Issue #23: Q&A Session #1

Thank you, thank you, thank you all!! We have 1,048 subscribers on Linkedin and 367 directly on beehiv! Thank you soo much, it is beyond amazing to know this many of you love the content I bring and want to be along this journey with me.

Obviously I am not normal in my approach and can scatter around but that is who I am so I appreciate you coming along!

Q&A Session Time: Real, No BullS*** Answers!

I thought about doing this type of issue every so often probably when I get 5-10 really meaningful questions that I know will matter or at least provide more insight, so this is the first of those. A few of these may seem like they come from trolls but I actually get a couple of these A LOT more than you think…fyi.

Let me know if you have more questions or if you like this type of issue.

Q1: Why do you do so much?

This stems from me being CEO of Black Mammoth, Trinity, Legacy, Kala and running two podcasts as well as having two young boys. I get the perception this must put out to the public, it is something that I fight everyday. I am here to tell you that, I have a team that helps me, Trinity/Legacy/Kala are exclusive to our Black Mammoth Clients and those that refer internally in those companies and the podcasts well they are my outlet to educating more and being louder in our industry so we can reach more people to help!

I do ask that you see past this and understand that I do all of these for YOU, so I can better YOUR life, and in doing so I am able to take care of my family. So if you are one of those that wants to work with me or has thought so in the past but you think I am too busy or you do not have enough “Assets” to work with me, that is all hogwash, I am here for you and will always be let’s get you on your journey!

Q2: It seems like you do not have time for clients, is this true?

I kind of answered that above but I will lay out my calendar wee bit, so Mondays and Fridays are usually focused as the creative days, meaning working on clients plans, doing research, creating educational items and recording podcasts etc. I dedicate Tues-Thurs to clients/prospective clients, where my calendar is freed up of everything else to focus on YOU, if you want to schedule at that time. Everyone has access to schedule a meeting whenever they choose to pick my brain, ask about their plan etc, or they can use their dedicated slack channel and chat any time with us. So in short, never short on time for clients and new clients.

Q3: How much money do I need to start planning?

$0…you do not need to have “assets” to start yourself on your financial journey, we have different services for your situation to get you started, from DIYs to complete Family office where we do damn near everything for you!

If you are one of those on the fence of wanting to start planning but your gut says its time, then listen to your gut and jump! I will catch you!

Q4: Can I ask you a few questions and then just do it myself?

This question comes in all forms and happens DAILY! My response is simple, I will give answers if that answer is generic and basic public knowledge that is irrelevant to needing to know that persons financial life. If it is something in detail, my response is, I cannot give advice to you without knowing your situation, if you want we have a service that I can do a quick review and be able to answer those questions for you or build a plan with you so you can take it and do it yourself.

As a practitioner of the CFP® and my belief on the duty of our industry, we need everyone to understand we cannot just blindly give advice or opinions and have you take that and build a plan. That most likely will do WAY more harm than good, we truly cannot do our duty without seeing the bigger picture and truthfully you wouldn’t want us to blindly help you make decisions. Doing that will lead to poor decisions and a bad relationship with money, we want you to be in control of that relationship in the healthiest way possible!

Q5: What is your average return you get for your clients?

I cringe every time this question gets presented/asked to me or I hear others talking about the returns they get their clients.

First, literally every client is different, portfolio, risk, income, life etc. so there is no “average”. Second, we do not track our clients “average” returns because that ultimately has no factor on their financial plan and their goals. Third, Investment Returns make up a small percentage of what clients care about, they want to know if you are taking care of them, are they on track for their goals, education on overall market and communicated to regularly so they know they are good to go!

Q6: If I gave you $150k in cash, where would you invest it?

I legit got asked this in the barbershop this past week, sad thing is it’s not the only time I have been asked this question.

Quick answer is no, I cannot take cash…like at all! However, if you have a business or a bank account go ahead and deposit all that cash in there and then we can help you with that cash, otherwise please do not come to my office with a duffle bag of money or gold/silver…we cannot accept that!

Q7: I am thinking of just paying off my house right now and then investing after the market turns around, is this a good idea?

Well if you are a client and we have the scope of doing your planning than this answer has already been put into the plan.

However this comes from people who want advice in the Real Estate markets….again I answer it just like I answer Q4 above, I cannot give advice without knowing your financial picture, we have a service for that.

That being said my general opinion is the market is at lows and probably will go lower, so if you put your extra money into paying off your house then you will miss out on all that gain when this market comes roaring back into the next bull market. The opportunity at hand can flip your financial life, if done correctly.

Also, being “debt free” in your home isn’t what you think, your primary home is a terrible asset, if you are not utilizing the equity inside of it, because of the ongoing expenses (upkeep, taxes, utilities, etc), eat away at you so you need that asset to be income producing by investing the equity in it, if you do not do this then you have $$$ sitting there doing nothing and essentially losing you money because of expenses.

As you can see I get questions that are all over the place, these come from clients, my socials, friends, etc. I have more but I figured this issue was getting long enough with just 7 questions.

If you have questions that you want highlighted or answered, reach on out to me!

Psst….stay tuned I am cultivating going live once a week to answer questions, if interested let me know working through the process and when I should do that.

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