Saving with Steve, April 6, 2021

Saving with Steve with Steve Sexton
  
Show Headline: 
Saving with Steve
Show Sub Headline: 
Guests, Greg Weimer and Steve Cook

Saving with Steve with Steve Sexton

Guests, Greg Weimer and Steve Cook

Saving with Steve

Saving with Steve with Steve Sexton
Show Host: 
Steve Sexton

The Save With Steve Show, hosted by Steve Sexton will help you with ins and outs of money. We talk about financial issues that that could be costing you thousands of dollars and keeping you up at night.

We talk about “money”… tax reduction, saving more, how to spending less and get more, 401k’s, risk management, retirement, and everything under the sun that relates to you having a healthier happier relationship with money.

Weekly Show
BBS Station 1
Tuesday
Starts: 
4:00 pm PT
Ends: 
4:55 pm PT
Show Transcript (automatic text 90% accurate): 

everyone has their own unique views and needs when it comes to financial success if you'd like to leave your financial woes behind and live a life of Financial Freedom you've come to the right place welcome to the saving with Steve show hosted by Steve Sexton the show will help you with the ins and outs of money we talked about financial issues that could be costing you thousands of dollars and keeping you up at night we talked about money tax reduction saving more spending less 401K risk management retirement and everything under the sun that relates to you having a healthier happy relationship with money now here is your host of saving with Steve Steve Sexton welcome to the ins-and-outs of money pretty much everything under the sun related to having you having a healthier happier relationship with money my name is Steve Saxon welcome to the show hang today we're going to talk about the three big<br>retirement risk we're also going to talk about the typical American trace a vast majority of their time and energy for the hope that someday they'll be free mean while they're intense pursuit of financial status is the very thing that robs them of their freedom so where do we find Freedom how do we pursue it we have Steve Cook author lifeonaire talk to us about the Great American reset and how 2221 is a great time to reshape your lights down to the foundation when it comes to the stock market you don't want to be looking at the wrong thing and get hit by that stock market but a great Weimar from Confluence Financial going to answer that question on others just like market-timing plus other perspectives of a year behind us as well as the perspective of the year ahead of us so with all that let's get started I'd like to introduce you to Greg Weimer murder accomplice Financial Greg has been guiding client and a man's mother well since 1986 at 35 years he was a senior vice president and American phone even servers are there<br>are the directors are numerous awards for his planning and serving his client decides that he works for Cherries like the Washington City Mission the Patriot house and house the homeless veteran Craig here discuss a whole lot of things Greg welcome to the show<br> how do I put a we both have a face for radio so what the hell you know I would love to receive for it but it doesn't happen right right you know what somebody says 30 years you can really really just kind of goes like a blink of the eye I mean my son Connor is graduating from college this year and me and my wife and I are just talking the other day on my God it's gone we just had our third grandchild I'm just getting used to be called bad and now I am getting used to being called happy and I don't know I don't know how it went so fast but if you know that's right but that's a good thing then sometimes it goes too fast and people need to stop and smell the roses or at least be involved in the moment what it like to do is just how people who are listen to get a good understanding of your background I know I just gave you the email some highlights here to talk a little bit about you and then I'd like to get into some of those questions that we talked about too many people are looking at the wrong<br> they get hit really really hard in perfect example that is the Robinhood situation with GameStop there was a whole bunch of people that were talking about how they made all this money and then you had a few people that you're hearing about now that borrows money took money out of this through that and they lasted just because they were trying to cash in and didn't really understand what is going on why don't you go ahead and tell us a little bit more about you and then hopefully not get hit by the stock market bus for me there's there's been a Continuum of how I thought about the business when I was 21 I started in the business I've never done anything else and not qualified to do anything else other than help people think about their money but it it's interesting the continued I'm used to be we are stockbrokers we used to buy this stock tell this stock and in the business at least four people to do a proper I think the business is absolutely appalled I love your opening when you said you help people have a healthier and happier relationship with money so I guess my whole career the last 35 years I've gone from thinking about an individual stop<br> I can help him being a stockbroker to helping people in our firm in Confluence Financial Partners really help people think about how did they maximize their Life and Legacy and I think really and now it's the big lesson for last year also by the way a big lesson for last year more than individual stop is really are people preparing appropriately so their money's just got a bunch of stocks in Sachse kritika purpose in their life I've done this a long time that's caused me to think a lot of windshield time trying to think about what's really important client what's really important client is it their money has a purpose behind that not just a collection of individual stocks that don't think people can never be able whole bunch of money or a little bit of money or your in between somewhere how should people be thinking about having a purpose for money don't want to bore people the long story I'll give you the abbreviated version Pierce where I've had my<br> tell Mama I was actually in Turks and Caicos and there was an 80 year old man he's having a low pick up and it stopped and we were sitting there and having a drink a little overlooking the beautiful ocean to Turks Caicos and he said you're my age could stick some people call you Sunday remember the guy so he said listen to be signed he said he said here's the here's what I want you to think about you said you have to ask yourself this question what's it all about help me understand this I was out in the ocean one day fishing that's all piece of Driftwood nice I realize that tripped would have had a long history and he said put it in the boat I put it in my bed and I wrote on that piece of Driftwood what's it all about nothing else I think it especially after your like last year I think it's a great opportunity for people to ask themselves you care about creating moments in your life you care about Financial Freedom do care about making it and making an impact on a charity do you want to leave a blessing for your children or is it going to be received as a burden what is that portfolio all about and we think of<br> individual stocks more than we ask the question is what's it all about the listeners you don't remember Greg Weimer that's okay I ask that you remember the question what's it all about it before you invest One More Dollar ask yourself what you're all about is all about this wonderful too many people live a life where they're pursuing things at the end of the day when you walk out on life it's really about the moments that you had for me it's about the moments my hat I like the fact that you give back to charity cuz I work at homeless shelters and food pantries and stuff like that I just don't give too much put the Blood Sweat and Tears in cuz that's important to me the things that are going to remember those things and that should be in your plan though the moment you want to spend with your fam do you want to take an extra vacation you want to experience if you want to go skydiving they should be in your financial planner guess what they're not going to happen if you're 60 years old<br> come and offer 24-month Christmas is 24 more opportunities to go on vacation and they should be in your plan and you should be allocating money towards that depicts a charity that you desperately care about you really want to change and you really want an impact that's what your money's about and that's when money becomes a lot more interesting than the prediction that are usually inaccurate on a consistent basis there make it on TV and it lost in the way typically people putting together their portfolios and their plans right now you know what I can bring that home a little bit further I have a brother he has stage 4 melanoma he's on hospice they give in about 2 hours to live but here's the cool thing for him he has created a life for himself where he is held two sons become Eagle Scouts he's created a light on yourself where he's been able to do everything you wanted with his family and he didn't Indiana and quite frankly I never went live in Indiana just because I'm from California and I don't like the cold that much<br> live the life that he's happy with these have the job that he's loved and he's been able to do all the things he's wanted to do with his family so I can understand why hey what's the purpose with all this and for him it was his family and doing all those things and I could see that God bless him he conquered the someday syndrome right so thank God in hindsight he didn't wait till Sunday at this mess that you should save all your money for Sunday and the bells and whistles are going to go off and it's just there's more to planning than that it's great that he's had the opportunity to do this thing so and they're like you know what I'm going to buy this and I'm going to get out of this or you hear the story where I made this much money you're like really let's talk about Market timing a little bit<br> casinos build big buildings like you're not winning at Market timing if you did it once or twice she got lucky I've been doing is 35 years I've never seen one person do it just doesn't work the reality here is we saw some fun things that happened with GameStop here were a bunch of people did really really well and then a bunch of people did you really really well or the people who did really well lost everything or Back to Basics just because I wanted to make sure that message was out there because there's so many people who think they're very good question they can do that cuz the people that did really really well have this fictitious believe that they can do that because I made my own GameStop at which made no sense and then they made money on it and then they're going to try to do it right and so it's like your second million is the most dangerous they will ultimately only renting it for short. Of time because it's not a repeatable one of my clients<br> divorce her ex and I won't say the name he wrote a book on how he made all this money with options and one of the reasons why they got divorced is because he started and he made a bunch and then he lost it all in his last couple hundred thousand dollars you made all of us and he probably made more thirsty along with that because he wanted to replicate that win and I just like totally understand I want to talk more family stuff but I want to do that and second segment there's so many people are looking the wrong way and they get hit by that stock market bus could you help us understand what that is and why people are doing that and probably should be looking that type of thing at the right time so I'm fortunately I think it's 2020 try to say anything<br> it's predicting the market in predicting what's going on the economy is not a successful venture meaning that you could have predicted with a pandemic and you would not have been stay in the market that address in the market and you would have thought go to cash would have been right answers the wrong answer so if people aren't going to invest for 5 or 10 years into the market they should have been looking at all the only people that have lost money in the market is when they let their emotions get in the way in the short run I mean that's what's happened because of emotions are not your friend in the Box Market BBQ chicken with its and we'll be right back more expert advice for having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevents you from living a life of Financial and personal freedom hi I'm Steve sex and post of the saving with Steve show we're going to be talking about the ins-and-outs of money those financial issues that could be cost me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending less your investment risk management retirement and everything is so she'd with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune into the saving Willis TV show join me Steve sex and other saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve<br> got you ask will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton welcome back to sit here on saving with Steve I really want to truly thank you for tuning in I appreciate you letting your friends and family Associates know about the show all the replays are available at sitting with Steve. Us if you're enjoying the stories of helpful information at inside on saving with Steve I then encourage you to subscribe to a YouTube channel so you never miss a show check out a few of our Affiliates at UK help radio bbsradio talk radio New York City e360tv in Las Vegas TV network again all these networks are dedicated to empower you to solve problems uplift your spirit and live a life of personal financial Freedom if you'd like to follow us on Facebook you can go to saving with Steve section for the Insiders Club you can also go to saving with Steve. Us to give all the replays exclusive access to shows video<br> set we have Greg Weimer his back and he's with a used to talking to us about how not to be emotional when making stock market decision so Craigslist pick it up right there cuz I think this is vitally important cuz we've all gotten phone calls from people asking hey what should I do especially like last March where we saw what a nine and a half percent drop in one month and some people just walked away and some people said let's see what's going to happen let's go back and talk about the emotion that people involved with in the market how it creates problems for them specially with retirement other things so I think it's hard to tell a patient when the market is going down as Extreme as it was and in March and April but I think it's different help someone having formed and inform patient comes with understanding that overtime after there's a shock to the system whether it's so 809 September 11th an extra pair each other pandemics if you<br> emotional ultimately capitalism wins in the market comes back the only question is when the market will come back the only question is when so the key is in addition to inform patients is proper planning the people that really got hurt in March and April were the ones that needed their money for income so it's really important from a planning standpoint to have your ass not stop with your liabilities meaning that if you have a down Market in your in the distribution phase of your life you Altima Lee should have enough money in cash and short-term Bond so you don't have to take your money out of the market so I think too much time is put into trying to predict into little time is put into trying to plan cuz there will be another frightening moment and I've been through a lot of them and they're all frightened it will end there will be some people unfortunately the panic and get out but people that have a good adviser with the good plan they'll live to tell another day and another Market high so it's more<br> inform patients and planning than trying to protect predict the next 10 minutes because of the time frame miss you in an education issue a relationship do you believe it's important for the client to understand what's going to happen if this were to occur I think it's to know what's going to happen the frequency when it happens the anticipated time frame making sure they understand it could be a year to absolutely I think it's understanding what it's going to feel like before the markets down 30% saying okay when this happened here's what we're going to do to when you're being rational conclusions about Behavior instead of when it's an emotional moment and now we've been through a lot of them right some good buys at the relatively new and some of them Panic for their visor<br> he's a writer I think it's a brilliant guy I thought you said lifeboats and that is when you go onto a cruise ship the first thing they do is they put you on the deck and they say okay if there's a tragedy here's how we're going to behave like when you're not in the middle of the street so I think there's some education and understanding of when the market goes down here's what it's going to feel like here's the behavior we should have and we call it a crime to just don't forget you don't need any of this money for three years we have enough money in cash we can help support your income needs and so people right away felt more comfortable to hold on patients precisely that's perfect we were talking about before you came out of the show is you have a unique process that utilize with your family forever getting that we're having a family meeting so I could walk us through that because I think that's vitally important because there's so many people just don't understand what's going to happen when all that kind of stuff<br> stop summarize go forward again the key is to really figure out what you're all about is all about so what do you want your life to look like your portfolio should be supporting that instruction for your life not to beat some index of no one even took Define portfolio should be structured to maximize your life if it's for charity if it's for a moment if it's for Eagle Scout whatever those things are also there should be some thought put into because as a practical matter what happens as many times when money is inherited two things happen one the posted in the tip of your children it's a bird it's stress is a mouth they fight about it they don't want to let the mom and dad down and so the number one reason is lack of communication so we can't stress enough for folks to think about what do they want their legacy to look like they want to receive it for what dentist and to talk about it today we have with our<br> we have family need it where they'll bring their family together and the amount of information we share so that I started that with my family several years ago where we all get together and see what our portfolio his here's what it looks like just what its 4 here at the expectation here's the Charities we care about and so then God willing my four children won't won't be in disagreement and we have the next 30 Years to talk about the Legacy and in the first one I will admit the first time you do with the family it's weird but after you do it for years do you start to understand the family becomes our family meeting this year when two and a half hours and only because you know our granddaughter's had to get home in that we have it every year around Christmas time we have family that's why there's a problem communication help we all have to be careful how we talked about it every family is different but having a family meeting and really understanding your priorities and start to do some investing 101 is essential<br> play with you there I'm just saying this for my own family my dad's an engineer missile guidance systems all that kind of good stuff in a family of five handled all the financial stuff it wasn't until he was in his late seventies and he still alive that he had a health issue is a simple health issue had a gallstone thought he was going to die and then realized oh my gosh I need to start educating my wife of 50 plus years so we spent about three years just teaching my mom about what's going on how it operates and all that so she got to the point where she says okay this is why are you guys are doing that this is why this is the correct and I was like having the monkey off my dad's back and I can see that for a lot of the parents because now the ones you love understand what's going on they're not afraid of it you're not going to squander it cuz they also know how important it is I think that's really something special and I would encourage people to do that matter how much money have educating your kids about finances<br> so important that's one of the takeaways please talk to your family please think about that because I think a lot of us that have children what we really really hope is that if something happens cuz someone will make sure our children and grandchildren everything's okay they don't fight the money as well cared for Scott squandered and whoever you can find in your life that can help you conduct that family meeting and really make sure your legacy is everything it deserves and should be and everything you visualize it's essential of figuring out what you care about in your life and in your legacy and once your portfolio is all about supporting that and actually comes lot of fun because it's about those bigger issues than what's going on in like GameStop right. Really what it's about some people think it's a little boring I don't know it's essential when you see it happen in the family and you see them really maximize and their lives with moment and you see them really defining their legacies it's extraordinary Lord<br> find out when I see people like that they no longer talk about stocks it's not about that anymore those discussions are actually cut off the kennel and Greg were all set with our time here I want to thank you for joining us today your insides have been outstanding what I would like to do is if somebody would like to get in contact with you what's the best way for them to do that first watch Greg Weimer or telephone number in Pittsburgh 724-271-8801 telephone number on the website if you want to come to our website Confluence asking, I'll do that slower we do a lot of things well obviously coming up with the website names are fluent Co n f l u e n d e f as its natural planning espy.com get on there so you want to talk to someone block I'll give you some pointers on how<br> about the family meeting or give you a second opinion Greg thank you so much<br> actually it always does expert advice for having a happier relationship with money still to come on the saving with Steve show<br> don't let your financial woes keep you up at night and prevents you from living a life of Financial and personal freedom hi I'm Steve sex and post of the saving with Steve show we're going to be talking about the ins-and-outs of money those financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending left your investment risk management retirement and everything is so she'd with you having a healthier happy relationship with money see if you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune into the saving with Steve show join me Steve sex and other saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve<br> . us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton that was Greg Weimer just outstanding having a purpose for your money whether to be charity your family or something else that's important you is key I signed everybody to does that they no longer worry or talk about the money they talk about what they're doing because that is important in their life what their purpose is the next segment I'm going to be talking about this free biggest retirement Ritz what's our longevity inflation and Market risk I'm going to go over these things and some things you might need to consider what you're looking at this within your portfolio or just overall you're planning he's all about the risk about living your money the weird thing here is this economist talk about it and visors talk about it but most<br> free retirees it's not that sexy of a topic because it's longevity most people don't want to live too long but here's a big thing from a longevity standpoint if you're healthy and 65 years you have a 50% probability of living 22 years to the age of 87 if your female 65 and helping you have a 50% probability of living actually two to four years longer than that if you're married couple to tell Pete he's 65 you have a 75% probability that one of you will live to the age of 80 a 50% probability that one and you will live to 93 and a 25% probability that one spouse will live to the age of 98. Here's the big thing you're going to need to pay living expenses for all Bossier with annual increases or something's like medical long-term care things like that next thing inflation eventually inflation's going to go up<br> lately it's been relatively low give you an idea of the purchasing power always declines over time you look at a stamp in 1971 and was 21 22 10 what is it now if you want you see gas is higher remember the seventies was Starsky and Hutch it was $0.35 a gallon what is it now over $4 nuts and there's some expenses that typically grow a little bit faster then the Consumer Price Index which is about 3.1 over a hundred year. We bedloe's we've had hide but at 3.1% if you're looking at things like medical expenses in medical coverage for long-term care coverage you're looking at 5-6 7% or more so it's really important that you factor those in the reality is the cost of most goods and services you purchase will rise over time so you'll need to increase your income is just to maintain your retirement lifestyle and the last one is Market risk market decline most retirees are comfortable as well<br> long as they are in the historical long-term average rate of return in the first few years of retiring or a bear Market down the road just like wood Greg was saying is you want to plan for the longer-term you want to make sure your portfolio structured in a fashion that enable you to do those things when you're looking at that bear Market their first four years and you look at the sequence of returns and individual say the first three or four years it has a negative sequence of returns as opposed to the person the first three or four years of the retirement has a positive return the person that has the positive returns will obviously have a significant amount more money in their account what are the things that you can do first of all you want to maximize all your incomes how do we go about doing that number one we look at Max<br> amazing things like Social Security only about 4% of Americans Optimizer Social Security most people lead tense of thousands of dollars on the table and they're producing their lifetime benefit Social Security perfect example how to claim they came in her husband were 65 and a husband passed away she was looking at either taking her husband's Social Security as a widow or take your own the reality is no social securities were pretty much the same amount and I said you know what hold on a second let's take a look at you taking your widower's benefits she said why would I do that I said well because your benefit would grow by 8% a year in max out at 32% more am I doing so that increase your Social Security by $500 a month $6,000 a year she lived twenty years at $120,000 folks I've seen this our work with people number of times you need to be talking to a specialist year to make sure you maximize you<br> Social Security if you don't want to leave a couple hundred thousand dollars on the table cuz you don't like Social Security right back talking about making sure you have the right withdrawal rate when it comes to your withdraw from your vest for example you looking at three or four percent rain right you just want to make sure that you have enough with Market volatility that you're going to be able to live the rest of your life and have the retirement of your drinks and people are considering maybe I can use annuities either to reduce the risk of the portfolio or create a guaranteed income for as long as I live so you might want to consider doing that again if you're going to do something like that talk to a financial advisor talk about the sequence of returns now I want to talk about the sequence of withdraw a lot of people look at having a what called a two bucket strategy where they have a 60% of your assets at risk in the market in stocks and stuff and then or something like that<br> from the account that's growing every year that a Triss at 60% and allowing this safe account or that's a bucket to grow when the market goes negative the income comes out from the state which allows for the wrist bucket to get back to even and grow a little bit before you start taking it out of the growth on so you don't burn through the account and by doing so over 22 23 year. You can have 40 as much as 40% more and ass is left over when you're 20 years down the road so it's something to consider next you want to look at hey those Rising medical cost a their pesky things aren't they here's the thing consider supplementing your long-term care covered through a Medigap plan or through Medicare Advantage plan you want to look at budgeting for long-term care costs even if you don't need home health care considered planning for some type of Assisted Living also look at protecting its long-term<br> care expenses diesel largest Pennsylvania could cost you a $300,000 over your retirement so ensuring it might not be a bad idea now you can look at it long term care but if you look at the increasing cost for the inflation with those and might be a little bit too much so a lot of people are turning the life insurance and what happens is it get a life insurance policy that has a long-term care benefit you wear a hippie have a $500,000 life insurance policy they also have $500,000 that goes towards long-term care so it's something to consider if you can't qualify health-wise for long-term care or life insurance you can also look at annuities that have a long-term care benefits where you get your benefits coverage for it that way last and most important you want to get a trust make sure you have your wishes in writing that means having a will having a trunk having a durable power of attorney so somebody can make financial decisions on your behalf a health<br> chair director so somebody can make Health decisions on your behalf and you want to make sure you have that do not resuscitate now if you have a trust you won't go through probate and if you don't ever trust in you do go through probate here's what happened basically your state has to go into it tested which means it files a lawsuit against itself and then the court determined<br> you're asked if you're married and go through this this could cause major distress just come from a ham the whole shot and a loss of a tremendous amount of money so you want to make sure you have a truck what are the big things here is this if you have these in place you can save the ones you love from a lot of heartache and mess and a lot of money with that I think it's really really important you think about those things if you're looking at implementing any of those are considerations I talked about I recommend you talk to your financial advisor especially when it comes to things like maximizing your Social Security because making that Social Security says that there's a lot of little nuances beside your income a lot of people say hey you know what I'm going to wait till I'm 70 but they don't realize they're giving it to $1,000 a month or $100,000 they got to take from somewhere else in order to get them to $2,600 that might take him a long time to break even think about that make sure you get some help to make sure you do the right thing get somebody like Greg<br> help you out I want to take a break right now we're going to jump right back in a second we're going to come back to you with Steve more expert advice for having a happier relationship with money still to come I'm not saving with Steve show<br> don't let your financial woes keep you up at night and prevents you from living a life of Financial and personal freedom hi I'm Steve sex and post of the saving with Steve show we're going to be talking about the ins-and-outs of money those financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending left your investment risk management retirement and everything is so she'd with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune into the saving with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve<br> got us will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton hello I want to welcome you back to the city with Steve show where we talked about the ins-and-outs of money pretty much everything under the sun that relates to you having are healthier happy relationship with money their next segment I would just want to pose this question for the spot typical American trays the vast majority of their time and energy for the hope that someday they they're going to be free meanwhile there in 10 things that's been robbing him to their freedom so where do we find Freedom what should we pursue deep cut the author life and are challenged you to consider what is that you really desire she's here to talk to us about the Great American reset and how 2021 is a perfect time to reshape your life down to the foundation or revamp everything Steve welcome to the show thank you so much for having me I really appreciate it<br> interesting when I was reading your story you had a couple restaurants that weren't quite successful and then you revamp yourself got into the real estate business and has been very very very successful a person could you just take a moment and share your story obviously a little bit more detail than me so everybody can understand where you're coming from and how to get a ride to book life and are happy to buy grew up in a home where unfortunate my parents they've gotten divorced at a very early age and so we we grew up for my mother was raising three boys on her own and one of the things that was talked about all the time that our house was if we just had more money life would be better I ended up developing an entrepreneurial Spirit pretty early I was out doing paper out and I was 11 years old starting other businesses as teenager and I kept on failing over and over and over again in business and you're 21 years old I bought my first restaurant I thought I was going to be rich and ended up<br> working out I didn't learn my lesson the first time I bought another one when I was 25 and again I fell on my face with that one and I lost my shirt but then I really just buckle down and I got into the real estate investing game and once I got into real estate investing was the lightbulb that just went off and I and I got it I was one of those sort of Rags to Riches stories where within my first couple of years I was a house flipper I slept over a hundred houses my first two years in the business consequently people are coming from all over the country wanting to learn what I was doing the pick my brain and they were taking me out to dinner they were taking me out to lunch and I feel really overwhelmed and during that time but with the overwhelm I just felt like okay things are supposed to be better what's going on why am I so busy and I looked at my schedule and I had 27 lunches or dinners over the course of a month with people and those typically were three to four hours long when I came to realize okay I just spent over a hundred hours in a restaurant.<br> the people about what I do until that time I wrote my first book and it was really piece of people have to do what I did in real estate investing my motive for writing that book was just answer everybody's questions as I give them all the information that they needed and so that I didn't have to do it over and over one person at a time in a restaurant and long story short of that took off the book just started selling like crazy I was making more money from that one little book that I wrote than I ever made in a year prior to my real estate listing for your and not just let some more people asking questions and you know I'd never anticipated being in that field I never saw myself as somebody's going to educate people and standing at the front of a room and speaking and teaching people how to do that but that's what I found myself and I saw some of my students becoming very successful and it was very very proud things for me to just you know watch people taking the things I was teaching them and growing but after a little while<br> I started to see something I didn't like I started to see in their marriage has become compromised I started to see their families becoming dysfunctional and what was happening was they were pouring everything into the business in sacrificing the things in our lives that were most important to them in an attempt to be more successful and in the business world you know I remember my early conversations with those people and they said well I want to build this and I want to do this my family but ultimately the family was the one who is sacrificing and paying the price so that's when I knew something had to change something has to be different than I thought it went on this Earth myself, question of people with comfort me with a subpoena Steve help me to become a millionaire I started asking why you want to be a millionaire and almost every person answer the question was so I can give my family more like to be a better father I'll be a better husband or and that was always the common thing that I would tell people you don't need money to do that you just need to do a good Father's Day or do what a good husband does and whether you have money or not<br> tezos thing but I saw this disconnected so many people felt like they had to be successful financially and have a lot of money in order to be successful in life as well as it was really just play on the word millionaire and that what people really wanted was to have a great life they wanted money in hopes that it would pay for the great life that they do dreams happen. That's how I got there the reason why I identify with that so well I come from a family of five my dad was an Executive Inn in the fence company but I grew up working really really hard for everything I got and then when I got in the corporate world it was 12 15 18 hour days when I got out of the corporate world and went into my own business it was 12:18 hour days and I was that guy that would leave exactly 31 minutes before my son's birthday party with her and sometimes I be late my wife wasn't too happy about that and I kept doing those type of things and something had to give<br> what game is I had about a colon cancer in this is 15 years ago where I identify with that is this once I had that I realize that none of this is worth it none of it is and after that it was like I go to every single practice I go to every single game on there early I look at it like my business appointment I don't work after 5 don't do weekend all that kind of good stuff and then I mean I'm healthier happier and I'll say that some of the toughest things were to give up stuff<br> and I think a lot of people end up there and they they find themselves really struggling with it and they feel like they're making a sacrifice when the reality of the situation is when you understand it with your gaming so far outweighs the things that you feel like your sacrifice and the you know was I was giving up stuff I was actually selling something that a loss and people thought I was crazy and I said well I see it as buying my like that and that's more valuable to me and I would rather have my life back then to continue to keep playing this charade and acting like my life is defined by the things that I own tax planning with a lot of people especially in the Real Estate Field but I have conversations with people who have multiple rental properties and always comes down to the tenants the toilet back there wasn't one lady she was the final straw was the fact they got a phone call from Heaven on Christmas morning they stopped at the toilet and we had to get somebody out there but nobody to go out there so I had to take a 3-hour drive to<br> Walter take care of the toilet that was done always ask how many times you've been the Home Depot what you doing probably understand where I'm coming from but it's one of those things where they've allowed this perception of where they want to be to get in the way of their life really identifying with your book and and your message so you know you made another statement wear when you're suffering Finance lifestyle relationship spiritually if you dig down to the root you might find a problem brought into a culture narrow that tells you to hustle grind stay busy and keep pursuing more could you help people understand that because I actually set it to somebody in the state will one of them and I just thought to myself emoji that means you don't get it and this was a very smart man that I quite frankly has lots of health issues but he's always working always doing all that kind of stuff so I thought I'd pay you<br> people can understand what that really is and where that they're the root of the issues are maybe they can deal with it I'll share it in the form of my own personal stories in that once I started really achieving some success with real estate investing I started making more money in a month than I had ever made in a year at that time I decided I was going to go see Council and find out what was the right thing to do with my money really the first person I went to was my pastor who referred me to some people within the local community he referred me to CPAs and estate planners he referred me to other business people and I went around the country seeking out some of the top Real Estate Investors that I knew around the country just get advice to put together a plan now I was a young guy making a lot of money and people were eager to help me they wanted to help and they put together a plan and I took their plan and I followed it to the TV now this was pretty early in my real estate best things for your when I walked in and started talking to them and for all intents and purposes had zero and assets had a little bit<br> apps that I could just made recently I had zero and Assets in a little over three years I went to over 7 million dollars in assets and everyone sitting there patting me on the back and telling me how great I was doing I was not feeling successful of all that you know that you had mentioned earlier that when you enter the business for yourself you were still working the 12:15 or 18 hour days and I was the worst loss in the boss I tried to get away from I was making myself worth it was kind of ours and the things that I really wanted was freedom and life I want to be able to experience life but I found it as I kept on building my business I was blessed free until what I came to discover was that the thing that I really wanted none of those people who helped put together the plan even ever ask me they said no one said Steve do you want know what do you want out of life every single person just assume that the goal of my life is to accumulate more assets and the plan that they put in place did exactly that it worked beautifully<br> did what it was supposed to do more expert advice for having a happier relationship with money still to come I'm the saving with Steve show<br> don't let your financial woes keep you up at night and prevents you from living a life of Financial and personal freedom hi I'm Steve Sexton host of the saving with Steve show we're going to be talking about the ins-and-outs of money those financial issues that could be cost me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending less your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune into the saving Willis TV show join me Steve section on a saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve<br> how do you ask will see you soon<br> welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton<br> hello and welcome back to the shaving with Steve show I just want to take a moment or listeners increased over 337,000 in fact last week we had 187000 people listen to our show I thank you for tuning in I appreciate you letting your friends and family Associates know about the show all the replays reveil but saving was Steve. 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Us for all the replay special gifts and awards were back here with Steve Cook and life in the air and he's just about to Spill the big moment<br> so I had just shared about how do you say Everyone by one super Consulting put together that's awesome plant in the plan did exactly what it was supposed to do the problem was not one person that Steve what do you want your life to look like how do you want to experience it was just this assumption and this is sort of the American way that the goal of life is to just accumulate as much wealth as you can and that you're willing to sacrifice your life in order to do that and and so the whole plan was designed to build my net worth of accumulate as much as I could have followed it to the TV and I went from 0 / 7 million dollars in just a little over 3 years and assets however it came at the expense of everything else in my life it meant that I had to serve that business with many many hours and what we do at license now we have really teaching this the point now where we help people to work last make more and experienced a better life and with just the right planning for the very beginning if they would have said see what do you<br> your life to look like we would have designed the business to be completely different instead of business was designed for me to give my life to it and hope that one day it would give us a talked about that what's the purpose for the money is it to provide for your family is it provide for charity what is it that goal that people want and obviously people take out a far different path and I find that when people understand what that is for themselves they don't talk about how the stocks did other real estates doing be talked about how their life's doing have you seen that or are you seeing different things interesting depend upon a surplus in a man when I'm around people who have been around me for a while or probably like your principal they only talked about life rarely do they ever talk about money but you know I get invited to speak at real estate investor meetings quite often do that I haven't been to one for a while but I've spent you know much time in front of real estate investor group and if I asked a whole room of people<br> turn off challenge then I'll see what I asked a group of people what it is that they want out of life no one knows I said in fact every single one of them you know how much passive income they want how much they want their 401K how big they want their retirement accounts to be their balance sheet that's the thought that they have when I asked him what do you want your life to look like we just live in this culture that is really good condition does to believe but that's what life is all about you know I use an illustration of the board game light we play this game with kids we we played as children we play it with our kid object of the game is to accumulate the most the person with the most money at the end of the game is the one who wins the game of Life wherein stealing that into ourselves as children into our children and coming out of school thinking that okay if I'm going to be successful at this game called life I need to make this much as I can when the game just might be different if the object was difference if you object of the game was to have the best life experiences<br> you might live differently or play differently and you know thank you for you your episode with colon cancer why do we have to wait for something like that happened to wake us up and to realize that there's something more to take some time to think about it think about what do you want your life to look like and plan accordingly is something that changes everything you do most people spend more time planning someone's 50th birthday party then they will their life. It's amazing that how little time people actually put into planning their life they plan their finances but not their life during doing in the way of kind of like revamping their lives how can they do that big reset down to the foundation and 20 21 kids right now with all the stuff is going on it's a great time is the perfect time to reset anybody's foundation and start over until one of the things that I know people do come to me for a consulting or coaching just that I'm not trying to add more<br> for them to do actually something I tried to take some things off of their platter and encouraging them to quit doing some things and we had a year of the quitter and things that people should quit doing in 2021 and one of the first things that we were talking about was you know stop measuring how successful you are based off of how much money you have or how well you're doing financially many of the people who I come across that have more year after year after year than they think that the previous year but life isn't getting any better their relationships aren't getting stronger they're not enjoying life there to spending more time working and accumulating more and the reality is for taking on more responsibility having to manage everything that they have in and not that it's a bad thing to make money we love making money but we need to put it in the right context and do it the right way though that we get to enjoy it and enjoy life along with it<br> cross that I work with who tells me that they that they don't want to be out of that every one of them wants to be debt-free yet they all take on more debt as as they go and a joke about it sometimes that most people think that the path of getting out of debt is increasing their capacity to borrow and exact opposite you know we need to just cut ourselves off and that's one of the key principles that we do teaching life that you have to be debt-free but at least consider it says understand that that is more than just the interest rate when we can get a low interest rate many people are intrigued by that they wanted the moment that you actually sign on the line agree to repay something you just promised the way to portion of your working hours for years to come that I will do this to another word when somebody signs on a mortgage I get how it smart to have a mortgage and things like that but we do need to understand that we just promised the way 25 to 40% of our working hours for the next 30 years of Our Lives to the lender the moment we saw<br> and as soon as you can understand that you'll think twice about taking on too much debt when you realize you're promising your future away with credit cards and all that I know another one of yours but I'm not going to let you go Jack the cool ass glasses or the nice car or live in the right neighborhood or whatever and they seem to want to just keep up with everybody I learned a long time ago because I was working with were worth ten times more than I was Pedro really nice big cars than the multi hundred-thousand-dollar ones and I knew I was never going to get there so I didn't care so many people are trying to keep up with our neighbors are cheap up with what everybody has a game that you can't win first of all the pursuit of it is just going to rob you of all the joy that you had hoped to get out of it but more importantly the moment you<br> you keep up with the Joneses all you got to do is look too DARS further down and you're losing again and you're just going to continue to go down that path the reality of the situation is learned to be content with the things that you have most people have so much more and I don't want people the mistake that with the not be ambitious but the reality is a we were more grateful for the things that we already had will experience so much joy and peace and stop comparing that you know hey my car is 3 years old and they just got a brand new one I need to keep up with them if it's not worth it if it it doesn't satisfy not surround yourself with people who tried too hard to impress your other dude that to you and who act that way they don't have as much as you when you get down to it when you get behind closed doors they're really just trying to impress to make up for their own secure insecurities and do whatever<br> I can to make you feel insecure and sometimes they can really steer you in a way that you shouldn't go and get your best off just not hanging around those people attend in trying to surround yourself with people are encouraging and I'm going to build you up instead specially with all your friends I love the next one stop taking Financial advice from people who are no better than people take advice they take their relationship advice that take Financial advice for people who are not doing well and you know I just literally heard somebody said the other day it's amazing that when you tell people you're going on a diet everybody wants to give you advice as far as what he should do and the same thing happens in the financial round about who you're taking advice from take advice from people who are where you would like to be not from people who are on the same Journey trying to figure it out and things like that if you want to get advice from experts<br> take advice from people who eats the same cooking you're eating so to speak to their bare not investing in it why would you which is really interesting I like the one we only have about 30 or so seconds putting off life until a day when you have more well I think that's the best and that's I think it's the most important one someday might never come we have today enjoy say make the most of it don't sit here and just live like a miser putting everything away and hope that 30 or 40 years from now you're going to be able to be free and live the good life experience life today it was meant to be enjoyed no I want to just encourage people up here living life well today you have joy and peace tree going to be doing better later don't put it all people get ahold of you and are you taking most of my clients are small business owner work less make more and enjoy life<br> how far is the book is concerned I'll just say this we have a goal this year to give away a hundred thousand copies of the book and you can go to life in there. Cam is going to be a tab at the top of his free book you can just go there and claim a free copy of the book and our goal is to get the message out to as many people as we can steam thank you so much for joining us today I think your insides are outstanding the my life and I know many other people who could utilize epic specially reading life and are so thanks again for me joining yesterday I hope you have a great weeks and stay healthy all week and we'll look forward to seeing the same time next week if I buy<br> thank you for joining us for the saving with Steve show hosted by Steve Sexton to learn more about the show and how to become a guest or sponsor visit saving with Steve. Us that saving with Steve. Us join us again next time as we continue to talk about everything under the sun that relates to you having a healthier happier relationship with money this has been the save with Steve show hosted by Steve Sexton<br>