Financial Intelligence with Patrick McAndrew
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Conversation with Pat and Vito about life, money, savings, and relationships. Financial Intelligence is a program where service professionals break down silos, and talk amongst each other to ask questions that some of our clients don't know to ask. No sales pitches, just stories, fun, and education.
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Transcript
Hey, welcome back to financial intelligence today. We're talking with Patrick McAndrew a financial planner, an army veteran, an army reservist, and an around great guy. Patrick, welcome. Thank you very much. I'm excited to be here and I'm glad my bribe for that introduction. Anytime I try to open up a little bit.
Yeah, no, that's great. I gotta figure out how to live up to any of that. Yeah. Patrick, you and I go back, what, seven or eight years now, right? About, yeah? Yeah, man, time's flying. Wild. Yeah, when I met you I was single, no kids, and now I'm not single, and a lot of kids. You sucked a Brady Bunch. It feels that way sometimes, man.
Wait. Didn't you say you want eight kids? I wish I would have started earlier, but I would still want them. It's just I don't know how many more I want now. I want at least one more. If I could have two more, it would be great. I just know that the missus is like, Oof, this is getting challenging in her now getting to mid-thirties.
And I'm 44, and so if we had two, three more, it's I'm going to be such a grandpa at the high school graduation. You know what I mean? It's, definitely a thing, right? I started off a lot later and my kids are my kid, my son, and it will be 21 this year. My girls will be 17 this year and I will be 55.
So yeah, I'm like doing everything I can to not have a cane, walk around with a cane, right? I do, I exercise every day and I'm in pretty decent shape. But the one thing I could tell you is my, when my mom And my aunt were talking to me when we were kids, they're like, don't have kids until you're older, go and enjoy the world, be selfish and, travel the world.
And I'm like, okay, so that's what I did. And I didn't have my first kid until I was close to 35. And I think you'll notice this you probably already do notice this, right? There, it's hard for you to keep up with them a little bit. I know
my two-year-old, he has the most amazing energy. So he took the bubble world this whole like little ex-exhibit they put together out here somewhere. And you go into different rooms. They had like different displays. Anyways, one room was like a swimming pool size. Like an Olympic size swimming pool with a little, bunch of little balls like, a fun house kind of little balls jump in.
Man he, saw that he lost his mind, put him down and he just took off and he had one speed for about an hour and 20 minutes. I couldn't believe it. I'd never seen him that active, that excited, laughing the whole time. I was right with them up until about, I think about the 40-minute mark. I was like, okay, I'm sitting down, man.
You have that experience. And I was watching him just going berserk near death, probably 10 times. So yeah, I kept just checking for sure. You're, much better shaped than I was. I'll tell you. I remember running around and we had a place called the jungle at the time. It was this thing where it had a little little hamster mazes and little obstacles.
And yeah. I remember being there and I was so exhausted. I'm just I just had to sit down with my mom at the time, 20 years younger, right? She's running around with my kid and this is before we had the twins. And I tell you, and it's, always been this thing where we're, we've always, I've always been a little more resistant to full-time engagement, right?
Like I'll run with the kid. We'll do a little sprint and then my ego takes over. Yeah, And then I win and then I realize I really shouldn't have done that. And I'll limp around because I pulled the muscles somewhere. Oh. Yeah. I think the one big thing, the only real huge advantage that I feel I have being a dad at 44 all my friends that I grew up with.
and whatnot all started knocking it out in high school, some of them in their early 20s are that I'm very clear about the passing of time and I'm just way more present than I ever would have been in my 20s, even some of my 30s. And so I'm with them. I am with them. I am very present. I just know it's just so temporary.
It's just I already missed who they were yesterday. And so, that's that is one thing that I can say that's a super or a huge advantage of being. My 40s, although I would have loved to have got it done. I gotta say I do spend a lot more time with my kids now, quality time that they're older.
My, on Sunday I went to the beach with, one of my daughters, the other one. didn't want to go. And we just, we spent, it was a good quality, six, seven hours. And we talked, she mostly talked and we, I listened and we walked the dogs and we had lunch. We went to books and we did all these different things.
And it's one of those things. It's one of those cherished memories that I'll remember until I can't remember things anymore. What what's the line from Unforgiven, one of my favorite lines from Clint Eastwood goes we all got it coming kid. Eventually. It's very true. It's very true. Patrick, you were going to, you were telling me a story about your army day cameras.
Yeah. I want you to share that with us. I first joined as a light wheel mechanic. And then at some point, I was only doing that for just a little bit. And then I quickly wanted to change and I got asked to go do this. What's called a combat cameraman course. 25 Victor was what the MOS was called. I think it's still called.
And so you, the army is the only one that does this course where you do videography and still photography. It's a joint school. So everybody's there, Marines, Navy. Everybody's there. Coast Guard's even there at the schoolhouse. They do all the information jobs there. I like what you said, even Coast Guard's there.
Even Coast Guard
there. Yeah. No offense to our Coastie brothers. Yeah. And they do all, these information-related jobs or careers there. Like broadcasting writing. illustrators all of it there and the videography course. And it's a, so the army is the only one where you do both the rest of the service.
They only do, they do one or the other. It's either still photography or videography. So 23 and I was there for, I left the schoolhouse for like 10 months to 10-month long school if you're doing both. And it was great. I had never gone away to college. This is probably the closest I have ever gotten to that, where I was just, my sole responsibility every day was to wake up and make it to class.
Outside of that, we did what soldiers who were already enlisted and already went to basic and already were not initial entry, we don't have those restrictions. And it was a blast and it was great And I got to learn how to do that stuff my first deployment to Afghanistan was in that role in 2002 3 So it's very early on and I got to do some really neat things out there.
That's really cool Do you have any you did you get to keep any of the footage? Yeah, you know I have some of it. I have some of it, on the cd that's probably check and see if that stuff's still holding up because it'll probably start starting to Yeah, you should at least send it over put it over on your personal account on YouTube, and save it just because it's an extra place to keep it.
Actually, I have a friend, an army dog friend, sorry. He was MP and he actually did a couple of different documentaries. He did a documentary on Pearl Harbor and one in the Civil War and one on D-Day at just documenting. The paratroopers that went down over France and he has, yeah. And the last time I went to Hawaii, I went to Pearl Harbor and I spent 20, 30 minutes looking around the gift shop and there was his DVD.
I had to go spend 40 bucks. Yep. And I bought it and I took a picture of it and I said, Hey, Scott. So if it's worthwhile, maybe they could, we can write a story about it. It's interesting. Yeah. I hadn't thought about that. I gotta go. I haven't looked at stuff in a long time. Yeah, I hope it still works.
Yeah, unfortunately, just because I wasn't like there as a broadcaster or anything like that. I was there with Psychological Operation, or PSYOP for short. Not a lot of that stuff was publicly usable stuff. But, there is for sure some, yeah. That'd be cool. That's cool. Maybe we can do a documentary on you, on all the what was it?
The movie with the goats? Men Who Stare at Goats, yeah. Or maybe the Men Who Stare at, I don't know, Burkas, ha It's a whole new world, man. Actually, Men Who Eat Goats. Yeah, exactly. Or, and other things. Let's get down to a little bit of business here. You're a financial planner. How long have you been doing that?
I first got into financial services in 2003 or four, something like that. I want to say 2003. And that's about, no, I didn't meet you then. I met you. No, you met me. We linked up about 2014 or 15 I want to say. And it was initially just mostly life insurance that I fell in love with. I love what it did.
I'd never heard of it. Didn't know anything about it. I was very young. And had my mother passed away very prematurely? I was 18 sisters, 17, and no life insurance, no nothing. And it caused a lot of challenges that could have been helped obviously. And so when I learned about how life insurance worked, I was, I fell in love with that.
Anyways about eight or nine years later, I want to say about 2011 or 12 when I got additional licenses and started learning more about what else a financial professional can do and a bigger impact. And that's what I fell in love with. doing much more comprehensive financial planning with the family and seeing all the great good that can come out of doing good planning in the relationship with somebody and seeing that work over time.
So you don't just try to like I see it on TikTok all the time. Like you need an IUL. You need to get an IUL right away. One thing I appreciate about you and full disclosure for everybody. There's no affiliation here whatsoever. I didn't get paid if I send somebody, Patrick send somebody to Patrick.
But he is my financial planner and he does a great job. And trust him with everything. Mostly because when we talked about it, it was a couple of times when we talked about me getting. life insurance. What did you tell me? He said you're too old. Yeah. First of all, let's see if you need it.
Cause you guys did have coverage. And to your point, I think what initially prompted your intrigue in this was just seeing some information out there about what's possible with life insurance. Terms of cash value and TikTok has been great at that at providing snippets of information to people that kind of gets them intrigued about what's possible when it comes to investing in certain things.
One of them being life insurance. And I probably get a question about once to twice a month. From a friend, colleague, not colleague, or maybe an associated industry partner or a client, or somebody sends me somebody that has, questions about something they saw on Tik TOK or Instagram about life insurance policies and investing in life insurance.
And I'll be the first to tell us, but Hey, I love the concept. I think it's outstanding. However, it's not right for everybody. Always way more details. And so anybody who sees those things, they should do what you did actually ask somebody and get some more information.
Yeah, just sign me up. Sign me up to sign me up. That's easy to do, but what's the strategy behind everything? And that's, really what financial intelligence is all about, right? You introduced me to Scott Matsumoto Yamamoto guys, brilliant. He does healthcare insurance. I have an army, He's a veteran who's now a tax and not a tax lawyer, a family planner.
He's a lawyer. We're going to interview him. I want you to interview him as well. He's also a matador, a 1987 matador from Monta Vista, Cupertino. I went to Monta Vista high school. I was thinking like, in the bull ring. What do you mean? No, Back in 1987, before you were born,
But I went to a reunion a while back and we started talking. I'm like, dude, you have to sit down with us and talk and, this is it. So guys, if you're listening at home, this isn't us trying to pitch you on anything. This is trying to get your brain around all the professional services that are out there.
And Patrick knows financial planning and he knows life insurance and I know real estate and I know lending and Scott knows family planning and Scott Yamamoto knows think of the battleship the Yamamoto. Yeah, He knows health insurance. What questions don't I know what to ask when it comes to health insurance?
What happens if my doctor says I need this or what happens if my insurance company denies this claim? Yeah, how do we do that? And I know that there are guys out there that talk about home insurance. So we want to be more of just the high-level Mentors to help people understand what our day-to-day is But also maybe you might glean something from it a little bit of intelligence a little bit of wisdom Yeah, together and break down the silos that we all work in, our industries and try to cross paths, right?
So I think what's also very powerful about this network, if you will, is how super focused each of us is. is in the relationship part of it all I don't, I haven't met the family planning guy yet, so I need to meet him. But talking about Scott, this is true for you and me in that we're all professionals who don't work for some large entity where you're.
a, so a family is calling a 1 800 number, right? My clients, for example, have my cell phone number or they have a way of contacting me when they need to. I answered right away, but however they, they, know how to get ahold of me, right? And we're all very focused on building a community. And maintaining long-lasting relationships with people, right?
And that's huge. I think that's just a huge thing that that used to be part of what, services were, right? That's what services meant. Yeah, exactly. Excuse me. And not so much anymore, right? And so it's, it, that's what I find so awesome about our network. Yeah, with Vito and how you provide so much value to your community, right?
And I think we're on the path of our career and the part of our careers where we're not desperate for a sale Yes, we're in sales We're networking right now. Absolutely. We're doing this to help advance our careers. Absolutely. But that's not the point of it. The point of it is we want to cross-pollinate and educate.
I want to learn more about what you do and what Scott does and what my other Scott does and what the lenders do and what the insurance carriers do because it's going to help me, right? And if I interview people over and over again I'll, be better off for it. And if I share that experience with somebody, I hope that they can glean from it.
I think that's one of the beautiful things about being a professional in this field or in our fields for so long, and I know this is true for you because of the content I watch you put out that after a while of being in this, in my craft, for example, I know this is true for you too, is that especially now getting to my, into my forties now.
where I have enough expertise and life experience combined. You put those two together, you start to see the patterns, you've been through different markets, and you just understand at a higher level how all these things work together. Does that make sense? Yeah, I'm, I feel like everybody is talking panic, the market's crash, the recession's coming.
I'm like, yes, the recession's coming, let's get to work. This is how we're going to use this to our advantage, right? Or the market's on fire right now. These are the strategies we're seeing that are successful. I would love it if you use me I understand you have loyalty and other loyalties, but if I can help somebody with one strategy and they use it with somebody else that's, okay too, right?
I'm, grateful that I'm as busy as I am. Absolutely. And I think, I know for myself, it's just, I always knew things. On a certain level. I'll give you an example. Now that I'm married and have two kids, the experience I have when I speak to a family about this when it comes to planning out the future is just a little different now compared to when I didn't have that.
One specific example, I've gotten this question often. I typically work with people who are self-employed and who have a small businesses. My, real niche market is people who are veterans and, self-employed or have a small business. And it kind of springs out from there. Anyways, very busy people usually.
And sometimes the spouse is very different from the form, their partner, right? And one's a money person and one's not and there's typically very different values around how that money is spent and how it's used. Some just for example, one's a saver, one's a spender, all the classic things and this is true for all couples and true in my relationship too.
And so a client asked me the other day, she goes it's been relatively new to me. And wonderful human being. She's doing incredible things in the education space and creating a platform to educate parents on how to provide more value to their children. Doing amazing stuff. Anyways she asked me, she goes, Do you think I should bring my husband into these conversations?
Should we integrate our finances?
Sorry. Yeah, sure. How is he going to be? Is he, does he care? Does he just want his allowance, it's not uncommon. It's a super common challenge. And I, laughed too because I was like only. After all, as, I've only been married now for, I want to say three years now.
Yeah. Three years. And three years later this year. And we are still doing that. We're still in the process of integrating and having the conversations and working on it. Cause we have very different values around money different, upbringings around it, and different experiences. She's like the I'm not going to say much about her.
No, but you know what? It's, valuable to understand the fact. Hang on a sec. Let me get this. It's just different. And so anyways, it was a great conversation to have with her. And what I told her was, what I've told people whenever this question has come up, because it has come up, I said, it really depends.
There's no right answer. I think depending on the books you read or the podcast you listen to, that TikTok video you watch, and the influencer you follow, they may have some different answers on the right way to do this. And I would say in my experience, there is no right answer here. There's only what works best for the couple and, figuring that out.
And it usually takes. A lot of conversations for some people, it works best to stay, keep it separate on paper. I just, if I told her on paper, it makes a lot of sense, all the sense to integrate completely as much as possible because it's the most effective way to get to the mountaintop and get to your goals, get to elimination of debt, whatever it is, that's the best way to do it.
You'll get there faster, more than likely, and there's potential for a lot of conflicts on the way, especially when values are different and not aligned yet. However, it's also a tremendous opportunity because it'll create much more opportunities for increased intimacy in the relationship. After all, you're more on the same page with each other.
And, so she took that and she needs to figure that out. And it looks like we're going to be having a conversation together with the spouse. And typically whenever I meet with a couple if the spouse isn't involved I won't handle the, I won't have the appointment. It's usually a need to have both.
And there's, for all those reasons, somebody might ask how come he wasn't there? He was in the beginning and then he stepped out and then it just became me and her. That's, true. It's like when we first got together, we moved in together and we had a big fight because I didn't know how to control my money and it went through my hands like water.
We had a sit-down and she's what do you want to do? And I said I want to buy a house. I can't, if you want that to happen, you need to trust me and give me all your money, I'll pay off all your bills and I'll give you 20 a week. And that didn't work out that well, except for the fact.
20, 30 years later, I'm still pulling, I'm actually pulling 40 out now a week, but I'm still pulling out 20 a week. I mind my P's and Q's. I mind what I spend. I don't blow money. And she gets, every time I sell a house, she gets the commission check and I get 20 bucks. I don't that's just the way it works.
And here's the thing, 30, 20, 30 years down the road. I don't know how much money we have. It's okay. It doesn't matter, but she controls it all. She can pile on that money and let, watch it build and build. And that's why we, hired you out too, because we needed to know how to better use or utilize that, that, that money and invest it in stock-bond ETFs, gold, what have you.
And it's, been an asset to do it. It's stressful sometimes because I don't know where the money is.
I'm good at making money. I'm good at spending it. She's good at saving it. She's like a hoarder, right? Yeah you guys really, it's interesting. I'm not sure, I don't want to phrase this. It's like you guys are a great example of how business can go right. And how it could go wrong and then they explain you guys are so different that it could have just led to a lot of conflict, right?
Instead, you guys figured out a way to make it almost like a super combination of powers. And so each one knows their power and they use it and it's integrated and you guys have achieved so much success that way. Does that make sense? It does because I'll tell you what the key is. I'm a control freak.
I'm a huge control freak. In everything that I do, I have to be 100% control. My wife would probably say it the same way. The key to that success is sorry, I have somebody blowing up my phone right now. The key to that success is I let go. And I know it's like, what? You're a control freak. I know. It's one of those things when you become an adult.
Yeah, you grow up and you get a little bit more. I'm not saying I'm mature. I'm saying I'm a little more mature but you become a little more mature and you know, you put your big boy pants on your big girl pants on. You start acting like adults. You have to let others, you have to trust others.
And I do trust her to do the right thing with our money. She probably has it all under a mattress. I don't know. I know. I know she does. I know where the money is. I'm joking about that, but she does what she wants to do it. And if. If I see, does she do it the way I would do it? Hell no, I would be far more aggressive with my money.
Yeah. But would I, would we be where we are? Would we be further ahead or would we be further behind? I don't know. She's doing it. I let her do it. I can't critique that, right? Yeah, I think most importantly, the way you've done it is, that I don't know everything, obviously. However, I would say just based on the results.
And when I've met with you both and the conversations I've had either one on one or when we're together is that the way you have done it, the way you guys have done it together because it's true. You may have done it differently. It could have got better financial results. However, at what cost?
Probably a lot more conflict. And so was it really a win, right? And that's my point is that it could go wrong when people have such different sets and they don't figure out a way to make it work in their favor. And I've seen that happen over and over. And I think just take, bring it back around now that I'm going through that myself, these are all things I already knew and have had training in and have coaching in to be able to provide support in that to those who need it.
Because it's a huge part of what a good financial planner should be able to support a couple with however Now that I'm going through it myself. It's just a little bit different now, you know It's just a little bit more I can just speak to it in a way that just quite couldn't before I guess You have more empathy to it because you're experiencing it.
Yeah. Yeah, totally and I just understand it at a deeper level It's just like for me, when I sell a house of somebody of their parents somebody's parents passed away. I've been through it, not my parents, but my wife's parents have passed through it. They passed. And I understand the process of having to separate the property and mitigate and go through the entire process of whether it's probate or.
Or a trust and the steps to do to prepare people so that you get outside of the cloud, or at least I'm, outside of the cloud of despair when somebody passes away, right? Cause I'm not emotional to it. So it's just a lot easier for me to help guide people through that process. Cause I've been through it.
I understand the process and I could just sit there and take a few moments while people. Shed a tear, take a moment, and then you get back into the swing of things. You're doing the same thing. You're just on the upward climb of, life and you're marrying and you're learning how to be, an adult.
Adulting. I'm so adult. And that's part of what it is, right? When you marry somebody or you move in with somebody and you share finances with somebody, or you share rent and utilities and. Yeah, food and whatever with somebody, you're in a relationship and that's, a huge part of it. There's the savings part.
And then there's also the investing part. And I think that's where you come in. So if you were starting out what are some things you like to tell young couples? Yeah, that's a great question. And I often get questions like around subjects like this, Patrick, I have 500, where do you think I should invest it?
Go to Vegas, black, put it all on the black baby. And it's such a loaded question, right? And, because. I need to know so much more, right? People often think that a financial planner or advisor will have knows where you should invest your money and is good at picking the right stock or bond or whatever, and I'm absolutely not that person.
I'm much more, I'm much more. Of value to those who just are looking for somebody to provide good guidance on What it is they're trying to do like why do you want to invest that money? What is it for? When do you need it by and how much do you need now? We can start having a much more valuable conversation about What to do with that 500 because without knowing it's just like running a race.
If you don't know where that finish line is, good luck, right? How are you, going to run it? And it's more about that and that conversation. So when I meet somebody new, especially the first time it's, much more about trying to understand where it is they're trying to go.
And half the time people don't usually know where they want to go. They have very vague ideas. just through being exposed to information and what their parents did and what their friends are doing. However, what are concise, clear, and measurable outcomes for them as a family? Not quite sure.
And so I love that part, just going on that journey with folks to figure it out and what it is that they want. And then figuring out a plan to get there. What stock to pick or what, when to buy gold, all that comes at the tail end. And we'll figure that piece out. None of that matters. We don't know where we're going.
And here's the thing too. When I went to school later, I graduated. with my bachelors when I was 41 in business and not once did anyone tell us how to save for a down payment and how to manage your budget at home and how to invest money, or what kind of money I should expect year one, year five, year 10, year 20 into this career that I'm paying so much money into.
What I mean, if I'm going to do a liberal arts major or I'm going to do computer security or I'm going to do business or I'm going to do whatever, What are the what, are today's numbers? What do those look like today? Because tomorrow's numbers are going to be different. Yeah. And when I sit down with those veterans, that sounds like they stay. I have a little five, 10-minute motivational thing, like Chris Farley down by the river. I'm like, this is how much money you should be expecting to make. Not this week, not tomorrow. Not when you get your first job, when you get your first job treat yourself like you're a fresh boot, get in that boom and just sweep up and do whatever it is to beat, get noticed.
And once you get some. Some length in those teeth you start earning your badges you start earning a promotion here and there This is the kind of money you should be expecting And people are like, their mouths just I go, nobody's ever told you this. And I hate to tell people this because I don't like telling people how much money you should make because that's me putting a limitation on them.
What if I told you in this job, you can make 200, 000 a year, but really you could make a million. I'd be just giving you a disservice. That's right. Man, that's good. Yeah. I'm totally behind that. I think that's the same thing with your goal setting of where you want to be in 20, 30 years. Because guys, if you're listening to this right now, 20, 30 years goes by so quick.
You don't even know. And you need to pay attention and you need to put away, but audacious.
Cause what happens if you, what happens if you get to it? Yeah, you win. But what happens if you get halfway there, right? What happens if you're like, Oh, I only want to have 500, 000 in my retirement when I retire and something happens, you get halfway there, you have 250, 000 to live on for the rest of the year.
Why not make it 10 million? Why not? It's not a failure. If you don't get there, it's not a failure. If you get halfway there. But again, I don't want to say that number because that number really has to be up to what you think you can manage, right? Not you, Patrick. You the listener. But you're hitting on a few things here and I can go down so many rabbit holes of this.
Excuse me, but one key one is talked about people will put limitations on themselves. You don't need to give it to them. They'll do it to themselves. And that's a challenge I do have when I'm sitting with a couple, especially if they've never had a financial advisor before, they haven't had strong conversations about money with each other, and we usually don't work together.
And that's a lot of what the first meeting is. It's just like a first date, getting to know each other. I don't know, for me, I, want to have a successful outcome. And the matchup has to work. Of all the people I sit with the first time of the year, I only take on about eight or nine, maybe ten new clients a year.
I don't try to make a whole bunch. That was my phone. I don't,, I guess silent doesn't work on it for whatever reason. But anyways I put mine on silent. I put my migration thing kept on coming over. It started zapping on my desk and I think people heard it. So I apologize if you did hear it. No, that wasn't mine.
I wasn't going with it. I didn't want to take too long of this to talk about it. Anyways Welcome to getting old. There are a lot of people I don't end up moving forward with because I just know it's not going to work. I'm not going to be a good value to them. And they're not going to be somebody I want to work with long term.
This is not somebody I want to have a beer with. This is not somebody who I would leave my kids with. This is not somebody who is in a growth mindset. This is not somebody open to solutions. This is not somebody willing to do the work. This is not somebody willing to be open and honest.
Not that you have to get there in the first meeting. However, usually, I can tell somebody's just not going to get there. And, so the limitations are just so built into folks. And it's a part of our society. It's part of why people grow up. The last thing I'll say on it is, one thing I notice all the time, and I've done this so often now, and it's been 20 years of me doing this, that when I sit down with a couple, I can usually, it's very clear what the upbringing around money is.
Just through the conversations we're having, I can tell what their energy is around money. Okay, this person grew up in a house that was, had, didn't have any money, and this is how they treat it. And some people turn that money into multiples, and some people treat it like it's, Scarce and it's just so interesting to see how people created the story around money that first started when they were three, four, or five years old.
Yeah, I could tell you straight up. I know I was dirt poor. and my, mindset was I'm going to be rich when I grow up. I don't know how I was going to do it, but I put it out there and I don't know if I'm rich. I'm definitely not rich. Jill's rich. But she, so if you put it out there as a goal and it becomes your, one thing.
goes back to the big hairy audacious goal, right? What kind of goals can you set for yourself and how realistic, how can you realistically get there? And even though I'm a Christian, I believe in other aspects, right? Like the secret, have you ever heard of the secret? Yeah, sure. Great. Mid-early 2000s.
Yeah. Yeah. Rhonda James or whatever her name is. She's and you put this thing out there and it's true. You put that thing out there and you could put it out there 20 years ago and next thing you know, you're like, you know what? Yeah. I'm living this life of what I wanted 20 years ago and I totally forgot about it.
So interesting you brought up the secret. So Bob Proctor, for those of you that, some people may not know who that is Google that guy. He started that whole industry of, one of the starting people who started that whole industry of working on yourself and personal development, and he comes out there, he's very prominent in that film.
So I got to meet him and spend some time with him. And I got to meet him. This was not too long ago. This was only a few years ago. He was, I wanna say he was like, let's say he was 89 or 9,200. Yeah, he was up there, but man, I tell you, he got up, I was sitting in the front row. He got up on stage and, he.
He brought it like a young man. He had energy and took it. He didn't take the steps to get up the stage. He took a step and got up on stage. Like it was phenomenal to see the way he brought it the first time I saw it. Anyways he talked about that show and about that video and his only gripe, his big gripe about it was that they cut out.
Very significant. The most important part is it's not just set the goal. It's all the work you got to do to get there. It's not just hope, hope though, it's not fairy dust. You can't just, imagine your way to a place you got to put the work in and so as an advisor, I, see that my role when somebody's putting the work in is to help guide the work, help guide the fruit of that work so that you get there even faster.
Yep. Yeah, it's yours The way you collect new clients is long-term oriented in a business, your industry, it has to be long-term. You can't be in it for the quick win, right? I think there are definitely folks out there, especially when it comes to Knowing those cash value life insurance, as you pointed out that we started with, there are definitely a lot of transactional relationships out there.
They're in, in to make a quick buck and they'll convince themselves they're doing a lot of good. I'm sure some of 'em are. And I'm sure there's some are. Yeah. Would they be? It's right. That's right. And for me, it's long-term. I want to be with somebody. I want to see the success of the planning because things change too, right?
Like life never goes exactly the way we plan. Boy, am I learning that? And anyways things change. And we need to adjust the plan as we go. And there's nothing more fulfilling for me. And the reason why I do what I do is to be able to be a part of that family's journey. And I don't take any credit for it because I'm not doing the work.
They're doing the work. I'm just here to help provide feedback, provide advice, and provide guidance so that they can get to where they want to get faster. And accountability is a big part too just keeping people accountable for what they say they want it. You've known me for a long time and I'm the cat that chases that red dot everywhere, right?
I'm like, what about this? What about that? And at the end of the day, you've steered me back into the shipping lane that we're, going on and I understand that I'm always looking at options. I'm the options guy I'm the big-picture guy. I don't know about the minutiae until it comes down to real estate and even then it's like I know everything about real estate and I have a plan.
I have it. I have a Gantt chart So I specifically say this is step one, two, three, four all the way down to 758, you know What are the different steps that we're taking? I will show it to you. I don't think about it. I just do it Yeah. Yeah. That's what I love about you, actually. I think that's a part of, that's part of your that's how you, that's one of the reasons why you're so successful.
You have to define what you do, right? Yeah. And I don't think, I don't think there's very many other agents out there that can specifically show you what you do day to day. And I, I don't know if it's right, but I do it and I'm okay at it. And you know what, I admit that I make faults too.
Yeah, so I'm excited about what you have invited me to be a part of building out this financial intelligence team if you will. I think it's a tremendous value to the communities that we're a part of. And I can't wait to just do more of it and, see where it goes. I think we're still recording, but just so you know, what we're doing is you're, expected to have the same.
Interviews with other people, right? Not just Scott Yamamoto and Scott, the lawyer, and Luis and Hector and Scott, the mortgage guys. We want to build this network out. We're constantly building and bringing more people in. And we're gaining. We're going to it become a black hole.
of information and we'll be able to categorize it and ask questions and have FAQs and people, regular people that are not service people will be able to come in and say I have a question about X and that's in financial planning. And then it goes right here and there's, we asked the question and you answered it.
And that's the beauty of it. That's what we're trying to do is help create. A library of knowledge that crosses all the service industries. Yeah. I think it's a tremendous opportunity for somebody looking to get clear on what they need to do. And people's financial lives are getting more and more complicated.
There are just more and more options out there. These are getting weirder in some ways. And to have a network of professionals who can vouch for each other. That is not transactional and I think that's a big part. They're not transactional. They are relationship built. I am relationship built. My relationship with my clients is what matters the most and I want to be here long term.
So it's super important that every relationship is, treated with, respect and they can be in love, right? And I know you're the same way and that's the people we attract. So I think all kinds of good are going to come out of that. Another thing is I went to a veteran's event. in Santa Clara at the Santa Clara County Fairgrounds a couple of weeks ago.
I think I saw a picture of that, yeah. And not that you have to know about this, but this is a program for, if you happen to know a veteran, if you're listening to this and you happen to know a veteran that's struggling, he just got out of the military, I don't care, even if he's out of the Coast Guard, whatever, I don't care.
We have programs to get them focused on a career. Part of what we're learning is that Veterans as they transition out of the military is that they're not only missing their camaraderie, they're missing their friends, and they're missing the routine. We, start to miss the mission. And the mission is whatever it is.
If you're a combat photographer, infantry or intel or an artillery guy or a pilot, you miss the mission, whatever it is, because that's always the grant, the grand thing that we're always focused on getting towards. When you get out, you lose that mission. You lose that camaraderie and that's why we have such a high suicide rate and drug addiction rate and homeless rate so if people that are veterans and they're showing signs of struggling send them our way because we have a lot of support systems behind us It's not just the VA.
There's the va health va god, whatever, but there are also Nonprofits that are out there helping people Helping veterans get on their feet and focused on their careers. And you might become a real estate agent or financial planner or a trust lawyer or whatever, but you can also become a certified cons computer science guy and computer security.
And this program right here is absolutely free. It's a grant paid for by the state, the federal, and by the private. private investors. And if you want to know about it, let me know because I will send you over to Corey and we'll get you hooked up. Corey's also a Marine. Not this guy, but the guy that's in charge of this, he's a Marine and we hit it off.
He's a great guy. And there are programs like that out there all the time that we just don't talk enough about. So that's what I'm doing. I'm talking about it and I want people to talk more about it. Awesome. I have not heard of that. And that's really cool. Yeah, they also have another program where if you think about archaeology, there's a group over in San Mateo that will take in veterans.
And they'll pay them to do either a dig or categorize a dig or some kind of archaeological artifacts or what have you and they, you get to immerse yourself in the world of archaeology, not like Indiana Jones, not that like that. It's very, it's boring because it's bookwork, but it's, exciting because it's a science and it's learning how to pull ideas and concepts out of artifacts and how we used to be.
And that's, yeah, that's a free program as well. Free. Wow. Right on, man. We needed, obviously, we need to do this some more. And I have so much I did not get to. There's some, we did a lot more relationship stuff. However, there's also incredible stuff happening just in financial services.
And not that I want to give advice cause I don't do general advice. You're not on here to get a, put it this way. If I say, something on here, that doesn't mean go do it and go buy that stock. All right. I'm not giving you anybody financial advice. Cause I don't want anybody's situation. I don't get to ask them questions.
So that's not what this is. However, just interesting things going on in the financial services landscape. That we're just talking about. And so people understand what that means long-term, for example, have you heard of this have you heard of Benji like the dog, not the dog. I, so this is a new offering through, Oh my gosh.
Franklin Templeton, I believe. Yeah. Franklin Templeton Funds is one of the long, time mutual fund companies and financial services. And this is an app you can download and I'm not getting all into it, but you're talking about a registered. A fund company that is highly regulated is now got into the cryptocurrency space.
Right? And they've created an opportunity where you can basically hold your money market fund-collecting four or 5% in your and hold it like a token in your digital wallet. This is a direct competitor to what's called stablecoins. And so some people are exactly what I'm talking about.
Some people like, so anyways, without getting too far in the rabbit hole, it's just an interesting development in that you're seeing very large institutions making very clear. Intentional, funded, and huge plays into the crypto market in very awesome ways. So it just means that in the future, more and more of this will be happening.
So it'd be good to at least understand how that might affect. Your long-term financial plan, even your day-to-day financial transactions. So check it out for anybody who wants to check that out. I'd love to learn more about it and talk more about that. Cause did the feds just regulate some sort of crypto or is it all crypto?
So great question. And this is, let me be clear, this is not my area of expertise. And however, it is an area I'm following. And there's been a, there's been a lot of, what's the real news? Enforcement has started to happen where you're having the regulatory federal regulatory bodies that would look at this are starting to come down on cryptocurrency offerings.
So you had I think it's Coinbase right now. That's the one that's getting, hammered. And all this kind of happened from the big fallout of Oh gosh, what's the name of the one that went, that was complete. Went out of business and it was basically. Doing all kinds of legal stuff. It was that young kid that did it. Yeah, I can't remember the name of it anyways That kind of was like the big thing that kind of I believe that kind of got these regulators like oh we got to really Start looking at this stuff. And so it's starting to draw a lot of regulatory scrutiny.
So That said franklin templeton is a very traditional Institutional, you know been around forever You know, they're not into doing something that they probably shouldn't be doing. And so the fact that they were able to get something approved and pushed through and offered in this way, that says a lot.
That says that I think what you can automatically say is, okay, this is something that's not going to just disappear and go away. This is here to stay. And it's going through a lot of changes and we'll see what the regulatory actions are. And it's something that I think people should start paying a little bit more attention to if they've never paid attention to it.
If you can guarantee me a 10, 000 percent ROI, I'll give you a hundred thousand dollars today. I can guarantee you a 10, 000% increase in how much I love you if you give me 100, 000. That's a great way to look at it. Thanks for your time, man. I appreciate being on. I think we probably went, I probably talked too much for you.
And Oh, are you kidding? That's what I want. I want you to come on and talk and share your knowledge. Okay, great. Because you asked great questions. You got me, you had me going. And I don't think we asked, I asked you like half the questions I was going to ask. We are an hour. So we got it. We got to come back next week or the week after.
Right on. And let's do it. All right, dude. As soon as I upload this, I'll send it to everybody. I'm Vito Scarnecchia with Abitano and this is... Patrick McAndrew with the American wealth project and core planning. And thanks. Appreciate you, man. American wealth project that we're going to talk more about next week.
Yeah. Yeah. Let's do it. All right guys. We'll see you out there. All right. See ya.
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