Welcome to the 100th episode of the Mind of a Millionaire podcast.
After 99 episodes, you would think the 100th would be easy, but that wasn’t my experience. I was so excited for triple-digits that I wrestled with idea after idea. I recorded and edited show after show, only to delete every single one.
[1:30] For number 100, I wanted something special—something different than the usual financial ideas that I share. Finally, after 30 days without releasing a new episode, I landed on that special something. I will share the three most impactful takeaways that I have learned from my clients throughout my career as a financial advisor.
These aren’t lessons perse, such as Dave Ramsey’s debt snowball. That’s a great lesson, don’t get me wrong; however, when you look for a lesson, you know what to expect. You’re so in tune with looking for those things that it’s not surprising when you find them.
ADOPT AN ABUNDANCE MINDSET
[2:50] Since my career started in 2008, I’ve learned that generous people tend to be the wealthiest; not the other way around (being: wealthy people are the most generous). Essentially, the question to address is: does generosity make you wealthy, or does wealth make you generous?
The preconceived notion is that wealth makes you generous—you have more money; thus, you can give more away. You constantly hear about the top 1% being incredibly giving, donating billions of dollars.
But, I would argue the opposite is true: generous people tend to be wealthier. When clients start discussing retirement, there’s a popular industry saying: “I want my last check to bounce.” In other words, some retirees would rather spend their hard-earned money during their golden years, leaving nothing for future generations. And that’s fine—to each their own.
However, I’ve learned that the investors who want to create a legacy and leave money to their heirs are generally more financially successful. The desire to grow wealth for generations to come is an abundance mindset. Selflessness has a way of changing your mentality and your relationship with money.
DON’T BE THE UNHAPPY CUSTOMER
[5:14] This one is a little off-the-wall and perhaps out of place, but it stems from my experience as a financial advisor.
The millennials—shoot, maybe even the Gen Z’s, apparently called Zoomers now (it’s tough to keep up)—have coined a term for the chronically unhappy customer: Karen. From a business owner’s perspective, our team has been blessed to work with universally kind and understanding folks. That said, we’ve also had our shares of irate customers walk through our doors.
That isn’t to say we can’t work with unhappy folks. Instead, it’s to emphasize that unhappy customers don’t allow themselves to embrace a company’s process fully; therefore, they miss out on all that a company has to offer.
Let’s look at the dentist, for example. When I go to the dentist, I sit in the chair, put on the sunglasses, and say, “ah.” The dentist does what she does best and cleans my teeth (maybe she fills a cavity once in a while; forgive me for having a sweet tooth). That’s her process.
However, if I went to the dentist and complained about specific tools, or the poking, or the bright lights, or the gross tastes, the dentist would have to shift her attention to addressing my complaints rather than focusing on my teeth.
My point here is this: trust the process. If a well-established company can focus on its tried-and-true process, it can provide better results.
Sure, this doesn’t tie directly into wealth, but it’s one of the most impactful takeaways that I’ve learned from my clients.
PULL PEOPLE UP
[9:19] This is perhaps the most important point that I’ll make. I think there’s a common misconception that wealthy people are greedy. Maybe the stereotype is true in some instances—the cheap business owner paying his employees next-to-nothing—but I’ve found the opposite to be more prevelent in my experience.
Wealthy people want everyone in their circle to succeed. They don’t want to buy something for nothing. Instead, they are happy to pay for a valuable service or good. They want to pull people up with them as they progress.
I’ve worked with plenty of business owners in my years as a financial advisor, and from secretary to delivery driver to middle-management, they take care of their team members. And it expands beyond that. A particular example that comes to mind is a client who recently sold a $10,000 car for $2,000 to a young, newly licensed driver.
In my experience, wealthy people help those around them. They pull people up.
[11:57] After haggling with countless podcast ideas, I am happy with this one. I am glad to have shared the most important takeaways that I’ve learned in my years as a financial advisor. More importantly, I’m excited about what’s still to be learned as I continue to progress in this career, as our team grows, and as we get the opportunity to work with more incredible folks.
I hope you enjoyed this—if you have feedback, please don’t hesitate to reach out. We would love to hear from you. Thanks for listening.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All investing includes risk including the possible loss of principal. No strategy assures success or protects against loss.