Rick Salmeron on Transformative Mindsets and Financial Breakthroughs

Transcript

WEBVTT

00:00:00.960 --> 00:00:10.875
The views expressed in this podcast are solely those of the podcast host and guest and do not necessarily represent those of our distribution partners, supporting business relationships or supported audience.

00:00:10.875 --> 00:00:35.314
Welcome to Transacting Value, where we talk about practical applications for instigating self-worth when dealing with each other and even within ourselves, when we foster a podcast listening experience that lets you hear the power of a value system for managing burnout, establishing boundaries, fostering community and finding identity.

00:00:35.314 --> 00:00:40.768
My name is Josh Porthouse, I'm your host and we are redefining sovereignty of character.

00:00:40.768 --> 00:00:43.087
This is why values still hold value.

00:00:43.087 --> 00:00:45.527
This is Transacting Value.

00:00:47.542 --> 00:00:50.131
My subconscious was speaking very loud back then.

00:00:50.131 --> 00:00:52.218
It speaks still loudly today.

00:00:52.218 --> 00:01:04.980
However, I'm better at shortening the time frame from when it speaks to me, telling that inner voice go over to this bench and sit down while I carry on with my life voice.

00:01:05.000 --> 00:01:06.623
go over to this bench and sit down while I carry on with my life.

00:01:06.623 --> 00:01:09.509
Today, on Transacting Value, what is your wealth goal?

00:01:09.509 --> 00:01:22.430
And often in high stress positions, especially future planning is a luxury, so maybe you haven't even thought about it, but maybe that's because you have to stay grounded in the present.

00:01:22.430 --> 00:01:24.700
Protect what you actually care about securing for your future.

00:01:24.700 --> 00:01:31.650
See, on today's conversation, we're talking with the CEO of Salmeron Financial out of Dallas, Texas, Rick Salmeron.

00:01:31.650 --> 00:01:43.465
We're going to find out all about his recommendations, his story and a more accurate wealth planning strategy that may get you exactly where you want to be in the future.

00:01:43.465 --> 00:01:46.811
But for now, without further ado, folks, I'm Josh Porthouse, I'm your host and this is Transacting Value.

00:01:46.811 --> 00:01:48.194
Rick, what's up, man?

00:01:48.194 --> 00:01:48.635
How you doing.

00:01:49.280 --> 00:01:50.403
Hi, josh, I'm your guest.

00:01:50.403 --> 00:01:51.789
It's an honor to be here with you.

00:01:52.299 --> 00:01:53.022
I appreciate it.

00:01:53.022 --> 00:01:59.123
I appreciate it and I know it's the middle of your afternoon, more or less into the evening, at least as of right now recording.

00:01:59.123 --> 00:02:01.486
I appreciate you taking a break in your day too.

00:02:01.486 --> 00:02:05.731
I'm sure you've got clients and a life and free time you want to assume as well at some point.

00:02:05.731 --> 00:02:07.052
So thanks for your time.

00:02:07.052 --> 00:02:10.682
You bet it's all good, happy to contribute, thank you.

00:02:10.682 --> 00:02:12.206
Thank you, I guess.

00:02:12.206 --> 00:02:14.211
A couple of things, right, let's build some resonance here.

00:02:14.211 --> 00:02:17.949
So, as I understand it, you obviously, like I said, are the CEO.

00:02:17.949 --> 00:02:26.206
You've got your own practice or firm brokerage I'm not sure the term, but as an independent financial advisor right, that brokerage I'm not sure the term, but as an independent financial advisor right, that's right.

00:02:26.206 --> 00:02:26.926
Yeah, what is that?

00:02:26.926 --> 00:02:27.608
What does that mean?

00:02:27.608 --> 00:02:29.469
An independent financial advisor?

00:02:30.151 --> 00:02:35.395
To me, the word independent means unbiased, unattached to one particular company or thing.

00:02:35.395 --> 00:02:43.681
Okay, I can give sound advice to successful individuals.

00:02:43.681 --> 00:02:45.786
They're mostly still in the accumulation phase of their life, although not all of them.

00:02:45.786 --> 00:02:47.368
They're very successful in what they do.

00:02:47.368 --> 00:02:48.831
They make very good income.

00:02:48.831 --> 00:02:54.688
However, the wealth building process, in my view, is two pieces.

00:02:54.688 --> 00:03:00.747
One is generating the income and being good at that, and the other one is how do I best allocate that income?

00:03:00.747 --> 00:03:04.213
From that point, we can make great, great money in life.

00:03:04.854 --> 00:03:18.930
Yet if we spend it frivolously, if we don't use it wisely, if it doesn't go into the right places that are headed in the direction of what we want our future to look like, then we don't have a very good end result.

00:03:18.930 --> 00:03:24.645
So a lot of people who are good at what they do, they're very successful at what they do.

00:03:24.645 --> 00:03:32.015
They really don't want to press pause on their life and then suddenly become a money expert all of a sudden.

00:03:32.015 --> 00:03:47.829
They'd rather have someone that they trust looking over their shoulder, making sure that that money is in the right places as best as it possibly can be, given the resources that they have and, like I said, headed in that direction of their future, not anyone else's future.

00:03:47.829 --> 00:04:00.550
And that's where an advisor, a financial advisor, can come into play, one who's seasoned and experienced, who's been there and done that and still looking to become more wise in their trade also at the same time.

00:04:00.550 --> 00:04:08.585
But that's kind of a team that builds a pretty strong bridge to a ship that can get it propelled in a very efficient manner.

00:04:09.026 --> 00:04:09.788
Yeah, absolutely.

00:04:09.788 --> 00:04:16.920
That partnership, I think, is super important, but obviously especially when it comes to longevity or legacy or security or something else.

00:04:16.920 --> 00:04:24.696
But you said a couple interesting points there where it's essentially people over profits or people over profession.

00:04:24.696 --> 00:04:25.120
You know what I mean.

00:04:25.120 --> 00:04:30.367
It's a people-based service industry to an extent, but I'm curious where that comes from.

00:04:30.367 --> 00:04:32.045
Let's start here for a second.

00:04:32.045 --> 00:04:35.067
Take a couple minutes please, and you know, like, where are you from?

00:04:35.067 --> 00:04:39.615
What sort of things have shaped your perspective to come to this sort of a venture?

00:04:40.218 --> 00:04:40.819
Good question.

00:04:40.819 --> 00:04:47.629
I'm from Oklahoma City born and raised, and many people ask me the question how did you get into this business?

00:04:47.629 --> 00:04:49.853
I mean, why financial advisory?

00:04:49.853 --> 00:04:50.653
How come this?

00:04:50.653 --> 00:04:58.101
And frankly, it goes back to believe it or not when I was eight years old, on a Saturday morning.

00:04:58.101 --> 00:05:00.184
It's a true story and I can tell it.

00:05:00.223 --> 00:05:12.774
Like it happened last weekend, I'm having breakfast in the kitchen table of my house, my mother approached me, she places her hand on my left shoulder and she says Rick, today is going to be a very special day for you.

00:05:12.774 --> 00:05:21.821
And I looked at her and I asked her why, mom?

00:05:21.821 --> 00:05:25.639
She said because today, honey, I'm going to bring you to a place called a savings and loan and we are going to open up a savings account for you.

00:05:25.639 --> 00:05:27.201
What does that mean?

00:05:27.201 --> 00:05:27.923
Mom?

00:05:27.923 --> 00:05:34.865
She replied well, see, honey, if you let them keep your money, they will pay you money for keeping your money.

00:05:34.865 --> 00:05:37.449
So that was kind of cool.

00:05:37.449 --> 00:05:40.663
But still at age eight I didn't really know what that meant.

00:05:40.663 --> 00:05:43.290
But what was good for my mom was good enough for me.

00:05:43.290 --> 00:05:48.389
So I dropped my spoon in my Froot Loops, we went into the car, we drove to the savings and loan.

00:05:48.389 --> 00:05:59.223
I proceeded to empty my pockets, all these coins spinning on the counter, probably 10, 12 weeks worth of allowance, I don't know, $10.

00:05:59.223 --> 00:06:06.014
And my mother matched that with another 10 of hers and my first savings account was born with 20 bucks.

00:06:06.014 --> 00:06:15.827
Now it wasn't, josh, until 90 days later I received my first statement in the mail that $20 grew to $20.15.

00:06:15.827 --> 00:06:19.665
Hey, big money at eight.

00:06:19.665 --> 00:06:21.404
I couldn't believe it.

00:06:21.404 --> 00:06:25.389
You mean all I have to do is let the money sit there.

00:06:25.389 --> 00:06:28.384
I could carry on with my life and it will grow.

00:06:28.384 --> 00:06:29.927
And that's exactly what happened.

00:06:30.487 --> 00:06:31.690
So fast forward.

00:06:31.690 --> 00:06:42.288
I went to school, went to college, graduated, got this corporate America job that I really didn't like, but it was the only job offer that I had and I lived through that.

00:06:42.288 --> 00:06:48.403
And when I ended that career, I had and I lived through that.

00:06:48.403 --> 00:06:50.348
And when I ended that career I asked myself what can I do as a long-term something?

00:06:50.348 --> 00:06:56.547
I wanted to be my own boss, my own business owner, my own entrepreneur, and at that time I had no kids, no marriage or anything.

00:06:57.249 --> 00:07:04.555
I remembered that Saturday morning in Oklahoma City and I noticed from that day forward this pattern of behavior.

00:07:04.555 --> 00:07:07.903
I maxed out on my company retirement plan.

00:07:07.903 --> 00:07:10.050
I bought my first house at age 22.

00:07:10.050 --> 00:07:13.057
I invested in my first stock at age 18.

00:07:13.057 --> 00:07:24.425
I don't say these things to brag, it's just these were built-in behaviors in my DNA which built a pyramid of wealth, I'll call it.

00:07:24.425 --> 00:07:30.771
That was pretty substantial at a very young age and it continues to be so today, at my current age, 60.

00:07:30.771 --> 00:07:38.406
This is how I capitalized and thought this is easy for me, but I'll bet these are secrets that a lot of people aren't aware of.

00:07:38.406 --> 00:07:42.668
They're not exactly sure what to do, and I can build and create a business out of this.

00:07:42.668 --> 00:07:55.824
This is my long-winded answer to your question, but this is how I got in the business in the first place and I love what I do and I adore helping families serve families to build their wealth so they can build their life.

00:07:56.540 --> 00:07:57.444
What's the draw, though?

00:07:57.444 --> 00:08:12.343
I mean you found excitement, obviously, and passion, especially as a younger kid or a younger adult, even making money through savings and, you know, investments in this kinds of science social science, I guess, but am I hearing?

00:08:12.343 --> 00:08:14.528
There's a humanity aspect in here?

00:08:14.528 --> 00:08:17.052
That's sort of a parallel upbringing.

00:08:17.072 --> 00:08:17.961
What's the driver?

00:08:17.961 --> 00:08:18.742
There is, there is.

00:08:18.742 --> 00:08:22.389
In my view, and in my view, money is just a tool.

00:08:22.389 --> 00:08:25.206
What good does it do for us to make money?

00:08:25.206 --> 00:08:30.552
We don't dust it off and spread shiny on it and put it on the shelf and look at it.

00:08:30.552 --> 00:08:31.867
We want to use it.

00:08:32.291 --> 00:08:38.692
Yeah, the mind square and if you imagine, just draw a plain square on a piece of paper with four sides.

00:08:38.692 --> 00:08:43.652
One side carries the health side of your life.

00:08:43.652 --> 00:08:49.264
The other side carries your relationships with your life, both personal and professional.

00:08:49.264 --> 00:08:59.009
The third side carries your contribution to the world, or how you show up to the world, how you're remembered by others in other places.

00:08:59.009 --> 00:09:03.748
And then the fourth side is the financial or money side of your life.

00:09:03.748 --> 00:09:10.649
If you consider those four sides, that covers a lot of ground for most people, most people's lives.

00:09:10.649 --> 00:09:26.884
And if a person is able to rank themselves on those four sides a scale out of one to 10, 10 being amazing and if they can say truthfully that they're scoring a 10 out of 10 on all those four sides of that square, they've got peace of mind.

00:09:27.846 --> 00:09:30.832
And it's my personal as well as professional belief.

00:09:30.832 --> 00:09:36.110
Perhaps it's biased, but I believe that that money side of the peace of mind.

00:09:36.110 --> 00:09:38.682
Square is the one that supports all of them.

00:09:38.682 --> 00:09:43.672
It's hard to have great health if we can't provide for it with what we make.

00:09:43.672 --> 00:09:52.210
It's easier to help support professional relationships, personal relationships, if we have a healthy pocketbook.

00:09:52.210 --> 00:10:03.629
It's easier for us to contribute to causes that are near and dear to our heart and show up in a way that's very memorable if we can help provide and finance some of those offerings.

00:10:03.629 --> 00:10:05.471
Right, that's the humanity.

00:10:05.471 --> 00:10:15.904
Part of it to me is if we can use our financial life to fortify our lives and all the other areas, then we've got a really, really strong, great life going for us.

00:10:16.860 --> 00:10:34.327
Do you think, in your opinion, life experience, professional, you know, acumen do you think that we're able to do that effectively today based on just regular academia and education, or is that something we should be complementing at home with additional books, conversations, insights?

00:10:34.327 --> 00:10:36.052
Whatever, Is it effective?

00:10:36.600 --> 00:10:39.789
I think that we all can do that if we choose to Absolutely Sure.

00:10:40.360 --> 00:10:44.501
Yeah, but as is I'm saying, like present day at schools, is it taught that way?

00:10:44.501 --> 00:10:45.582
Is it managed well enough?

00:10:45.582 --> 00:10:48.924
Is there something we could do differently to complement at?

00:10:49.105 --> 00:11:02.351
home, and this one is an example.

00:11:02.351 --> 00:11:09.615
I like to live a philosophy of giver's gain and I know when I give in whatever way that I possibly can, I'll gain.

00:11:09.615 --> 00:11:11.437
Somehow I don't do that selfishly.

00:11:11.437 --> 00:11:18.671
I just know that when I give back, that that return, that boomerang effect will come either directly from the source or from others.

00:11:18.671 --> 00:11:20.927
But I'm on this podcast today.

00:11:20.927 --> 00:11:50.764
I'm happy to allocate this hour of my time to spend with you to share this message, hoping that someone will hear this, something will resonate and trigger huh, wow, I never thought of that before this, never considered this, and maybe this will make a difference in their day to shift the trajectory of their life in one way, maybe an inch or a foot or a yard in the other direction, to head them towards that better life result that they're pursuing.

00:11:52.488 --> 00:11:54.995
All right, folks, sit tight and we'll be right back on Transacting Value.

00:11:57.486 --> 00:11:59.673
Have you noticed lately how empty everything is?

00:11:59.673 --> 00:12:03.174
Empty streets, empty stores, empty schools.

00:12:03.174 --> 00:12:07.135
But I'm trying to change these empty times by being full of gratitude.

00:12:07.135 --> 00:12:14.038
Gratitude means saying thanks to the garbage collector, the medical providers and all those who are helping.

00:12:14.038 --> 00:12:21.272
Every day, Things may appear empty around us, but when we're filled with gratitude, nothing is completely empty inside us.

00:12:21.272 --> 00:12:24.466
Gratitude is in you From.

00:12:24.528 --> 00:12:25.591
PassItOncom.

00:12:25.591 --> 00:12:42.297
Maybe this will make a difference in their day to shift the trajectory of their life in one way, maybe an inch or a foot or a yard in the other direction, to head them towards that better life result that they're pursuing.

00:12:43.024 --> 00:12:44.644
Oh well, that's the thing too, isn't it Like?

00:12:45.025 --> 00:13:11.873
Professionally, most of my career has been in the US Marine Corps as an infantryman, and so one of the things tactically that we often train to, we call it call for fire, and it's whenever you need support, specifically artillery mortars, something like that, to reach out a little further than you can to soften an area so you can go in on foot and not die I would not as likely die and so this call for fire right.

00:13:11.904 --> 00:13:17.809
And so the point I'm getting at is they don't always hit on target right away because they're miles away, they can't see we are their eyes.

00:13:17.809 --> 00:13:45.038
So whenever we call them and we tell them, hey, this is where we need you to hit, this is how many rounds, this is whatever, and then we wait for the impacts and we watch the impacts and then we say, well, you've got to shift, or you've got to add and drop or whatever the adjustment happens to be to get them closer to the target for the impact we are anticipating, or that we want, interestingly, for example, at every one degree offset, that we tell them to adjust.

00:13:45.038 --> 00:13:53.687
At every 1000 meters in distance away from us, it's actually shifting over, I'm sorry, at every 100 meters away from us.

00:13:53.687 --> 00:14:10.552
It's actually shifting over this full 10th exponential right, whatever direction it goes, and so even the small changes that you're talking about here incremental and exponential over years and decades, obviously, and that doesn't even include anything compounding right.

00:14:10.572 --> 00:14:15.535
Yeah, and that compounding effect is huge when you do add that in, for sure.

00:14:15.825 --> 00:14:16.528
Yeah, yeah.

00:14:16.528 --> 00:14:30.557
And so to build these let's call them habits of thought, then and make these little mindset shifts, like you were describing earlier with your mindset box, these habits of thought, then it's something that doesn't seem so fluidly integrated to me.

00:14:30.557 --> 00:14:45.299
You know, usually you get people that work on accounting or math and they're very numbers oriented, very systemic and whatever, but slightly detached from most physical interpersonal relationships and conversations, because people aren't quite so binomial, not quite as exacting.

00:14:45.299 --> 00:14:45.980
You know what I mean.

00:14:45.980 --> 00:14:47.144
There's usually a preference for that.

00:14:47.144 --> 00:15:01.019
Have you found that, in supporting both of those focuses and passions for your life, that it's been easy enough to swap back and forth, or you find yourself getting more exacting and calculating in your regular relationships with people as well?

00:15:01.640 --> 00:15:04.351
Well, I'm a left brainer by nature.

00:15:04.351 --> 00:15:05.596
I'm analytical by nature.

00:15:05.596 --> 00:15:06.640
I'm numbers oriented.

00:15:06.640 --> 00:15:13.745
I was very good at math and that helps me in my trade and that's helped me and that's hindered me also being analytical.

00:15:13.745 --> 00:15:19.831
I'm very calculated, I'm very measured, I'm very detail-oriented, and that can help in certain areas of my life.

00:15:19.831 --> 00:15:22.496
Yet also, at the same time, it's held me back.

00:15:22.496 --> 00:15:25.591
I've been afraid to take that step ahead.

00:15:25.650 --> 00:15:36.331
I've been someone who, naturally, was waiting for the nine stoplights in front of me to turn green before I took my first step forward and by doing that I delay my life.

00:15:36.331 --> 00:15:40.451
I realize that more so than ever and I still struggle with that.

00:15:40.451 --> 00:15:42.697
Not sure if I'm answering your question directly.

00:15:42.697 --> 00:15:52.289
However, there's goodness and there's not so goodness when I'm analytical and it's an indirect way of procrastination sometimes.

00:15:52.289 --> 00:16:03.322
So, being detail-oriented is good, paying attention to the details is very good, but at the same time, sometimes I just have to stop overanalyzing and just do it.

00:16:03.523 --> 00:16:18.539
Because whatever I'm looking for in my life, usually that delay factor waiting for those nine stoplights to turn green is my subconscious being fearful and protecting me from the unknown and not wanting to move forward.

00:16:18.539 --> 00:16:28.720
Because everything that I do want in my life, everything that I want new, better or different is on the other side of that fear, and I know that inherently.

00:16:28.720 --> 00:16:32.289
Yet my subconscious doesn't care about that.

00:16:32.289 --> 00:16:37.330
It just cares about protecting me and keeping me safe and secure, which does help.

00:16:37.330 --> 00:16:40.961
I don't want to cross the highway if there are zooming cars back and forth.

00:16:40.961 --> 00:16:44.913
I want to listen to my subconscious then to say don't step forward into the road.

00:16:44.913 --> 00:16:45.735
Yeah, absolutely.

00:16:45.735 --> 00:16:51.434
But it says that on a lot of other things that I should be saying yes to and I'm not.

00:16:51.434 --> 00:16:52.918
Well, okay, it's kind of hard.

00:16:52.918 --> 00:16:58.149
It's kind of hard to figure out which one to disagree with the subconscious and which one to agree.

00:16:58.208 --> 00:17:14.712
But self-awareness is is big for me to realize which ones to flip on the switch and which ones to turn off yeah, and, and I bet, even as you're developing your awareness and introspection, it can only help with some degree of empathy, working with clients as well, so there's probably plenty of pushback.

00:17:14.712 --> 00:17:16.257
You get like well, here's your options.

00:17:16.257 --> 00:17:30.010
You can put $1,000 into this fund, or whatever the factor happens to be, and whatever the amount is, and I say, well, I could, but I can only afford $50 a month, and maybe that's not entirely accurate, though, like you could, shifting priorities.

00:17:30.010 --> 00:17:33.686
You could do 75, though, and this is what it does for you in 20 years, or whatever.

00:17:33.686 --> 00:17:42.454
How do you help other people work around the same hesitation or focus on the compounding benefit, or whatever the motivation happens to be?

00:17:42.454 --> 00:17:43.790
How do you identify that kind of stuff?

00:17:44.365 --> 00:17:51.215
It helps being an expert looking from the outside in, because, as all of us individuals, we can only see so much.

00:17:51.215 --> 00:17:54.433
We all have blinders on, including myself.

00:17:54.433 --> 00:17:59.936
When I'm looking at someone else's situation, they're only able to see so much.

00:17:59.936 --> 00:18:09.034
In terms of their money picture, it's like a black box and they have, say, one flashlight in their hand and this is all they can do is shine in this black box.

00:18:09.034 --> 00:18:13.516
What are the answers to whatever I want to accomplish in my financial life?

00:18:13.516 --> 00:18:18.647
They're only able to see so many things accomplish in my financial life.

00:18:18.647 --> 00:18:22.085
They're only able to see so many things, whereas I can bring in several flashlights and show them angles that they have not considered before.

00:18:22.085 --> 00:18:26.498
So the ability to open up options for them is very refreshing.

00:18:26.498 --> 00:18:29.306
It's very helpful, it's very supportive.

00:18:29.306 --> 00:18:39.394
They're able to better see the future and when they see that future, whereas they couldn't have before, they're more motivated to take action towards that future.

00:18:39.713 --> 00:18:57.979
Yeah, I'm also able to to tell them and I'm big believer in this that in terms of our financial results in life, a lot of it, josh, is around behavior the actions that we take and do not take, will translate into our financial results in life.

00:18:57.979 --> 00:19:05.146
It has very little, ironically, very little to do with investment selection, although that's very important.

00:19:05.146 --> 00:19:08.855
That's a very small slice of the entire pie.

00:19:08.855 --> 00:19:13.714
The larger slice of the entire pie is what are you doing or not doing?

00:19:13.714 --> 00:19:14.858
How are you behaving?

00:19:14.858 --> 00:19:17.066
Are you freaking out at the wrong moments?

00:19:17.066 --> 00:19:21.535
Are you not taking advantage of, say, the right moments?

00:19:22.115 --> 00:19:27.377
These are just two examples, but all of our life results look at your balance sheet today.

00:19:27.377 --> 00:19:42.074
Look at your income statement, look at your salary, whatever nothing right or wrong here this is all a result of all the actions that you have taken, starting from yesterday, five years ago, 10 years ago and beyond.

00:19:42.074 --> 00:19:45.787
Those have all added up to where you find yourself today.

00:19:45.787 --> 00:19:56.391
And when people take a look at that and they're happy with what they see and they're happy with the projection and the direction that it's going, then that means that they need to stay the course.

00:19:56.391 --> 00:20:14.597
If, on the other hand, they find a gap or they're realizing a shortfall somehow, they want something better or different, then that's a trigger that some of those activities, those actions need to change, and need to change now, so that we can see those results soon or even longer down the road.

00:20:15.326 --> 00:20:17.693
How do you gauge that degree of happiness then?

00:20:17.693 --> 00:20:21.239
Because obviously everybody's going to be different, so it's a subjective metric.

00:20:21.239 --> 00:20:25.990
Yeah, but to say this is what you want, this will get you where you want to go.

00:20:25.990 --> 00:20:30.226
You know the net present value of somebody's character in any given moment, you know.

00:20:30.226 --> 00:20:31.288
How do you forecast that?

00:20:31.288 --> 00:20:32.894
How do you advise that Present value?

00:20:33.094 --> 00:20:33.536
You ask.

00:20:33.536 --> 00:20:39.448
A lot of it's based on a person's values.

00:20:39.448 --> 00:20:39.709
You ask I do?

00:20:39.709 --> 00:20:41.355
I ask from the upfront I want to know more about them as a person.

00:20:41.355 --> 00:20:46.291
I want to know about more than what's important to them, what is valuable to them?

00:20:46.291 --> 00:21:00.269
Because it's our like I said earlier, with this peace of mind square, it's our financial side of our life that can help support and fertilize and fortify the values that we hold very dear to our heart.

00:21:00.269 --> 00:21:06.950
Those values could be health, those values could be family, those values could be relationships, whatever that is.

00:21:06.950 --> 00:21:26.925
You measure it from a very high, 36,000 feet up in the air what is important to you in life, and then you kind of scale down from there to figure out if there's money involved or money can help jettison yourself faster to that point B.

00:21:26.925 --> 00:21:33.508
Then what kind of pot of gold do we need to be creating here to get you there faster than your current course of action?

00:21:34.309 --> 00:21:52.311
Okay, let me ask you this If you just happened to stumble on this concept and found it to be successful, I'd be very impressed also to have been doing it for decades, but then also really convinced you were lying, that you just happened to stumble on it successfully by chance.

00:21:52.311 --> 00:21:58.906
So I can't help but think you've perfected some sort of perspective as you've grown, or something I don't know.

00:21:58.906 --> 00:22:02.165
Is there a personal development journey that got you this way?

00:22:02.165 --> 00:22:03.590
What was your trajectory then?

00:22:04.192 --> 00:22:05.858
I would just say plain experience.

00:22:05.858 --> 00:22:09.007
I've been in the business now for 34 years.

00:22:09.007 --> 00:22:12.313
Wow, and have I been like this way?

00:22:12.313 --> 00:22:16.480
This is my formula today, how I'm describing it to you today.

00:22:16.480 --> 00:22:18.772
Could I say I said that in day one?

00:22:18.772 --> 00:22:20.511
No, not at all.

00:22:20.511 --> 00:22:23.152
I mean just fresh out of the gate.

00:22:23.152 --> 00:22:31.009
You start somewhere and way back when, way back when back in 1990, when all this began it's throwing stuff out on the wall.

00:22:31.009 --> 00:22:37.751
See what happens, see what works develop my own style, just like a brand new tennis player picking up a racket for the first time.

00:22:37.751 --> 00:22:41.199
They learned the basic forehand and backhand and serve strokes.

00:22:41.199 --> 00:22:44.433
But over time they develop their own style.

00:22:44.433 --> 00:22:51.972
They develop their own way of doing things that's very good and very accurate and produces results.

00:22:52.094 --> 00:22:56.128
And I look at my results and I've got a lot of very, very happy clients.

00:22:56.128 --> 00:22:58.607
I've got many, many happy clients.

00:22:58.607 --> 00:22:59.893
I'm managing a lot of money.

00:22:59.893 --> 00:23:01.357
I know them as people.

00:23:01.357 --> 00:23:10.204
I know them as a unique person with their own unique values and their own unique goals and their own unique ways of starting.

00:23:10.204 --> 00:23:12.431
Point A yeah, they're point A.

00:23:12.431 --> 00:23:13.795
Everyone's got a different point A.

00:23:13.795 --> 00:23:16.271
A lot of people have similar goals.

00:23:16.271 --> 00:23:18.710
They want to have it down the road in their future.

00:23:18.710 --> 00:23:21.597
But everyone's starting from a different dynamic.

00:23:21.597 --> 00:23:23.146
It's not just numbers.

00:23:23.146 --> 00:23:24.691
It's a lot of emotions.

00:23:24.691 --> 00:23:26.295
It's a lot of life experiences.

00:23:26.295 --> 00:23:27.705
It's a lot of values.

00:23:27.705 --> 00:23:32.536
It's a lot of other dynamics, family relationships and belief systems.

00:23:32.536 --> 00:23:43.865
All of this is it's not as simple as just a number, although the numbers need to be paid attention to, but the other subjective areas are just as, if not more, important.

00:23:45.611 --> 00:23:48.057
Alrighty, folks sit tight and we'll be right back on Transacting Value.

00:23:50.125 --> 00:23:56.375
Alrighty folks, if you're looking for more perspective and more podcasts, you can check out Transacting Value on Weeds Across America Radio.

00:23:56.375 --> 00:24:00.070
Listen in on iHeartRadio, odyssey and TuneIn.

00:24:02.094 --> 00:24:02.736
All of this is.

00:24:02.736 --> 00:24:12.666
It's not as simple as just a number, although the numbers need to be paid attention to, but the other subjective areas are just as, if not more, important.

00:24:13.307 --> 00:24:15.470
Yeah Well, and that's the thing of it too right.

00:24:15.470 --> 00:24:18.452
Life is, if not more important yeah Well, and that's the thing of it too right.

00:24:18.452 --> 00:24:20.094
Life is complex, not necessarily complicated.

00:24:20.094 --> 00:24:22.557
I think there's a lot of truth to that.

00:24:22.557 --> 00:24:24.377
I mean, look at this show, for example.

00:24:24.377 --> 00:24:35.974
My personal philosophy and I guess, to an extent professional one is that values are a shortcut to identity and conversation and interpersonal relationships and fulfillment, because everybody has them.

00:24:35.974 --> 00:24:39.232
Whether they're aware of them or not is sort of the bigger question, I suppose.

00:24:39.232 --> 00:24:40.809
So let me ask you this.

00:24:40.809 --> 00:24:45.111
This is a segment of the show then called Developing.

00:24:45.151 --> 00:25:06.895
Character and for anybody who's new, and obviously you included two questions, and my goal here is pretty simple I want to establish somewhat of a timeline, maybe more for your character than anything else, but I'm using it to illustrate a point, to say that wherever you started in terms of your values and upbringing and so on, to present one that it can change.

00:25:06.895 --> 00:25:08.780
But two, it's okay.

00:25:08.780 --> 00:25:26.915
If it does, it still doesn't have to throw your entire life out of alignment, but it may help keep it aligned just the same, and so, in your case, my first question, then, is when you were growing up, or at least from what you remember, what were some of the values that you were actually brought up around or actually taught?

00:25:27.625 --> 00:25:29.693
I was taught a value system of money.

00:25:29.693 --> 00:25:31.663
My parents were good about saving.

00:25:31.663 --> 00:25:35.152
My mother taught me a lot about being frugal.

00:25:35.152 --> 00:25:37.377
She was a coupon clipper.

00:25:37.377 --> 00:25:42.136
Her parents, my grandparents, were out of the Great Depression area.

00:25:42.136 --> 00:25:54.977
No matter how little or how much you made in terms of money and income, it didn't matter If you could drive two miles to get three cents less on a gallon of gas.

00:25:54.977 --> 00:25:55.638
You did that.

00:25:55.638 --> 00:25:59.175
You drove two miles to fill up at a cheaper gas station.

00:25:59.175 --> 00:26:05.971
It was that type of day-by-day paying attention to money that I was raised in.

00:26:05.971 --> 00:26:10.071
So that was one value that again has helped me in my current career.

00:26:11.214 --> 00:26:16.611
Also, family we were a very close family and we still are a very close family, and I myself, my own family.

00:26:16.611 --> 00:26:17.576
We a very close family and we still are a very close family, and I myself, my own family.

00:26:17.576 --> 00:26:24.335
We're very close and there's nothing I can think of that would replace the relationship that I have with my family.

00:26:24.335 --> 00:26:32.402
Health also my parents were in the medical profession and they placed a great value on staying healthy.

00:26:32.402 --> 00:26:40.704
So something that you said earlier that really resonates with me, josh, is value systems.

00:26:40.704 --> 00:26:43.730
I wish I had learned this long ago, but I didn't.

00:26:43.730 --> 00:27:02.113
But I did learn it the one year that if you really would like to make a stronger, deeper connection with a person, whether they could be a complete stranger or someone that you already know, you just want to bring it down, bring it to that better level, find out what their top five values are in life.

00:27:02.980 --> 00:27:04.262
Find out what those are.

00:27:04.262 --> 00:27:10.944
See, if, first of all, any of those connect with your own personally, and if they don't, that's okay.

00:27:10.944 --> 00:27:12.529
We're all unique, that's fine.

00:27:12.529 --> 00:27:15.490
We're all different and we should be, because that makes the world great.

00:27:15.490 --> 00:27:39.286
But when you know someone's really core value system, you get to get a peek inside their heart, the window to their soul, window to their soul, and the more you can support those values one way or another, the better friend you'll be to that person, the stronger relationship that you'll have with that person.

00:27:39.286 --> 00:28:01.092
That's something that I really believe can work for anyone and it's worked for me and I continue to pay attention to that is to identify, of the people that I want to pursue a longer term relationship with, what are their five values, and those values can change over time, but at least if you know what they are now, that's a great starting point to make a stronger, deeper connection with that person.

00:28:01.779 --> 00:28:02.863
Yeah, I agree.

00:28:02.863 --> 00:28:07.272
Plus, it helps to drop the facade because everybody's got one.

00:28:07.272 --> 00:28:14.012
You know it's a defense mechanism or it's a some sort of a mask or it's just what you prefer you want other people to know intentionally.

00:28:14.012 --> 00:28:18.411
But but yeah, I think it's a bit more raw, like you said, helps breed a little bit more resonance.

00:28:19.099 --> 00:28:23.328
I think a great way to start is to identify your own top five values.

00:28:23.328 --> 00:28:26.801
Yeah, and, like I said, you know, lead by example.

00:28:26.801 --> 00:28:34.606
If I'm going to ask someone, not necessarily point blank I might you know what are your top five values in life?

00:28:34.606 --> 00:28:36.820
Maybe no one's ever asked them that question.

00:28:36.820 --> 00:28:47.807
However, I want to be able to ask that question or pursue that with confidence, and I do that because I've done that inner exercise for myself already.

00:28:48.208 --> 00:28:57.873
And when I first did that exercise, I found it very curious that my conscious would respond with here's the top five.

00:28:57.873 --> 00:29:15.295
Yet really, when I look at my actions, when I take a look at my bank account, where I'm spending my money, and I'm noticing where I'm spending my time and my energy and my money, that top five list didn't match up with what my conscious thought my values were.

00:29:15.295 --> 00:29:17.541
I thought that was very interesting and very intriguing.

00:29:17.541 --> 00:29:24.534
So did that tell me that I am weird or I'm messed up or I don't know?

00:29:24.534 --> 00:29:26.364
It's just very revealing.

00:29:26.364 --> 00:29:27.306
Very revealing.

00:29:27.306 --> 00:29:28.990
It did make me, I'm sure.

00:29:28.990 --> 00:29:33.746
At that time it made me pause and wonder hmm, maybe my values aren't what I think that they are.

00:29:33.746 --> 00:29:35.164
Maybe they're actually this other way.

00:29:35.164 --> 00:29:39.611
Yeah, so it's a good inner exercise to do yeah.

00:29:39.611 --> 00:29:48.301
And if there's something that I find myself I'm spending time and energy and effort on in areas that I really shouldn't, well, that's also good to know.

00:29:48.301 --> 00:29:49.403
That's good to know.

00:29:49.824 --> 00:29:50.424
Yeah, sure.

00:29:50.424 --> 00:29:52.488
Well then, what's the saying?

00:29:52.488 --> 00:30:02.527
I think I heard it somewhere before If you want to know the depth of your character, show me your balance sheet, or something to that effect Sounds a lot like the same principle.

00:30:02.700 --> 00:30:07.105
Yeah, something like that If you really want to know what you value, look at where you're spending your money.

00:30:07.467 --> 00:30:08.529
Yeah, so you value.

00:30:08.529 --> 00:30:09.490
Look at where you're spending your money, yeah.

00:30:09.490 --> 00:30:16.906
So let me ask you this and this is actually my second question, anyways, and not to get inside into how you spend your money, necessarily but what are some of your values now?

00:30:16.906 --> 00:30:22.327
Then I assume over 60 years, time has changed, your perspectives have shifted, you know, but what's yours now?

00:30:22.327 --> 00:30:22.548
What?

00:30:22.548 --> 00:30:23.290
What makes you?

00:30:23.290 --> 00:30:24.481
What are your top five?

00:30:24.942 --> 00:30:33.480
My top five values are health relationships I should say family, both blood, as well as inner circle.

00:30:33.480 --> 00:30:37.086
Personal development is number three.

00:30:37.086 --> 00:30:44.826
Wealth creation is number four and five is integrity Doing what I say I will do.

00:30:44.826 --> 00:30:51.730
Those are my top five right now and they've been that way for a long time and those, to me, are pretty rock solid.

00:30:51.730 --> 00:31:00.868
I don't see myself changing those anytime soon If I lead my life and I focus my energy and spend my money in those areas.

00:31:00.868 --> 00:31:04.951
There are other also, yes, very important values, for sure.

00:31:04.951 --> 00:31:25.451
It's just they just don't quite make it to the top five and I feel like if I'm spending my time and my waking hours and my, my efforts and my mindset in those five, that everything else that also is important to me will experience this great, incredible trickle down effect.

00:31:25.451 --> 00:31:30.431
Yeah, that will make, hopefully, everything joyful in my life long term.

00:31:31.000 --> 00:31:32.684
Well, it's kind of the I don't.

00:31:32.684 --> 00:31:37.465
I'm not sure what the actual concept or construct is, but like that's the harmonic resonance of the universe.

00:31:37.465 --> 00:31:42.211
You know, it's just like you put it out there, it ebbs and flows and you give yourself an honest chance.

00:31:42.211 --> 00:31:45.962
Usually you'll figure it out and it'll come back your way, like you mentioned earlier.

00:31:45.962 --> 00:31:50.332
Actually, before we record it, put it out there and eventually it may work well for you.

00:31:50.372 --> 00:31:52.855
Yeah, but what about the other half of the coin?

00:31:52.855 --> 00:31:58.932
Like in this case, you identify your values, what's important to you and how you prioritize your life, your perspective.

00:31:58.932 --> 00:32:01.285
What do you think that does?

00:32:01.285 --> 00:32:06.044
In actuality or hypothetically, it's up to you, but what do you think that does for your?

00:32:06.044 --> 00:32:09.731
You know your bias, your pattern recognition, cause there's nothing wrong with those things.

00:32:09.731 --> 00:32:13.582
It's just you know how you perceive the world compared to how somebody else sees it.

00:32:13.582 --> 00:32:21.223
Is it more of a I don't know, maybe struggle or exercise then to stay open-minded and work with clients?

00:32:21.223 --> 00:32:26.882
Or do you tend to see things your way and you're like I don't get it, but I'll do it because it's your money and your directive?

00:32:26.882 --> 00:32:27.182
You?

00:32:27.222 --> 00:32:29.223
know, because it's your money and your directive.

00:32:29.223 --> 00:32:38.390
I rarely, if ever, have held my way or the highway way of living and way of, say, coaching or giving advice to clients.

00:32:38.390 --> 00:32:43.532
I recognize that what's important to them is numero uno.

00:32:43.532 --> 00:32:44.773
That's the priority.

00:32:44.773 --> 00:32:48.816
Whatever that might be, they may not be my priorities in my personal life.

00:32:48.816 --> 00:32:49.896
However I am.

00:32:49.896 --> 00:32:51.218
I'm making it very clear.

00:32:51.218 --> 00:32:57.471
I am not going to impose my values onto your circumstances and your situation.

00:32:57.471 --> 00:33:01.910
We might have similar values, but all I care about is what your values are.

00:33:01.910 --> 00:33:03.907
What are your top five values?

00:33:03.907 --> 00:33:05.826
You know that's the most important to me.

00:33:06.540 --> 00:33:18.594
The only time I would interject is if I'm noticing, like I mentioned earlier, patterns of behavior or actions that people are tempted to take that they shouldn't.

00:33:18.594 --> 00:33:22.347
That's where I want to step in and say wait a minute.

00:33:22.347 --> 00:33:33.484
I want to act as a referee then and then throw the flag, because I don't want my clients making bad errors and bad decisions that I know are wrong, that will damage their future.

00:33:33.484 --> 00:33:47.101
Now they may still choose to behave in the wrong way, but I want to be able to know that I've got the conscious and clear conscience to speak up at that point to let them be aware of something that flashlight in the black box that they had not seen before.

00:33:47.101 --> 00:33:52.069
I want to make sure that they're really looking at this before they make what I would see would be a fatal error.

00:33:52.510 --> 00:34:05.071
Yeah, but sometimes, like even in my life, even in my perspective, firsthand you know, you see you're making money, whatever number that means, and it's outside your norm or your pattern or what your expectations were Right.

00:34:05.071 --> 00:34:18.050
And then this like I guess it's an imposter syndrome type thing kicks in and you sort of you can't help but work through the urge of self-sabotage or self I don't know subversion and like I got to spend it just out of reflex, yeah.

00:34:18.050 --> 00:34:19.581
So how do you advise against that?

00:34:19.581 --> 00:34:20.322
How do you control that?

00:34:20.463 --> 00:34:31.061
Well, that's a sign of a belief system that goes down to this is my opinion, although that goes down to a childhood belief system of I don't deserve this or I'm not worthy of this.

00:34:31.362 --> 00:35:08.842
Interesting as an example if you're describing, say, a sudden money moment whether it be on the extreme, a lottery or just this big bonus coming in when I see people who have a pattern of behavior of spending money frivolously, or here comes a lump sum, say out of thin air or unexpected, and the next thing you know they blow it this explains the phenomenon of, say, athletes signing major league multi-million dollar contracts that are now famous for the 30 for 30 ESPN documentary Broke, that are making all this money and now they're broke, they're bankrupt.

00:35:08.842 --> 00:35:09.684
How does that happen?

00:35:09.684 --> 00:35:10.708
How is that possible?

00:35:10.708 --> 00:35:17.184
And the answer is they don't believe that they are deserving or worthy of this money.

00:35:17.184 --> 00:35:28.525
It's such a large change in their life that they do not internally have the context of holding and using wisely this asset that they just received.

00:35:28.525 --> 00:35:41.597
This is hard for me to explain succinctly, although I do believe that has a large part to do with why people get broke when a year ago they had what looks like millions of dollars in the bank.

00:35:43.101 --> 00:35:47.141
All right, folks sit tight and we'll be right back on Transacting Value.

00:35:47.963 --> 00:35:55.875
This message is brought to you by the Armed Forces Vacation Club, a free membership travel hub for active duty military and veterans.

00:35:55.875 --> 00:36:04.159
The club provides a well-deserved escape during challenging times or post deployments, or for cherished family moments.

00:36:04.159 --> 00:36:14.894
This exclusive travel club grants access to discounted seven-night resorts and savings on over 600,000 hotels, rental cars and more.

00:36:14.894 --> 00:36:32.963
In addition to service members and veterans, the club is tailor-made for National Guard Reserves, gold Star families and civilian DOD employees as well as their families, employees as well as their families.

00:36:32.963 --> 00:36:36.449
The club extends a heartfelt thank you to our military heroes, saying it's time they enjoy a vacation they've truly earned.

00:36:36.449 --> 00:36:41.286
Discover the world for free at afvclubcom.

00:36:41.286 --> 00:36:44.092
That's afvclubcom.

00:36:47.860 --> 00:36:56.385
I do believe that has a large part to do with why people get broke, when a year ago they had what looks like millions of dollars in the bank.

00:36:57.206 --> 00:36:58.009
Well, okay.

00:36:58.009 --> 00:37:04.139
So some of that I assume has to do with just self-control and restraint and you know the cat out of the cage kind of phenomenon.

00:37:04.139 --> 00:37:18.251
But then on the other hand, you then I I assume also have in some capacity or fiduciary responsibility, maybe just personal calling to advise and help and mentor and coach, it'll be okay.

00:37:18.251 --> 00:37:30.731
So how do you how that's a good point how do you actually advise and build and build up somebody's self-worth and help them come around, because that's a a time testing that takes a long time.

00:37:31.400 --> 00:37:32.585
Yeah, that does take a long time.

00:37:32.585 --> 00:37:37.865
I do not hold myself out as a personal development coach or a personal growth mentor.

00:37:37.865 --> 00:37:42.146
Sure, not at all, but it's a factor, it's a factor, I believe it's a factor.

00:37:42.146 --> 00:38:02.206
I'll bring that up in a conversation and that will either land well at that moment with the client and they may say, hmm, tell me more about that, and I'll continue to have a conversation like this, and then maybe it gets to the point where I've never considered this part of life before, what would be a next step.

00:38:02.206 --> 00:38:08.532
And I can make recommendations as little as watch a Joe Dispenza YouTube video from time to time.

00:38:09.081 --> 00:38:19.885
Or listen to a Jim Rohn podcast from time to time or actually take an actual course that can really be transformational and change your life, like it did for me back in 2017.

00:38:19.885 --> 00:38:40.382
So I will do what I can to help support a client's financial goals and if there is an issue of gosh Rick, it comes in one hand and it goes out the other, then we'll have that slight conversation and maybe this is something that you need to look into in another way.

00:38:40.382 --> 00:38:45.152
Yeah, and then we'll have that conversation, but it's a slow process.

00:38:45.152 --> 00:38:46.483
It's a slow process.

00:38:46.483 --> 00:38:50.672
I wish there was just a just add water solution to all that.

00:38:51.440 --> 00:38:52.521
Yeah that'd be nice.

00:38:52.521 --> 00:39:09.688
As soon as we come, say, college age, they're almost all in place and to undo those, which means undoing belief systems to be in a different direction, which will change different behaviors and actions.

00:39:09.688 --> 00:39:10.632
Can that be done?

00:39:10.632 --> 00:39:13.045
Yes, it can be done, but it doesn't happen overnight.

00:39:13.045 --> 00:39:35.588
For the same reason that they weren't developed overnight, they took years and years and years, and sometimes they take years and years and years to unwind and be replaced by better belief systems that they are worthy, that they are good enough and that they are valuable, so that their actions then can change and reflect what this new belief system about themselves is.

00:39:36.210 --> 00:39:42.148
Yeah, well, that's powerful too, then, giving yourself enough grace to understand it took 20 years to get to that point.

00:39:42.148 --> 00:39:46.164
Give yourself another 20 or more to fix it, yeah, or change it Absolutely.

00:39:46.164 --> 00:40:01.692