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Saving with Steve
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Guests, David Nour and John Smallwood

Saving with Steve with Steve Sexton

Guests, David Nour and John Smallwood

Saving with Steve

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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.

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Weekly Show
BBS Station 1
Tuesday
Starts
6:00 pm CT
Ends
6:55 pm CT
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 it welcome to the saving Willis TV show where we talked about the ins-and-outs of money pretty much everything under the sun that relates to you having a happier or healthier relationship with money my name is Steve sex and I want to thank you for joining us want to thank you for sharing with your friends and your family and Associates are viewership is our lives
it is well over half a million and we appreciate that today some interesting stuff remember the company Basecamp they implemented some new regulations regarding doing away with paternalistic Benefits among other changes the co even blog post about it causing tons of turmoil the move that Basecamp did was supposing tended remove distractions in the office with a goal of this evening to house from topic that can divert the focus of the company the decision cost 5 per cent of the employees to leave the company immediately the company offered very separate packages to any who disagree with the stance resulting and another third of the company accepting these buyouts crypto-currency company coinbase made a similar decision earlier this year sensitivities are now at an all-time high these days and the country story is only wrecking more havoc on social plant
the discussion this decision have blown up Twitter unbelievably we have David nor author / vendors with us to discuss how the workplace has Wilding along with America's current suicidal climbing it'll be an interesting discussion you want to stick around for that one of your financial blind spot I'll be talking to you about that that's something you don't want to miss cuz you never know when that boy was going to get you so it's really important to understand what could be a blind spot and how to deal with it one of things is this no one's immune to risk now or in the future the key to managing risk is in financial planning is to figure out what can be reduce offloaded to the third party would strategies designed to protect you and your future in 2020, does anything it's at risk change and uncertainty are inevitable so how can you take greater control the risks associated with her financial planning we have wealth manager Financial expert John Smallwood to help us
specials going to go on hey what's going to happen you're next in 2021 so John welcome to the show thank you for having me to be here today I'm glad you here as well because the boys and you can impart to our guest cuz we're all about the ins-and-outs of money is significant now just so everybody knows John's acfp he's a senior wealth advisor it smaller wealth management provides investment Consulting and financial plan design for corporate Executives and entrepreneurs and professional he's an author of it it's your wallet keep it the definitive guide to Growing protecting enjoying and passing on your well had a previous book which I've actually read called five ways your wealth is under attack which I thought was a wonderful book so John again welcome to the show thank you know it just write a report and it was by the Federal Reserve that indicated 56% of people over the age of 45
we're not comfortable with the amount of retirement savings that they actually have them feel like they might not be on track for retirement and you probably heard that you're probably deal with people all day that that right that's a hundred percent right thing when I came into the business in the late eighties early nineties and it was called a hundred Man story and it was out of a hundred people that enter the workforce how many people are actually successful when they hit retirement meaning you don't have enough money to sustain the current level of why found it's less than 1% so the majority of people are living on Social Security as their primary and only source of income with some secondary work or relying on family members that's what the study revealed they recently updated like two years ago I was shocked that the results were just as bad as they were when I start it
crazy
all this technology all this news stations in a podcast in radio and internet searches and we saw the same results that's the problem is just too many people thinking they could do it tomorrow and they procrastinate they take on too much Dad those are all there be talk about 1980 when you first came into the business a little bit about your story so people get to know you so 90 90 90 90 90 90 so what was interesting is I have this if I had this passion foreboding and I was working in the boat industry in the late 80s and I was selling both and I really loved it and when they introduced an excise tax the luxury-tax right and it destroyed an estimated that whole Market meanwhile I'm at Bentley and I'm accounting major I realize I don't like accounting so I go economics and finance and I get into the financial services business
business forever the last thing on my mind at that moment that's where I wanted to go and what I realized is after the Boating industry I had some bad experiences with the people that I work for Pat of the invoices and you know we worked on spread between cross the boat and what we sold it for and we need the I didn't get the commission's I'm supposed to get I was down on that the market was down my major which was an economics finance major out of Bentley everybody was getting a job at some of the big mutual fund companies doing the mutual fund accounting that's really not a good thing for me September before I graduate
I got license in the Life Insurance business because that was the quickest thing that you could do with in the Tiger in the series 7 would take too long to Summer would be consumed and I ended up working in selling and I did very very well with it and I ended up going through all these different job opportunities and I thought to myself being self-employed being in my own business being are joining my father and figuring out how to work together with your family member would be in my best interest because I would control my Alchemy control what I'm doing 31 years later you realize all the pitfalls of all those things but what I realized is it took my passion for economics and finance and that allowed me to apply it to personal planning so what became very rewarding if I can get somebody on track who are 45 years old not happy with where they are with their savings and they know they're knocking
have enough money and what what it began was this process of getting people to do the right things cuz if you do the right things
a success becomes more probable is not going to happen every single time but if you doing the right thing it's the odds of success become much greater and that's what what we realize it is it's not about rate of return sign about performance is not about the miracle product that the financial industry wants to push on you that this is going to save everything is going to be the best thing you've seen all the marketing right but it's not about that it's about having a full balance and the full principles and doing like the most important thing that everybody can do is save money and the right percentage like when you look at what the population actually saves
it's a very small percentage of their income and they're expecting that that little bit of money is going to get high rates of return that's going to be their savior right yeah in my book and it's it's your well keep it in the book I have a whole chapter chapter 3 is dedicated on the mindset of the savings rate and what happens is that person who under saves there for over Spence right make the same amount of income and I say 15% and you say 5
there's 10% spread then that money is going into spending is not going to savings right so therefore you're going to accumulate less money assuming our returns are the same and when you get to retirement withdrawal rates going to be bigger and now you're probably running out of money is exponentially greater than the person who save more oh my God the furnace breaks the kids need Sports and I got to go to hockey Camp got to go to the crew Camp got to go to yoga for kids you know like how did we get here and it's all this financial pressure that we talked about it's coming at it from different spots and that's that's why people aren't getting mean
wife is getting in the way for so many people they're going to pay themselves later if I don't pay my chauffeur which is an old wives tale right for yourself first is never going to be enough money left over at the end of the month in the checkbook to put it to put aside people become victims to their to their budget
I actually read that I see that all the time and one of the reasons why the shows about the ins-and-outs of money so people can learn the questions they need to ask to make prudent inform financial decisions that will impact the quality we like the type of people you like you were here how does somebody go about creating a plan many ways to get that done so you can read a book and you can follow what the book says you can talk to your parents talk to your neighbor you can hire a financial planner certified one you can hire an investment advisor this film anyways to get a plan done right there's no one way to get that done but I think what's really important right is
there's fundamental principles that need to happen in the plan meaning
a good plan is going to focus on saving
it's going to focus on where to put that money so that you have tax efficiency right and that good plan is simultaneously going to work on protecting the assets meaning for my disability perspective from a long-term care perspective from a creditor proofing at perspective from ownership and maximum back protection needs to be Maxim at the same time and what I find is people will do one thing and they forget everything else right so to get started you really need to take a approach that is what I like to call macro meaning I have to have all those things going on at the same time maximum protection and maximum savings and putting it in the right places with the right focus in the right idea
and it really what I find is you probably have experienced this where you read a book and you can go start to start implementing pieces of it a couple weeks go by months go by and then you know you're back to your old habits or the diet book where you can lose your 20 pounds in 3 months later you're back up 25 right if you hire a coach to help you with your diet plan or a trainer or somebody that's motivated to help you do that usually the results are better right aligning yourself with a really good financial advisor who wants to grow with you okay meaning
you may not have that much money today but we're going to build a relationship over the next twenty years until you know using your 45 year old person going to 65 let's build that well together and let's on a regular basis let's go through all the core principles how's the well-protected how how how is The Miz the savings are the ratios right in the plan and you're constantly updating the fundamental principles in the plant and if you do that
can you check in on a regular basis and you hold yourself accountable for the goals I think that's how you make a plant right yep Andy and you don't fall victim to go get rich slow scheme to get rich fast these I'm kidding but you know it's not bad in the bubbles and all the stuff that happens is it's a portion of your money find it if you want to go chase it but if you don't have the Flawless Foundation that right for the location like you know building a house is a very interesting example today right cuz people the housing market on fire everywhere except Manhattan okay so when you look at it when there's many different ways to build the foundation and there's no one best way to do the foundation it depends upon where you're going to do the house right on the ocean and it's going to be
you need to stop right and it needs to be a certain height to go but on a side of a mountain that's completely different world that Foundation has to be based upon their family circumstances I'm 53 years old I'm married I have four kids that are 25 216 it's different when I'm doing now then when they were one like everything has changed and that's the thing that people have this tendency to think about is once I do it I said it and I kind of forget that decision and that's what causes the problem for so many people is that I think I have that I think I took care of that people will come to me and they say if something happens to me to send my spouse to you when I be like before something happens to let's make sure that when your spouse comes to me everything is good you know how many people are creating their own blind
spot I not consistently taking a look at it and making small little adjustments were just reviewing it to make sure it's right you think about it it's so easy to get stuck in its summer time or two when I go out and play golf or going to play tennis cuz it's beautiful going to go hiking and biking in the last thing you want to do is dedicate time to your financial plan and then you're working you know a 10 hours today and commuting doing on this thing you don't have time to focus on these things but I think it's the tool that you have that you like you have to realize that if my income is increasing things in my plan need to change my if my income is decreasing things have gone I'm going to ask you to hold your thought we're going to have to take a break real quick they were going to be right back with more John Smallwood talking about financial planning proper follow up all sorts of good stuff stick with this will be right back more expert advice for having a happier relationship
ship with money still to come I'm the saving with Steve show
did you know the average American has 97 points they could add to their credit score but no idea how to get them the data scientist has scoremaster crack the code on how adding 97 points to your credit score is like found money it means fast loan approved huge discount and low interest rates and everything from buying or refinancing a home to leasing a new car to applying for a credit card how fast is scoremaster one member raise his credit score 33 points in just five days another 43 points in a couple weeks scoremaster is so easy it takes about a minute to get started if you hurry you can get to try scoremaster for free that's right scoremaster for free and see how many plus points you can add your credit score go to score master.com saving that score master.com savings again that's score master.com savings welcome
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 thank you for tuning in to appreciate you letting your friends and family members know about the show all replays are available at standing with Steve. You asked if you're enjoying the stories of helpful information inside and saving with Steve and I encourage you described your YouTube channel so you never missed a show check out a few of her a few at the UK Health radio CBS radio radio USA e360 TV Las Vegas TV network all these networks are dedicated to empowering you to solve problems uplift your spirit and live a life of personal and Financial Freedom and you can follow us on Facebook and join the saving with Steve sex and Facebook page as well as get instant replays exclusive access to her after the show videos guest gifts and more so John welcome back to the show where we talking about some financial planning here we talked about people starting late is it too late to make changes
never ever
when you think about it let's just say that I'm 60 and I make $300,000 a year and the plan that I've implemented for me to spend is going to be $70,000 so I need to tell the truth about where I am right that's really with the big things except the fact that I'm I'm earning 3 and the plan that I built the seven but I still have time to work
okay so do I want to have the abrupt stop go from 300 to 70 or do I want to slowly change the way I'm doing and I need to do a major overhaul of where I am right now right so you do wait a complete full-blown you know analysis of every dollar that goes through the plan and you figure out okay I'm going to change my lifestyle which is usually the biggest problem for most people or the leaks that are going on if punzel if you can talk about that later right finance charges what kind of crap right and that's the idea is that if I can say I'm still going to make $300,000 a year but in my mind I'm going to fool myself that I only make $100 an hour I can put away
all that excess net after-tax money and start saving it so that my 70s coming up over time so if I can get the 67 or 78 working and I can put away this extra money for the next 10 years or 5 years or 7 years now my drop off is not going to be as far and I'm going to feel a lot better about where I am situation I can people get really depressed about this by people getting really really upset about you know I didn't do it I thought I was going to have time and it's the reality is certain habits need to change because those habits that you have had taken you to the destination you are now a lot of times stuff just happens right your business owners drawdowns are no traitors they lose money covid perfect example of that business owners have had some significant losses other one that had significant Twin Falls far greater than what they thought
they were ever going to be the jury still out on how we come out of this thing but to me it's that realization of I'm here and my timeline is now short cuz I remember like sitting 22 years old I got my HP 12C calculator and the compounding chain is decreasing the time to get stuff done is really there to do I want to take a ton of risk right now or do I want to be more secure and where I'm putting money so I can pump more money into savings
and I can accumulate it in a way that is you no more secure but yet has some growth potential in it then the probability of me retiring away I want to retire is going to be better and I'm sustainable you know that's the key is really understanding where you are and assessing it and telling the truth then fixing it could be 75 and retired for 10 years and you're on a trajectory of spending down your money and your kind of ignoring it right that's what I see how about I'll worry about it later. I was worried about it right now let's fix the problem the problem was in the budget it's not in you know the money that you have or maybe it is in the money that you have but you know I'm saying like we have to we have to tell the truth about where you are and make really good steps I was just thinking the last thing you want to do is walking the doctor when you're 85 years but you don't have that much money left in a fun place to be
joke in the industry is full you going to spend your last dime and then die but what if you live it every 5 years that you can't predict the outcome right you don't know when it's a half I remember early on in my career I encountered is very large client and he said this financial advisor did this plan for me take a look at it and yeah I think it's a good plan and we're falling on the planet
you really should run out of money at age 85 in this plan he was what got you running out of money the plan has you $0 at age 85 to hit the lifestyle that you want to hit the trail.
I guess that's not a good plan I hope we shouldn't be a hundred plus or minus cuz we don't know which way it's going to go see my mom is like 96 years old by the time this is back you know 30 years ago 30 year 28 years ago and he's like oh my God this I had no idea that wasn't disclosed to me in like
people aren't even paying attention to some of the stuff that you're doing because they're so focused on their business and then when you're rework the plan if you run out of money at age 85 me Live 205 the last 20 years was no line on your kid and your kids are pissed at you now all you need your kids this afternoon when you passed the last 20 years of your life has a new meaning ashes to ashes intention of
fixing in in constantly adjusting and adapting to where you are if income goes up you should go up correspondingly income goes down what do we need to meet up with your temporary or it's going to be long do you know a lot of people get downsized out of jobs in their late 50s thinking they've got another 10 years at that high in come up and the reality is they never seem to recover because they're still living in the past of where they were and I feeling is you can't change where you are you can't change we are you can change where you're going and that's the key change where your gum so the key here is what you're saying is if you have a plan it needs to be reviewed and adjusted almost every quarter six months every year at least once a year to make sure you're on path to get to where you want to go and people put plans in place just like you said with the diets and all the fads and everything I'm going to bed it's the same when it comes to finances
people don't like to do the hardest part of that plan and that might be reducing expenses moving forward will save some stuff but they won't reduce expenses which means they won't put themselves in a position to have that dream retirement that they're looking for yeah I mean I do this thing with new client or their existing client that we gather all the income sources say okay what did you eat what did you earn for the year dividend interest rental income earned income phone is his salary take your savings rate where you know you actually save money for only a permanent Insurance savings accounts stock brokerage accounts with money that you can see that went in there that didn't come back out right like a lot of a lot of people put money in savings account but then the money comes back out during the year, expenditure on savings that's just put money aside so he's not in the checkbook right it's the money that sticks in the savings account if you take the income minus to saving my taxes
minus the principal interest taxes and maybe homeowners association fee or something like that on your house any debt payments that you have any insurance cost that you have Okay add up all those insurance cost and what's left over is the life stop and then if you do the math right and you say if I make $100 and I put away ten thousand 20 thousand in taxes and there's 50,000 going out for the lifestyle and we're not spending that much money in the savings account not in the 401K people leave and get angry go home I could get some kind of budget to get somebody to track your finances you're not tracking your finances may come back later I'm so embarrassed I had no idea that we were spending as much money as we were good people say arbitrarily all I need $5,000 a month
to retire
a lot of financial advisers will build a $5,000 month plan with the client needs 7 at plans destined for failure with the rest of 2021 looks like up down left right a tax law changes lots of changes lots of things to scratch your head about global volatility you do mask and opening and shutting and closing like I just what I realize I can't predict how the end of the day is going to go so far has the end of the year but here's my expectation we're going to see some tax law changes that are going to have an impact in a lot of ways we're going to see the opening of the country that's going to have some starts and stop because you're going to have some issue with that we're seeing large infrastructure Bill trying to get past either going to get pass or some different version of that's going to get past we just saw something very interesting with that pipeline shut
turn on the East Coast right that was very interesting and very revealing that we can be hacked in numerous ways right so I think the threats of that are going to be high not going to test our resolve to push through these things okay from a marketing standpoint price-to-earnings ratios are an assist Oracle high right so I would expect a lot of volatility but with the amount of money that's getting pushed into the economy that you would expect the market be up but you're seeing a lot of pressure to pull this Market down for a lot of reasons I would expect that we would see a lot of volatility I don't know if it actually comes down but I packed a lot of volatility in interest rates I think interest rates went up way too quick because there was no movement on the FED it was just supplied to me and I would think you would start to see that back off again and get back into the you know 1.3% range on the 10-year treasury I've been predicting interest rates going to rise for about 13
years and I've been dead wrong So eventually it should happen but I I don't think we're ready for Rising interest rates for a lot of Reason in the economy and I want to thank you for joining us today hey if somebody wants to get ahold of you how do they do that visit the Smallwood wealth.com or 732-542-1565 is the office they can go to our website at Smallwood wealth.com we have a unbelievable Manager Tools podcast we have some free guy that you can download you can link to the book at Amazon and buy the book it's it's your well keep it we had Amazon best seller for about 2 minutes back in December to get to say we were bestsellers in retirement which is great but it's only about two minutes but I'll take it and you can write on our website you can schedule a you do free no obligation conversation or having a happier relationship with money still to come on the saving with Steve show
don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where to be talking about the in an ounce of money does 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 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 in to the saving with Steve show join me Steve sex and out of 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. Us will see you soon
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 they welcome back to the show this is Steve texted that was John Smallwood wasn't he just outstanding great financial information right now I'm going to be talking to you on what are your financial blind spots this is really important. How much money have the cover your bills is just a start but it's not enough to create financial literacy to provide a long-term security most of them eventually wonder what else should we be doing
and whether what we don't know could hurt us when you have a blind spot you don't realize until something Blindside you the key is learning the questions you need to ask in order to make prudent for financial decisions that impact the quality of your life first of all you want to look at it dinna find the Gap you could do this through self-assessment you can go to online quizzes at the Financial Health Network or as well as personal financial books you can go to websites can help you shine a light on what you don't know there's five things that you probably want to look at that really determine how well somebody is managing money one first two habits are saving and investing bottom-line their crucial to good money manager knowing how credit work having a plan to build wealth in paying off Dad and last but not least know it passive income is and how to create it if anything on this list is unfamiliar to you
that suggests a good starting point there are plenty of resources that you can just Google a way to find them now the key here is to nail the basics then keep learning before it gets little too complex you just want to start with saving as an essential habit budgeting if you don't have a floral budget you can go to Google and create one planning for emergencies you can't prevent unexpected expenses but an emergency fund excellent credit Insurance are all of those can help keep you from devastating your finances next protect your money and assets to credit yours how check your credit score and Report lenders and potential landlords or employers may see those so smart to know what's on there in addition a big swing in your credit score or an account on your credit report you don't realize the couch suggest identity theft
you can check your credit report once here by going to a nunnery creditcard.com many personal finance side your credit card issues provide access to a free credit report you want to make sure your practice good safe social media I'm going to say cyber hygiene to lack of a better word that means avoiding public Wi-Fi didn't care about what you post on social media not opening email Jacksonville link your weren't expecting and using strong password and you might even consider freezing your credit so you could see if somebody's going to add credit to you as well if your parent for your true roots and it reduces the likelihood that you'll become a victim of identity theft setting alerts on your credit card accounts can also let you know when they're being used learn to recognize scams you at scammers they try to create this sense of urgency
I'll let you pay first and think later they know how to make phone calls emails to text communication steamer real pause before acting independently confirm the contact information initiate communication yourself remember that no one legitimate ask for payment be a gift card or prepaid debit card they set goals for yourself and remember those are your goals their individual gold one of the most critical lessons to learn is to stay focused on your knee not with someone who doesn't know you your goals or your life is saying consider working with a financial advisor a financial Coach K to help identify your own goals and the path you want to take this say
aboite overconfidence we see this all the time if you had some success investing in a bull market or an upmarket okay great you might not be in investing genus be back from a financial advisor may help you decide whether you're smart or just darn lucky if your parent help your children become financially literate
helping children see how money is relevant is important let them see how you make financial decisions then let them make a few of their own let him make some mistakes in the control mom or dad the more financially literate are the better off they will be when it comes to their finances and their retirement one of things I want to say here is this you don't need to be a financial encyclopedia you don't need to be walk around going to classes all the time there are things you may never need to know or that you can learn when they become relevant or you need to know examples Financial consequences a big Life Changes such as a marriage divorce Parenthood or death of a spouse refinancing a mortgage when you get a renter by saving for college rmd one of the big things I can say right now is this you don't want to wait
well no one wants to make a mistake the costliest ones may be waiting until you have extra money or feel more confident about financial decision the sooner you start saving and investing the more compound interest you can grow your wealth big thing here is as people don't understand the time value of money every day you postpone is another day you will have to work okay so think about this get yourself slowly but surely educated do things in your time span okay so that's very very important now this segment was brought to us by score master.com did you know the average American as 97.3 add to their credit score but have no idea how to get them the data scientist has scoremaster crack the code on how adding 97 point Sears credit card is like found money
it means fast loan approvals huge discounts low interest rates at everything from buying or refinancing home the leasing a new car to applying for credit card how fast is scoremaster one member raise his credit score 33 points and five days another 43 points in a couple weeks scoremaster so easy takes about a minute to get started if you hurry you got to try score bastard for free that's right scoremaster free see how many plus points you can add your credit score go to score master.com savings that score master.com savings again that score master.com saving again I want to thank score master.com for sponsoring the show and this segment next we have David War we could have talked about the employment situation how it's changing how societies change and the impact of come through this just a few things that have happened in the marketplace in the things that sea
Leo's are doing try to take the politics and the social out of their business and it's costing him some good employees to stick with his work and be right back more expert advice for having a happier relationship with money still to come on the saving with Steve show
did you know the average American has 97 points they could add to their credit score but no idea how to get them the data scientist has scoremaster crack the code on how adding 97 points to your credit score is like found money it means fast loan approved huge discount and low interest rates and everything from buying or refinancing a home to leasing a new car to applying for a credit card how fast is scoremaster one member raise his credit score 33 points in just five days another 43 points in a couple weeks scoremaster is so easy it takes about a minute to get started if you hurry you can get to try scoremaster for free that's right scoremaster for free and see how many plus points you can add your credit score go to score master.com saving that score master.com savings again that's score master.com savings
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 the show we had John Smallwood talking about everything from would expect to happen in 2021 you had to create a plan then it's not too late we also talked about financial blind spots I just want to say this one more time you have that company Basecamp great company but what they did is they implemented new regulations doing away with paternalistic Benefits among other changes and the CEO and blog posting about it cause a whole bunch of turmoil right at the beginning I personally company left and then they created a severance for everybody who didn't agree with the new program in 1/3 of the company left basically their whole goal is to company which most companies goals are to make sure people are focusing on the company's Mission but it didn't work out that way and then we have coinbase
something similar in all this is creating such a storm on Twitter social media and it's wreaking havoc in a lot of companies are trying to figure out what's going on this is the reason why we had the ignore hear David said advisor for Fortune 500 Executives he's a professor at Emory University usually featuring The Wall Street Journal New York Times he's got a 11 bucks is new book called curved mattresses at we'll talk a little bit about that David I want to thank you for joining the show is Steve it's good to be with you thanks for having me. I appreciate that. You share a little bit of your history with our guests so they get to know you a little bit before we get into the content happy to I'm a first-generation immigrant I can't see your ass May 23rd 1981 so little late coming up on 40th anniversary of Thunder country and Steve I came with a hundred bucks a suitcase I didn't know anybody and didn't speak a word of English I literally landed at JFK with a bad round my neck but this
kid on a Eastern Airline flight to Atlanta and by the way he doesn't speak a word of English mom and dad are retired teachers they still live back in here on I came and live with an aunt and uncle that I hadn't seen since first in order for me to stay here Mom and Dad gave me up for adoption and an uncle adopted me I finished high school here I got my Eagle Scout here and I got to tell you I feel blessed I'm I'm living the American dream every day because I got an undergrad degree when I got a graduate degrees than early part of my career and Technology sales and Sales Management and then subsequent to the grad school when the Consulting and private Equity route after the last 19 years I've had my own practice is your kind of mention working with pedometer and large Enterprises on really Innovative group on how do they leverage strategic relationships to accelerate and fuel that grow
and the base camp in the coinbase you're you're you're talking about his exact example of one of the biggest relationships most leaders and organizations neglect which is Steve there intra-company relationship with customers and analysts and partners and distribution and outside the place if it's dysfunctional on the inside everybody sees it and when you have decent areas blow up it's just a sign of that dysfunctional internal relationships whenever I decide to myself while inside the company they have their own cancel culture this is nuts now it's woke and is cancel culture and its it is a real challenge for every leader you know I want the best employees I can attract but you know what was in Poison of opinion and then
have ideologies and they're going to have values and by the way they have a freedom of speech are you really going to try to block that or say at the gates of the door. We can't have that because that's exactly what's going to happen as you seen what some music that is companies are the same token the struggle the real friction is lot of my clients are p&l Executives feel responsible for building products and services and serving the customers to create such an environment such a divisive environment inside your company that regrettably we've had in our political environment when do we actually get any work done when do we actually take care of customers when do you actually generate Revenue here's an interesting thing though when I first started in the corporate world way back when it was one of those things where you know you
give advice but you really didn't give an opinion we specially on the political are all the other stuff and you work really hard and you did with the boss says cuz it was an entirely different environment for most baby boomers out there and the tail end of the Baby Boomers but you know it's like wow it's entirely different because now you got Millennials gen xers genzies and all that stuff and they have a different idea about life and the feeling we're used to be all about the company and all that stuff now it it's it's one of those things were they want something that has a social ties to it and if you're no longer hearing to that social cause they just might jump ship they might be your your best employee you are exactly right that's what I said is that evolution of the way we leave because when you and I went to work we didn't bring politics or ideology we did the job and we got a paycheck and always felt like we're lucky to have that job so you're right now
what we're seeing is it an errand friction conflict theme some ways head-on collision between an individual's personal values and it's not right or wrong it's just things that they deeply believed in things causes that they care about in direct conflict sometimes with the organizations they work for and what happens is the resignations come from those misaligned values so then as I explored that my seat and Kris Ali more examples of it I'm always thinking so what's the answer what's the solution here and I think it's really incumbent on both sides so I'm going to date myself I grew up in the Ronald Reagan Tip O'Neill days and the audience right against conservative very much I got a liberal speaker of the house they may have nothing like each other but they got things done through civil disc
and they found common ground and there was just a lot of going to give intake and they found a way to work together again it's very easy for all of us to blame our more recent political climate this is not a political statement but when you got a decisive culture and Society rightfully so do those beliefs right wrong and different are going to spill into work so I think employees as you're interviewing for a job you need to understand what your values are and you better start asking some really good questions that interview process of what does the company believed in conversely about most of my clients are 50/50 split right some believe they should absolutely take a stand on these social causes and Injustice has that they perceived are going on their society others are listen. That that's nothing we can control and the political climate didn't believe should guide their value
but the key is both sides have to do a better job on trying to align their personal and organizational purpose values the think they believe he David stick right there for second going to take a little break everybody we have David nor sharing some Pearls of Wisdom to understand was actually happening in the workplace right now and how people need some more for little bit to stick with a more expert advice for having a happier relationship with money still to come on the saving with Steve show
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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 the room where we talked about the ins-and-outs of money and we're talking with David nor were talking about what's happening in the workplace in American society here today we've been talking about how the workplace is currently involved how can Business Leaders manage need to insulate their organizations from this controversy what do they need to do when you're talked about the employees got to be doing some as soon as management the leadership team as a CEO or or or functional leaders are business owners whatever leadership position you're in you cannot my biggest coaching advice as you cannot lead any political climate any political agenda drive your values right you have to have your own values and things you believe in and things that you going to eat here too and my strong suggestion
for Five Pillars if you will of values that are the Bedrock of the organization you trying to build and if you are open and public and those values are crystal clear and by the way Steve they just can't be lip service it cannot be bounced a check off you have to live those values as you have to just like your brat you have to show up as a matter of a deeply believe in that corner office that corner office has fundamentally two jobs and two jobs only one is brand
what's a promise to the market where we deliver our products or services are value to the market is our brand the second one the second one is the talent we tracked we retain we develop that delivers that Brad delivers that brand value since the corner office focus on those two things your core values becomes part of culture and are often remind leaders your culture is really a combination of behaviors you willing to tolerate
that's right if you model the right behaviors you should have that expectations from everybody if you're not modeling at we've got different issues but you have to also what what are the behaviors you willing to tolerate and I think those who have those values articulate those values and higher against those values if you do that you have a much better chance of getting that the lineman between the employees not just for the skills and competencies but also their values wow we're looking to hire people that have similar values to us and what we're going to do is we're going to promote those values weather to be advertising for our recruiting somebody how we live we are not going to have if we talk about Equity inclusivity we're going to have a multiple different people from different backgrounds as part of our board part of their management team to give that diversity we're probably going to have different age people there to make that work
somebody wants an environment and its you see it on the sleeve so to speak you'll track those people
you're exactly right and and by the way if you have those values let's just say integrity
Equity right and you don't leave those what you're demonstrating clear and loud is hypocrisy wall art fights have you seen organizational mission and vision and values on the wall but then that's not what you experience and if you think of that employee experience is really culmination of the observation is combination of what they go through in their employment Journey over some period of time and if I continue to see misalignment between the things you say we value our people do you really or do you in first time yet you do a a friction point of friction comes up your sweeping it under the rug and again that's what you see the base camp or coinbase type just Mass migration of of the talent is just like this is no longer a place
I want to align my values my capabilities my competencies my personal brand with this company yeah it's it's no longer the promised land they thought it was thought that's really a very interesting so now let's take a look at this from the person that wants to come into the company what would be the vision that person would want to oatmeal you know obviously don't have rose-colored glasses but you want to say okay I'm coming in here what kind of questions should I be asking what should I be thinking if I'm looking to evaluate this company or talking to those people as I'm interviewing to see if it be the right fit for me unequivocally I tell every candidate regardless of whether you're in the spring of your career or in the fall of your career in any interview process you're interviewing down as much as they're interviewing you so first and foremost what kind of due diligence have you done the whole platter of glass door two is a whole bunch of other website
but I can go find out what's the perception what's the input from current and other employees about the company about the leadership about individual leaders there are Now comments about specific CEOs of companies great that person is not somebody you want to work for and if you do that level of due diligence then you shouldn't be surprised when you do go in when you accept a job and that's exactly the toxic environment that you walked into ride what what did you expect did you think all those people were mistaken or lying what would you think it was going to happen so extensive due diligence Steve I often try to find
not just current current employees would be great but former employees how do you find former employees LinkedIn okay I can't get on LinkedIn and I can search for more company was and I can search former title what I'm applying for a manager of customer service I can find former customer service people at that company and I reach out to them with a message I'm exploring a role in this company I understand you were there would you be kind enough to just spend a few minutes and tell me about your experience I'm not hunting for just the negative I want to walk in with my eyes wide open I want to walk into really understand what am I walking too because by the way in that dating. Nobody says word awful place to work we don't we don't want we don't want to attract at all good we're not going to communicate where I got to talk to you nobody does that if you don't
diligence you accept the job it looks Rosie looks great sounds great you show up typically within the first 6 months you're asking yourself what the heck did I get myself into I think we all been there and I think that's great that's great advice for anybody who you know I have a son who is graduating from college engineering and all that and you can be looking for a job and his goal is to eventually sell himself and I think this is great wisdom for anybody walking into the workforce is to do your homework to the last thing you want to do is be in a position where you need to get out in 6 months obviously doesn't look good on a resume you want to do that due diligence I appreciate you saying that absolute ban and again it's as good for your son and my daughter would get on the spring of their careers but I'm also coaching a senior executive at a globally recognized brand that Steve after 18 months he's figured out he's the wrong person
in the wrong role in the wrong company
oh wow so it happens and this is a ivy league graduate right with with a baby boomer who's been very successful and the company pursue them and 80 months later he figures out use the wrong person in the wrong role in the wrong company and I've always said relationships go bad with misaligned expect a yes you said we were going to do this this is what I experienced the Gap is what we have a problem so if you work that much harder to align and then recalibrate those expectation you have less of a chance of things blowing up so that's another thing to think about is how can I arrive are we on the same page or we help me understand right I think if you do more of that less of a chance of things going sideways hey David we have about 45 seconds left of her time could you tell us about your book or vendors sure it's it's at the end
section of future of work so how will work live play and give and the role of strategic relationships in really creating a profound impact in our lives so in that growth Journey certain relationships come into our lives that change both our Direction and destination and I called those relationships curve Benders that's wonderful hey if somebody wants to reach out to you for your coaching Services how do they get ahold of you the best place that website just nor group Nour group.com I would also encourage your audience if you go to North group.com Forum that a private online Forum I'm there every day we're about twenty-five hundred people there and we talked about a lot of these types of ideas so come join us
thank you I actually I will David thank you for joining us it's been wonderful having you I'll even look forward to having you again in the future so be safe be healthy and we'll see you next time. Thank you bye bye 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's 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 saving with Steve show hosted by Steve Sexton