Speaker 1: a little bit more about that. But I'm not going

567
00:31:44,080 --> 00:31:45,959
Speaker 1: to push you. I'm not going to show you know,

568
00:31:46,280 --> 00:31:50,080
Speaker 1: I'm not gonna make you feel bad for not getting

569
00:31:50,120 --> 00:31:53,040
Speaker 1: that invested. And it's just sitting cash. Like, there's a

570
00:31:53,080 --> 00:31:57,160
Speaker 1: lot going on here that like, Okay, maybe I can

571
00:31:57,200 --> 00:31:59,520
Speaker 1: take this conversation to a certain level. But if I

572
00:31:59,680 --> 00:32:02,120
Speaker 1: see like it would really I think benefit you to

573
00:32:02,160 --> 00:32:05,040
Speaker 1: talk to a counselor about this, I will absolutely say that.

574
00:32:05,160 --> 00:32:08,960
Speaker 1: And I've seen some really really cool things happen just

575
00:32:09,000 --> 00:32:13,000
Speaker 1: because we're patient with people and we meet them where

576
00:32:13,000 --> 00:32:15,960
Speaker 1: they're at. Yeah, y'all are part of the x Y

577
00:32:16,000 --> 00:32:18,719
Speaker 1: Planning Network, which Matt and I we refer people there

578
00:32:18,760 --> 00:32:20,360
Speaker 1: if they want to find a financial advisor. We feel

579
00:32:20,360 --> 00:32:22,240
Speaker 1: like that's one of the best places to go and

580
00:32:22,280 --> 00:32:26,040
Speaker 1: find one. Your firm, your you guys are fee only fiduciaries.

581
00:32:26,080 --> 00:32:28,800
Speaker 1: That's our favorite structure for people who want to hire

582
00:32:28,800 --> 00:32:31,760
Speaker 1: a financial advisor. Philip, you hinted at this earlier, but

583
00:32:31,800 --> 00:32:34,680
Speaker 1: what what made you guys want to choose that business model?

584
00:32:34,680 --> 00:32:37,160
Speaker 1: Why was that an important part of setting up your

585
00:32:37,160 --> 00:32:40,240
Speaker 1: own business? Having it, you know, essentially being fiduciary and

586
00:32:40,240 --> 00:32:42,520
Speaker 1: fee only. Well, it's because we've been on the other

587
00:32:42,560 --> 00:32:45,400
Speaker 1: side of it. I mean I remember when Julia was

588
00:32:45,680 --> 00:32:48,040
Speaker 1: doing her very best as she could as a mortgage

589
00:32:48,080 --> 00:32:51,000
Speaker 1: lane officer, and she would say, you know this, this

590
00:32:51,080 --> 00:32:53,640
Speaker 1: couple coming in. They can get a mortgage, but what

591
00:32:54,000 --> 00:32:56,160
Speaker 1: that's not what they need. They need to get out

592
00:32:56,160 --> 00:32:58,360
Speaker 1: a credit card dead or they need to you know,

593
00:32:58,480 --> 00:33:00,600
Speaker 1: they need to do some probably more subs acial things

594
00:33:00,640 --> 00:33:02,880
Speaker 1: before we sell them this mortgage. And I had the

595
00:33:02,880 --> 00:33:05,200
Speaker 1: exact same thing. I remember. I would have clients, especially

596
00:33:05,200 --> 00:33:08,280
Speaker 1: when there was big, a lot of numbers attached, when

597
00:33:08,320 --> 00:33:10,760
Speaker 1: there was you know, lots of zeros behind whatever we

598
00:33:10,760 --> 00:33:14,880
Speaker 1: were doing, and the way I was compensated would be

599
00:33:14,920 --> 00:33:17,200
Speaker 1: different depending on if they went left in the path

600
00:33:17,400 --> 00:33:20,360
Speaker 1: right on the path. And I tried so hard to

601
00:33:20,400 --> 00:33:22,280
Speaker 1: tell myself I think I did the right thing, and

602
00:33:22,320 --> 00:33:24,600
Speaker 1: I don't think I let the compensation cloud my judgment.

603
00:33:24,600 --> 00:33:25,680
Speaker 1: But at the end of the day, I'm not sure

604
00:33:25,720 --> 00:33:29,160
Speaker 1: that's true. Um. I think if you get paid five

605
00:33:29,200 --> 00:33:32,880
Speaker 1: times more for someone doing one product versus another, I mean,

606
00:33:33,000 --> 00:33:36,280
Speaker 1: you're thinking about your your own well being to some degree.

607
00:33:36,600 --> 00:33:38,560
Speaker 1: And I thought I gotta find a way where if

608
00:33:38,560 --> 00:33:40,160
Speaker 1: I tell you to pay off your student loans, or

609
00:33:40,160 --> 00:33:41,680
Speaker 1: I tell you to go to Cancoon, or I tell

610
00:33:41,720 --> 00:33:44,080
Speaker 1: you to invest the money, my compensation is the same.

611
00:33:45,000 --> 00:33:47,080
Speaker 1: That just feels very very good. That's what I wanted

612
00:33:47,080 --> 00:33:48,840
Speaker 1: the whole time when I was in the brokerage world.

613
00:33:48,880 --> 00:33:51,600
Speaker 1: And so now I can ever imagine going back, of course,

614
00:33:51,680 --> 00:33:54,760
Speaker 1: but it's still a it's still a relatively small portion

615
00:33:54,800 --> 00:33:56,840
Speaker 1: of the industry. I mean, most most advisors are not

616
00:33:56,960 --> 00:33:59,800
Speaker 1: that way. Uh, most firms are not that way. So

617
00:34:00,360 --> 00:34:02,080
Speaker 1: you know, we're so a little bit of a tiny

618
00:34:02,120 --> 00:34:06,800
Speaker 1: little rebellion within the changing industry. Wait until the empire

619
00:34:06,800 --> 00:34:12,640
Speaker 1: strikes back, we'll have to regroup. Okay, So let's talk

620
00:34:12,640 --> 00:34:14,719
Speaker 1: through when you would recommend for folks to actually go

621
00:34:14,800 --> 00:34:17,440
Speaker 1: and see a financial advisor. You know, do you recommend

622
00:34:17,760 --> 00:34:20,560
Speaker 1: that once you, you you know, hit a certain life stage

623
00:34:21,000 --> 00:34:22,959
Speaker 1: that you see an advisor, or like, is it maybe

624
00:34:22,960 --> 00:34:25,920
Speaker 1: once you've reached a specific net worth? When do you

625
00:34:25,960 --> 00:34:28,319
Speaker 1: tell folks that, like, all right, it's it might be

626
00:34:28,360 --> 00:34:31,680
Speaker 1: a good idea for you to seek some professional counsel

627
00:34:31,719 --> 00:34:34,040
Speaker 1: in this way. Yeah, you know, it can be a

628
00:34:34,080 --> 00:34:37,680
Speaker 1: little tough because financial advisor is sort of a generic term, right,

629
00:34:37,719 --> 00:34:39,799
Speaker 1: that that can actually refer to a lot of different things.

630
00:34:39,840 --> 00:34:43,000
Speaker 1: I mean insurance sales, people talk to themselves, refer to

631
00:34:43,000 --> 00:34:46,400
Speaker 1: themselves a financial advisors and bankers and all c pas,

632
00:34:46,440 --> 00:34:48,680
Speaker 1: all types of people. Right, So, um, I would I

633
00:34:48,680 --> 00:34:50,719
Speaker 1: would The way I think about it is I would

634
00:34:50,719 --> 00:34:54,040
Speaker 1: probably segment to maybe three different kind of sections, so

635
00:34:54,080 --> 00:34:56,520
Speaker 1: I would say, I like it. Let's here. Um. The

636
00:34:56,560 --> 00:35:00,360
Speaker 1: first one, probably the least known, is an accredited financial

637
00:35:00,440 --> 00:35:03,600
Speaker 1: counselor Julia is one of these, and this is a

638
00:35:03,760 --> 00:35:06,759
Speaker 1: specialty that focuses on people who are sort of at

639
00:35:06,800 --> 00:35:09,840
Speaker 1: the beginning levels, beginning stages of their financial journey, so

640
00:35:09,880 --> 00:35:12,520
Speaker 1: maybe paying off debt, building up an emergency fund, trying

641
00:35:12,520 --> 00:35:15,280
Speaker 1: to buildup their credit score, sort of the basic couple

642
00:35:15,320 --> 00:35:18,360
Speaker 1: of baby steps. And it's so important. And this designation

643
00:35:18,440 --> 00:35:22,160
Speaker 1: is only maybe five to ten years old. It's relatively

644
00:35:22,200 --> 00:35:25,640
Speaker 1: young designation. I think it's amazing. People who are who

645
00:35:25,640 --> 00:35:28,960
Speaker 1: are doing this are generally a lower price point, a

646
00:35:28,960 --> 00:35:32,680
Speaker 1: lot more attainable for for people just starting out. And

647
00:35:32,719 --> 00:35:34,439
Speaker 1: I think that's where you should go if you haven't

648
00:35:34,480 --> 00:35:38,160
Speaker 1: built up a net worth of you know, hundreds of

649
00:35:38,200 --> 00:35:41,480
Speaker 1: thousands of dollars, if you don't have a gigantic income,

650
00:35:41,520 --> 00:35:44,000
Speaker 1: but you just want some financial help. Credit financial counselors

651
00:35:44,000 --> 00:35:46,400
Speaker 1: are fabulous and there they can be found, you know,

652
00:35:46,480 --> 00:35:48,960
Speaker 1: through the to the FC website in other places. The

653
00:35:49,000 --> 00:35:51,479
Speaker 1: next one, so I would say probably the maybe most

654
00:35:51,520 --> 00:35:55,520
Speaker 1: well known, is a certifying financial planner. That's what I am.

655
00:35:55,560 --> 00:35:57,120
Speaker 1: If you're if you're going to go talk with a

656
00:35:57,120 --> 00:36:00,640
Speaker 1: certified financial planner, you're probably gonna be focusing on more

657
00:36:00,680 --> 00:36:05,360
Speaker 1: complicated tax things, more complicated retirement things, investment things, trust

658
00:36:05,440 --> 00:36:09,319
Speaker 1: related uh issues, saving for college. So you probably have

659
00:36:09,560 --> 00:36:11,880
Speaker 1: a good amount of discretionary income, a good amount of

660
00:36:11,880 --> 00:36:15,120
Speaker 1: investments I would say close to a hundred thousand dollars

661
00:36:15,239 --> 00:36:18,800
Speaker 1: or more, and a good strong income. So CFP is

662
00:36:18,840 --> 00:36:22,160
Speaker 1: definitely geared towards higher net worth, higher earning earning people.

663
00:36:22,560 --> 00:36:23,920
Speaker 1: And then the third type I would just say as

664
00:36:23,920 --> 00:36:26,720
Speaker 1: an investment advisor, which is a designation I also hold

665
00:36:27,040 --> 00:36:28,520
Speaker 1: this is just if you only want to focus on

666
00:36:28,560 --> 00:36:30,160
Speaker 1: the investments alone, so you want someone to help you

667
00:36:30,200 --> 00:36:34,480
Speaker 1: manage your portfolio, pick mutual funds, stocks, traded portfolio, all

668
00:36:34,480 --> 00:36:37,040
Speaker 1: that kind of good stuff. Um investment advisor is going

669
00:36:37,120 --> 00:36:39,720
Speaker 1: to do that. I would say most people calling themselves

670
00:36:39,719 --> 00:36:43,080
Speaker 1: financial advisors are probably investment advisors, but obviously not all

671
00:36:43,120 --> 00:36:46,560
Speaker 1: of them. Um And it's gonna be hard to find

672
00:36:46,560 --> 00:36:49,000
Speaker 1: someone who will talk to you under a hundred grand.

673
00:36:49,280 --> 00:36:51,120
Speaker 1: Most of them that are feeling fu series have a

674
00:36:51,239 --> 00:36:54,360
Speaker 1: one million dollar minimum, which I think is sort of problematic.

675
00:36:55,120 --> 00:36:57,560
Speaker 1: We don't have a minimum like that. But one thing

676
00:36:57,560 --> 00:36:59,600
Speaker 1: that's great about the x Y plan network that you

677
00:36:59,640 --> 00:37:02,200
Speaker 1: mentioned and is that they don't have any minimums like that.

678
00:37:02,239 --> 00:37:06,080
Speaker 1: They actually can, uh, every every advisor there and there

679
00:37:06,120 --> 00:37:09,520
Speaker 1: across all fifty states. They will they will serve clients

680
00:37:09,520 --> 00:37:11,680
Speaker 1: on just a monthly retainer, sometimes as low as a

681
00:37:11,760 --> 00:37:13,720
Speaker 1: hundred dollars or two hundred dollars a month, so nothing

682
00:37:13,920 --> 00:37:15,880
Speaker 1: totally insane. You don't have to be a millionaire to

683
00:37:15,880 --> 00:37:19,080
Speaker 1: work with somebody. Um. And So those are the three

684
00:37:19,200 --> 00:37:22,439
Speaker 1: kind of that popped into my mind. That's super helpful. Yeah,

685
00:37:22,480 --> 00:37:25,000
Speaker 1: and too, I think just a lot of people they

686
00:37:25,239 --> 00:37:28,399
Speaker 1: you know, sometimes sometimes people need to sit down with

687
00:37:28,680 --> 00:37:32,000
Speaker 1: one of those three types of folks. A lot of people, though,

688
00:37:32,200 --> 00:37:35,640
Speaker 1: need the help and guidance that books and podcasts and

689
00:37:35,760 --> 00:37:38,680
Speaker 1: you know, the two cents video series can offer, right,

690
00:37:38,719 --> 00:37:40,440
Speaker 1: It's that kind of stuff. So I'm thankful that you

691
00:37:40,480 --> 00:37:43,719
Speaker 1: guys are also uh part of the good in the

692
00:37:43,719 --> 00:37:47,400
Speaker 1: personal finance space of putting out free financial content that

693
00:37:47,520 --> 00:37:50,879
Speaker 1: really helps people get those building blocks in order, um,

694
00:37:51,000 --> 00:37:53,160
Speaker 1: so that they can amass enough money that they actually

695
00:37:53,200 --> 00:37:56,320
Speaker 1: at some point have the choice and the desire to

696
00:37:56,360 --> 00:37:59,839
Speaker 1: be able to sit down with somebody professionally. Um. And yeah,

697
00:37:59,840 --> 00:38:01,719
Speaker 1: so I love what you guys are doing. We really

698
00:38:01,760 --> 00:38:04,440
Speaker 1: appreciate y'all joining us on the show today. How can

699
00:38:04,719 --> 00:38:07,000
Speaker 1: our listeners find out more about you guys and what

700
00:38:07,040 --> 00:38:10,560
Speaker 1: you're up to? Yeah, well we I mean, obviously there's

701
00:38:10,600 --> 00:38:14,440
Speaker 1: two cents, so just you know, on YouTube two cents

702
00:38:14,480 --> 00:38:18,520
Speaker 1: PBS we hang out there. Um. And then there's our website. Um.

703
00:38:18,640 --> 00:38:22,560
Speaker 1: The art of finance stop is um we do. I'm

704
00:38:22,600 --> 00:38:26,640
Speaker 1: finally writing the blog again. I'm so excited to be back.

705
00:38:27,200 --> 00:38:30,319
Speaker 1: I could not handle writing for the blog and the

706
00:38:30,320 --> 00:38:33,359
Speaker 1: show and parenting and dealing with quarantine all the same time.

707
00:38:33,880 --> 00:38:37,720
Speaker 1: So now that we have childcare hey in our life again,

708
00:38:38,320 --> 00:38:40,880
Speaker 1: I feel I felt ready to write. So I'll be

709
00:38:40,920 --> 00:38:43,560
Speaker 1: doing some some stuff there. But if you you know,

710
00:38:43,680 --> 00:38:48,439
Speaker 1: if people have questions or wondering like if we could

711
00:38:48,520 --> 00:38:52,040
Speaker 1: be a good fit with them, that's the place to go. Well, Philip, Julia,

712
00:38:52,200 --> 00:38:54,400
Speaker 1: y'all are the best. We appreciate you coming on the show.

713
00:38:54,600 --> 00:38:58,279
Speaker 1: And uh yeah thanks again, thanks guys, thank you all right.

714
00:38:58,280 --> 00:39:01,439
Speaker 1: Matt love the Two Cents folks, Julia and Phillip a

715
00:39:01,440 --> 00:39:03,200
Speaker 1: great great to catch up with them, and I love

716
00:39:03,239 --> 00:39:05,440
Speaker 1: the way they bring jargon, free money help to the

717
00:39:05,520 --> 00:39:08,200
Speaker 1: masses through the two Sense videos and like in a catchy,

718
00:39:08,400 --> 00:39:11,480
Speaker 1: fun way. I'm a money nerd. I enjoy watching those

719
00:39:11,560 --> 00:39:14,040
Speaker 1: videos and I definitely highly recommend them to our audience.

720
00:39:14,040 --> 00:39:16,200
Speaker 1: They're even good for you, They're even good for me.

721
00:39:16,719 --> 00:39:19,319
Speaker 1: But yeah, so what was your big takeaway from this

722
00:39:19,400 --> 00:39:21,920
Speaker 1: conversation with them? Yeah, so I like the fact that, like,

723
00:39:21,960 --> 00:39:24,640
Speaker 1: as we're talking about how they started doing their videos,

724
00:39:24,680 --> 00:39:27,440
Speaker 1: their their their original to cent videos. I mean, I'm

725
00:39:27,440 --> 00:39:28,680
Speaker 1: not even sure if they call them that at the

726
00:39:28,760 --> 00:39:31,680
Speaker 1: very beginning, but did not actually yeah, yeah, And so

727
00:39:32,080 --> 00:39:35,520
Speaker 1: they were doing it in an effort to you know,

728
00:39:35,760 --> 00:39:37,919
Speaker 1: educate folks, for sure, but it was almost a way

729
00:39:37,960 --> 00:39:40,359
Speaker 1: for them to kind of market their their new firm, right.

730
00:39:40,440 --> 00:39:41,719
Speaker 1: It sounded like they didn't have a whole lot of

731
00:39:41,760 --> 00:39:43,760
Speaker 1: business early on, and so this was a way basically

732
00:39:43,800 --> 00:39:46,920
Speaker 1: to get themselves out there. And now I mean, we

733
00:39:46,960 --> 00:39:48,839
Speaker 1: didn't dive until, you know, we don't really dive into

734
00:39:48,880 --> 00:39:51,439
Speaker 1: the numbers and the specifics, but it sounds like that they're,

735
00:39:51,600 --> 00:39:53,600
Speaker 1: you know, they're they're they're getting paid decently and they

736
00:39:53,640 --> 00:39:57,160
Speaker 1: probably could if they wanted to go all in with PBS.

737
00:39:57,560 --> 00:39:59,799
Speaker 1: They're having a lot of success there, and so for me, man,

738
00:40:00,080 --> 00:40:01,960
Speaker 1: that just stood out as a small lesson, a small

739
00:40:02,000 --> 00:40:04,439
Speaker 1: takeaway I think for anybody out there that even though

740
00:40:04,440 --> 00:40:06,359
Speaker 1: you may not exactly know what it is that you're

741
00:40:06,400 --> 00:40:09,080
Speaker 1: you're you're trying to achieve right well, at least for them,

742
00:40:09,080 --> 00:40:11,120
Speaker 1: they did know. They just wanted to to get their

743
00:40:11,200 --> 00:40:14,239
Speaker 1: names out there. They wanted to promote the art of finance.

744
00:40:14,440 --> 00:40:16,879
Speaker 1: But it morphed and it turned into this entirely new

745
00:40:16,920 --> 00:40:20,560
Speaker 1: opportunity for them to to do something that really speaks

746
00:40:20,560 --> 00:40:21,840
Speaker 1: to them, you know, like this is something that's a

747
00:40:21,880 --> 00:40:24,320
Speaker 1: passion that there's acting and being in front of a camera,

748
00:40:24,600 --> 00:40:27,279
Speaker 1: being on screen, and it makes me just incredibly happy

749
00:40:27,320 --> 00:40:28,920
Speaker 1: that they found this. They have this outlet where they're

750
00:40:28,960 --> 00:40:32,080
Speaker 1: able to exercise this creativity that they have that they've

751
00:40:32,080 --> 00:40:35,480
Speaker 1: always had. Uh, Julia, there's a bio or literally she

752
00:40:35,520 --> 00:40:38,120
Speaker 1: said she was like raised on stage, and so she

753
00:40:38,160 --> 00:40:39,880
Speaker 1: always thought that she was gonna be, you know, a

754
00:40:39,920 --> 00:40:42,920
Speaker 1: movie star or something along those lines, but instead she

755
00:40:42,920 --> 00:40:46,120
Speaker 1: found herself underwriting mortgages. The same thing with Philip. You know,

756
00:40:46,160 --> 00:40:48,840
Speaker 1: he's driving around doing these different acting classes, uh, different

757
00:40:48,840 --> 00:40:50,880
Speaker 1: productions for kids. But for them to be able to

758
00:40:50,960 --> 00:40:53,520
Speaker 1: take those two things, combine them together, and now they

759
00:40:53,560 --> 00:40:56,799
Speaker 1: have this successful venture that is impacting a lot of

760
00:40:56,800 --> 00:40:59,279
Speaker 1: people positively. A lot of folks are able to learn

761
00:40:59,360 --> 00:41:02,280
Speaker 1: from their video us how to better their own personal finances.

762
00:41:02,360 --> 00:41:05,600
Speaker 1: I think that is amazing and it's unique. Whatever what

763
00:41:05,680 --> 00:41:08,319
Speaker 1: you can create is unique because you are unique. And

764
00:41:08,360 --> 00:41:10,560
Speaker 1: I think like, yeah, their history led them to be

765
00:41:10,600 --> 00:41:12,640
Speaker 1: able to form what they formed, and it's it's really great.

766
00:41:12,640 --> 00:41:15,600
Speaker 1: And also to think that the first iteration is almost

767
00:41:15,640 --> 00:41:18,359
Speaker 1: never like the finished successful product, right, And yeah, they

768
00:41:18,360 --> 00:41:21,239
Speaker 1: went through a long time of making videos that were

769
00:41:21,280 --> 00:41:24,000
Speaker 1: not to sense quality. They got very few views, and

770
00:41:24,040 --> 00:41:26,200
Speaker 1: so sometimes you gotta kind of stick it out because

771
00:41:26,239 --> 00:41:28,520
Speaker 1: you're passionate about it, and and they did and it's

772
00:41:28,560 --> 00:41:30,920
Speaker 1: led to something great. I think my big takeaway was

773
00:41:31,000 --> 00:41:33,760
Speaker 1: early on in the episode when Philip said the solution

774
00:41:33,880 --> 00:41:35,879
Speaker 1: was the product, not the advice. When he was talking

775
00:41:35,920 --> 00:41:38,840
Speaker 1: about working in the financial services industry. I think that

776
00:41:38,920 --> 00:41:41,040
Speaker 1: is so often the case, and that's why we are

777
00:41:41,120 --> 00:41:44,040
Speaker 1: resisent to tell people go see a financial advisor for sure,

778
00:41:44,120 --> 00:41:46,200
Speaker 1: like it is right for some people. And I love

779
00:41:46,200 --> 00:41:48,000
Speaker 1: how Philip actually talked about it towards the end of

780
00:41:48,000 --> 00:41:51,120
Speaker 1: the episode. Maybe the three different types of people you

781
00:41:51,160 --> 00:41:55,560
Speaker 1: should consider seeing, and for some people that accredited financial

782
00:41:55,640 --> 00:41:59,240
Speaker 1: counselor might make more sense than like a registered financial advisor.

783
00:41:59,800 --> 00:42:02,239
Speaker 1: Get in some more of those basic building blocks in order,

784
00:42:02,280 --> 00:42:04,080
Speaker 1: but also to some of those things you can learn

785
00:42:04,400 --> 00:42:08,040
Speaker 1: for free via like we said, some podcast YouTube videos.

786
00:42:08,040 --> 00:42:11,440
Speaker 1: There's a lot of great, free or incredibly cheap financial

787
00:42:11,760 --> 00:42:14,520
Speaker 1: information out there that won't lead you astray. The trick

788
00:42:14,640 --> 00:42:16,799
Speaker 1: is finding it and then uh, the other trick is

789
00:42:17,040 --> 00:42:19,680
Speaker 1: listening to it and taking action on it. You know,

790
00:42:20,239 --> 00:42:22,200
Speaker 1: I was gonna say that's the third trick is not

791
00:42:22,280 --> 00:42:24,480
Speaker 1: just listening to it, but then actually putting what you

792
00:42:24,520 --> 00:42:26,880
Speaker 1: heard into action, because I think a lot of times

793
00:42:26,920 --> 00:42:28,759
Speaker 1: that can be the most difficult part of things, is

794
00:42:29,120 --> 00:42:30,719
Speaker 1: it could be easy to know what to do, but

795
00:42:30,760 --> 00:42:33,960
Speaker 1: then actually following through, uh and being disciplined about it.

796
00:42:34,000 --> 00:42:35,640
Speaker 1: That's the that can be I think one of the

797
00:42:35,640 --> 00:42:37,719
Speaker 1: trickiest things because there's a lot that I know that

798
00:42:37,800 --> 00:42:40,040
Speaker 1: I should be doing. Uh Like, for instance, I know

799
00:42:40,080 --> 00:42:42,759
Speaker 1: I should probably be working out more, but I don't

800
00:42:42,760 --> 00:42:45,600
Speaker 1: do it. And so finding different folks who are talking

801
00:42:45,640 --> 00:42:47,840
Speaker 1: about money in a way that will compel you, that

802
00:42:47,880 --> 00:42:51,239
Speaker 1: will encourage you to actually take action is really important. Yeah,

803
00:42:51,280 --> 00:42:52,520
Speaker 1: all right, let's come back to the beer we had

804
00:42:52,520 --> 00:42:54,279
Speaker 1: on the show. Map This one was called Let's do It.

805
00:42:54,280 --> 00:42:57,640
Speaker 1: It's a big stout ski by Bramari Brewing. It's a

806
00:42:57,640 --> 00:42:59,560
Speaker 1: white Russian stout. What was your take on this? One?

807
00:42:59,680 --> 00:43:03,239
Speaker 1: Where amazing because you and I we haven't had we

808
00:43:03,239 --> 00:43:04,520
Speaker 1: we haven't had a stout on the show in a

809
00:43:04,520 --> 00:43:06,799
Speaker 1: long time. It wasn't since you know, it's like six

810
00:43:06,840 --> 00:43:09,520
Speaker 1: months ago this past winter when we're drinking stouts, and

811
00:43:09,560 --> 00:43:12,239
Speaker 1: so this was a nice break from the from the sours,

812
00:43:12,239 --> 00:43:13,560
Speaker 1: from the I p as that you and I have

813
00:43:13,600 --> 00:43:16,279
Speaker 1: been enjoying. But dude, this was so stink and good.

814
00:43:16,320 --> 00:43:19,400
Speaker 1: So it's like the big Lebowski, right, And so his

815
00:43:19,480 --> 00:43:22,640
Speaker 1: drink of choice was the white Russian and the white Russian.

816
00:43:22,960 --> 00:43:26,000
Speaker 1: This is such a long path to go down, but

817
00:43:26,040 --> 00:43:28,680
Speaker 1: a white Russian is made with khalua, which is a

818
00:43:28,680 --> 00:43:31,640
Speaker 1: coffee liqueur, and so this beer, it's a stout, but

819
00:43:31,680 --> 00:43:34,480
Speaker 1: it is brewed. It is made with coffee, uh, and

820
00:43:34,480 --> 00:43:36,359
Speaker 1: it's got some vanilla some lactose in there as well,

821
00:43:36,400 --> 00:43:39,719
Speaker 1: so it's got like this nice creamy coffee nature to it,

822
00:43:39,840 --> 00:43:42,760
Speaker 1: and it makes for just a really robust, delicious stout.

823
00:43:43,200 --> 00:43:45,080
Speaker 1: But yeah, really enjoyed it. Man, what were your thoughts.

824
00:43:45,120 --> 00:43:47,360
Speaker 1: I feel like this beer really tied the whole episode together.

825
00:43:47,880 --> 00:43:50,040
Speaker 1: I like that rug in The Big Lebowski pulls the

826
00:43:50,080 --> 00:43:52,960
Speaker 1: room together, right. I feel like the dude while I'm

827
00:43:53,000 --> 00:43:55,480
Speaker 1: drinking it. I feel nice and relaxed. And yeah, it

828
00:43:55,520 --> 00:43:58,040
Speaker 1: was really you have on your bathrobe, and although I've

829
00:43:58,080 --> 00:44:01,000
Speaker 1: got the hair these days, it's just been kind of long. True. Yeah,

830
00:44:01,040 --> 00:44:03,160
Speaker 1: I mean, I I love the movie. I love me

831
00:44:03,200 --> 00:44:05,480
Speaker 1: a white Russian and a white Russian in beer form

832
00:44:05,520 --> 00:44:07,759
Speaker 1: if execute it well, which this one was. It's just

833
00:44:07,800 --> 00:44:10,040
Speaker 1: an excellent style. It's a rare style, not one I've

834
00:44:10,040 --> 00:44:12,040
Speaker 1: ever had before. So I don't think I've had something

835
00:44:12,080 --> 00:44:13,600
Speaker 1: like this before either. Man. I was glad to try,

836
00:44:13,600 --> 00:44:15,000
Speaker 1: and I thought it was delicious. I feel like he'd

837
00:44:15,000 --> 00:44:18,359
Speaker 1: be like right on, And that's how I feel about

838
00:44:18,360 --> 00:44:20,120
Speaker 1: this beer. Yeah, no doubt. All right, well, that's gonna

839
00:44:20,120 --> 00:44:21,960
Speaker 1: do it for this episode. You can grab the show

840
00:44:22,000 --> 00:44:23,560
Speaker 1: notes for it up on our website at how to

841
00:44:23,640 --> 00:44:25,360
Speaker 1: money dot com. Yeah, that's right. We'll make sure to

842
00:44:25,360 --> 00:44:28,080
Speaker 1: link to Philip and Julia's videos, although they are really

843
00:44:28,080 --> 00:44:29,600
Speaker 1: easy to find. Like they said, you can just search

844
00:44:29,719 --> 00:44:33,239
Speaker 1: for two cents on YouTube. And for anybody out there

845
00:44:33,280 --> 00:44:35,560
Speaker 1: who has not left us a review, we would really

846
00:44:35,560 --> 00:44:37,960
Speaker 1: appreciate it if you left us a solid one over

847
00:44:38,000 --> 00:44:41,080
Speaker 1: at Apple Podcasts or wherever it is that you listen

848
00:44:41,160 --> 00:44:43,520
Speaker 1: to your shows. So Joel buddy, that's gonna be it

849
00:44:43,760 --> 00:44:46,640
Speaker 1: for this episode. Until next time, Best Friends Out, Best

850
00:44:46,719 --> 00:45:00,959
Speaker 1: Friends Out,