Latest / The Steve Harvey Morning Show / Eddie Ghabour Full Interview

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Eddie Ghabour Full Interview · The Steve Harvey Morning Show

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Speaker 1: my heart, but next guest is on the phone. He
1:10
Speaker 1: is a family man, a businessman, and the author of
1:13
Speaker 1: The Common Sense Bowl, The Keys to the Good Life
1:16
Speaker 1: Before and Doing Retirement. He's also one of the partners
1:19
Speaker 1: and the Key Advisors Group, LLC. Located in the state
1:22
Speaker 1: of Delaware. It's an independent financial advisory company. They focused
1:26
Speaker 1: on providing customized retirement planning strategies that are designed to
1:31
Speaker 1: work towards meeting each client's specific goals. Please welcome to
1:35
Speaker 1: money Making Conversation. Eddie, good boy. Thank you so much
1:39
Speaker 1: for having me on your show. Well, it's good seen
1:41
Speaker 1: you one on TV all the time and you know
1:43
Speaker 1: my you know, good looking guy. I guess that's why
1:46
Speaker 1: you keep you on TV. Or you're a smart guy.
1:47
Speaker 1: What you want for debate is not the debate with
1:52
Speaker 1: your wife because she married you and your son is
1:55
Speaker 1: happy because they're good looking at young men too. How
1:58
Speaker 1: you doing today? You're in the state of Delaware. Delaware?
2:01
Speaker 1: Is that is that a tax state? Uh? Did these
2:04
Speaker 1: charge income tax in the state of Delaware as a
2:07
Speaker 1: it's a tax free state. Yes, there is income tax
2:10
Speaker 1: on in Delaware, but there's no sales tax, and their
2:13
Speaker 1: property taxes are very very low in the state of Delaware.
2:16
Speaker 1: And then the area that I live in, which is
2:18
Speaker 1: uh Lewis Beach area, is becoming one of the fastest
2:22
Speaker 1: growing areas per capita in the country for retirees because
2:26
Speaker 1: of how low the cost of living is. So we're
2:28
Speaker 1: getting a ton of people from New York, New Jersey,
2:30
Speaker 1: Connecticut uh DC area that are actually moving to the
2:34
Speaker 1: small state of Delaware for those economic reasons. Now what
2:37
Speaker 1: benefit what what? What? How would that benefit the state
2:40
Speaker 1: of Delaware an older population coming into the state of
2:43
Speaker 1: Delaware like that. Well, one of the biggest things that
2:46
Speaker 1: helps Delaware is when a lot of the real estate
2:49
Speaker 1: transactions brings a tremendous amount of revenue to the state
2:52
Speaker 1: of Delaware because they charge a transfer tax of four
2:54
Speaker 1: percent uh for every property that's spot or sold. So
2:59
Speaker 1: you can image aagine with all the people moving to
3:01
Speaker 1: the state of Delaware. Uh, those transactions do generate quite
3:04
Speaker 1: a bit of revenue, and they tax the pensions at
3:07
Speaker 1: the state level too, so that brings in state income
3:09
Speaker 1: tax for the state of Delaware. Okay, that's how you're working. So,
3:12
Speaker 1: my friend, I've read your book and jarred the book.
3:15
Speaker 1: But one of the big takeaways I got from the
3:17
Speaker 1: book was it you really I think I've a clear
3:20
Speaker 1: understand how to balance your family and your professional life.
3:23
Speaker 1: Is that correct? That is exactly correct? And I haven't always.
3:27
Speaker 1: I didn't always have that perspective. When I first got
3:30
Speaker 1: into business twenty years ago, I was just so focused
3:32
Speaker 1: on my career and uh frankly accumulating a uh strong
3:37
Speaker 1: net worth that I did not have a balance in
3:39
Speaker 1: my life. And then I started getting coaching, professional coaching
3:43
Speaker 1: on myself for my business and my personal life, and
3:46
Speaker 1: it was a game changer. Not only do I have
3:48
Speaker 1: more balance, but my income and net worth went up.
3:52
Speaker 1: It was crazy how it works. But yeah, so I
3:53
Speaker 1: try to really focus and coach on our clients is
3:57
Speaker 1: to have that balance in life, because to be bl
4:00
Speaker 1: I've met a lot of wealthy people who are miserable
4:02
Speaker 1: because they don't have that balance. But we're on the
4:04
Speaker 1: phone with Edie Goober. He's the author of the book
4:07
Speaker 1: The Common Sensible The Keys to the Good Life Before
4:10
Speaker 1: and During retirement, Um, I really appreciate you saying that
4:14
Speaker 1: about it, because I I struggle with having a balanced life.
4:16
Speaker 1: I disrust I success was my priority. So when I
4:20
Speaker 1: when I meet a young man like you who figured
4:23
Speaker 1: it out, you know I didn't figure it out at
4:26
Speaker 1: your age. So congratulations. I'll do a lot of health
4:30
Speaker 1: and mentoring for sure. Yeah, And it really is. And
4:32
Speaker 1: also I guess you have to trust yourself too. I
4:35
Speaker 1: think trust is involved in the process too, because it's
4:37
Speaker 1: about not wanting to miss out of an opportunity or
4:40
Speaker 1: feeling is you will miss it on an opportunity if
4:42
Speaker 1: you don't if you don't stay committed, if you don't
4:45
Speaker 1: stay on the grind. So when you say mentoring, and
4:48
Speaker 1: because a degree of maturity and acceptance of your role
4:51
Speaker 1: with your family, and well it's your business because you
4:53
Speaker 1: have a business partner who also trust you as well.
4:56
Speaker 1: We get we'll get into that in a minute, but
4:58
Speaker 1: I just want to just just a little bit more
5:00
Speaker 1: on that, that balanced life because because you mentioned in
5:03
Speaker 1: your book, you know, your your pictures of your your families.
5:06
Speaker 1: In the book you talk about your two sons and
5:08
Speaker 1: your book, and that is amidst all the great information
5:12
Speaker 1: you talk about UH and finances and how to balance
5:15
Speaker 1: yourself and get ready for retirement as well as living
5:18
Speaker 1: the current life that you have now. But that that
5:20
Speaker 1: that really stood out for me, and I thought I
5:22
Speaker 1: wanted to let you expound just a little bit more
5:25
Speaker 1: on that. How did you figure it out? You know? Well,
5:28
Speaker 1: you know I figured it out, like I said, when
5:30
Speaker 1: I when I got some coaching and talking about balance,
5:33
Speaker 1: and I actually talked to some really successful people that
5:36
Speaker 1: told me that when they started to focus more on
5:39
Speaker 1: a balance, that they actually were more productive at work,
5:42
Speaker 1: and that productiveness when they were there, so maybe per
5:45
Speaker 1: hour every week, we're not working as many hours as
5:49
Speaker 1: we were in the beginning when we're trying to grind
5:51
Speaker 1: and not miss out on opportunities. To your point, and
5:53
Speaker 1: I used to always think, well, if I'm not in
5:56
Speaker 1: my office grinding my competition is I'm losing an opportunity.
6:00
Speaker 1: And what I found out was by having more balance
6:04
Speaker 1: in my life, I did not I was more productive
6:07
Speaker 1: working less hours. And I know it's hard for someone
6:09
Speaker 1: to conceptually think about that, but you're sharper, you're happier,
6:14
Speaker 1: and that shows you have opportunities that come across your
6:18
Speaker 1: desk that you probably would not have seen otherwise because
6:22
Speaker 1: you were blinded by other things. And I think as
6:25
Speaker 1: a father, one of the biggest rewards is watching my
6:29
Speaker 1: kids grow and trying to raise them in a way
6:31
Speaker 1: that will be proud of them and give them security
6:35
Speaker 1: and success, not just financially, but as a family. You know,
6:39
Speaker 1: there's many people that probably look back at their business
6:43
Speaker 1: careers and say, boy, I wish I would not have
6:45
Speaker 1: missed my son's football game baseball game due to that meeting,
6:49
Speaker 1: and so I made their priority. My clients understand it.
6:52
Speaker 1: I work my business schedule around my kids schedule. I
6:55
Speaker 1: coached them in football, I coached them in baseball. I
6:58
Speaker 1: do not miss any of their trips at school, and frankly,
7:03
Speaker 1: I take that same family approach with our clients, and
7:05
Speaker 1: our clients know that when they come, if we take
7:08
Speaker 1: them on as a client, that they're going to get
7:09
Speaker 1: that same treatment as if they are family, because family
7:12
Speaker 1: is my top priority, and hopefully the goal long term
7:16
Speaker 1: is it will mold my kids into being good people
7:19
Speaker 1: and successful as well too. That as well, said my friend,
7:24
Speaker 1: let's talk about you figuring it out at such a
7:27
Speaker 1: young age, at the age of twenty two uh potential
7:30
Speaker 1: as where you was employed by your current business partner, Doug,
7:34
Speaker 1: and then two years later he decided to make you
7:38
Speaker 1: a business partner. Yes. I always joke with him and said, boy,
7:42
Speaker 1: your family and friends probably thought you were nuts to
7:45
Speaker 1: trust someone in their early twenties with only two years
7:48
Speaker 1: of experience to be a full business partner. Um to lose,
7:53
Speaker 1: and I did. I didn't have a dime to my name,
7:55
Speaker 1: I did not have kids or a wife. So to me,
7:59
Speaker 1: I had no idea the risk that I was taking
8:02
Speaker 1: by just going out on my own and saying I'm
8:04
Speaker 1: not gonna have any paycheck unless I generate it myself.
8:08
Speaker 1: But frankly, because of that trust he put in me,
8:11
Speaker 1: it put a lot of pressure on myself and my
8:14
Speaker 1: drive was to make sure that he did not look
8:17
Speaker 1: like he made a foolish decision. So my business partner,
8:19
Speaker 1: Doug Ferris, is one of the greatest human beings I've
8:23
Speaker 1: ever met. He's like a big brother to me, and
8:27
Speaker 1: we have been working together for twenty years and I think,
8:31
Speaker 1: looking back now, has risk hopefully he feels has paid off,
8:35
Speaker 1: and it's just been a wonderful business relationship because when
8:39
Speaker 1: you're running a business. It's not all rose pedals. I
8:43
Speaker 1: know some people think that it is, but there's lots
8:45
Speaker 1: of challenges that you face on a weekly, monthly, yearly
8:48
Speaker 1: basis and having that support system around you with not
8:51
Speaker 1: only a good staff, but in my scenario, a business
8:54
Speaker 1: partner that I can talk to openly, uh and has
8:57
Speaker 1: mentored me because he's nineteen years older than I him.
9:00
Speaker 1: I owe a tremendous a tremendous amount of credit to
9:04
Speaker 1: our success to him because he took a big risk
9:07
Speaker 1: on me. He trained me, he taught me everything he knows,
9:10
Speaker 1: and I tried to just take that and take our
9:12
Speaker 1: company to the next level. Oh, you know, the big
9:15
Speaker 1: generation nowadays is the millennial generation. You know that some
9:18
Speaker 1: people say to know it all the generation here here
9:21
Speaker 1: you you came on board at twenty two. He actually
9:24
Speaker 1: hired you to come to work at Credential and two
9:27
Speaker 1: years later, what do you think the qualities I'm sure
9:29
Speaker 1: you've discussed this, but just want to hear my listening
9:32
Speaker 1: in my viewing audience. What do you think the qualities
9:35
Speaker 1: that he saw in you that made him want to
9:37
Speaker 1: make you a business partner. I think what he saw
9:40
Speaker 1: in me as my drive like I had. My football
9:43
Speaker 1: coach used to tell me he had a saying, and
9:45
Speaker 1: they're saying was refused to lose. And so I try
9:49
Speaker 1: every day when I come to work, I think about
9:51
Speaker 1: that saying, because to me, business is a lot like athletics,
9:56
Speaker 1: and I was really big in the athletics in high school.
9:58
Speaker 1: And so when I first got into the business, you know,
10:02
Speaker 1: I was pretty successful very early on, and because I
10:05
Speaker 1: took that very competitive nature uh that made me a
10:09
Speaker 1: decent athlete in high school to the business world. And
10:12
Speaker 1: I think he saw that. I mean, I was the
10:13
Speaker 1: first one in the office in the morning and I
10:16
Speaker 1: was the last one out. Because again, my whole focus
10:19
Speaker 1: in my early twenties was trying to be as successful
10:22
Speaker 1: as I could be financially, and I knew in order
10:24
Speaker 1: for me to do that, I had to be willing
10:26
Speaker 1: to put in the time and effort no matter what
10:28
Speaker 1: obstacle was thrown at me, and use the thing that
10:31
Speaker 1: he taught me to try to win. And that's what
10:33
Speaker 1: I look at every single day. You're either going to
10:35
Speaker 1: be a winner or you're going to be a loser.
10:37
Speaker 1: Not everyone gets a trophy, that's true. That's absolutely true.
10:40
Speaker 1: But there's there's a there's competition out there. And I
10:44
Speaker 1: when I when I was aloud to reading your book,
10:45
Speaker 1: good book, by the way, I recommend anybody who wants
10:48
Speaker 1: to understand the value of uh. How one thing I
10:52
Speaker 1: liked about the book with that you you broke down terminology,
10:55
Speaker 1: which I think is a big fear factor for a
10:57
Speaker 1: lot of people when they're trying to look at what
11:00
Speaker 1: do with their money, especially when you start looking to
11:02
Speaker 1: the stock market. I feel if you read this book,
11:04
Speaker 1: the book I'm references the common sense bull the keys
11:07
Speaker 1: to the good life before and doing retirement is that
11:10
Speaker 1: you want to go and talk to anybody, and you
11:13
Speaker 1: recommend talking to a financial planner or somebody regards to
11:16
Speaker 1: stocks or insurance or any way they can take their
11:19
Speaker 1: money and just don't leave it in the savings account.
11:22
Speaker 1: It just sits there and does nothing. So what drove
11:25
Speaker 1: you to write this book, Eddie well Um, The main,
11:29
Speaker 1: my main motivational factor behind this is I see the
11:34
Speaker 1: number statistically the amount of people that are not where
11:37
Speaker 1: they want to be financially, and to me, this thing,
11:41
Speaker 1: this comes naturally to me and I love it and
11:44
Speaker 1: have a true passion and for the same reason why
11:47
Speaker 1: I love coaching sports, because I love teaching people and
11:50
Speaker 1: watching the growth is one of the passions I have
11:53
Speaker 1: in this business is the educational piece, and the concept
11:56
Speaker 1: of this book is the writ in the term that
11:58
Speaker 1: everybody understands, and my motive aation was hopefully to not
12:01
Speaker 1: only educate people, but motivate them to actually move forward,
12:05
Speaker 1: because people may think I'm crazy when I say this,
12:08
Speaker 1: but becoming financially independent is actually very very easy. People
12:13
Speaker 1: become intimidated because some of the things that say they
12:16
Speaker 1: don't understand. And I try to put this book and
12:19
Speaker 1: levels that everyone can understand. Because with the right team
12:22
Speaker 1: around you and a discipline approach, anyone, whether your income
12:27
Speaker 1: is thirty thousand or thirty million, whatever your income is
12:31
Speaker 1: per year, you can become financially independent and don't be
12:34
Speaker 1: intimidated by it. And I hope that when they read this,
12:37
Speaker 1: they'll say, Okay, a light goes off and says, you
12:39
Speaker 1: know what, I can do this, and I'm gonna put
12:42
Speaker 1: the right team around me to hold myself accountable so
12:45
Speaker 1: that way, when I'm in my fifties or in my sixties,
12:48
Speaker 1: I'm doing what I want to do. Traveling at the beach,
12:51
Speaker 1: on the golf course, whatever it may be. And my
12:53
Speaker 1: money is working for me. I'm not working for the money. Well,
12:57
Speaker 1: that's very true. And a lot of peop don't understand that.
13:00
Speaker 1: A lot of people are a lot of people do
13:02
Speaker 1: have that keep the money under the mattress philosophy. Keep
13:06
Speaker 1: the money in the bank, you know, and the bank's
13:08
Speaker 1: not doing anything for you. If you just you gotta
13:10
Speaker 1: sitting there checking account of the savings account, it is
13:12
Speaker 1: not doing anything for you. When we come back. One
13:14
Speaker 1: of the one of the chapters that really hit home
13:16
Speaker 1: for me was what is investing? We'll come back. We're
13:19
Speaker 1: gonna have more. Our conversation with my man, Eddie Gobor.
13:24
Speaker 1: He's located in the state of Delaware. He has a
13:26
Speaker 1: great book called The Common Sense Ball The Keys to
13:30
Speaker 1: the Good Life Before and during retirement. You're listening to
13:33
Speaker 1: money making conversation. Don't go nowhere. Hi, This ra Sean McDonald.
13:38
Speaker 1: You're listening to money making conversation on the phone. Is
13:41
Speaker 1: the co owner and the managing partner of Key Advisors Group,
13:44
Speaker 1: located and in the state of Delaware. He graduated from
13:47
Speaker 1: Your College of Pennsylvania with a degree in economics and
13:50
Speaker 1: finance in night he began his successful career in financial
13:54
Speaker 1: planning with Predential. That is where he met his business partner, Doug.
13:58
Speaker 1: He not only met him, but he was hired to
14:00
Speaker 1: work a potential by his future business partner, and just
14:03
Speaker 1: two years about standing work, his business part looked over
14:07
Speaker 1: to look across the room and say, you know something,
14:10
Speaker 1: I want to be in business with you, young man,
14:13
Speaker 1: despite his an eighteen year age difference and Eddie being
14:16
Speaker 1: nervous and wondering why is he selecting this youthful guy
14:19
Speaker 1: with no responsibility in life of making money and guess what,
14:23
Speaker 1: they're successful And along the way Eddie has discovered that
14:27
Speaker 1: you can't win with a balanced life, and you try
14:30
Speaker 1: to teach us that we can win. Two was a
14:31
Speaker 1: new book, The Common Sense Bull The Keys to the
14:34
Speaker 1: Good Life. Before and during retirement, Eddie, what is investing?
14:40
Speaker 1: So investing is? You know a lot of people just
14:43
Speaker 1: think about dollars and cents when it comes to investing.
14:45
Speaker 1: And in the book, when I on that chapter, I
14:48
Speaker 1: talked about my first big investment was my education and
14:52
Speaker 1: that's why I hope the listeners will invest in themselves
14:55
Speaker 1: and educate themselves with this book the common sense bull
14:58
Speaker 1: because education is power. The more that you know and understand,
15:01
Speaker 1: the more powerful you will be and more prepared you'll be.
15:04
Speaker 1: Uh So, investing is in the form of educating yourself,
15:07
Speaker 1: investing in yourself, but then investing for your future. I
15:11
Speaker 1: mean I talked about in the book. I talked to
15:13
Speaker 1: my kids about this, and they're young. I talked to
15:15
Speaker 1: everyone is look, if you sacrifice a little bit today
15:19
Speaker 1: for a brighter future financially, you will thank yourself a
15:22
Speaker 1: million times over by the time you're retired. Because see,
15:25
Speaker 1: we're in a society today of social media, of keeping
15:29
Speaker 1: up with the Jones. Is that it's all about material things.
15:32
Speaker 1: And my point is this, don't go by those fancy
15:35
Speaker 1: cars all the time. So that way the perception is
15:38
Speaker 1: that you are wealthy, take a little bit off the
15:42
Speaker 1: table and investing yourself and in your future, and then
15:44
Speaker 1: when those people who are trying to be flashy are
15:46
Speaker 1: still working and you're retired, you will be the one
15:49
Speaker 1: that wins at the end of the day. But Eddie,
15:52
Speaker 1: come on, man, he's the flashy card. It looks good
15:57
Speaker 1: of the watch watch? What what what brand? Watch do
16:00
Speaker 1: you wear? Eddie, what do I wear? Actually, I bought
16:03
Speaker 1: a have an Apple um, an Apple Watch, and I
16:07
Speaker 1: also have an a Mega watch. See Eddie, that's kind
16:09
Speaker 1: of like up there, that's not a time X. That's
16:12
Speaker 1: not you know, it is not you gotta you know,
16:17
Speaker 1: not know a job. I'm teasing you because you're absolutely correct.
16:20
Speaker 1: A lot of people do. They go out there and
16:21
Speaker 1: they spend money that they should be saving at least
16:24
Speaker 1: when they should buy. And they also and they don't
16:26
Speaker 1: know how to invest. So I remember, at a very
16:29
Speaker 1: young age, it was this young man I was working
16:31
Speaker 1: at Tentacole Pipeline, and he would and he was kind
16:34
Speaker 1: of telling me, if just put fifty dollars, just put
16:37
Speaker 1: fifty dollars away a mark, just come, just put fifty
16:40
Speaker 1: dollars away. And I wasn't hearing him. I couldn't understand
16:45
Speaker 1: how I could pull together fifty dollars, but I could
16:48
Speaker 1: pull together fifty dollars flat pair of pants. I could
16:50
Speaker 1: pull fift dollars together for that date. I could find
16:54
Speaker 1: that fifty dollars for that, But I can find that
16:56
Speaker 1: fifty dollars for my future. Is that the problem? We
17:00
Speaker 1: just keep it it is and That's why I say
17:04
Speaker 1: I don't care what somebody's income level is. Being financially
17:08
Speaker 1: independent is easy, but the hard part is the discipline
17:11
Speaker 1: behind it. Okay uh. There's a book called Millionaire next Door,
17:15
Speaker 1: and basically the whole premise of that book is there
17:17
Speaker 1: are people walking around that you probably think are broke
17:19
Speaker 1: because they don't have the fancy car, they don't have
17:22
Speaker 1: the fancy suits, they don't have the fancy watches. But
17:25
Speaker 1: what they do is they have a fancy bank account.
17:27
Speaker 1: They don't have to work anymore because they didn't live
17:30
Speaker 1: high on the hog. They live within their means, and
17:32
Speaker 1: they invested and paid themselves first, and so there's a balance.
17:35
Speaker 1: You can still have really nice things, but as long
17:38
Speaker 1: as you do your work first. If you're not paying
17:40
Speaker 1: yourself first, you're doing yourself a disservice. Because at the
17:43
Speaker 1: end of the day, we all work really hard at
17:45
Speaker 1: what we do, and what a shame it would be
17:48
Speaker 1: to put in forty fifty years of work and have
17:50
Speaker 1: nothing to show for it other than some old clothes
17:53
Speaker 1: and an old vehicle and some nice watches. Yes, that's true,
17:58
Speaker 1: that's not a lot of to show for it. Year
18:00
Speaker 1: seven years old, because you can't eat that watch. You know,
18:02
Speaker 1: that's right, You cannot try just take that good. Now,
18:08
Speaker 1: here's a question I wanted to ask you about the
18:09
Speaker 1: whole process of you know, because because I was I
18:13
Speaker 1: joked about my situation, But there really is a problem
18:16
Speaker 1: of how you can how do you convince as a
18:18
Speaker 1: financial planner what age group generally comes and speaks to you,
18:22
Speaker 1: what age group generally comes to speak to you. So
18:25
Speaker 1: here's the unfortunate thing, um, And I look at it
18:28
Speaker 1: as unfortunate from a industry and a population perspective, as
18:33
Speaker 1: most of my clients are fifty and above. These are
18:36
Speaker 1: people that get it and understand and grew up in
18:38
Speaker 1: an era that there was no buying everything on a
18:41
Speaker 1: credit card and financing. If you don't have the money
18:43
Speaker 1: to buy it, you don't buy it. So my clients
18:45
Speaker 1: that I meet with, I've learned so much from them
18:48
Speaker 1: over the last twenty years because they are financially independent.
18:52
Speaker 1: And I don't get a lot of younger people coming
18:54
Speaker 1: in here because they're not interested in it, or they're
18:57
Speaker 1: too busy When I try to talk to somebody about it,
19:00
Speaker 1: they're too busy with their everyday lives. And I get it.
19:03
Speaker 1: I mean, my kids have baseball, football across schedules are
19:06
Speaker 1: schedules are nuts. But most of the younger generation, they'll
19:10
Speaker 1: spend more time planning for their vacation than they will
19:13
Speaker 1: their financial future. And so it's difficult because they don't
19:17
Speaker 1: see the motivation because to them, they're in their twenties, thirties, forties,
19:20
Speaker 1: they've got you know, sixty some years old and seventy
19:23
Speaker 1: years old seems like a lifetime away for them, and
19:26
Speaker 1: they don't take the time to educate and invest in themselves.
19:29
Speaker 1: So it's not an easy conversation. And how I try
19:31
Speaker 1: to convince them is really by showing them numbers, because
19:34
Speaker 1: people are smart enough if they have all the information.
19:37
Speaker 1: The problem is is motivating and to actually take that
19:40
Speaker 1: step educate themselves and sit down with someone like myself. Uh,
19:44
Speaker 1: that can help them get to where they want to
19:46
Speaker 1: be financially. And how do they listen? How how do
19:50
Speaker 1: they you know? Because you know when you get fifty,
19:53
Speaker 1: there's a window then as a very short window starts
19:56
Speaker 1: coming up on on your life expectancy. So do you
20:00
Speaker 1: look at them when when you start talking about because
20:02
Speaker 1: I remember, you have a conservative you have a risky
20:06
Speaker 1: or how you cant accelerated because you you know, when
20:09
Speaker 1: you're younger, you can do a more conservative approach. When
20:11
Speaker 1: you get older, they have those little cut off points
20:14
Speaker 1: when you start investing, and and so how do you
20:16
Speaker 1: approach that financial planning when you meet somebody in their
20:19
Speaker 1: fifties or do they come in already with a sense
20:22
Speaker 1: of what they want to spend, what they want to
20:24
Speaker 1: do with their lives, and you're just shaping it. It's
20:27
Speaker 1: a balance of both, you know, I see both both scenarios,
20:30
Speaker 1: and what we try to do is really find out
20:33
Speaker 1: what they need an income to maintain the standard of
20:36
Speaker 1: living that they want, and we let that drive what
20:40
Speaker 1: type of portfolio you should have, because when you're in
20:42
Speaker 1: your fifties and in your sixties, you don't want to
20:45
Speaker 1: roll the dice with your entire future that you just
20:48
Speaker 1: saved thirty plus years of salary into. So you do
20:52
Speaker 1: have to be a little bit more cautious from an
20:54
Speaker 1: investment perspective because you have a lot more to lose
20:56
Speaker 1: when you're in your fifties and sixties. Now, someone who
20:59
Speaker 1: does have anything saved and they're trying to get to
21:02
Speaker 1: financial independence, sometimes they if they want to get there,
21:08
Speaker 1: they may have to take more risk to get to
21:10
Speaker 1: where they need to be because they got a lot
21:11
Speaker 1: of catching up to do. And that's why we try
21:14
Speaker 1: to educate people on look, the sooner you start, the
21:17
Speaker 1: less catchup you have to make and the less risks
21:20
Speaker 1: you really have to take to achieve that financial independence.
21:23
Speaker 1: So we really try to customize the investment strategy based
21:26
Speaker 1: off of the income need of the individual client. And
21:29
Speaker 1: I talked about that in the book as well, too.
21:31
Speaker 1: Is not if there is no cookie cutter approach to
21:34
Speaker 1: financial planning. It's not a one size fits all. Everyone
21:37
Speaker 1: has their own scenario and it should be customized to
21:40
Speaker 1: their specific needs and family goals. I know that it
21:44
Speaker 1: really makes a lot of the sense. Here's there's a
21:46
Speaker 1: statement that always um, I've always been trying to guess
21:50
Speaker 1: understand what is financial independence when you reach a certain age?
21:56
Speaker 1: What what's that confidence zone? They help me out with
21:59
Speaker 1: that because I know that if you live in a
22:02
Speaker 1: certain lifestyle, then guess what property taxes don't get cheaper.
22:06
Speaker 1: You know, electricity doesn't get cheaper. So I know a
22:09
Speaker 1: different different different wealth groups, that statement of financial independence
22:13
Speaker 1: means something. What is what is that statement when you said,
22:16
Speaker 1: because you just said in your conversation a minute ago,
22:19
Speaker 1: you said, financial independence, what is that, Eddie? So to me,
22:23
Speaker 1: financial independence, there's not a number on it. You know.
22:25
Speaker 1: I get this. I get this question a lot. How
22:28
Speaker 1: much money do I need to be retired? And I'll
22:31
Speaker 1: look at them and say, I know nothing about you.
22:33
Speaker 1: I don't know what you spend. I don't know what
22:34
Speaker 1: your lifestyle is, so I can't answer that. That's why
22:36
Speaker 1: I say it's not a one size fits all. So
22:38
Speaker 1: to me, financial independence is when your investments and your
22:44
Speaker 1: social security or pension or whatever you have are generating
22:49
Speaker 1: more income each year, then you need to maintain your
22:52
Speaker 1: standard of living. That means you never have to work again.
22:55
Speaker 1: That's financial independence. And I have some clients who have
22:58
Speaker 1: a very modest style, so they need less than someone
23:02
Speaker 1: who has a more flashy lifestyle to achieve financial independence.
23:06
Speaker 1: But the one thing with financial independence has consistent across
23:09
Speaker 1: the board on all net worth categories is the sense
23:13
Speaker 1: of accomplishment and happiness that you see when someone has
23:16
Speaker 1: reached that level because they know, you know what, I've
23:19
Speaker 1: been grinding for so many years, and now I have
23:21
Speaker 1: finally won the game of finance and that's what it's
23:24
Speaker 1: all about. Well, and um, I understand that because I'm
23:28
Speaker 1: still trying. I'm still sometimes I don't know when to stop,
23:31
Speaker 1: you know, because you keep you know, you keep raising
23:33
Speaker 1: your bar on the lifestyle I want to live. So
23:35
Speaker 1: I just keep working. How do you how does the
23:37
Speaker 1: guy like me shut down? I just need to call you,
23:39
Speaker 1: ed and just sit down with you. What, Just give
23:41
Speaker 1: me a call, man, I take care of you. I
23:44
Speaker 1: think that's hard. Look, I think anyone that has uh
23:48
Speaker 1: you know, it's entrepreneurial minded like yourself. You know. I
23:51
Speaker 1: always I have a challenge with that myself. I always
23:53
Speaker 1: tell myself, I don't I'm know, I don't ever seem
23:55
Speaker 1: satisfied like in anything. No matter what accomplishment you get,
23:59
Speaker 1: it's like, okay, I've done that. Now I need to
24:01
Speaker 1: raise the bar again and try to get there. So
24:04
Speaker 1: that's the toughest part because our brain is a muscle
24:07
Speaker 1: and our brains are kind of triggered in a way
24:10
Speaker 1: and work in a way that on entrepreneurial that is
24:12
Speaker 1: just so driven that it's very difficult. Um. And so
24:16
Speaker 1: what I try to do is I do I sit
24:18
Speaker 1: down with my wife. We did this every year and
24:21
Speaker 1: we try to sit there and paint the picture of
24:23
Speaker 1: what we want our lifestyle to look like at some
24:25
Speaker 1: point in time in our life. And that's what we
24:28
Speaker 1: have to constantly try to evaluate and then get to
24:30
Speaker 1: a point where it's like, Okay, how much is enough?
24:34
Speaker 1: And it is. It's a very very difficult thing, especially
24:37
Speaker 1: for entrepreneurs because they live in a world that is
24:40
Speaker 1: just so highly competitive and trying to grow their business
24:44
Speaker 1: that they have this sense of insecurity a lot of failing,
24:48
Speaker 1: and that's fear of failure is actually a good thing,
24:50
Speaker 1: but it can also hurt you because you just get
24:52
Speaker 1: so consumed by it that it's never enough. You know,
24:56
Speaker 1: I look at myself ten years ago versus now. I mean,
24:58
Speaker 1: if I a this was what it was now and
25:01
Speaker 1: he told me that ten years ago, I probably say,
25:03
Speaker 1: all right, that's probably enough for me. And I want
25:05
Speaker 1: to thank you for calling them on my show. He
25:07
Speaker 1: has a great book, The Common Sense Bull The Keys
25:09
Speaker 1: to the Good Life. Before and during retirement, Eddie, i'
25:11
Speaker 1: be in Delaware in September, but I want to see
25:14
Speaker 1: you before the end. You keep winning. Thank you. Listening
25:18
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