Stewarding Wealth, Not Chasing It with Mike Proctor | Ep 37

» Hey guys, welcome to the Killer Growth » Hey guys, welcome to the Killer Growth Podcast. Sam McVay here. Today I've got Podcast. Sam McVay here. Today I've got Podcast. Sam McVay here. Today I've got Mike Proctor here with Steward Wright, a Mike Proctor here with Steward Wright, a Mike Proctor here with Steward Wright, a financial advisory firm. financial advisory firm. financial advisory firm. Excited to hang out and talk to you Excited to hang out and talk to you Excited to hang out and talk to you about how we can all make more money. about how we can all make more money. about how we can all make more money. Well, awesome. Hope I can help. Well, awesome. Hope I can help. Well, awesome. Hope I can help. That's the point. If you can't, then That's the point. If you can't, then That's the point. If you can't, then we're not airing the episode. So if I if we're not airing the episode. So if I if we're not airing the episode. So if I if I don't know where to put my money after I don't know where to put my money after I don't know where to put my money after this that's it. Okay. that's it. Okay. that's it. Okay. All right, dude. Well, let's let's keep All right, dude. Well, let's let's keep All right, dude. Well, let's let's keep it simple. I've known you for 7 months it simple. I've known you for 7 months it simple. I've known you for 7 months now. now. now. I was thinking about that driving in I was thinking about that driving in I was thinking about that driving in today. today. today. » been that long. 6 months? » been that long. 6 months? » been that long. 6 months? 5 months? Anyway, not that long. Yeah. 5 months? Anyway, not that long. Yeah. 5 months? Anyway, not that long. Yeah. Um so I know a little bit of your story, Um so I know a little bit of your story, Um so I know a little bit of your story, but I think I'm going to learn some but I think I'm going to learn some but I think I'm going to learn some stuff, which I'm excited about. Uh but stuff, which I'm excited about. Uh but stuff, which I'm excited about. Uh but let's just start with how'd you get let's just start with how'd you get let's just start with how'd you get started in financial advising? started in financial advising? started in financial advising? To where you are today. Yeah, so I got To where you are today. Yeah, so I got To where you are today. Yeah, so I got my finance degree from K-State. And my finance degree from K-State. And my finance degree from K-State. And while I was while I was while I was going to college, my plan was to go to going to college, my plan was to go to going to college, my plan was to go to law school when I was done, but then it law school when I was done, but then it law school when I was done, but then it turned into 5 years. I was like, you turned into 5 years. I was like, you turned into 5 years. I was like, you know what? I think I'm ready to kind of know what? I think I'm ready to kind of know what? I think I'm ready to kind of work. And it was in '08 and '09 work. And it was in '08 and '09 work. And it was in '08 and '09 out of that, the attorney market demand out of that, the attorney market demand out of that, the attorney market demand kind of collapsed. So when I graduated, kind of collapsed. So when I graduated, kind of collapsed. So when I graduated, there were a lot of attorneys that there were a lot of attorneys that there were a lot of attorneys that weren't actually finding jobs. weren't actually finding jobs. weren't actually finding jobs. Figured that'd be my backup career, but Figured that'd be my backup career, but Figured that'd be my backup career, but I really enjoyed what I came to know in I really enjoyed what I came to know in I really enjoyed what I came to know in the Navigators campus ministry program, the Navigators campus ministry program, the Navigators campus ministry program, which was a lot of discipleship. But you which was a lot of discipleship. But you which was a lot of discipleship. But you sit down and you talk one-on-one with sit down and you talk one-on-one with sit down and you talk one-on-one with people. I got to love getting to know people. I got to love getting to know people. I got to love getting to know other people and uh something that was other people and uh something that was other people and uh something that was really important to me was leadership really important to me was leadership really important to me was leadership and working on growing leadership within and working on growing leadership within and working on growing leadership within the home and the home and the home and there's only so many industries that there's only so many industries that there's only so many industries that maybe you can have any effect on that to maybe you can have any effect on that to maybe you can have any effect on that to get to that level of inner circle work. get to that level of inner circle work. get to that level of inner circle work. I was like I was like I was like I'm I'm I'm good with math and I'm good I'm I'm I'm good with math and I'm good I'm I'm I'm good with math and I'm good at money stuff or at least I thought I at money stuff or at least I thought I at money stuff or at least I thought I was at the time and was at the time and was at the time and love getting to know people. So I was love getting to know people. So I was love getting to know people. So I was like, these kind of come together in like, these kind of come together in like, these kind of come together in this space of financial planning and this space of financial planning and this space of financial planning and investment advisory and give it a shot. investment advisory and give it a shot. investment advisory and give it a shot. And 15 years later, here we are. And 15 years later, here we are. And 15 years later, here we are. What was your first shot? What was the What was your first shot? What was the What was your first shot? What was the first time you were actually first time you were actually first time you were actually » I started off with a large insurance » I started off with a large insurance » I started off with a large insurance company that did insurance, they did company that did insurance, they did company that did insurance, they did some investments. some investments. some investments. They were just cracking the seal on more They were just cracking the seal on more They were just cracking the seal on more financial planning type stuff at the financial planning type stuff at the financial planning type stuff at the time. time. time. I was there for 5 and 1/2 years and I was there for 5 and 1/2 years and I was there for 5 and 1/2 years and uh realized I think my ladder was uh realized I think my ladder was uh realized I think my ladder was against the wrong wall and for a serious against the wrong wall and for a serious against the wrong wall and for a serious career in helping people grow their career in helping people grow their career in helping people grow their money, I made a change. money, I made a change. money, I made a change. So that change taught me through that. So that change taught me through that. So that change taught me through that. You went from that to what does that You went from that to what does that You went from that to what does that look like? look like? look like? » I » I » I I wasn't quite ready. Actually, it was I wasn't quite ready. Actually, it was I wasn't quite ready. Actually, it was an identity crisis Hm. to be totally an identity crisis Hm. to be totally an identity crisis Hm. to be totally honest because honest because honest because » So you have a job, you're at a big » So you have a job, you're at a big » So you have a job, you're at a big place. place. place. » so bought into what I was doing, » so bought into what I was doing, » so bought into what I was doing, believed in it so much. It it was a believed in it so much. It it was a believed in it so much. It it was a breakdown identity crisis for me of holy breakdown identity crisis for me of holy breakdown identity crisis for me of holy cow I got to make a change. I've made so I got to make a change. I've made so I got to make a change. I've made so many commitments to people of I'm never many commitments to people of I'm never many commitments to people of I'm never going to leave and like I was I was going to leave and like I was I was going to leave and like I was I was totally bought in. bought in. bought in. I went to another company that I went to another company that I went to another company that probably had more flexibility to it, but probably had more flexibility to it, but probably had more flexibility to it, but it was it was it was I did that for a year. I ran into the I did that for a year. I ran into the I did that for a year. I ran into the same problems that were showing up in same problems that were showing up in same problems that were showing up in different ways. different ways. different ways. And then I finally got ready And then I finally got ready And then I finally got ready to to to go ahead and start my own RAA firm. go ahead and start my own RAA firm. go ahead and start my own RAA firm. It registered investment advisory firm. It registered investment advisory firm. It registered investment advisory firm. That's where I actually set up the That's where I actually set up the That's where I actually set up the company. I registered directly with the company. I registered directly with the company. I registered directly with the state of Kansas was my first one. We're state of Kansas was my first one. We're state of Kansas was my first one. We're registered in Colorado now. We have an registered in Colorado now. We have an registered in Colorado now. We have an open registration in Texas as well. open registration in Texas as well. open registration in Texas as well. So we're we're working on that approval So we're we're working on that approval So we're we're working on that approval process and process and process and before too long, we'll actually be SEC before too long, we'll actually be SEC before too long, we'll actually be SEC registered, which really doesn't mean registered, which really doesn't mean registered, which really doesn't mean anything to anybody else. It's just who anything to anybody else. It's just who anything to anybody else. It's just who we answer to we answer to we answer to uh for our district our jurisdiction, uh for our district our jurisdiction, uh for our district our jurisdiction, but I had already I'd always been told I had already I'd always been told I had already I'd always been told that's a really complicated difficult that's a really complicated difficult that's a really complicated difficult process and it wasn't easy, but it's process and it wasn't easy, but it's process and it wasn't easy, but it's been worth it. Yeah. Uh talk about that been worth it. Yeah. Uh talk about that been worth it. Yeah. Uh talk about that transition cuz that's not just uh transition cuz that's not just uh transition cuz that's not just uh hey, I'm going to do this overnight hey, I'm going to do this overnight hey, I'm going to do this overnight thing I'm assuming. thing I'm assuming. thing I'm assuming. You had your job and then you just You had your job and then you just You had your job and then you just did it and you started did it and you started did it and you started your own firm or was there your own firm or was there your own firm or was there » I threw myself into figuring it out and » I threw myself into figuring it out and » I threw myself into figuring it out and you have to write up documents you have to write up documents you have to write up documents uh to say here's how we're here's what uh to say here's how we're here's what uh to say here's how we're here's what our agreements are with our clients, our agreements are with our clients, our agreements are with our clients, here's our disclosures, there's formats here's our disclosures, there's formats here's our disclosures, there's formats for how you describe and do all that. for how you describe and do all that. for how you describe and do all that. And I threw myself into just writing it, And I threw myself into just writing it, And I threw myself into just writing it, figuring out as like at least on the figuring out as like at least on the figuring out as like at least on the legal and registration side. legal and registration side. legal and registration side. State of Kansas was very helpful. They State of Kansas was very helpful. They State of Kansas was very helpful. They actually want firms, if they're going to actually want firms, if they're going to actually want firms, if they're going to give you an approval give you an approval give you an approval they definitely want you to have some they definitely want you to have some they definitely want you to have some industry experience, which I had at the industry experience, which I had at the industry experience, which I had at the time. time. time. Before I started, I had my CFP for Before I started, I had my CFP for Before I started, I had my CFP for several years by then. And they're like, several years by then. And they're like, several years by then. And they're like, yeah, okay, you know. But here's how you yeah, okay, you know. But here's how you yeah, okay, you know. But here's how you go about it. They they helped me in that go about it. They they helped me in that go about it. They they helped me in that process. They don't want you to start process. They don't want you to start process. They don't want you to start off on the wrong foot. off on the wrong foot. off on the wrong foot. And I was doing everything. I was the I was I was doing everything. I was the I was I was doing everything. I was the I was wearing all the hats to start. wearing all the hats to start. wearing all the hats to start. Very low revenue, of course, when you Very low revenue, of course, when you Very low revenue, of course, when you start it. start it. start it. Making 1% of virtually nothing under Making 1% of virtually nothing under Making 1% of virtually nothing under management. management. management. » Yeah. It's not a lot. » Yeah. It's not a lot. » Yeah. It's not a lot. » You make it happen, but it starts really » You make it happen, but it starts really » You make it happen, but it starts really slow. Yeah. Mhm. really slow. Yeah. Mhm. really slow. Yeah. Mhm. Did you have a partner in the beginning Did you have a partner in the beginning Did you have a partner in the beginning or just you? Okay. Me and the Lord. Yep. or just you? Okay. Me and the Lord. Yep. or just you? Okay. Me and the Lord. Yep. Yep. I mean, I was married, but Yep. I mean, I was married, but Yep. I mean, I was married, but » Yeah, sure. » Yeah, sure. » Yeah, sure. Uh so it gets going. What was the most Uh so it gets going. What was the most Uh so it gets going. What was the most difficult part about getting a first I'm difficult part about getting a first I'm difficult part about getting a first I'm assuming getting your first client might assuming getting your first client might assuming getting your first client might have happened fairly quickly just cuz have happened fairly quickly just cuz have happened fairly quickly just cuz you were already in the industry, you were already in the industry, you were already in the industry, you knew people. knew people. knew people. I had some clients. My non-compete had I had some clients. My non-compete had I had some clients. My non-compete had worn off with Northwestern Mutual by worn off with Northwestern Mutual by worn off with Northwestern Mutual by then. Okay. Um and I had some clients, then. Okay. Um and I had some clients, then. Okay. Um and I had some clients, but I didn't have a lot of assets under but I didn't have a lot of assets under but I didn't have a lot of assets under management. I management. I management. I did I mean, I did I mean, I did I mean, I I I I started doing subscription-based started doing subscription-based started doing subscription-based financial planning. financial planning. financial planning. And I was doing financial planning on a I was doing financial planning on a I was doing financial planning on a monthly retainer. We still have some of monthly retainer. We still have some of monthly retainer. We still have some of that business. that business. that business. » Mhm. » Mhm. » Mhm. But at the beginning, it was probably But at the beginning, it was probably But at the beginning, it was probably a good a good a good 80 60% of our business that of how I was 80 60% of our business that of how I was 80 60% of our business that of how I was Actually making Actually making Actually making » money cuz I didn't have a lot under » money cuz I didn't have a lot under » money cuz I didn't have a lot under management. And at the time, I was management. And at the time, I was management. And at the time, I was getting paid after a complete quarter getting paid after a complete quarter getting paid after a complete quarter had ended. had ended. had ended. So even though it was a small amount, I So even though it was a small amount, I So even though it was a small amount, I had I got paid four times a year. Got had I got paid four times a year. Got had I got paid four times a year. Got you. And on your one your management you. And on your one your management you. And on your one your management » with our advisory business. » with our advisory business. » with our advisory business. » Oh, on the advisory side. » Oh, on the advisory side. » Oh, on the advisory side. » I'm sorry, it's all advisory. With our » I'm sorry, it's all advisory. With our » I'm sorry, it's all advisory. With our investment management business, we're investment management business, we're investment management business, we're earning a percentage. earning a percentage. earning a percentage. But for doing the financial planning But for doing the financial planning But for doing the financial planning work, we were on a we had retainer work, we were on a we had retainer work, we were on a we had retainer clients where or subscription model clients where or subscription model clients where or subscription model where they were paying us 50 to 150 or where they were paying us 50 to 150 or where they were paying us 50 to 150 or you know, sometimes a couple hundred you know, sometimes a couple hundred you know, sometimes a couple hundred bucks a month. But you do enough of that bucks a month. But you do enough of that bucks a month. But you do enough of that and that's enough to pay some software and that's enough to pay some software and that's enough to pay some software bills and cover some overhead and just bills and cover some overhead and just bills and cover some overhead and just get to the next thing. get to the next thing. get to the next thing. » Uh explain yeah, what did that actually » Uh explain yeah, what did that actually » Uh explain yeah, what did that actually look like? What was that deliverable? look like? What was that deliverable? look like? What was that deliverable? We We We go really pretty deep on what their go really pretty deep on what their go really pretty deep on what their finances are, their cash flow, their finances are, their cash flow, their finances are, their cash flow, their budget, their values, what's most budget, their values, what's most budget, their values, what's most important to them about money is the important to them about money is the important to them about money is the most is is one of my favorite questions to is is one of my favorite questions to is is one of my favorite questions to ask somebody. ask somebody. ask somebody. » Yeah. Cuz it's not an easy one to » Yeah. Cuz it's not an easy one to » Yeah. Cuz it's not an easy one to answer. answer. answer. Are you thinking about it right now? You Are you thinking about it right now? You Are you thinking about it right now? You shifted your chair. shifted your chair. shifted your chair. » » » » So it's a really hard one to answer. » So it's a really hard one to answer. » So it's a really hard one to answer. » is. » is. » is. » And » And » And you have to dig deep and say, why is you have to dig deep and say, why is you have to dig deep and say, why is money important? money important? money important? » Yeah. And it's okay that money is » Yeah. And it's okay that money is » Yeah. And it's okay that money is important cuz it is. important cuz it is. important cuz it is. » eat. » eat. » eat. That's good. That's good. That's good. » Yeah, I like ribeyes. » Yeah, I like ribeyes. » Yeah, I like ribeyes. I I got I just got my answer. It took a I I got I just got my answer. It took a I I got I just got my answer. It took a while, but all right, keep going. while, but all right, keep going. while, but all right, keep going. » too. Yeah. Yeah. They're pretty good. » too. Yeah. Yeah. They're pretty good. » too. Yeah. Yeah. They're pretty good. Um Um Um » [snorts] » [snorts] » [snorts] » But yeah, so » But yeah, so » But yeah, so » You were meeting with them on a monthly » You were meeting with them on a monthly » You were meeting with them on a monthly basis, quarterly, sending them reports? basis, quarterly, sending them reports? basis, quarterly, sending them reports? » always. Some clients we're meeting » always. Some clients we're meeting » always. Some clients we're meeting a couple times a month to start, but a couple times a month to start, but a couple times a month to start, but there comes a point when you get your there comes a point when you get your there comes a point when you get your arms around what's going on with them, arms around what's going on with them, arms around what's going on with them, they get their arms around, they get they get their arms around, they get they get their arms around, they get comfortable with it and they comfortable with it and they comfortable with it and they implement some of the things you implement some of the things you implement some of the things you recommend. Sometimes they do all of it. recommend. Sometimes they do all of it. recommend. Sometimes they do all of it. Sometimes they do none of it and you Sometimes they do none of it and you Sometimes they do none of it and you they kind of they kind of they kind of you know, things fade. Sure. you know, things fade. Sure. you know, things fade. Sure. That's cool though. It's a like a That's cool though. It's a like a That's cool though. It's a like a coaching model in a sense. You were a coaching model in a sense. You were a coaching model in a sense. You were a personal finance coach. personal finance coach. personal finance coach. Like and to some people. To an extent. Like and to some people. To an extent. Like and to some people. To an extent. Yeah, some people wanted help with their Yeah, some people wanted help with their Yeah, some people wanted help with their budget. That's hard because we're budget. That's hard because we're budget. That's hard because we're talking about behavior change. talking about behavior change. talking about behavior change. » Yeah. And the coaching side today, I » Yeah. And the coaching side today, I » Yeah. And the coaching side today, I really don't have the capacity to do really don't have the capacity to do really don't have the capacity to do that level of engagement with somebody that level of engagement with somebody that level of engagement with somebody because it's because it's because it's I don't even know if I truly had it then I don't even know if I truly had it then I don't even know if I truly had it then or if even if I was doing it, if I was or if even if I was doing it, if I was or if even if I was doing it, if I was good at it. Well, it probably made you good at it. Well, it probably made you good at it. Well, it probably made you better at what you're doing today, I better at what you're doing today, I better at what you're doing today, I would assume. I mean, I I'm assuming would assume. I mean, I I'm assuming would assume. I mean, I I'm assuming you've learned how to talk to people you've learned how to talk to people you've learned how to talk to people differently, learned how to understand differently, learned how to understand differently, learned how to understand where they were at and know how to go a where they were at and know how to go a where they were at and know how to go a little deeper little deeper little deeper than maybe you would if you didn't do than maybe you would if you didn't do than maybe you would if you didn't do that. Like what's the benefits that. Like what's the benefits that. Like what's the benefits of it though? Surely you made you better of it though? Surely you made you better of it though? Surely you made you better at what you do today. I think at what you do today. I think at what you do today. I think intentionally learning about people and intentionally learning about people and intentionally learning about people and how to talk to people for 15 years now, how to talk to people for 15 years now, how to talk to people for 15 years now, ever since I started. And I realized ever since I started. And I realized ever since I started. And I realized even when I got in the industry even when I got in the industry even when I got in the industry I didn't speak one of the things one of I didn't speak one of the things one of I didn't speak one of the things one of the first things I realized was I was the first things I realized was I was the first things I realized was I was not speaking the language everybody else not speaking the language everybody else not speaking the language everybody else was and that was body language. So I had was and that was body language. So I had was and that was body language. So I had to go dig really deep on that, which was to go dig really deep on that, which was to go dig really deep on that, which was interesting. interesting. interesting. And look at how to understand what And look at how to understand what And look at how to understand what people's faces are saying and people's faces are saying and people's faces are saying and » Yeah. » » » Well, currently what Siri is saying, she » Well, currently what Siri is saying, she » Well, currently what Siri is saying, she can't understand your body language. can't understand your body language. can't understand your body language. » how that popped up, but » how that popped up, but » how that popped up, but » Well, something in what you said. It's » Well, something in what you said. It's » Well, something in what you said. It's wild. Okay. Heard Siri somehow. That's wild. Okay. Heard Siri somehow. That's wild. Okay. Heard Siri somehow. That's hilarious. hilarious. hilarious. » I got to stop saying it. » I got to stop saying it. » I got to stop saying it. » » » » Yeah, everybody's phones listening to » Yeah, everybody's phones listening to » Yeah, everybody's phones listening to the podcast right now are going off. the podcast right now are going off. the podcast right now are going off. This is when you don't do this, but it's This is when you don't do this, but it's This is when you don't do this, but it's kind of funny if it's playing out loud. kind of funny if it's playing out loud. kind of funny if it's playing out loud. Hey Alexa, Hey Alexa, Hey Alexa, play Taylor Swift Harris Teague. Sorry, play Taylor Swift Harris Teague. Sorry, play Taylor Swift Harris Teague. Sorry, everyone. everyone. everyone. It actually works if it's if it's on It actually works if it's if it's on It actually works if it's if it's on speaker, it'll just fire off their speaker, it'll just fire off their speaker, it'll just fire off their Alexas. I presume that's going to cut Alexas. I presume that's going to cut Alexas. I presume that's going to cut out. Yeah. out. Yeah. out. Yeah. » » » » Um » Um » Um What was our question? Uh we were just What was our question? Uh we were just What was our question? Uh we were just talking about how your financial talking about how your financial talking about how your financial planning service shaped you to where planning service shaped you to where planning service shaped you to where you're at today and what you learned. So you're at today and what you learned. So you're at today and what you learned. So you transitioned into body language you transitioned into body language you transitioned into body language which I I think it's fascinating because which I I think it's fascinating because which I I think it's fascinating because there's there's there's plenty of financial advisors, right? plenty of financial advisors, right? plenty of financial advisors, right? There's not a shortage of financial There's not a shortage of financial There's not a shortage of financial advisors and advisors and advisors and 80% of people do business with people 80% of people do business with people 80% of people do business with people they like they like they like and they trust. And so you've put a lot and they trust. And so you've put a lot and they trust. And so you've put a lot of investment into knowing how to read of investment into knowing how to read of investment into knowing how to read people, knowing how to understand people, knowing how to understand people, knowing how to understand people, um being able to read body people, um being able to read body people, um being able to read body language. So language. So language. So and the reason you're doing that is and the reason you're doing that is and the reason you're doing that is Yeah, is so I can actually Yeah, is so I can actually Yeah, is so I can actually understand where they're coming from, understand where they're coming from, understand where they're coming from, understand what their experiences, their beliefs what their experiences, their beliefs what their experiences, their beliefs are about money, how they interact with are about money, how they interact with are about money, how they interact with it, what's their relationship with it, what's their relationship with it, what's their relationship with money, with their spouse, with their money, with their spouse, with their money, with their spouse, with their family. Growing up uh what shaped where family. Growing up uh what shaped where family. Growing up uh what shaped where they're at today. How they get where they're at today. How they get where they're at today. How they get where they are because that is very they are because that is very they are because that is very informative to how we might move forward informative to how we might move forward informative to how we might move forward with them or how they're going to move with them or how they're going to move with them or how they're going to move forward in life. forward in life. forward in life. A lot of sometime A lot of sometime A lot of sometime we usually don't spend a lot of time we usually don't spend a lot of time we usually don't spend a lot of time actually processing what our actually processing what our actually processing what our relationship with money is or how that relationship with money is or how that relationship with money is or how that interacts in our marriage, how that interacts in our marriage, how that interacts in our marriage, how that interacts with our relationships with interacts with our relationships with interacts with our relationships with other things, but we were created for other things, but we were created for other things, but we were created for relationship. And when we are ignoring relationship. And when we are ignoring relationship. And when we are ignoring or not taking the time to slow down and or not taking the time to slow down and or not taking the time to slow down and say, "How are we doing this?" say, "How are we doing this?" say, "How are we doing this?" The the thing that is interesting is the The the thing that is interesting is the The the thing that is interesting is the more I've learned about different more I've learned about different more I've learned about different communication models, channels, communication models, channels, communication models, channels, behavior, how people work, how their behavior, how people work, how their behavior, how people work, how their minds work, how they process, how they minds work, how they process, how they minds work, how they process, how they actually engage with the world around actually engage with the world around actually engage with the world around them, them, them, the more amazed I am at how diverse the more amazed I am at how diverse the more amazed I am at how diverse everybody is, first of all. everybody is, first of all. everybody is, first of all. And then also And then also And then also how easy it how easy it how easy it how difficult it is to actually how difficult it is to actually how difficult it is to actually connect with somebody in a way that they connect with somebody in a way that they connect with somebody in a way that they receive maybe what that connection would receive maybe what that connection would receive maybe what that connection would be or or receive information. Cuz if I be or or receive information. Cuz if I be or or receive information. Cuz if I say something, how I say it, say something, how I say it, say something, how I say it, there's a chance somebody the person there's a chance somebody the person there's a chance somebody the person across the table is going to get it how across the table is going to get it how across the table is going to get it how I intended, but it's actually a fairly I intended, but it's actually a fairly I intended, but it's actually a fairly low chance that they're going to low chance that they're going to low chance that they're going to interpret what I meant to communicate. interpret what I meant to communicate. interpret what I meant to communicate. And so what I found is if you're And so what I found is if you're And so what I found is if you're doing financial planning well, financial planning well, financial planning well, it's very it feels very it's very it feels very it's very it feels very therapy-adjacent. therapy-adjacent. therapy-adjacent. I don't do therapy. I don't do therapy. I don't do therapy. And a lot of uh therapy, what it boils And a lot of uh therapy, what it boils And a lot of uh therapy, what it boils down to is you processing things. down to is you processing things. down to is you processing things. And actually unraveling what it is, And actually unraveling what it is, And actually unraveling what it is, unpacking it, and understanding it so unpacking it, and understanding it so unpacking it, and understanding it so you can actually deal with it. you can actually deal with it. you can actually deal with it. What would you How would you define a What would you How would you define a What would you How would you define a healthy relationship with money? healthy relationship with money? healthy relationship with money? Or is that [snorts] always different for Or is that [snorts] always different for Or is that [snorts] always different for everyone? It's a tool. It's a resource. everyone? It's a tool. It's a resource. everyone? It's a tool. It's a resource. Um Um Um I think one of the I think one of the I think one of the one of the best illustrations one of the best illustrations one of the best illustrations that I can think of is the parable of that I can think of is the parable of that I can think of is the parable of the stewards. So the stewards. So the stewards. So that's partially why we're why we that's partially why we're why we that's partially why we're why we rebranded to Steward Right. Is there's rebranded to Steward Right. Is there's rebranded to Steward Right. Is there's one steward that was trusted with money. one steward that was trusted with money. one steward that was trusted with money. They just they were afraid of losing it. They just they were afraid of losing it. They just they were afraid of losing it. Like if if nothing else happens, I'm not if if nothing else happens, I'm not if if nothing else happens, I'm not losing it. So they got to like shove it losing it. So they got to like shove it losing it. So they got to like shove it under a rock or whatever and dig it back under a rock or whatever and dig it back under a rock or whatever and dig it back out and they're like, "See, I still have out and they're like, "See, I still have out and they're like, "See, I still have it." And then that one was uh it." And then that one was uh it." And then that one was uh it did not end well. They took their it did not end well. They took their it did not end well. They took their money. money. money. » » » » And I And that's appropriate. Uh there's » And I And that's appropriate. Uh there's » And I And that's appropriate. Uh there's one that kind of he did it he did well. one that kind of he did it he did well. one that kind of he did it he did well. He did okay. I'm sorry, I got to call my He did okay. I'm sorry, I got to call my He did okay. I'm sorry, I got to call my wife about something in my backyard real wife about something in my backyard real wife about something in my backyard real quick. No, I'm kidding. quick. No, I'm kidding. quick. No, I'm kidding. » » » » Oh. » Oh. » Oh. Yeah. Yeah. Yeah. Um actually, I know a guy uh Um actually, I know a guy uh Um actually, I know a guy uh uh they live in a town that's like uh they live in a town that's like uh they live in a town that's like turning into a ghost town slowly, but turning into a ghost town slowly, but turning into a ghost town slowly, but they've been buying up these lots of they've been buying up these lots of they've been buying up these lots of like just like just like just totally abandoned properties. They'll go totally abandoned properties. They'll go totally abandoned properties. They'll go use a metal detector and find cans of use a metal detector and find cans of use a metal detector and find cans of cash and stuff buried in these lawns. cash and stuff buried in these lawns. cash and stuff buried in these lawns. And this little like kind of like dying And this little like kind of like dying And this little like kind of like dying ghost town of a thing, ghost town of a thing, ghost town of a thing, it's crazy. So the metal detector finds it's crazy. So the metal detector finds it's crazy. So the metal detector finds the can and then there's money in the can and then there's money in the can and then there's money in the Yeah, totally. Nice. Sorry. Um Yeah, totally. Nice. Sorry. Um Yeah, totally. Nice. Sorry. Um We're on the parable. I don't know which We're on the parable. I don't know which We're on the parable. I don't know which person we're on. person we're on. person we're on. » The We'll call him We'll call him » The We'll call him We'll call him » The We'll call him We'll call him the market average steward where they go the market average steward where they go the market average steward where they go uh buy ETFs and rebalance to the uh buy ETFs and rebalance to the uh buy ETFs and rebalance to the average. average. average. You're not going to show up and say, You're not going to show up and say, You're not going to show up and say, "You did bad." Like you did good. "You did bad." Like you did good. "You did bad." Like you did good. But I mean I mean I mean I guess it's not I mean you could I guess it's not I mean you could I guess it's not I mean you could definitely look at it and say, "Okay, definitely look at it and say, "Okay, definitely look at it and say, "Okay, you did You did what the market did and you did You did what the market did and you did You did what the market did and you did You did okay." And you did okay. you did You did okay." And you did okay. you did You did okay." And you did okay. So he's fine, but then there's the next So he's fine, but then there's the next So he's fine, but then there's the next steward, the one who did it we'll steward, the one who did it we'll steward, the one who did it we'll say rightly, just you know, for say rightly, just you know, for say rightly, just you know, for convenience. He stewarded right. Yeah, convenience. He stewarded right. Yeah, convenience. He stewarded right. Yeah, that's it. Just like that. That's it. that's it. Just like that. That's it. that's it. Just like that. That's it. And they actually he he did he exceeded. And they actually he he did he exceeded. And they actually he he did he exceeded. And then he was given even more, which And then he was given even more, which And then he was given even more, which is also appropriate because How did he is also appropriate because How did he is also appropriate because How did he exceed in the parable? exceed in the parable? exceed in the parable? He made more money. He just It just said He made more money. He just It just said He made more money. He just It just said he did. He did more. He did I mean, he he did. He did more. He did I mean, he he did. He did more. He did I mean, he made more money. Yeah. He did even made more money. Yeah. He did even made more money. Yeah. He did even better. Yeah. So that's great. better. Yeah. So that's great. better. Yeah. So that's great. Where was I going with that? You asked Where was I going with that? You asked Where was I going with that? You asked me healthy relationship with money. me healthy relationship with money. me healthy relationship with money. » What's a healthy relationship? » What's a healthy relationship? » What's a healthy relationship? » Yeah. Yeah, but in that whole » Yeah. Yeah, but in that whole » Yeah. Yeah, but in that whole parable, parable, parable, every single one of them were stewards. every single one of them were stewards. every single one of them were stewards. Sure. Okay? That's that's that's a Sure. Okay? That's that's that's a Sure. Okay? That's that's that's a I think that's an maybe an overlooked I think that's an maybe an overlooked I think that's an maybe an overlooked thing is we are stewards of what we thing is we are stewards of what we thing is we are stewards of what we have. It didn't cost us anything to come have. It didn't cost us anything to come have. It didn't cost us anything to come into this world, at least for us. And into this world, at least for us. And into this world, at least for us. And then when you die, for us, we actually don't when you die, for us, we actually don't when you die, for us, we actually don't have to pay anything personally. Now, I have to pay anything personally. Now, I have to pay anything personally. Now, I mean, I guess you could debate that a mean, I guess you could debate that a mean, I guess you could debate that a little bit. Funeral costs or whatever. little bit. Funeral costs or whatever. little bit. Funeral costs or whatever. Somebody else is kind of paying it. Somebody else is kind of paying it. Somebody else is kind of paying it. But the point is But the point is But the point is we don't bring anything in, we don't we don't bring anything in, we don't we don't bring anything in, we don't take anything out. take anything out. take anything out. That's how it goes. We we have That's how it goes. We we have That's how it goes. We we have responsibility over these different responsibility over these different responsibility over these different assets, domains, whatever for a period assets, domains, whatever for a period assets, domains, whatever for a period of time, but it's not ours. of time, but it's not ours. of time, but it's not ours. We've been trusted with it. And what are We've been trusted with it. And what are We've been trusted with it. And what are we going to do with it? we going to do with it? we going to do with it? Yeah, I like that. The not ours is a is Yeah, I like that. The not ours is a is Yeah, I like that. The not ours is a is a good line cuz it's going to stay when a good line cuz it's going to stay when a good line cuz it's going to stay when we leave. we leave. we leave. And it'll be someone else's. And it'll be someone else's. And it'll be someone else's. So uh back on that question then, I when So uh back on that question then, I when So uh back on that question then, I when I when I think of that question, I I when I think of that question, I I when I think of that question, I probably could have elaborated. Like I probably could have elaborated. Like I probably could have elaborated. Like I feel like some people have unhealthy feel like some people have unhealthy feel like some people have unhealthy relationships with money based on relationships with money based on relationships with money based on how they steward it. And you've got all how they steward it. And you've got all how they steward it. And you've got all the You got Dave Ramseys, right? You've the You got Dave Ramseys, right? You've the You got Dave Ramseys, right? You've fi- fi- fi- all these personal finance coaches that all these personal finance coaches that all these personal finance coaches that are putting out a lot of good content about putting out a lot of good content about putting out a lot of good content about how to handle that. But what that how to handle that. But what that how to handle that. But what that balance I think is really hard and it's balance I think is really hard and it's balance I think is really hard and it's easy to judge people easy to judge people easy to judge people when you see someone spending when you see someone spending when you see someone spending irresponsibly and not saving up, but yet irresponsibly and not saving up, but yet irresponsibly and not saving up, but yet they're enjoying the moment. And then they're enjoying the moment. And then they're enjoying the moment. And then you see people that are so uh frugal you see people that are so uh frugal you see people that are so uh frugal that they don't enjoy life at all and that they don't enjoy life at all and that they don't enjoy life at all and they hold every last penny till they're they hold every last penny till they're they hold every last penny till they're gone. But then if the situation's right, gone. But then if the situation's right, gone. But then if the situation's right, someone else in their family maybe or someone else in their family maybe or someone else in their family maybe or someone important to them gets to someone important to them gets to someone important to them gets to steward that and enjoy that. Um but I I steward that and enjoy that. Um but I I steward that and enjoy that. Um but I I just wonder like just wonder like just wonder like is there actually a wrong way, right? is there actually a wrong way, right? is there actually a wrong way, right? Ultimately, for someone in their Ultimately, for someone in their Ultimately, for someone in their personal health beyond just ruining personal health beyond just ruining personal health beyond just ruining themselves and the people around them? I would say context is everything. Um So I would say context is everything. Um So first of all, if you get the ownership first of all, if you get the ownership first of all, if you get the ownership part of it right, part of it right, part of it right, that makes a lot of the rest of it a lot that makes a lot of the rest of it a lot that makes a lot of the rest of it a lot easier. What do you mean by that? easier. What do you mean by that? easier. What do you mean by that? It's It's like It's It's like It's It's like when we start to believe that what when we start to believe that what when we start to believe that what we're trusted with is truly ours we're trusted with is truly ours we're trusted with is truly ours or we're entitled to it or we're or we're entitled to it or we're or we're entitled to it or we're entitled to entitled to entitled to these other things that we don't have, these other things that we don't have, these other things that we don't have, that's when we get a turnaround is like that's when we get a turnaround is like that's when we get a turnaround is like we're actually not entitled to anything. we're actually not entitled to anything. we're actually not entitled to anything. It's kind of like you get a you know, It's kind of like you get a you know, It's kind of like you get a you know, we're coming up on Christmas. Yeah. Like we're coming up on Christmas. Yeah. Like we're coming up on Christmas. Yeah. Like Mom. Mom. Mom. Mom. Mom. Mom. Mom. Mom. Mom. I want that. I should have that. Like, I want that. I should have that. Like, I want that. I should have that. Like, you know, but it's like there's a you know, but it's like there's a you know, but it's like there's a difference between being entitled to difference between being entitled to difference between being entitled to something and being given something. something and being given something. something and being given something. Right? Right? Right? And earning something. Or even earning And earning something. Or even earning And earning something. Or even earning it. Yeah. it. Yeah. it. Yeah. » But um Yeah, well, you know. Yeah, well, you know. » [snorts] » [snorts] » [snorts] » Okay. » Okay. » Okay. » It's another can of worms. » It's another can of worms. » It's another can of worms. » I'm not » I'm not » I'm not » » » » I'm not » I'm not » I'm not I was trying not to bite on that one, I was trying not to bite on that one, I was trying not to bite on that one, but context is everything and context is everything and if if you're spending beyond what you've if if you're spending beyond what you've if if you're spending beyond what you've been trusted with, you're making been trusted with, you're making been trusted with, you're making promises you actually can't fulfill, promises you actually can't fulfill, promises you actually can't fulfill, that's going to end poorly. that's going to end poorly. that's going to end poorly. If you are If you are If you are not maintaining your finances in a not maintaining your finances in a not maintaining your finances in a balanced way. If you're not reinvesting, balanced way. If you're not reinvesting, balanced way. If you're not reinvesting, you're not growing, you're not like you're not growing, you're not like you're not growing, you're not like doing more with it, doing more with it, doing more with it, all those things have consequences. So all those things have consequences. So all those things have consequences. So if you actually have done well, you can if you actually have done well, you can if you actually have done well, you can you have money that you can spend. You you have money that you can spend. You you have money that you can spend. You can use it in different ways. And then can use it in different ways. And then can use it in different ways. And then that's going to return something else. that's going to return something else. that's going to return something else. Yeah. Yeah. Yeah. Yeah, that's good. Yeah, that's good. Yeah, that's good. What personal experiences for you shaped What personal experiences for you shaped What personal experiences for you shaped how you look at uh money and risk and how you look at uh money and risk and how you look at uh money and risk and growth? Hm. growth? Hm. growth? Hm. Money, risk, and growth. And Money, risk, and growth. And Money, risk, and growth. And stewardship. stewardship. stewardship. Stay on that theme. Stay on that theme. Stay on that theme. I I will say I I will say I I will say I was blessed I was blessed I was blessed for several years for several years for several years when I was early in this industry when I was early in this industry when I was early in this industry because we didn't have a lot of money. It was we didn't have a lot of money. It was we didn't have a lot of money. It was really hard. I mean, doing a really hard. I mean, doing a really hard. I mean, doing a commission-only job commission-only job commission-only job in this industry, I didn't come into it in this industry, I didn't come into it in this industry, I didn't come into it behind any of the relatives. I didn't behind any of the relatives. I didn't behind any of the relatives. I didn't come into some book of business. I come into some book of business. I come into some book of business. I didn't buy a book of business. I have didn't buy a book of business. I have didn't buy a book of business. I have yet to buy a book of business. yet to buy a book of business. yet to buy a book of business. Um which by the way, if you want to sell Um which by the way, if you want to sell Um which by the way, if you want to sell a book of business, I'll gladly buy it, a book of business, I'll gladly buy it, a book of business, I'll gladly buy it, pay you market rate, and maybe a maybe a pay you market rate, and maybe a maybe a pay you market rate, and maybe a maybe a little more, who knows. little more, who knows. little more, who knows. » » » » But » But » But um um um cuz we do really well. cuz we do really well. cuz we do really well. And if I end up paying someone what And if I end up paying someone what And if I end up paying someone what their book of business is worth and do their book of business is worth and do their book of business is worth and do what we do, what we've been doing, what we do, what we've been doing, what we do, what we've been doing, it's worth way more to me. Sure. Yeah. it's worth way more to me. Sure. Yeah. it's worth way more to me. Sure. Yeah. Um okay. Back on So, I was really Um okay. Back on So, I was really Um okay. Back on So, I was really blessed that blessed that blessed that from the perspective of for several from the perspective of for several from the perspective of for several years, we had kids. I'm talking about years, we had kids. I'm talking about years, we had kids. I'm talking about the finance side. Now, the pain of the finance side. Now, the pain of the finance side. Now, the pain of having kids that had some chronic things having kids that had some chronic things having kids that had some chronic things going on medically that were tough to going on medically that were tough to going on medically that were tough to figure out. figure out. figure out. Um, that was really expensive. Um, that was really expensive. Um, that was really expensive. For the first 8 years of our marriage, For the first 8 years of our marriage, For the first 8 years of our marriage, we added up, my first marriage, and we we added up, my first marriage, and we we added up, my first marriage, and we had about $100,000 of medical bills had about $100,000 of medical bills had about $100,000 of medical bills and insurance premiums is what we paid over insurance premiums is what we paid over insurance premiums is what we paid over that time. that time. that time. And we didn't have a lot of money. And we didn't have a lot of money. And we didn't have a lot of money. It's a lot. And that's part of what It's a lot. And that's part of what It's a lot. And that's part of what actually kept us in that cycle actually kept us in that cycle actually kept us in that cycle uh, was uh, was uh, was a lot of medical bills. a lot of medical bills. a lot of medical bills. And 50% of bankruptcies actually And 50% of bankruptcies actually And 50% of bankruptcies actually originate from medical debt. Mhm. originate from medical debt. Mhm. originate from medical debt. Mhm. We did not declare we you know, we We did not declare we you know, we We did not declare we you know, we didn't go bankrupt or anything like didn't go bankrupt or anything like didn't go bankrupt or anything like that, but we were in a state of that, but we were in a state of that, but we were in a state of dependence on God to where we were just dependence on God to where we were just dependence on God to where we were just praying. We're like, "Hey, praying. We're like, "Hey, praying. We're like, "Hey, uh, uh, uh, cell phone bill's due. cell phone bill's due. cell phone bill's due. We don't know we don't know where it's We don't know we don't know where it's We don't know we don't know where it's going to come from. going to come from. going to come from. Uh, there were several times that just Uh, there were several times that just Uh, there were several times that just checks on the day that we needed money checks on the day that we needed money checks on the day that we needed money showed up in the mail. showed up in the mail. showed up in the mail. Like we go to the mailbox. Uh, one time Like we go to the mailbox. Uh, one time Like we go to the mailbox. Uh, one time it was like it was like it was like three or 400 bucks of checks that came three or 400 bucks of checks that came three or 400 bucks of checks that came from some settlement of uh, SoFi from some settlement of uh, SoFi from some settlement of uh, SoFi apparently ran our credit without us apparently ran our credit without us apparently ran our credit without us having any knowledge of it. Mhm. And having any knowledge of it. Mhm. And having any knowledge of it. Mhm. And there was a class action lawsuit against there was a class action lawsuit against there was a class action lawsuit against it like couple years prior, I think. it like couple years prior, I think. it like couple years prior, I think. Mhm. And Mhm. And Mhm. And you know, so we got settlement checks you know, so we got settlement checks you know, so we got settlement checks out of that. They went to pay our bills out of that. They went to pay our bills out of that. They went to pay our bills that we desperately needed. that we desperately needed. that we desperately needed. » Yeah. And there was a couple other times » Yeah. And there was a couple other times » Yeah. And there was a couple other times like we'd over like somehow in like we'd over like somehow in like we'd over like somehow in accounting I don't know how it works, but we got I don't know how it works, but we got I don't know how it works, but we got checks back from doctor's bills we'd checks back from doctor's bills we'd checks back from doctor's bills we'd paid from a few years before. paid from a few years before. paid from a few years before. We had apparently overpaid. I don't know We had apparently overpaid. I don't know We had apparently overpaid. I don't know how. We just paid bills, but how. We just paid bills, but how. We just paid bills, but um, um, um, it was really amazing how God actually it was really amazing how God actually it was really amazing how God actually met us where we were financially and met us where we were financially and met us where we were financially and I came to learn dependence on the Lord I came to learn dependence on the Lord I came to learn dependence on the Lord with that. And that's something that is with that. And that's something that is with that. And that's something that is still with me today, even though I'm in still with me today, even though I'm in still with me today, even though I'm in a We're in a very different I'm in a a We're in a very different I'm in a a We're in a very different I'm in a very different financial place, but that very different financial place, but that very different financial place, but that dependence is absolutely still there. dependence is absolutely still there. dependence is absolutely still there. And it's not out of my own effort. It's And it's not out of my own effort. It's And it's not out of my own effort. It's it's in partnership with just my walk it's in partnership with just my walk it's in partnership with just my walk with God. And that's just that's who I with God. And that's just that's who I with God. And that's just that's who I am and you know, everyone's got to am and you know, everyone's got to am and you know, everyone's got to figure that out for themselves of of figure that out for themselves of of figure that out for themselves of of you know, how they how they get you know, how they how they get you know, how they how they get there, but I do appreciate the gift of there, but I do appreciate the gift of there, but I do appreciate the gift of the struggle and the gift of dependence the struggle and the gift of dependence the struggle and the gift of dependence that is learned in time that you can't that is learned in time that you can't that is learned in time that you can't just learn it like in a Yeah. just learn it like in a Yeah. just learn it like in a Yeah. in a flash of a pan. Like you've got to in a flash of a pan. Like you've got to in a flash of a pan. Like you've got to surrender to that. surrender to that. surrender to that. And answer your question? Well, then I would answer your question? Well, then I would say yes, and then the final part of that is yes, and then the final part of that is yes, and then the final part of that is how has that shaped you into being how has that shaped you into being how has that shaped you into being better at what you do? Essentially being better at what you do? Essentially being better at what you do? Essentially being a good steward, a good financial a good steward, a good financial a good steward, a good financial advisor. That struggle, the great sounds advisor. That struggle, the great sounds advisor. That struggle, the great sounds like gratefulness, like gratefulness, like gratefulness, your understanding of your understanding of your understanding of your relationship with God and money. Yeah. relationship with God and money. Yeah. relationship with God and money. Yeah. Right? Is a is a balanced part of it. Right? Is a is a balanced part of it. Right? Is a is a balanced part of it. But it But it But it how has that made you manage risk differently today? manage risk differently today? Manage risk. Um, if we look at if we look at maybe that I don't know that's maybe a that I don't know that's maybe a that I don't know that's maybe a tough trans tough trans tough trans You can go into Yeah. I'll I'll share You can go into Yeah. I'll I'll share You can go into Yeah. I'll I'll share maybe what comes to mind is if we look maybe what comes to mind is if we look maybe what comes to mind is if we look at the different buckets of money that at the different buckets of money that at the different buckets of money that we have, we have, we have, think of those as stewards. So, there's think of those as stewards. So, there's think of those as stewards. So, there's the steward of the steward of the steward of you know, it doesn't do anything. So, you know, it doesn't do anything. So, you know, it doesn't do anything. So, that's your that's cash count. It that's your that's cash count. It that's your that's cash count. It it has a purpose, okay? So, there is a it has a purpose, okay? So, there is a it has a purpose, okay? So, there is a purpose to having cash, having liquidity purpose to having cash, having liquidity purpose to having cash, having liquidity that's not that's not that's not » Emergency fund. » Emergency fund. » Emergency fund. » bumping up and down all the time and » bumping up and down all the time and » bumping up and down all the time and doing its thing to actually go to work doing its thing to actually go to work doing its thing to actually go to work and grow. and grow. and grow. So, we we need some of that, but it too So, we we need some of that, but it too So, we we need some of that, but it too much of that is actually bad. much of that is actually bad. much of that is actually bad. Or if you're not willing to take any Or if you're not willing to take any Or if you're not willing to take any risk on anything, your money's not going risk on anything, your money's not going risk on anything, your money's not going to grow. Yeah. You're you're going to be to grow. Yeah. You're you're going to be to grow. Yeah. You're you're going to be missing out on a lot of money. It's not missing out on a lot of money. It's not missing out on a lot of money. It's not even it's not even the starting point of even it's not even the starting point of even it's not even the starting point of that growth curve. It's the end years that growth curve. It's the end years that growth curve. It's the end years that you're missing out on. Mhm. So, if that you're missing out on. Mhm. So, if that you're missing out on. Mhm. So, if you shove that curve out and you die you shove that curve out and you die you shove that curve out and you die here and you didn't you know, here and you didn't you know, here and you didn't you know, well, now by the time you're here and well, now by the time you're here and well, now by the time you're here and it's anyways. it's anyways. it's anyways. The point is um, it's the back end of The point is um, it's the back end of The point is um, it's the back end of the compounding growth that you wind up the compounding growth that you wind up the compounding growth that you wind up missing out on and if you're not missing out on and if you're not missing out on and if you're not fine tuning it to what you actually need fine tuning it to what you actually need fine tuning it to what you actually need and what serves you best. If you don't and what serves you best. If you don't and what serves you best. If you don't take risk early on. If if if you take risk early on. If if if you take risk early on. If if if you take if you if you if you well, I don't love the word risk. It's well, I don't love the word risk. It's well, I don't love the word risk. It's it's reality like there is risk. it's reality like there is risk. it's reality like there is risk. » But if we're talking about even when » But if we're talking about even when » But if we're talking about even when somebody is 60 years old, there's a somebody is 60 years old, there's a somebody is 60 years old, there's a great chance they're going to live to great chance they're going to live to great chance they're going to live to 90. 90. 90. Sure. That's three decades. Sure. That's three decades. Sure. That's three decades. It's a long time. Yeah. It's a long time. Yeah. It's a long time. Yeah. If somebody has most of their money very If somebody has most of their money very If somebody has most of their money very conservatively, their risk is going to conservatively, their risk is going to conservatively, their risk is going to be running out of money if they're be running out of money if they're be running out of money if they're actually depending on it. actually depending on it. actually depending on it. Now, Now, Now, and that's because they're statistically and that's because they're statistically and that's because they're statistically going to live a long time. going to live a long time. going to live a long time. Well, there's that, but they're Well, there's that, but they're Well, there's that, but they're guaranteeing that they're not going to guaranteeing that they're not going to guaranteeing that they're not going to catch the kind of compounding growth catch the kind of compounding growth catch the kind of compounding growth they can get over time. they can get over time. they can get over time. When you when we run our statistical When you when we run our statistical When you when we run our statistical analysis and financial planning on we analysis and financial planning on we analysis and financial planning on we call it a Monte Carlo analysis where it call it a Monte Carlo analysis where it call it a Monte Carlo analysis where it runs a thousand random samples of what's runs a thousand random samples of what's runs a thousand random samples of what's happening with their portfolio, happening with their portfolio, happening with their portfolio, we found that well, we found that well, we found that well, there's a lot of disclosure with this, there's a lot of disclosure with this, there's a lot of disclosure with this, but um, I'll just say more often than not, more I'll just say more often than not, more equity or more stocks in somebody's equity or more stocks in somebody's equity or more stocks in somebody's portfolio tends to do better. Mhm. If portfolio tends to do better. Mhm. If portfolio tends to do better. Mhm. If they don't have enough money for them to they don't have enough money for them to they don't have enough money for them to actually retire, retire, retire, it's probably still going to it's probably still going to it's probably still going to statistically do better because it'll at statistically do better because it'll at statistically do better because it'll at least last longer. least last longer. least last longer. But for 30 years, if you're going to But for 30 years, if you're going to But for 30 years, if you're going to lock in say a 4 and 1/2% bond rate for lock in say a 4 and 1/2% bond rate for lock in say a 4 and 1/2% bond rate for half your portfolio, half your portfolio, half your portfolio, if you really needed that much to if you really needed that much to if you really needed that much to survive, it's just not going to last survive, it's just not going to last survive, it's just not going to last is a is just a practical matter. is a is just a practical matter. is a is just a practical matter. Um, but if you have more in the stocks Um, but if you have more in the stocks Um, but if you have more in the stocks or the equity piece, then it's going to or the equity piece, then it's going to or the equity piece, then it's going to give you a better shot so long as it's give you a better shot so long as it's give you a better shot so long as it's being managed well or even just market being managed well or even just market being managed well or even just market average rates, average rates, average rates, it's going to go better cuz that's still it's going to go better cuz that's still it's going to go better cuz that's still three decades or so. That's still 30 years. decades or so. That's still 30 years. decades or so. That's still 30 years. People don't really think about it. People don't really think about it. People don't really think about it. Like, "Oh, yeah, retirement age." Like, "Oh, yeah, retirement age." Like, "Oh, yeah, retirement age." Like so, you retire and then soon enough you so, you retire and then soon enough you so, you retire and then soon enough you die. It's like die. It's like die. It's like hopefully not. hopefully not. hopefully not. There's actually still a long time left There's actually still a long time left There's actually still a long time left most of the time. most of the time. most of the time. So, So, So, uh, so I do look differently at it. Uh, uh, so I do look differently at it. Uh, uh, so I do look differently at it. Uh, the first place I started with or the first place I started with or the first place I started with or the first couple places, it was there was first couple places, it was there was first couple places, it was there was often this sense uh, from the compliance often this sense uh, from the compliance often this sense uh, from the compliance department of well, they're old. They department of well, they're old. They department of well, they're old. They need to be more conservative. need to be more conservative. need to be more conservative. It's like, "Well, does that really fit It's like, "Well, does that really fit It's like, "Well, does that really fit them or serve them well?" them or serve them well?" them or serve them well?" And sometimes not so much. So, we do And sometimes not so much. So, we do And sometimes not so much. So, we do financial planning to actually dial the financial planning to actually dial the financial planning to actually dial the numbers in and look at what fits them. numbers in and look at what fits them. numbers in and look at what fits them. None of this is financial advice, by the None of this is financial advice, by the None of this is financial advice, by the way. I'm not giving any way. I'm not giving any way. I'm not giving any financial, legal, investment advisory financial, legal, investment advisory financial, legal, investment advisory advice over this podcast. We only do it advice over this podcast. We only do it advice over this podcast. We only do it in the context of a planning engagement in the context of a planning engagement in the context of a planning engagement letter or advisory letter uh, engagement. So, or advisory letter uh, engagement. So, or advisory letter uh, engagement. So, Perfect. Great. Perfect. Great. Perfect. Great. » » » » Great disclosure. Yeah. Yeah, and again » Great disclosure. Yeah. Yeah, and again » Great disclosure. Yeah. Yeah, and again to everybody else listening to this, to everybody else listening to this, to everybody else listening to this, this is somebody that's been in the this is somebody that's been in the this is somebody that's been in the industry just giving his outside industry just giving his outside industry just giving his outside personal perspective. Painting with a personal perspective. Painting with a personal perspective. Painting with a very broad brush right now. Very broad very broad brush right now. Very broad very broad brush right now. Very broad brush, yeah. And you're doing great. But brush, yeah. And you're doing great. But brush, yeah. And you're doing great. But no, that's that makes a lot of sense. no, that's that makes a lot of sense. no, that's that makes a lot of sense. Uh, it's kind of embarrassing when you Uh, it's kind of embarrassing when you Uh, it's kind of embarrassing when you said 60 to 90 is 30 years. In my head of said 60 to 90 is 30 years. In my head of said 60 to 90 is 30 years. In my head of my gut reaction was like, "Nah." my gut reaction was like, "Nah." my gut reaction was like, "Nah." Like being 35 years old and then I'm Like being 35 years old and then I'm Like being 35 years old and then I'm like, "Oh, yeah, it is." That's crazy. like, "Oh, yeah, it is." That's crazy. like, "Oh, yeah, it is." That's crazy. Just like I feel like once you turn 60, Just like I feel like once you turn 60, Just like I feel like once you turn 60, then it's just kind of all then it's just kind of all then it's just kind of all together. together. together. But that's that's a long time. It But that's that's a long time. It But that's that's a long time. It is. They retire at 60 is. They retire at 60 is. They retire at 60 » Your money's still also last a long » Your money's still also last a long » Your money's still also last a long time. time. time. » a second time of either you're retired » a second time of either you're retired » a second time of either you're retired or you're still working. or you're still working. or you're still working. Yeah. Yeah, your money does have to last Yeah. Yeah, your money does have to last Yeah. Yeah, your money does have to last a lot. 30 years. a lot. 30 years. a lot. 30 years. » getting so expensive. Talk about that » getting so expensive. Talk about that » getting so expensive. Talk about that cuz you're helping people think about cuz you're helping people think about cuz you're helping people think about that, right? In the future and you know, that, right? In the future and you know, that, right? In the future and you know, my sister and I are my sister and I are my sister and I are j- making jokes with mom and dad about j- making jokes with mom and dad about j- making jokes with mom and dad about like, "Okay, do we have this figured like, "Okay, do we have this figured like, "Okay, do we have this figured out?" And out?" And out?" And you know, we're we're talking about you know, we're we're talking about you know, we're we're talking about long-term you know, long-term care long-term you know, long-term care long-term you know, long-term care policies. Should we be investing in policies. Should we be investing in policies. Should we be investing in that? And you know, they're not near that? And you know, they're not near that? And you know, they're not near that age. Uh, that age. Uh, that age. Uh, but the cost of I I I just wonder how many the cost of I I I just wonder how many the cost of I I I just wonder how many people millennial and under, especially Gen Z, millennial and under, especially Gen Z, millennial and under, especially Gen Z, a- a- are they going to be able to a- a- are they going to be able to a- a- are they going to be able to retire? retire? retire? How's that going to work cuz everything How's that going to work cuz everything How's that going to work cuz everything is so expensive. is so expensive. is so expensive. » Gen Z and they just kind of stare at me » Gen Z and they just kind of stare at me » Gen Z and they just kind of stare at me blankly. blankly. blankly. Oh, I'm kidding. Yeah. Oh, I'm kidding. Yeah. Oh, I'm kidding. Yeah. They just No, that happened when I was They just No, that happened when I was They just No, that happened when I was getting a coffee. Oh, okay. Couple getting a coffee. Oh, okay. Couple getting a coffee. Oh, okay. Couple times, but yeah. times, but yeah. times, but yeah. Point blank. Point blank. Point blank. » You asked them to get you a I'm not » You asked them to get you a I'm not » You asked them to get you a I'm not No, sorry. There's this Gen Z stare No, sorry. There's this Gen Z stare No, sorry. There's this Gen Z stare thing cuz they thing cuz they thing cuz they need to learn more social skills. they need to learn more social skills. they need to learn more social skills. They need to get out and interact with They need to get out and interact with They need to get out and interact with people. Yeah. people. Yeah. people. Yeah. Yeah, it's a generation that's being Yeah, it's a generation that's being Yeah, it's a generation that's being raised on raised on raised on » social media communication. But to that » social media communication. But to that » social media communication. But to that point, point, point, it's get it's all getting really it's get it's all getting really it's get it's all getting really expensive. And I think the way people expensive. And I think the way people expensive. And I think the way people plan and what they thought would work. I plan and what they thought would work. I plan and what they thought would work. I know I'm looking at it now and I'm like, know I'm looking at it now and I'm like, know I'm looking at it now and I'm like, "Oh, it's "Oh, it's "Oh, it's it's it's already double what I thought it's it's already double what I thought it's it's already double what I thought it was going to be 10 years ago." it was going to be 10 years ago." it was going to be 10 years ago." As far as what I need As far as what I need As far as what I need and my wife will need to where we're not and my wife will need to where we're not and my wife will need to where we're not a burden to our kids, a burden to our kids, a burden to our kids, it's going to look really different. it's going to look really different. it's going to look really different. Obviously, depending on what lifestyle Obviously, depending on what lifestyle Obviously, depending on what lifestyle you want in retirement, that all looks you want in retirement, that all looks you want in retirement, that all looks different. But this up-and-coming different. But this up-and-coming different. But this up-and-coming generation and the way the market's generation and the way the market's generation and the way the market's trending, trending, trending, like what's your like what's your like what's your what's your prediction in what's your prediction in what's your prediction in what would that be 50 We're talking 50 what would that be 50 We're talking 50 what would that be 50 We're talking 50 years from now, they're all years from now, they're all years from now, they're all retiring to 40 to 50 years. retiring to 40 to 50 years. retiring to 40 to 50 years. Maybe. Maybe. Maybe. » If if we look back a little bit » If if we look back a little bit » If if we look back a little bit generationally, generationally, generationally, there was the greatest generation that there was the greatest generation that there was the greatest generation that Tom Brokaw kind of self-labeled. Tom Brokaw kind of self-labeled. Tom Brokaw kind of self-labeled. » Right. » Right. » Right. Um, Um, Um, they went through a lot. they went through a lot. they went through a lot. They worked really hard. They worked really hard. They worked really hard. Really, really hard. Really, really hard. Really, really hard. Okay? Okay? Okay? And then And then And then um, generation and then they're like, um, generation and then they're like, um, generation and then they're like, well that was difficult. Okay, let's set that was difficult. Okay, let's set that was difficult. Okay, let's set our kids up better than we are. And then our kids up better than we are. And then our kids up better than we are. And then or or you know, actually great or or you know, actually great or or you know, actually great generation taught hard work to the to generation taught hard work to the to generation taught hard work to the to the next one and then we're really the next one and then we're really the next one and then we're really the next one in the millennial category even next one in the millennial category even next one in the millennial category even though we're all just Gen Xers and though we're all just Gen Xers and though we're all just Gen Xers and millennials. But the millennials. But the millennials. But there's a progression of well, I want to there's a progression of well, I want to there's a progression of well, I want to set my kids better up than we had it. set my kids better up than we had it. set my kids better up than we had it. The reality is The reality is The reality is all of us all of us all of us down to a very low standard of living down to a very low standard of living down to a very low standard of living have it better than the greatest have it better than the greatest have it better than the greatest generation did. generation did. generation did. You look at the if you want to measure You look at the if you want to measure You look at the if you want to measure wealth by what we have wealth by what we have wealth by what we have we have a we have a we have a NASA beating supercomputer in our NASA beating supercomputer in our NASA beating supercomputer in our pockets now. pockets now. pockets now. We have amazing access to wealth that we We have amazing access to wealth that we We have amazing access to wealth that we do not appreciate because we are do not appreciate because we are do not appreciate because we are swimming in it. swimming in it. swimming in it. If you have visited a third world If you have visited a third world If you have visited a third world country and seen country and seen country and seen a a a an encampment of essentially orphans and an encampment of essentially orphans and an encampment of essentially orphans and like just trying to survive. Like like just trying to survive. Like like just trying to survive. Like you're like, this is really different. you're like, this is really different. you're like, this is really different. It's like, yeah, we live in a bubble. We It's like, yeah, we live in a bubble. We It's like, yeah, we live in a bubble. We really do. Even even our homeless have really do. Even even our homeless have really do. Even even our homeless have it have it very well. They have a place it have it very well. They have a place it have it very well. They have a place that they can go sleep securely at night that they can go sleep securely at night that they can go sleep securely at night if they want to here in in well, I say if they want to here in in well, I say if they want to here in in well, I say here in Wichita, but in Wichita. Yeah. here in Wichita, but in Wichita. Yeah. here in Wichita, but in Wichita. Yeah. Um Um Um they're fed. they're fed. they're fed. And if there's kids in that situation, And if there's kids in that situation, And if there's kids in that situation, the state will not let it happen. the state will not let it happen. the state will not let it happen. They will place those kids with They will place those kids with They will place those kids with somebody somewhere to be taken care of. somebody somewhere to be taken care of. somebody somewhere to be taken care of. That is not the case around the world, That is not the case around the world, That is not the case around the world, but at the end of the day um but at the end of the day um but at the end of the day um there's a progression of entitlement there's a progression of entitlement there's a progression of entitlement that it might reach an end point that's not it might reach an end point that's not it might reach an end point that's not good. good. good. And we we have to work and be productive. we we have to work and be productive. we we have to work and be productive. Technology is not going to take away all Technology is not going to take away all Technology is not going to take away all the jobs. Now, it may take care of some jobs, but it's going take care of some jobs, but it's going to create more. That's all that's to create more. That's all that's to create more. That's all that's happened to this point ever since we got happened to this point ever since we got happened to this point ever since we got rid of the horse rid of the horse rid of the horse for a car. Yeah. for a car. Yeah. for a car. Yeah. Or whatever you want to point at, the Or whatever you want to point at, the Or whatever you want to point at, the tract the horses for a tractor to a tract the horses for a tractor to a tract the horses for a tractor to a tractor that drives itself. tractor that drives itself. tractor that drives itself. The horseshoe maker The horseshoe maker The horseshoe maker » found another job. Industries we » found another job. Industries we » found another job. Industries we couldn't have imagined have come to couldn't have imagined have come to couldn't have imagined have come to pass. Yep. So So you're in a place of pass. Yep. So So you're in a place of pass. Yep. So So you're in a place of yeah, when we talk about AI, obviously yeah, when we talk about AI, obviously yeah, when we talk about AI, obviously this transition this transition this transition with technology, the part I don't with technology, the part I don't with technology, the part I don't understand with Elon saying with Elon saying with Elon saying we're about to the wealth is about to be we're about to the wealth is about to be we're about to the wealth is about to be unreal for everyone. Like the AI is unreal for everyone. Like the AI is unreal for everyone. Like the AI is going to create wealth for going to create wealth for going to create wealth for wealth we've never seen before. wealth we've never seen before. wealth we've never seen before. And knowing that I I struggle to see the knowing that I I struggle to see the knowing that I I struggle to see the I I think everyone says horse to car I I think everyone says horse to car I I think everyone says horse to car right now and I don't think this is right now and I don't think this is right now and I don't think this is anything like that. anything like that. anything like that. And more along the lines of I don't And more along the lines of I don't And more along the lines of I don't I don't see with the robots my buddy I don't see with the robots my buddy I don't see with the robots my buddy just ordered pre-ordered his robot Ooh. just ordered pre-ordered his robot Ooh. just ordered pre-ordered his robot Ooh. that's coming next year. uh I'll think that's coming next year. uh I'll think that's coming next year. uh I'll think of the name in a little bit. But it's $20,000. But it's $20,000. Mhm. Uh or $500 a month. It loads the Mhm. Uh or $500 a month. It loads the Mhm. Uh or $500 a month. It loads the dishwasher, vacuums the house, it moves dishwasher, vacuums the house, it moves dishwasher, vacuums the house, it moves stuff around, it it puts the laundry stuff around, it it puts the laundry stuff around, it it puts the laundry away. away. away. It is a housekeeper essentially for 500 It is a housekeeper essentially for 500 It is a housekeeper essentially for 500 bucks a month that's there every day. It bucks a month that's there every day. It bucks a month that's there every day. It brings your coffee. It you know, can brings your coffee. It you know, can brings your coffee. It you know, can play music. It can I mean, it kind of play music. It can I mean, it kind of play music. It can I mean, it kind of becomes your assistant and then you can becomes your assistant and then you can becomes your assistant and then you can train it with an Oculus. So you can put train it with an Oculus. So you can put train it with an Oculus. So you can put your Oculus on, connect to it and say, your Oculus on, connect to it and say, your Oculus on, connect to it and say, I'm going to teach it a new I'm going to teach it a new I'm going to teach it a new um task. Huh. And that and that part's um task. Huh. And that and that part's um task. Huh. And that and that part's working right now. And they're like working right now. And they're like working right now. And they're like delivering those next year. delivering those next year. delivering those next year. » Wild. So let's say all that comes into » Wild. So let's say all that comes into » Wild. So let's say all that comes into play and my background service industry, play and my background service industry, play and my background service industry, right? right? right? So if we don't have So if we don't have So if we don't have employees cleaning buildings at our employees cleaning buildings at our employees cleaning buildings at our cleaning company and then we have robots cleaning company and then we have robots cleaning company and then we have robots cleaning then yes, there's still be jobs to then yes, there's still be jobs to then yes, there's still be jobs to maintain all that, but how many people maintain all that, but how many people maintain all that, but how many people does it take to manage hundreds of does it take to manage hundreds of does it take to manage hundreds of robots or you know, the human ratio to robots or you know, the human ratio to robots or you know, the human ratio to AI combined with robotics AI combined with robotics AI combined with robotics it's fascinating. Does that mean all the it's fascinating. Does that mean all the it's fascinating. Does that mean all the wealth goes to the people who own wealth goes to the people who own wealth goes to the people who own things, right? Does all the wealth go to things, right? Does all the wealth go to things, right? Does all the wealth go to the business owners that replace the business owners that replace the business owners that replace employees? employees? employees? And then how does that get And then how does that get And then how does that get redistributed? redistributed? redistributed? We just went on like a sci-fi tangent, We just went on like a sci-fi tangent, We just went on like a sci-fi tangent, but it's kind of like here. Like it's but it's kind of like here. Like it's but it's kind of like here. Like it's it's coming. My car drove me here. it's coming. My car drove me here. it's coming. My car drove me here. Right. Right. Right. Model X. Model X. Model X. And what was great is I was able to And what was great is I was able to And what was great is I was able to carry on a couple of meaningful carry on a couple of meaningful carry on a couple of meaningful conversations with conversations with conversations with guy who works in my office and then guy who works in my office and then guy who works in my office and then another guy who's on the job hunt. Um another guy who's on the job hunt. Um another guy who's on the job hunt. Um but I got the time back instead of it being I got the time back instead of it being I got the time back instead of it being kind of given to travel, which isn't the kind of given to travel, which isn't the kind of given to travel, which isn't the worst thing. If I could just stare, you worst thing. If I could just stare, you worst thing. If I could just stare, you know, out in front of me and think know, out in front of me and think know, out in front of me and think that's great, too. Okay, but the bottom that's great, too. Okay, but the bottom that's great, too. Okay, but the bottom line is like line is like line is like our Whether that's something that we create Whether that's something that we create and it's a object, it's a possession and it's a object, it's a possession and it's a object, it's a possession that does it for us, it's a tool that does it for us, it's a tool that does it for us, it's a tool or somebody is creating it. or somebody is creating it. or somebody is creating it. You know what's valuable that can't be You know what's valuable that can't be You know what's valuable that can't be replaced? Your friendship. Sure. replaced? Your friendship. Sure. replaced? Your friendship. Sure. You. You. You. Or you. Or you. Or you. Or you, Tyler. Or you, Tyler. Or you, Tyler. Fourth wall break. Fourth wall break. Fourth wall break. » » » » Fourth wall break. Perfect. Um but » Fourth wall break. Perfect. Um but » Fourth wall break. Perfect. Um but » » » » It's funny when you say People » It's funny when you say People » It's funny when you say People relationships can't be replaced. relationships can't be replaced. relationships can't be replaced. If I have a choice between meeting with If I have a choice between meeting with If I have a choice between meeting with someone in person someone in person someone in person there's a an a higher level exchange in there's a an a higher level exchange in there's a an a higher level exchange in that meeting that meeting that meeting than over video, over the phone, over than over video, over the phone, over than over video, over the phone, over text message, over Snapchat, which I text message, over Snapchat, which I text message, over Snapchat, which I don't even use, but the digital it does don't even use, but the digital it does don't even use, but the digital it does we lose so much. we lose so much. we lose so much. » Agreed. » Agreed. » Agreed. But when you can have a face-to-face But when you can have a face-to-face But when you can have a face-to-face interaction with somebody and build interaction with somebody and build interaction with somebody and build relationship and connect, that's not relationship and connect, that's not relationship and connect, that's not going away. going away. going away. I hope. No, I think relationship based I hope. No, I think relationship based I hope. No, I think relationship based business and B2B business and B2B business and B2B relationship stuff. I think I think a relationship stuff. I think I think a relationship stuff. I think I think a lot of things are going to stay the lot of things are going to stay the lot of things are going to stay the same. They're going to get crazy same. They're going to get crazy same. They're going to get crazy efficient and there'll be some low level efficient and there'll be some low level efficient and there'll be some low level stuff that goes away, right? Um for stuff that goes away, right? Um for stuff that goes away, right? Um for automation efficiencies. automation efficiencies. automation efficiencies. Uh but let in that scenario that I'm Uh but let in that scenario that I'm Uh but let in that scenario that I'm saying if that's what happens and then if that's what happens and then if that's what happens and then there's so much profit for people who there's so much profit for people who there's so much profit for people who own things, right? People that own things, right? People that own things, right? People that own companies that can afford this companies that can afford this companies that can afford this technology to come in and make them more technology to come in and make them more technology to come in and make them more efficient, provide a better experience efficient, provide a better experience efficient, provide a better experience to the consumers quicker. Imagine to the consumers quicker. Imagine to the consumers quicker. Imagine pulling into a garage mechanic, you pulling into a garage mechanic, you pulling into a garage mechanic, you know, you go to mechanic shop and you know, you go to mechanic shop and you know, you go to mechanic shop and you just pull in, scans the car, robot just pull in, scans the car, robot just pull in, scans the car, robot changes out the part, you know, you're changes out the part, you know, you're changes out the part, you know, you're out. There's some illustrations of that out. There's some illustrations of that out. There's some illustrations of that are not far away. that are not far away. that are not far away. Um Um Um do you just tax all the business owners do you just tax all the business owners do you just tax all the business owners and all the service providers hard for and all the service providers hard for and all the service providers hard for everybody that everybody that everybody that can't find work or find an opportunity? can't find work or find an opportunity? can't find work or find an opportunity? Well, I mean Well, I mean Well, I mean » That's the part where my brain gets » That's the part where my brain gets » That's the part where my brain gets stuck. I'm like, okay, if all this plays stuck. I'm like, okay, if all this plays stuck. I'm like, okay, if all this plays out like Elon's saying out like Elon's saying out like Elon's saying how does that wealth get distributed? how does that wealth get distributed? how does that wealth get distributed? » going to play out like that. Yeah. It » going to play out like that. Yeah. It » going to play out like that. Yeah. It won't because won't because won't because if if if work is a gift work is a gift work is a gift and I don't think people the people that and I don't think people the people that and I don't think people the people that actually surrender to giving that up actually surrender to giving that up actually surrender to giving that up will die. It's pretty common in retirement if you It's pretty common in retirement if you don't have something after. don't have something after. don't have something after. » Retirement, unemployment, whatever it » Retirement, unemployment, whatever it » Retirement, unemployment, whatever it is, if you don't have purpose is, if you don't have purpose is, if you don't have purpose your body will begin to if you don't your body will begin to if you don't your body will begin to if you don't have purpose in here, like you don't you have purpose in here, like you don't you have purpose in here, like you don't you don't find what your purpose is or you don't find what your purpose is or you don't find what your purpose is or you ignore it or you're living outside of it ignore it or you're living outside of it ignore it or you're living outside of it to an extent where you believe you have to an extent where you believe you have to an extent where you believe you have no purpose, your body is going to catch no purpose, your body is going to catch no purpose, your body is going to catch the hint and you're going to the hint and you're going to the hint and you're going to self-destruct and die. self-destruct and die. self-destruct and die. For us to have everything done for us, For us to have everything done for us, For us to have everything done for us, handed to us, it's like you've seen that handed to us, it's like you've seen that handed to us, it's like you've seen that cartoon Wall-E? Mhm. Oh, yeah. Um all cartoon Wall-E? Mhm. Oh, yeah. Um all cartoon Wall-E? Mhm. Oh, yeah. Um all the That's the joke. All the We all the That's the joke. All the We all the That's the joke. All the We all can't wait to get to that station. can't wait to get to that station. can't wait to get to that station. » who like hovered around and sucking down » who like hovered around and sucking down » who like hovered around and sucking down milkshakes all day and their bones have milkshakes all day and their bones have milkshakes all day and their bones have disintegrated. disintegrated. disintegrated. » Yeah. But like that's just it. » Yeah. But like that's just it. » Yeah. But like that's just it. We were created for a relationship. We We were created for a relationship. We We were created for a relationship. We were created for work. Uh we were given were created for work. Uh we were given were created for work. Uh we were given the garden to manage at the very the garden to manage at the very the garden to manage at the very beginning. beginning. beginning. That's not going to change. I got I got That's not going to change. I got I got That's not going to change. I got I got this little round robot that vacuums our this little round robot that vacuums our this little round robot that vacuums our floor at 4:00 a.m. I get security alerts floor at 4:00 a.m. I get security alerts floor at 4:00 a.m. I get security alerts on from my you know, my camera system or on from my you know, my camera system or on from my you know, my camera system or whatever in there that's keeping an eye whatever in there that's keeping an eye whatever in there that's keeping an eye on the place, my little security guard on the place, my little security guard on the place, my little security guard or multiple of them. or multiple of them. or multiple of them. But it if I forget to put our camera But it if I forget to put our camera But it if I forget to put our camera stand over, it attacks stand over, it attacks stand over, it attacks our camera stand that we use for a our camera stand that we use for a our camera stand that we use for a webcam and knocks it over and you know, webcam and knocks it over and you know, webcam and knocks it over and you know, and then it stops working. But we're and then it stops working. But we're and then it stops working. But we're still going to have plenty of stuff to still going to have plenty of stuff to still going to have plenty of stuff to manage. We're still going to have things manage. We're still going to have things manage. We're still going to have things that we're responsible for that we're that we're responsible for that we're that we're responsible for that we're going to have to maintain. The more going to have to maintain. The more going to have to maintain. The more little gadgets we have, guess what? They little gadgets we have, guess what? They little gadgets we have, guess what? They break. Mhm. break. Mhm. break. Mhm. I like the we're made to work I like the we're made to work I like the we're made to work relationship and that's just in our identity and I do and that's just in our identity and I do and that's just in our identity and I do believe I I like going down this believe I I like going down this believe I I like going down this doomsday line of thought cuz it's cool to see line of thought cuz it's cool to see line of thought cuz it's cool to see what comes out of people. So that's a what comes out of people. So that's a what comes out of people. So that's a that's a really good answer. that's a really good answer. that's a really good answer. I I I I I I I think I think I think fast forward fast forward fast forward people always create things to do people always create things to do people always create things to do ultimately cuz I think you're you nailed ultimately cuz I think you're you nailed ultimately cuz I think you're you nailed it on the head. It's in our DNA. We want it on the head. It's in our DNA. We want it on the head. It's in our DNA. We want to create things. We want to build to create things. We want to build to create things. We want to build things. We there's maintainers, there's things. We there's maintainers, there's things. We there's maintainers, there's builders. builders. builders. Right? There's like both like in our DNA Right? There's like both like in our DNA Right? There's like both like in our DNA in the workforce, we've got both sides in the workforce, we've got both sides in the workforce, we've got both sides and they're going to keep doing that. I and they're going to keep doing that. I and they're going to keep doing that. I don't know what it'll look like, but don't know what it'll look like, but don't know what it'll look like, but they'll they'll do that and hopefully we they'll they'll do that and hopefully we they'll they'll do that and hopefully we can solve a lot of bigger problems cuz can solve a lot of bigger problems cuz can solve a lot of bigger problems cuz we have a lot of time on our hands. we have a lot of time on our hands. we have a lot of time on our hands. Think about that. The medical Think about that. The medical Think about that. The medical breakthroughs that could happen. breakthroughs that could happen. breakthroughs that could happen. I I just think there could be a lot of I I just think there could be a lot of I I just think there could be a lot of good stuff to happen. And then, you good stuff to happen. And then, you good stuff to happen. And then, you know, maybe just with that downtime we know, maybe just with that downtime we know, maybe just with that downtime we should just start figuring out how we're should just start figuring out how we're should just start figuring out how we're going to fight them off when they decide going to fight them off when they decide going to fight them off when they decide to, you know, take over. to, you know, take over. to, you know, take over. If you think about one of the things If you think about one of the things If you think about one of the things that Elon I think he's talked about this that Elon I think he's talked about this that Elon I think he's talked about this is is is how many how many how many geniuses we have that are geniuses we have that are geniuses we have that are carrying a pail of water from their carrying a pail of water from their carrying a pail of water from their water source back to their village water source back to their village water source back to their village several miles a day, and that's all they several miles a day, and that's all they several miles a day, and that's all they get to do. get to do. get to do. » Yeah. » Yeah. » Yeah. There's that scale of unlocking There's that scale of unlocking There's that scale of unlocking potential that's there. Mhm. There's potential that's there. Mhm. There's potential that's there. Mhm. There's another scale of if we all have the another scale of if we all have the another scale of if we all have the ability and the time to actually focus ability and the time to actually focus ability and the time to actually focus on what matters most, and on what matters most, and on what matters most, and that can be anything from the that can be anything from the that can be anything from the relationship with your family to those relationship with your family to those relationship with your family to those you serve, but you serve, but you serve, but I I think it's going to be amazing when I I think it's going to be amazing when I I think it's going to be amazing when we continue to elevate our ability to we continue to elevate our ability to we continue to elevate our ability to function Yeah. function Yeah. function Yeah. » and our ability to be productive. I » and our ability to be productive. I » and our ability to be productive. I You can look at so many things today and You can look at so many things today and You can look at so many things today and say, "That's amazing." Yeah. say, "That's amazing." Yeah. say, "That's amazing." Yeah. But we're just getting started. Oh, But we're just getting started. Oh, But we're just getting started. Oh, yeah. Oh, yeah. Yeah, it's Yeah, the yeah. Oh, yeah. Yeah, it's Yeah, the yeah. Oh, yeah. Yeah, it's Yeah, the next 10 years, Tyler says it all the next 10 years, Tyler says it all the next 10 years, Tyler says it all the time. time. time. We were saying 10 years, and now it's We were saying 10 years, and now it's We were saying 10 years, and now it's like, "No, the next 5 years are going to like, "No, the next 5 years are going to like, "No, the next 5 years are going to be insane." It's It's not even a 10-year be insane." It's It's not even a 10-year be insane." It's It's not even a 10-year conversation now. Um how is AI conversation now. Um how is AI conversation now. Um how is AI automation, predictive modeling, how is automation, predictive modeling, how is automation, predictive modeling, how is all of that affecting all of that affecting all of that affecting uh uh uh financial advisory, uh the stock financial advisory, uh the stock financial advisory, uh the stock exchange? exchange? exchange? What's that influence look like? I know What's that influence look like? I know What's that influence look like? I know it's been around for a long time it's been around for a long time it's been around for a long time uh in different ways, but with all this uh in different ways, but with all this uh in different ways, but with all this coming through now coming through now coming through now » That's awesome. Like, yeah, talk about » That's awesome. Like, yeah, talk about » That's awesome. Like, yeah, talk about that. that. that. Um so, I was just talking with Lyndon on Um so, I was just talking with Lyndon on Um so, I was just talking with Lyndon on the drive here. the drive here. the drive here. A lot of rambling, but we were we were A lot of rambling, but we were we were A lot of rambling, but we were we were talking about how talking about how talking about how there's this there's this there's this like when you designate an IRA to be like when you designate an IRA to be like when you designate an IRA to be passed through a trust, and there's passed through a trust, and there's passed through a trust, and there's pass-through trusts, he's like pass-through trusts, he's like pass-through trusts, he's like He's like, "I remember doing this one He's like, "I remember doing this one He's like, "I remember doing this one thing that was really painful cuz it's thing that was really painful cuz it's thing that was really painful cuz it's really convoluted, and it's not really convoluted, and it's not really convoluted, and it's not straightforward, and if you don't do it straightforward, and if you don't do it straightforward, and if you don't do it a lot, then you quickly forget what you a lot, then you quickly forget what you a lot, then you quickly forget what you did." Okay. But with how we use AI, we did." Okay. But with how we use AI, we did." Okay. But with how we use AI, we have our little company-level setup, and have our little company-level setup, and have our little company-level setup, and we go in there, and we Hey we go in there, and we Hey we go in there, and we Hey Help spell this out how this works. And Help spell this out how this works. And Help spell this out how this works. And so, our ability to get information so, our ability to get information so, our ability to get information that's relevant that used to be quite that's relevant that used to be quite that's relevant that used to be quite siloed and hard to access even for us to siloed and hard to access even for us to siloed and hard to access even for us to like go track down. Okay, I got to find like go track down. Okay, I got to find like go track down. Okay, I got to find somebody who knows because if I call somebody who knows because if I call somebody who knows because if I call Schwab, it doesn't I I don't know who Schwab, it doesn't I I don't know who Schwab, it doesn't I I don't know who I'm going to get, and they may or may I'm going to get, and they may or may I'm going to get, and they may or may not know cuz this isn't very common. So, not know cuz this isn't very common. So, not know cuz this isn't very common. So, it's kind of like roll the dice on if we it's kind of like roll the dice on if we it's kind of like roll the dice on if we can even like on how to get it figured can even like on how to get it figured can even like on how to get it figured out. out. out. But AI has really AI has really AI has really changed our level of access to changed our level of access to changed our level of access to specialized knowledge, which is specialized knowledge, which is specialized knowledge, which is fantastic. fantastic. fantastic. » Yeah. It It It has increased our » Yeah. It It It has increased our » Yeah. It It It has increased our productivity, so we spend way less time productivity, so we spend way less time productivity, so we spend way less time on things that are not as valuable. It's on things that are not as valuable. It's on things that are not as valuable. It's allowed us to do things that aren't allowed us to do things that aren't allowed us to do things that aren't necessarily ultra valuable from a core necessarily ultra valuable from a core necessarily ultra valuable from a core business function, but they're things business function, but they're things business function, but they're things that need to be done. Like that need to be done. Like that need to be done. Like communication, writing stuff up. Like, communication, writing stuff up. Like, communication, writing stuff up. Like, there are so many things that we've been there are so many things that we've been there are so many things that we've been empowered and enabled to do a lot more empowered and enabled to do a lot more empowered and enabled to do a lot more with a lot less and just be more with a lot less and just be more with a lot less and just be more efficient. efficient. efficient. There's other things that we're starting There's other things that we're starting There's other things that we're starting to work on um within our investment to work on um within our investment to work on um within our investment research where I think that we can where I think that we can where I think that we can um um um Oh, thanks. You're welcome. Oh, thanks. You're welcome. Oh, thanks. You're welcome. Got to Got to Got to Got to Got to Got to » You're not going to mess anything up. » You're not going to mess anything up. » You're not going to mess anything up. » It's like cold today. Yeah. That would have been great. No, what I That would have been great. No, what I was thinking about doing is opening the was thinking about doing is opening the was thinking about doing is opening the water and just pouring it out and water and just pouring it out and water and just pouring it out and looking at you. You know, Three Amigos, looking at you. You know, Three Amigos, looking at you. You know, Three Amigos, like one big drink and then do do do do like one big drink and then do do do do like one big drink and then do do do do do do do do. do do do do. do do do do. You ever seen Three Amigos? Yeah. You ever seen Three Amigos? Yeah. You ever seen Three Amigos? Yeah. You should watch it. Then the You should watch it. Then the You should watch it. Then the reference will make sense. reference will make sense. reference will make sense. » » » » There's this modern marvel called » There's this modern marvel called » There's this modern marvel called Adderall. » » » Adderall. Uh So, let's go back to » Adderall. Uh So, let's go back to » Adderall. Uh So, let's go back to predictive uh predictive uh predictive uh modeling. So, you talked about the core modeling. So, you talked about the core modeling. So, you talked about the core business functions, which is great. Like business functions, which is great. Like business functions, which is great. Like internally, how it helps you guys be internally, how it helps you guys be internally, how it helps you guys be better at your job. better at your job. better at your job. How is it being used? How do you see it How is it being used? How do you see it How is it being used? How do you see it being used in simply being used in simply being used in simply predicting the next trade and making predicting the next trade and making predicting the next trade and making trades and understanding where a trades and understanding where a trades and understanding where a company's going to be right? There's so company's going to be right? There's so company's going to be right? There's so much scraping happening now. much scraping happening now. much scraping happening now. Okay. So, Okay. So, Okay. So, all I'm going to say with that because I all I'm going to say with that because I all I'm going to say with that because I don't want to give away don't want to give away don't want to give away some of the things that we're working some of the things that we're working some of the things that we're working on. Somebody else can figure it out, and on. Somebody else can figure it out, and on. Somebody else can figure it out, and if their compliance department's going if their compliance department's going if their compliance department's going to let them do it, good for them. Um I'm to let them do it, good for them. Um I'm to let them do it, good for them. Um I'm not saying it shouldn't be allowed. I'm not saying it shouldn't be allowed. I'm not saying it shouldn't be allowed. I'm just saying just saying just saying I anticipate a lot of resistance in the I anticipate a lot of resistance in the I anticipate a lot of resistance in the bigger organizational structures because bigger organizational structures because bigger organizational structures because they're going to want to like keep they're going to want to like keep they're going to want to like keep really tight tabs on what's happening um really tight tabs on what's happening um really tight tabs on what's happening um when you got multiple layers in between when you got multiple layers in between when you got multiple layers in between the top and the bottom and whatever. the top and the bottom and whatever. the top and the bottom and whatever. But yeah, we are we're working on But yeah, we are we're working on But yeah, we are we're working on figuring out how we can leverage figuring out how we can leverage figuring out how we can leverage expanding our abilities. It's kind of expanding our abilities. It's kind of expanding our abilities. It's kind of like within the world of financial like within the world of financial like within the world of financial planning, uh we can get a lot of help planning, uh we can get a lot of help planning, uh we can get a lot of help really fast, or at least do kind of like really fast, or at least do kind of like really fast, or at least do kind of like dummy checks in different ways of like, dummy checks in different ways of like, dummy checks in different ways of like, "Are we totally off base here? Are we in "Are we totally off base here? Are we in "Are we totally off base here? Are we in the ballpark?" And, you know, put the ballpark?" And, you know, put the ballpark?" And, you know, put something in there and something in there and something in there and uh let it do some fairly uh let it do some fairly uh let it do some fairly or incredibly complex math really fast, or incredibly complex math really fast, or incredibly complex math really fast, and just kind of uh foolproof it or and just kind of uh foolproof it or and just kind of uh foolproof it or at least double-check. Okay, just at least double-check. Okay, just at least double-check. Okay, just Are we are we in the right direction Are we are we in the right direction Are we are we in the right direction here, or what are we missing? And it here, or what are we missing? And it here, or what are we missing? And it helps to helps to helps to uh generate different ideas. But when it uh generate different ideas. But when it uh generate different ideas. But when it comes to the like stock selection comes to the like stock selection comes to the like stock selection investment, investment, investment, it's really hard to it's really hard to it's really hard to get some of that stuff going and talking get some of that stuff going and talking get some of that stuff going and talking or to figure out how to make use of it. or to figure out how to make use of it. or to figure out how to make use of it. But that's that is one of probably our But that's that is one of probably our But that's that is one of probably our That is one of our next projects is to That is one of our next projects is to That is one of our next projects is to think about think about think about um Oh, what's the word? um Oh, what's the word? um Oh, what's the word? Uh uh Uh uh Uh uh Like Robocop, what do you call that? Like Robocop, what do you call that? Like Robocop, what do you call that? Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Like the movie? Yeah. Robocop. Yeah. Like the movie? Yeah. Robocop. Yeah. Like the movie? Yeah. Robocop. Yeah. » Yeah, I mean, you're like part human, » Yeah, I mean, you're like part human, » Yeah, I mean, you're like part human, part machine. Oh, got you. A cyborg? part machine. Oh, got you. A cyborg? part machine. Oh, got you. A cyborg? Yeah, like, you know, like, you know, Yeah, like, you know, like, you know, Yeah, like, you know, like, you know, investing a cyborg department or investing a cyborg department or investing a cyborg department or whatever. whatever. whatever. » Yeah. But just like but we can » Yeah. But just like but we can » Yeah. But just like but we can really multiply really multiply really multiply » Right. » Right. » Right. » what we know, and if if you can figure » what we know, and if if you can figure » what we know, and if if you can figure out how to leverage that, that's great. out how to leverage that, that's great. out how to leverage that, that's great. » Sure. » Sure. » Sure. Uh Uh Uh on that note, you've got all these uh I on that note, you've got all these uh I on that note, you've got all these uh I I am assuming, right? You've got all I am assuming, right? You've got all I am assuming, right? You've got all these Gen Z people that are on these Gen Z people that are on these Gen Z people that are on Robinhood, you know, different exchanges Robinhood, you know, different exchanges Robinhood, you know, different exchanges like that are obviously probably like that are obviously probably like that are obviously probably going to incorporate, going to incorporate, going to incorporate, » [snorts] » [snorts] » [snorts] » I'm assuming, a lot of robo ad- » I'm assuming, a lot of robo ad- » I'm assuming, a lot of robo ad- uh advisors uh advisors uh advisors uh and AI tools that are going to uh and AI tools that are going to uh and AI tools that are going to automate things, right? Like, automate things, right? Like, automate things, right? Like, how do you see that playing out the next how do you see that playing out the next how do you see that playing out the next 20 years? Are they taking market share 20 years? Are they taking market share 20 years? Are they taking market share from your traditional advisors, from your traditional advisors, from your traditional advisors, or are they not? or are they not? or are they not? » works, they will. Yeah. Nine I'd say, » works, they will. Yeah. Nine I'd say, » works, they will. Yeah. Nine I'd say, just throw a number out, I bet 98% of just throw a number out, I bet 98% of just throw a number out, I bet 98% of this industry has advisors that this industry has advisors that this industry has advisors that you know, you know, you know, they buy ETFs, mutual funds, they buy ETFs, mutual funds, they buy ETFs, mutual funds, generally asset allocate to average. generally asset allocate to average. generally asset allocate to average. And that's And that's And that's again, that's that's the that's the again, that's that's the that's the again, that's that's the that's the second steward that's doing fine. You're second steward that's doing fine. You're second steward that's doing fine. You're not going to show up and say you did a not going to show up and say you did a not going to show up and say you did a bad job. bad job. bad job. Um Um Um Bad dog. No, you're not going to say Bad dog. No, you're not going to say Bad dog. No, you're not going to say [snorts] that. [snorts] that. [snorts] that. » » » » But you're going to say, "Yeah, that's » But you're going to say, "Yeah, that's » But you're going to say, "Yeah, that's good." good." good." And that's good. But when you start com- that's good. But when you start com- that's good. But when you start com- setting average up against maybe pockets setting average up against maybe pockets setting average up against maybe pockets of of of above average or maybe significantly above average or maybe significantly above average or maybe significantly above average, then that's where it's above average, then that's where it's above average, then that's where it's going to gravitate to, and so going to gravitate to, and so going to gravitate to, and so competition's going to go up. competition's going to go up. competition's going to go up. And if you're if you're in And if you're if you're in And if you're if you're in average, you may still be okay. Yeah. average, you may still be okay. Yeah. average, you may still be okay. Yeah. But competition will increase, and it's But competition will increase, and it's But competition will increase, and it's not going to I think it's I think it is not going to I think it's I think it is not going to I think it's I think it is going to take away from that market once going to take away from that market once going to take away from that market once people start to realize that the mantra people start to realize that the mantra people start to realize that the mantra of buy and hold index funds is the way of buy and hold index funds is the way of buy and hold index funds is the way to go. Mhm. By the way, to go. Mhm. By the way, to go. Mhm. By the way, look at who is the source of a lot of look at who is the source of a lot of look at who is the source of a lot of that teaching. It's really big companies that teaching. It's really big companies that teaching. It's really big companies that have so much money. If they that have so much money. If they that have so much money. If they actually actively traded across the actually actively traded across the actually actively traded across the entire amount of money they're managing, entire amount of money they're managing, entire amount of money they're managing, our markets would be wild. Interesting. our markets would be wild. Interesting. our markets would be wild. Interesting. » way up, way down. They'd be all over the » way up, way down. They'd be all over the » way up, way down. They'd be all over the place. Mhm. place. Mhm. place. Mhm. So, they can't compete that way. Yeah. So, they can't compete that way. Yeah. So, they can't compete that way. Yeah. Cuz they just move it around too much. Cuz they just move it around too much. Cuz they just move it around too much. They just move it back and forth and They just move it back and forth and They just move it back and forth and back and forth. Interesting. back and forth. Interesting. back and forth. Interesting. Yeah, that's that's a little over my Yeah, that's that's a little over my Yeah, that's that's a little over my head, head, head, to be honest. to be honest. to be honest. So, you're you're saying when they're So, you're you're saying when they're So, you're you're saying when they're all essentially doing the same thing, so all essentially doing the same thing, so all essentially doing the same thing, so it keeps the market stable. it keeps the market stable. it keeps the market stable. There's a lot of the market that is It There's a lot of the market that is It There's a lot of the market that is It would cause what? more or less is what would cause what? more or less is what would cause what? more or less is what it is. Right. Okay. Buying and holding it is. Right. Okay. Buying and holding it is. Right. Okay. Buying and holding and just you have it. Okay, those shares and just you have it. Okay, those shares and just you have it. Okay, those shares are held. are held. are held. But if there's a But if there's a But if there's a high percentage of shares trading back high percentage of shares trading back high percentage of shares trading back and forth, Mhm. that's really disruptive and forth, Mhm. that's really disruptive and forth, Mhm. that's really disruptive to markets. Volatile. Volatility. to markets. Volatile. Volatility. to markets. Volatile. Volatility. They don't want. They want stability. They don't want. They want stability. They don't want. They want stability. For the masses For the masses For the masses » Yeah. to hold money and just get » Yeah. to hold money and just get » Yeah. to hold money and just get average, Yeah. that's actually really average, Yeah. that's actually really average, Yeah. that's actually really good for a lot of people, and it's good for a lot of people, and it's good for a lot of people, and it's actually good for people that have that actually good for people that have that actually good for people that have that are doing a lot of trading. You want are doing a lot of trading. You want are doing a lot of trading. You want some action, some action, some action, » Yeah. but you don't want just wild » Yeah. but you don't want just wild » Yeah. but you don't want just wild action because action because action because » action. then people lose confidence in » action. then people lose confidence in » action. then people lose confidence in the market itself. the market itself. the market itself. » Yeah. » Yeah. » Yeah. Yeah. Which is exactly what happens in Yeah. Which is exactly what happens in Yeah. Which is exactly what happens in crypto. And that's not worth as much. crypto. And that's not worth as much. crypto. And that's not worth as much. » Yeah. Yeah, that's good. That makes sense. Um Yeah, that's good. That makes sense. Um Talk about Talk about Talk about uh uh uh » [snorts] » [snorts] » [snorts] » Talk about the » Talk about the » Talk about the personal advisors. I think a lot of personal advisors. I think a lot of personal advisors. I think a lot of people think it's just who they like, people think it's just who they like, people think it's just who they like, their family member, right? They've got their family member, right? They've got their family member, right? They've got a brother-in-law, a brother-in-law, a brother-in-law, someone that they went to high school someone that they went to high school someone that they went to high school with. with. with. That might be all the decision-making That might be all the decision-making That might be all the decision-making that really happens most of the time, that really happens most of the time, that really happens most of the time, I'm assuming, like when you pick a I'm assuming, like when you pick a I'm assuming, like when you pick a financial advisor. financial advisor. financial advisor. Um Um Um Which seems tough, right? Like, it seems Which seems tough, right? Like, it seems Which seems tough, right? Like, it seems hard. I've been to a lot of networking hard. I've been to a lot of networking hard. I've been to a lot of networking events. It seems like a tough business events. It seems like a tough business events. It seems like a tough business to to to like once you get in there, then the like once you get in there, then the like once you get in there, then the referrals can happen. Um referrals can happen. Um referrals can happen. Um But what is Steward Rights' approach, But what is Steward Rights' approach, But what is Steward Rights' approach, and how do you think about that for and how do you think about that for and how do you think about that for people? When you meet like when you meet people? When you meet like when you meet people? When you meet like when you meet someone that's like they've got like a someone that's like they've got like a someone that's like they've got like a lifetime friend, no idea if they're lifetime friend, no idea if they're lifetime friend, no idea if they're doing the best they can do for them. doing the best they can do for them. doing the best they can do for them. Like, what's that conversation look Like, what's that conversation look Like, what's that conversation look like? My internal conversation or my My internal conversation or my conversation with them? With them, yeah. conversation with them? With them, yeah. conversation with them? With them, yeah. » Okay. » Okay. » Okay. Um Um Um Cuz obviously you're not a hard sales Cuz obviously you're not a hard sales Cuz obviously you're not a hard sales guy, guy, guy, but you offer service and you want it to you offer service and you want it to you offer service and you want it to be a good be a good be a good you want to be able to talk about it. you want to be able to talk about it. you want to be able to talk about it. Yeah. Yeah. Yeah. Um yeah, first of all, I show them the Um yeah, first of all, I show them the Um yeah, first of all, I show them the pictures I've taken of their children. pictures I've taken of their children. pictures I've taken of their children. No. No. No. » » » » And I'm not here to break up a » And I'm not here to break up a » And I'm not here to break up a friendship or friendship or friendship or » Yeah. a a family-ship, you know, I » Yeah. a a family-ship, you know, I » Yeah. a a family-ship, you know, I I don't That's not what I'm here for. I I don't That's not what I'm here for. I I don't That's not what I'm here for. I I get that. And if that's what you want I get that. And if that's what you want I get that. And if that's what you want and giving up hundreds of thousands or giving up hundreds of thousands or giving up hundreds of thousands or millions of dollars of future growth is millions of dollars of future growth is millions of dollars of future growth is worth that friendship to you that worth that friendship to you that worth that friendship to you that they're not going to turn around just they're not going to turn around just they're not going to turn around just like hand you that money that you didn't like hand you that money that you didn't like hand you that money that you didn't make. Yeah. If that's what it's worth, make. Yeah. If that's what it's worth, make. Yeah. If that's what it's worth, cool. cool. cool. And on that note, for people that And on that note, for people that And on that note, for people that are especially people that are uh are especially people that are uh are especially people that are uh rolling over their uh they're going rolling over their uh they're going rolling over their uh they're going through some transition where or they're through some transition where or they're through some transition where or they're moving, right? So, it's an easier out, moving, right? So, it's an easier out, moving, right? So, it's an easier out, right? They're relocating. So, it to my right? They're relocating. So, it to my right? They're relocating. So, it to my mind like yeah, you go somewhere mind like yeah, you go somewhere mind like yeah, you go somewhere else that's a little bit easier to else that's a little bit easier to else that's a little bit easier to change a relationship, especially if you change a relationship, especially if you change a relationship, especially if you were once wanting to anyway. were once wanting to anyway. were once wanting to anyway. Um Um Um What what would you say What what would you say What what would you say uh uh uh I want to say this the right way. I want to say this the right way. I want to say this the right way. What do you think is the most overlooked What do you think is the most overlooked What do you think is the most overlooked thing beyond what you just talked about? thing beyond what you just talked about? thing beyond what you just talked about? What's the most overlooked thing What's the most overlooked thing What's the most overlooked thing like in the advisor space um like in the advisor space um like in the advisor space um but matters the most? but matters the most? but matters the most? And you don't have to nail it on the And you don't have to nail it on the And you don't have to nail it on the head, but I'm just curious like from head, but I'm just curious like from head, but I'm just curious like from your experience, what's the most common your experience, what's the most common your experience, what's the most common thing you see that is missed among your thing you see that is missed among your thing you see that is missed among your peers? peers? peers? Uh your peers? Uh your peers? Uh your peers? For clients? Yeah, on behalf of clients. We're We're relatively young in our active management model. young in our active management model. young in our active management model. We've been doing it for around a year We've been doing it for around a year We've been doing it for around a year and a half at this point. It's gone and a half at this point. It's gone and a half at this point. It's gone really well. really well. really well. It It's gone a lot better than I thought It It's gone a lot better than I thought It It's gone a lot better than I thought it would, but now our set point is much it would, but now our set point is much it would, but now our set point is much higher. higher. higher. So, What does that mean? Um we have So, What does that mean? Um we have So, What does that mean? Um we have higher expectations than average. higher expectations than average. higher expectations than average. » We're clear to our clients » We're clear to our clients » We're clear to our clients that if we are not at least beating the that if we are not at least beating the that if we are not at least beating the market average index for you, market average index for you, market average index for you, fire us. Yeah. fire us. Yeah. fire us. Yeah. So, we want that accountability with our So, we want that accountability with our So, we want that accountability with our clients that if they're paying us to clients that if they're paying us to clients that if they're paying us to professionally steward and invest their professionally steward and invest their professionally steward and invest their money, money, money, they should get more than what they pay. they should get more than what they pay. they should get more than what they pay. Because they could just stick it Because they could just stick it Because they could just stick it in an ETF and not have a management fee. in an ETF and not have a management fee. in an ETF and not have a management fee. » you kept talking after you said stick » you kept talking after you said stick » you kept talking after you said stick it. it. it. » » » » Me, too. » Me, too. » Me, too. That makes both of us. That makes both of us. That makes both of us. They could place it They could place it They could place it » » » » Right, they could self-invest in the S&P » Right, they could self-invest in the S&P » Right, they could self-invest in the S&P 500 and never look at it and do nothing 500 and never look at it and do nothing 500 and never look at it and do nothing and not pay a fee. and not pay a fee. and not pay a fee. Yeah. Yeah. Yeah. Right. Right. Right. » So, why Yeah, why else would they hire » So, why Yeah, why else would they hire » So, why Yeah, why else would they hire an advisor if they're not going to do an advisor if they're not going to do an advisor if they're not going to do better than that? better than that? better than that? Uh when Uh when Uh when » Besides financial planning, I know you » Besides financial planning, I know you » Besides financial planning, I know you guys have all the other values. guys have all the other values. guys have all the other values. » started my firm in in was really with a » started my firm in in was really with a » started my firm in in was really with a financial planning focus and then financial planning focus and then financial planning focus and then after we were able to get to a point after we were able to get to a point after we were able to get to a point organizationally where we had uh enough organizationally where we had uh enough organizationally where we had uh enough admin staff to help with things and admin staff to help with things and admin staff to help with things and we're maturing we're maturing we're maturing organizational structure-wise, organizational structure-wise, organizational structure-wise, finally had enough room to hire somebody finally had enough room to hire somebody finally had enough room to hire somebody to come in and start doing to come in and start doing to come in and start doing the focus on the portfolio to make that the focus on the portfolio to make that the focus on the portfolio to make that leap to active management, leap to active management, leap to active management, which in some ways it's it's kind of a which in some ways it's it's kind of a which in some ways it's it's kind of a scary leap for us because once you turn scary leap for us because once you turn scary leap for us because once you turn that key, you really it's hard to turn that key, you really it's hard to turn that key, you really it's hard to turn it off. it off. it off. When you start managing individual When you start managing individual When you start managing individual positions, you've got to keep your positions, you've got to keep your positions, you've got to keep your You've got to keep tabs on In our case You've got to keep tabs on In our case You've got to keep tabs on In our case like we we run like we we run like we we run in the ballpark of 30 to 40 positions at in the ballpark of 30 to 40 positions at in the ballpark of 30 to 40 positions at a time. a time. a time. So, you're always watching those. Um So, you're always watching those. Um So, you're always watching those. Um some of them you watch more carefully some of them you watch more carefully some of them you watch more carefully than others, than others, than others, but then there's like, okay, what are we but then there's like, okay, what are we but then there's like, okay, what are we going to get out of? What are we going to get out of? What are we going to get out of? What are we going to get into? to get into? to get into? How are those setting up? How is sector How are those setting up? How is sector How are those setting up? How is sector rotation looking? rotation looking? rotation looking? But it's it's a whole thing, which is But it's it's a whole thing, which is But it's it's a whole thing, which is why most firms aren't set up to do it why most firms aren't set up to do it why most firms aren't set up to do it because there are some advisors who like because there are some advisors who like because there are some advisors who like to do their own management of their own to do their own management of their own to do their own management of their own client base. They want to be the client base. They want to be the client base. They want to be the hero, but the reality is we have hero, but the reality is we have hero, but the reality is we have time constraints and that's a lot to time constraints and that's a lot to time constraints and that's a lot to watch if you're really going to keep watch if you're really going to keep watch if you're really going to keep tabs on it. tabs on it. tabs on it. Um Um Um So, I think what gets missed most often So, I think what gets missed most often So, I think what gets missed most often is advisors buy into what we bought is advisors buy into what we bought is advisors buy into what we bought into. I was trained up in the industry into. I was trained up in the industry into. I was trained up in the industry this way of, "Hey, don't try to be a this way of, "Hey, don't try to be a this way of, "Hey, don't try to be a hero. hero. hero. Uh Uh Uh you know, let money managers manage you know, let money managers manage you know, let money managers manage money. You go manage relationships. You money. You go manage relationships. You money. You go manage relationships. You go get clients. Get them in here. Um And go get clients. Get them in here. Um And go get clients. Get them in here. Um And then you help them make their selections then you help them make their selections then you help them make their selections of what they're going to do of what they're going to do of what they're going to do ETF or mutual fund or ETF or mutual fund or ETF or mutual fund or you know, depending on the company you know, depending on the company you know, depending on the company variable annuities, which I really can't variable annuities, which I really can't variable annuities, which I really can't stand. Um And stand. Um And stand. Um And or equity index annuities, which are or equity index annuities, which are or equity index annuities, which are even worse. They're the devil of our even worse. They're the devil of our even worse. They're the devil of our industry. They're the devil. Um industry. They're the devil. Um industry. They're the devil. Um But yeah, uh But yeah, uh But yeah, uh Yeah, not accepting average. Yeah, Yeah, not accepting average. Yeah, Yeah, not accepting average. Yeah, that's good. I like that authenticity, that's good. I like that authenticity, that's good. I like that authenticity, too. Uh too. Uh too. Uh provide evidence of provide evidence of provide evidence of like you deserve this. like you deserve this. like you deserve this. And fire us if if we don't perform. And fire us if if we don't perform. And fire us if if we don't perform. That's That's clear expectations. That's That's clear expectations. That's That's clear expectations. » ourselves to it. We want our clients to » ourselves to it. We want our clients to » ourselves to it. We want our clients to hold us to it. Yeah. And and I Honestly, hold us to it. Yeah. And and I Honestly, hold us to it. Yeah. And and I Honestly, I want our clients to appreciate it, I want our clients to appreciate it, I want our clients to appreciate it, too, so they refer us more people. Sure. too, so they refer us more people. Sure. too, so they refer us more people. Sure. Yeah. Yeah, and that's how it should Yeah. Yeah, and that's how it should Yeah. Yeah, and that's how it should work. Like, hey, these guys work. And work. Like, hey, these guys work. And work. Like, hey, these guys work. And that That's what I appreciate about you that That's what I appreciate about you that That's what I appreciate about you is that you're always changing. is that you're always changing. is that you're always changing. Every time I meet with you, you're Every time I meet with you, you're Every time I meet with you, you're always thinking outside of the box and I always thinking outside of the box and I always thinking outside of the box and I feel like in your industry it's pretty feel like in your industry it's pretty feel like in your industry it's pretty easy to be complacent and yeah, just easy to be complacent and yeah, just easy to be complacent and yeah, just be a salesman and not think about just be a salesman and not think about just be a salesman and not think about how making how to make things how making how to make things how making how to make things » [snorts] » [snorts] » [snorts] » better and improve things on the client » better and improve things on the client » better and improve things on the client side. I I think that'd be really easy to side. I I think that'd be really easy to side. I I think that'd be really easy to do. To to be complacent in your industry do. To to be complacent in your industry do. To to be complacent in your industry and I think it's awesome how you're not. and I think it's awesome how you're not. and I think it's awesome how you're not. Like you're And compliance is hard. Like you're And compliance is hard. Like you're And compliance is hard. Marketing is hard for you, right? Like Marketing is hard for you, right? Like Marketing is hard for you, right? Like it is a difficult you can only say so it is a difficult you can only say so it is a difficult you can only say so much and I I appreciate how much you're much and I I appreciate how much you're much and I I appreciate how much you're trying to figure out how to trying to figure out how to trying to figure out how to get your name out there and provide get your name out there and provide get your name out there and provide value to people cuz it's not a value to people cuz it's not a value to people cuz it's not a it's a long-term thing that you're it's a long-term thing that you're it's a long-term thing that you're doing. And I And I think when you doing. And I And I think when you doing. And I And I think when you put yourself out there and you make put yourself out there and you make put yourself out there and you make claims like that, it's pretty easy to be claims like that, it's pretty easy to be claims like that, it's pretty easy to be judged, too. And so, that takes some judged, too. And so, that takes some judged, too. And so, that takes some » Oh, who's this hotshot? It's like it's » Oh, who's this hotshot? It's like it's » Oh, who's this hotshot? It's like it's not about that. not about that. not about that. » Right. » Right. » Right. » It's about There is a mindset that's » It's about There is a mindset that's » It's about There is a mindset that's been accepted and pushed been accepted and pushed been accepted and pushed » Yeah. that I don't think is totally » Yeah. that I don't think is totally » Yeah. that I don't think is totally right. right. right. » Yeah. Yeah, it's it's not a » Yeah. Yeah, it's it's not a » Yeah. Yeah, it's it's not a uh it it can come off like a uh it it can come off like a uh it it can come off like a sleazy thing to people within the sleazy thing to people within the sleazy thing to people within the industry, I'm sure. If you make these industry, I'm sure. If you make these industry, I'm sure. If you make these big Yeah, uh big Yeah, uh big Yeah, uh but on your side you're like, no, this but on your side you're like, no, this but on your side you're like, no, this is just who we are. This is what we're is just who we are. This is what we're is just who we are. This is what we're building. We've been doing client building. We've been doing client building. We've been doing client reviews cuz we're coming up on the end reviews cuz we're coming up on the end reviews cuz we're coming up on the end of the year. We're talking about Roth of the year. We're talking about Roth of the year. We're talking about Roth conversions because Roth conversions are conversions because Roth conversions are conversions because Roth conversions are like gold when you're in a high-growth like gold when you're in a high-growth like gold when you're in a high-growth situation. situation. situation. And our client reviews, they've been And our client reviews, they've been And our client reviews, they've been very happy. Good. And that's a very happy. Good. And that's a very happy. Good. And that's a phenomenal feeling, but for as much as phenomenal feeling, but for as much as phenomenal feeling, but for as much as someone wants to say, "Oh, yeah, well, someone wants to say, "Oh, yeah, well, someone wants to say, "Oh, yeah, well, what are they really doing? What are what are they really doing? What are what are they really doing? What are they really doing? they really doing? they really doing? Like that'll be fun to watch them flame Like that'll be fun to watch them flame Like that'll be fun to watch them flame out." It's like, "You know what? out." It's like, "You know what? out." It's like, "You know what? Our clients love it." Yeah. Yeah. So, Our clients love it." Yeah. Yeah. So, Our clients love it." Yeah. Yeah. So, Yeah. That's got to be hard, especially Yeah. That's got to be hard, especially Yeah. That's got to be hard, especially when you decide to break the norm. when you decide to break the norm. when you decide to break the norm. » Oh, I don't I don't know that anyone's » Oh, I don't I don't know that anyone's » Oh, I don't I don't know that anyone's actually saying that. I'm just saying actually saying that. I'm just saying actually saying that. I'm just saying like, yeah, how it's but it's hard to like, yeah, how it's but it's hard to like, yeah, how it's but it's hard to market because if we're trying to say, market because if we're trying to say, market because if we're trying to say, "Hey, here's what we actually do that's "Hey, here's what we actually do that's "Hey, here's what we actually do that's different." Um different." Um different." Um that's probably not going to be accepted that's probably not going to be accepted that's probably not going to be accepted for as long as somebody has an inner for as long as somebody has an inner for as long as somebody has an inner circle person that they're just circle person that they're just circle person that they're just committed to. Right. committed to. Right. committed to. Right. » Um » Um » Um But if we approach relationally But if we approach relationally But if we approach relationally and we start where everyone else does, and we start where everyone else does, and we start where everyone else does, it's like, okay, but here's what it's like, okay, but here's what it's like, okay, but here's what actually is different. Yeah. I mean, actually is different. Yeah. I mean, actually is different. Yeah. I mean, just society as a whole functions that just society as a whole functions that just society as a whole functions that way. When someone says they're going to way. When someone says they're going to way. When someone says they're going to do it better, do it better, do it better, uh that brings out a lot of critics, no uh that brings out a lot of critics, no uh that brings out a lot of critics, no matter what you're doing. Like And you matter what you're doing. Like And you matter what you're doing. Like And you just have to be okay with that. just have to be okay with that. just have to be okay with that. » Cuz you truly believe in helping people. » Cuz you truly believe in helping people. » Cuz you truly believe in helping people. What's your vision for Steward What's your vision for Steward What's your vision for Steward right over the next uh decade? I have no right over the next uh decade? I have no right over the next uh decade? I have no idea. We're going to keep growing. Yeah. idea. We're going to keep growing. Yeah. idea. We're going to keep growing. Yeah. Um Um Um We're looking [snorts] at We We filled We're looking [snorts] at We We filled We're looking [snorts] at We We filled up our Wichita office space. We have an up our Wichita office space. We have an up our Wichita office space. We have an office out in Pagosa Springs as well, office out in Pagosa Springs as well, office out in Pagosa Springs as well, where we have a couple employees and where we have a couple employees and where we have a couple employees and um um um looking at some office space to put looking at some office space to put looking at some office space to put an office kind of on the east side of an office kind of on the east side of an office kind of on the east side of town. town. town. We have one downtown. We have one downtown. We have one downtown. Um Um Um Yeah, we're going to keep growing. Yeah. Yeah, we're going to keep growing. Yeah. Yeah, we're going to keep growing. Yeah. So, I I don't know what it's going to So, I I don't know what it's going to So, I I don't know what it's going to look like, but we're going to keep look like, but we're going to keep look like, but we're going to keep doing better and growing and helping doing better and growing and helping doing better and growing and helping more people. Yeah. more people. Yeah. more people. Yeah. Well, thanks for hanging out. Yeah. This Well, thanks for hanging out. Yeah. This Well, thanks for hanging out. Yeah. This was great. I learned a lot. was great. I learned a lot. was great. I learned a lot. I've got a lot of questions in my mind I've got a lot of questions in my mind I've got a lot of questions in my mind now. now. now. Cool. Cool. Cool. I'm thinking a lot of things over in my I'm thinking a lot of things over in my I'm thinking a lot of things over in my head. If we're going to have another head. If we're going to have another head. If we're going to have another We're going to have another chat. Put We're going to have another chat. Put We're going to have another chat. Put them in the comments, Sam. Yeah, there them in the comments, Sam. Yeah, there them in the comments, Sam. Yeah, there you go. I'll do that. And full you go. I'll do that. And full you go. I'll do that. And full transparency to anybody listening, if transparency to anybody listening, if transparency to anybody listening, if there's pieces cut out of this, we're there's pieces cut out of this, we're there's pieces cut out of this, we're going to let Mike review this for going to let Mike review this for going to let Mike review this for compliance reasons cuz you have a compliance reasons cuz you have a compliance reasons cuz you have a fiduciary responsibility. fiduciary responsibility. fiduciary responsibility. » um yeah, » um yeah, » um yeah, I'm in a regulated industry and they I'm in a regulated industry and they I'm in a regulated industry and they don't like me implying promises or don't like me implying promises or don't like me implying promises or whatever, so any actually I guess whatever, so any actually I guess whatever, so any actually I guess what I'll just say now is I'll just say now is I'll just say now is um we are registered Kansas, Colorado, um we are registered Kansas, Colorado, um we are registered Kansas, Colorado, potentially soon to We're notice filed potentially soon to We're notice filed potentially soon to We're notice filed in Texas, but we have an application in in Texas, but we have an application in in Texas, but we have an application in Texas. Um Texas. Um Texas. Um And this is what We're in December 2025. And this is what We're in December 2025. And this is what We're in December 2025. » Mhm. So, at the time of recording » Mhm. So, at the time of recording » Mhm. So, at the time of recording any kind of implied promises of any kind of implied promises of any kind of implied promises of performance or anything like that, just performance or anything like that, just performance or anything like that, just nix it out of your mind. Not the case nix it out of your mind. Not the case nix it out of your mind. Not the case like we can't promise anything. And like we can't promise anything. And like we can't promise anything. And we tell our clients this, too. Um cuz we tell our clients this, too. Um cuz we tell our clients this, too. Um cuz even if even when we have a really good even if even when we have a really good even if even when we have a really good year, like, hey, year, like, hey, year, like, hey, I don't We're going to try again next I don't We're going to try again next I don't We're going to try again next year, year, year, but I don't know. Like, hey, if it keeps but I don't know. Like, hey, if it keeps but I don't know. Like, hey, if it keeps working, it keeps working. That's great. working, it keeps working. That's great. working, it keeps working. That's great. This is what happened. This is what happened. This is what happened. Here's our strategy and we hope it keeps Here's our strategy and we hope it keeps Here's our strategy and we hope it keeps happening. Now, I think you did a good happening. Now, I think you did a good happening. Now, I think you did a good job. I didn't hear anything in there and job. I didn't hear anything in there and job. I didn't hear anything in there and but uh that's just more let everybody but uh that's just more let everybody but uh that's just more let everybody know if they see gaps and we'll put a know if they see gaps and we'll put a know if they see gaps and we'll put a little thing on the screen of like little thing on the screen of like little thing on the screen of like this could be considered this and then this could be considered this and then this could be considered this and then we'll put your disclaimer on but again, we'll put your disclaimer on but again, we'll put your disclaimer on but again, thank you. I've already taken too much thank you. I've already taken too much thank you. I've already taken too much of your time. of your time. of your time. Uh, but this was fun. This was good. Uh, but this was fun. This was good. Uh, but this was fun. This was good. » Thanks for having me on, Sam. » Thanks for having me on, Sam. » Thanks for having me on, Sam. » Yeah. Yeah. Thanks, Mike. ---