(00:04): If you were going to climb out Everest, other than starting to train right away, you'd probably look for a list of all the items you need to buy to make sure your journey is safe and fun from Parquet to selfie sticks, because everybody needs a selfie stick. When they're climbing Mount Everest, the list is long. What about your financial amount Everest? Think of your tallest financial goals. What items do you need to reach that goal safely? And with some fun along the way, what if we told you there are only really three basic ingredients for your wealth building journey? What if, no matter how you're building wealth, if you got these three rights, you greatly improve your chances of success. Wouldn't you wanna know those three things. We reveal those three and our ideas for how to get them right in today's episode. So you're not gonna want to miss this. Hey, I'm Brandon. And welcome to the wealth wisdom financial podcast, episode one 15, build wealth part one, three basic ingredients for your adventure.
(01:32): Hi, I'm Amanda. Before we jump into the three basic ingredients, we do have some announcements to share. Before you skip ahead, these are not your average announcements, pun intended, and you'll understand the pun in the second announcement. First, we have a brand new website it's called wealth wisdom, fp.com. We recommend checking it out because we've got some new resources there to help you reach your financial goals. Our favorite thing is a free, special report called five simple steps to secure your financial future outside a W2. It's the best overview we've ever created on how to build wealth, all package, and a fun to read style. Are you ready to take your financial freedom to the next level, then visit wealth wisdom, fp.com for financial podcast or financial partners, fp.com. Whether you're looking for more financial education or for community, we believe you'll find it at wealth wisdom, fp.com. Yeah. Amanda, I'm really excited to release that episode or that podcast or whatever we wanna call it. It's not a podcast. It's not a we've. We do all kinds of stuff. But to this website, it's been percolating for us for years. And to have this come out is just a lot of fun. So the other special announcement is brought to by our friends over at the, not your average financial podcast's little nod there here's the scoop straight from
(03:15): Markets are turbulent. I is soaring wars and supply chain shocks are threatening our way of life. We hear it all over the news. There is nowhere to hide, but is it really true? Bad news just keeps getting dumped on you by the Oso average media. But we at not your average financial podcast, believe you deserve something better. We don't believe in wishful thinking or burying our heads in the sand, but we do believe in telling you like it is and showing you a way out. Could it be that there are some safe havens, some opportunities and even possibilities available in this current economic climate attend our virtual, not your average financial summit. To know if there's truly nowhere to hide and to discover strategies to help you win in any economy. So come and build up your financial reserve, fight back against inflation, save on taxes and prepare for your future. The two day not your average financial summit is happening virtually. So attend anywhere. Add these dates to your calendar. Now, while it's fresh on your mind, it's gonna be Friday, September 30th and October 1st, 2022 each day starts at 1:00 PM and goes to 4:30 PM central time. So please adjust to your time zone. The event is absolutely free, but the tactics and strategies you'll get are priceless. And it's only made available to members of our, not your average financial community. So get exclusive access to our summit at not your average financial summit.com. That's not your average financial summit.com. See you there. We look forward to seeing you at the, not your average financial summit, Amanda's doing a special presentation about life transitions and how they impact our financial adventures.
(04:58): Yeah, I'm, I'm looking forward to the summit. It's the second annual summit. And the last one was really great. A quick heads up. The what happens at the summit stays at the summit. There's not recordings. Usually. I don't know if there's any plans to publish the content anywhere else. So be sure you sign up and do your best to try to attend. You know what, El I'm super pumped about today's episode. How's that for a transition so let's jump into these three basic ingredients. We believe are crucial for any wealth building journey. Brandon, I know you are very passionate about ingredient number one. So I'll let you kick us off. Thanks Amanda ingredient. Number one is you not Amanda, but you the listener and maybe Amanda thinks I'm passionate about it, cuz she thinks it's me, but it's it's actually you, uh, the listener. So if you wanna build wealth, it's quite obvious that you are needed, but it's not just you physically, but your presence, your time, your attention, your personal development. We're gonna dig into this more in the next episode, build wealth part too, because it deserves a whole episode. So we hope agree that your wealth building adventure needs you to be as strong as you can be mentally, emotionally, relationally, spiritually, and physically. It'll be way harder to build wealth. If you aren't learning. If you're lonely, if you're spirit, isn't grounded. If you've developed preventable health conditions due to stress and so forth again, we're gonna dig into this next week's episode. But for now, remember your presence, time, energy, and attention will make a world of difference to how you build your wealth. If you reach your goals. And if you get there safely and joyfully you are needed,
(07:02): Yes, I couldn't agree more. You and your presence are basic ingredient. Number one, the second basic ingredient is something you'd definitely want. If you were gonna hike up Mount Everest. And I think you're gonna agree. You're gonna want for your financial Mount Everest. We hope you'll agree that if you are really gonna go after your tallest financial dream, it's gonna be more achievable, more fun and overall easier with a guide. So what do you mean by a guide Amanda? Well, first let's go back to Mount Everest. A guide is like a Sherpa. A Sherpa knows the mountain, how to troubleshoot when things don't go. According to plan, they have personal experience. You bring a Sherpa to make sure you climb the mountain safely. So if we're thinking about a financial guide, they might have experience a knowledge that gives them special insight and I'm hoping they do. Yep.
So that's one way that you wanna guide. The second is what about other guides? Like a tour guide tour. Guide's not there for your safety, a tour. Guide's there to give you special insight from their study of a particular area and to tailor the tour, to make sure you learn and experience what you'd like to learn and experience. We recently did a tour at the Cincinnati art museum here, and the guide was amazing because she asked beforehand what we were interested in. There's a lot of art in the art museum. She asked what we wanted to see and then changed up the tour as we went and as the conversation evolved and she saw our reactions to what she was showing us. She was an amazing tour guide and gave me a great example, what a guide should look like.
(08:43): So a financial guide would bring their particular area of expertise and tailor it to your interests and input and where you want to go. Like, you know, know the goals and things like that. Yeah. Now, so we've got the Sherpa, we've got the museum tour guide, but also there's this, uh, concept of a guide that comes from a concept known as the hero's journey that was developed by Joseph Campbell. And in most stories, the guide is the character who calls the protagonist, the main character out on their journey. The guide becomes almost a mentor. As the main character goes to their journey. You can think of Gandolph Dumbledore, Moana's grandmother or Morpheus and the matrix OB one Kenobi for you, star wars fans out there and so forth. Almost every good story has this guide archetype in it. A financial guide would draw you into a journey where you are the hero. Again, you need to be part of it, right? You are central. You bring peace to middle earth, you defeat V or restore your home. They stop by along the way when you need a little assistance. But you know, you'll notice in those movies, there they go off to do something else. And then they come back all the Time or in the books. If you're more of a book person . Now, if, if you have a financial advisor, we ask you to consider if they're being like the Sherpa, like the museum tour guide and like Dumbledore, do they have personal experience with the paths they suggest or are they making sure you're safe along that similar path? Are they custom tailoring your experience? Are they staying the, are, are they taking over the heroes role? Are they letting you stay the hero and stay in control? And they're just, just there to support you.
(10:42): So that's number two, a guide. When we work with our clients, we aim to play this sort of role on their journey. But unlike a lot of guides in stories, we recognize that most of Americans are financially like Harry Potter. That might catch you off guard here. Brandon just said that most Americans are financially like Harry Potter. We're not saying that you use like British currency or something. Here's what we mean. If you think about like Bilbo Bains, Luke Skywalker, they had safe, comfortable homes. They were living a good life. And the guide had a lot of convincing to do, to get them, to leave their home. So that, that safety wouldn't be jeopardized. They didn't realize how unsafe their home was until the guide called them out on their, on their journey. And they realized, oh, my home is in danger. On the contrary, Harry Potter had a horrible home. He knew how in danger it was. He lived under a staircase at number four, private drive. Now Dumbledore had, you know, helps him escape. It wasn't that hard to get him to want to leave that horrible place and then doubled or introduces him to a true lasting home where he has a whole family that he didn't know that he had.
(12:01): The third thing we believe is crucial for any financial adventure. When you've got yourself, you've got a guide. The third thing you need is a solid home base. I think most Americans are like, Harry, they don't have a solid home for their money and others sure. Might be like Bilbo where you have do have a safe home. You feel really good about it, but it's actually in more danger than you realize. Yeah. So I think a lot of us are more like Harry, where it is not a great place that our money's currently living. Let's dig into this concept of home a little bit more. I mean, yeah. Let's face it home takes on a whole new meeting in the world of quarantine and remote work. Right. I mean like, uh, we've been stuck at home or working from home and then we also have these other sayings, like home is where the heart is, home suite home. Right? The thing. Yeah. Maybe, maybe the idea of being homesick now instead of missing home means I can't wait to get out of my home. I'm sick of being home. I wanna go travel the world. That's what I, I think we should redefine homesick And maybe homework needs to be redefined because it isn't what you do between days off of school. But the work you actually do at home being, you know, working from home thing world now. Yeah. Homework is work from home. Yeah. But no, no matter what, I hope you reg resonate with this idea that there is no place like home. Let's all be Dorothy in her journey. There's no place like Guide. She had a couple guys there, you know? Yeah.
(13:40): Now for you and for your money, I don't mean store your money at home or in the drywall of your house, but that your home, your, or your money needs a home, a place to live. Let's explore that idea of finding a home for your money. We're grateful to have a good physical home. I mean, we signed the title and mortgage on the infamous day of March 13th, 2020 and got in just in time. Like we, we literally March 12th, we didn't think we were gonna be able to cross state lines. Our previous home was in Chicago and it was about 600 square foot smaller. But the most frustrating thing was sharing offices with bedrooms. And we had a baby. Right. And we were, I'm just glad we moved when we did, whenever our son would take a nap. One of us would be office list. We'd have to vacate the office because you know, we need that nap time. For sure. I, I would've loved to take that nap. And during lockdown we had offices separate from our bedrooms. So we're better able to work and keep work and personal life separate because of our new home. Yeah. And as our teams expanded, we'd, we've added an office so that we can work together in one spot, but home is still home. We leave to go to the office. We go to the park, the grocery store, even the occasional vacation now, but we always end up coming home.
(15:15): Now our money is a lot like us. It has a home base where it stays most of the time, especially during a pandemic, but then it likes to travel over the last seven years, our money has left its home to help us pay off debt, get through an emergency, travel to Ireland, purchase a physical home. Like I just told you about making improvements to our home, purchase a car and to buy an office building in the long term future, the possibilities are in this more real estate, investing, transitioning our son to adulthood, passive income for when we want or need to work less or not at all. Like those kind of things are gonna be there. Medical bills, so forth. There's a lot of things that I, I don't even know what to tell you. We're gonna use it for cuz I haven't thought of it Yet. Now having a home for our money, a place where it can live is very unfamiliar for most people. What you might be more familiar with that could help you get a sense of what we're talking about here is how money likes to leave home. It's called spending the best money though. Also returns home. If you've got a pile of cash, you might end up needing to spend it, but you have a plan for making sure that pile gets back. Right? Yeah. Getting through an emergency helped us continue to make money rather than lose our sole source of income. So we had to spend it. But then we had, we were able to refill it cause by using our income to return that money to its home, same with everything else. We make sure that before our money leaves home, we have a strategy for how to get it back home, Go back to Mount Everest. Would you start hiking up the mountain unless you knew how you get back down. Did you know that most deaths on Mount Everest happen when they are coming down the mountain? Could it be because they didn't fully consider their plan to return to home base?
(17:24): So let's say you're Harry Potter. Let's go back to that analogy. But instead of defeating Voldemort, you are tasked with getting through life without running out of money or maybe even leaving something to cover your final affairs and leave a legacy might be more difficult than defeating Voldemort for a lot of us. How, but let's say you're gonna make that happen. That's your tallest financial goal. At least get through life without running a money and maybe leave a little bit to cover final affairs and have a legacy. How would a home for your money help you do that? By filling up your money home, you create accessible cash for when emergency arises so that you don't have to go into debt for when adventurous opportunities arise so that you can grow your money during that adventure. So you fill up your money so that your money home so that you can have this money available. But then also when your money is home, it increases your options to enjoy your life. When it's full, when an opportunity comes up, you don't have to think twice about it. You can go take advantage of it, get it done now, and maybe save a lot of money because it was an opportunity to do it in a special way. So by filling up this home, making sure there's plenty of cash there. You're able to say cross off some items from your bucket list. Now you might be wondering what's the best place to build up that money. We have four criteria for this to work the most efficiently, considering these attributes for the home, for your money. Number one, it needs to be accessible. I don't wanna use a 401k or an IRA as my money's home because of that pesky penalty for early withdrawal or lots of hoops to jump through for loans and loan repayments. I want accessibility on my terms.
(19:18): Number two is it's safe. I don't wanna use stocks as the home for my money, because what if they're down when I want to make that major purchase, I don't wanna make the choice to sell when they are down or delay my purchase or otherwise compromise due to limited options, especially in the case of an emergency or an excellent opportunity. Number three, this needs to be non-taxable. I don't want to think about taxes when I send my money away from home, when I'm returning it to home, I don't even want to have to report to the internal revenue service about how my money is moving. Number four, no opportunity costs. When my money is home, it's gaining in value. I don't wanna lose those gains whenever it leaves home. And until I pay it back Now, there's only one financial product we know of that serves as a home for money with accessibility, safety tax advantages and no opportunity cost when you lose it. That financial product is a few names of banks and yourself. Infinite banking, cashflow banking, family banking to name a few. The technical term for it is high cash value, dividend paying whole life insurance with one of only select companies with a mutual non-direct recognition structure and financial strength to back up these types of plans. Whew, that's a mouthful. Hence the nicknames personally, we've adopted these kinds of policies as a home for our money in 2013. So if you're intrigued and wanna learn more about how these work, please visit our new website, wealth wisdom, fp.com and set up a discovery call. We love the opportunity to hear more about your story and see how one of us could be a guide likely and possibly help you find a home and a family that you never knew you had, or maybe we could act like Gandolph and invite you on an adventure to protect your financial security and the security of others.
(21:26): So there you have it, the three basic ingredients for your financial adventure, you a guide and a home base today. We shared what to look for in a financial guide and in a home base, you look for a financial guide who has personal experiences, customizes the adventure and keeps you as the hero and you build a home base that's accessible, safe tax advantage, and keeps growing for you To learn more about our favorite home base. Be sure to visit wealth wisdom, fp.com and look for our new special report titled by simple ways to secure your financial future outside two, you can also book the discovery call while you're there. Again. It's wealthwisdomfp.com. We look forward to the next podcast episode where we'll follow up to the conversation today with build wealth part two back in episode 1 0 1, I think it was like February of 20, 22, some running there 20 or March. We defined wisdom. We talked about how wisdom is different than knowledge, but we never in any episode have defined wealth in what we mean by wealth. Hint, it's not just money. So be sure to subscribe, to find out what we mean by wealth wisdom. Until next time, keep growing and protecting your foundational wealth. So you're ready for the next adventure. Life brings your way. We hope you live long and profit. The topics presented in this podcast for general information only. And now for the purpose of providing legal accounting or investment advice on such matters, please consult a professional who knows your specific situation.
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