Are You Fishing For Financial Advice? Show 62


Hello,
Being a competitive person, I tend to lose patience with things that I’m not good at. And fishing is something I’m not good at.
Growing up, we went fishing a good bit. My favorite part was looking for a big fat bottom dweller. We’d get chicken livers and leave them outside on the driveway for a day or two, then go fishing for catfish. A lot of times it was like shooting fish in a barrel. Talk about fun! I’m pictured below with some of my catches.
But I’ve always wanted to be a more skilled fisherman. The kind that has the perfect cast and retrieve and can pull out the trophy bass or trout. Every four to five years I entertain this long held desire.
Recently, I went out to the garage and dusted off my nice spinning rod I bought about five years ago and decided to go fishing. I knew it would be an exercise in patience, so I decided beforehand I wasn’t going to get frustrated.
I got a workout from just trying to get fishing lures off the bottom of the lake. My arm is still sore from it! Going into it, I knew I was probably going at the wrong time of day, but it had worked out that I could go at that time.
The whole time I was struggling and doing something I wasn’t competent at doing. As I struggled, all I could think about was the instructor at the fly-fishing shop in Boiling Springs telling me about how I could pay him to take me out on his boat, and he’d teach me how to fly fish and catch crappie at Lake Bowen. Boy, that sounded like a lot more fun that doing it myself.
Sometimes I feel like I’m a researcher more than anything else. People come to me with big problems and I want to be the best possible resource I can be. I’m always listening to podcasts or buying another book to learn. And over the last few years, I’ve begun buying courses about specific topics.
Recently, I was going through Jason and David Benham’s Blueprint 4 Impact. The course is designed for business owners and entrepreneurs. If you’re unfamiliar with the Benham’s, they are former professional baseball players turned real estate experts. They created a multi-state real estate business and franchised it. Now they have pivoted into other businesses and non-profits.
In their course, they made a distinction between “riches and wealth.” We tend to think about them as synonymous, or at least I did until I heard the difference.
Riches can be income that’s only generated once, or isn’t sustainable. Think quick returns on our money that is fleeting or is not always going to be replicable. It serves us now, but we normally show back up at square one sooner or later.
Wealth, on the other hand, increases with discipline, and wealth continues to flow in because we have a replicable process for generating money. This allows us to increase our quality of life both mentally and physically. Mentally, because we are not distressed by trying to come up with solutions to the next issue that may arise.
Using our money with a wealth building mindset instead of riches mentally will inform our decision making as markets change and gyrate.
At our firm if we were interested in producing riches for our client’s we could order our client’s portfolio for that. It’s not hard, and it’s what most people do.
But part of building wealth is building all-weather portfolios that are capable of weathering a financial storm. They may even be able to produce a return when markets become difficult.
So many times, we see people who would rather spend their time pulling their lures off the bottom the lake than using professional advisors who are trained in risk mitigation. And who are able to help clients achieve their financial goals.
As long as you’re willing to be patient like I was when I was fishing for the bottom and willing to not have access to a professional that’s fine. It takes all kinds of people to make the world go round as that saying goes.
Our desire of each of our clients is to help them build long lasting wealth in retirement so that they can focus on the important things in life. Things like the people in their lives and embracing the passing opportunities they have now. If we’re chasing riches, it’s hard to free ourselves up to enjoy the important things. Call us at 864.641.7955.
Until next week,
David C. Treece,
Financial Advisor
Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Clients Excel, LLC are not affiliated companies. Investing involves risk, including potential loss of principal. Any references to protection, safety, or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the insuring carrier. This podcast is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet particular needs of an individual’s situation. Clients Excel is not permitted to offer and no statement made during this show shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Clients Excel.

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