To trust you, your advice, and any plan you might offer, clients need to realize you genuinely understand what truly matters to them when it comes to their money. Many advisors are anxious to offer quick advice, which is rarely the right advice. To ensure you’re not offering advice too hurriedly, you need to ask good questions, listen intently, and then stay curious, probing even further into the responses a client gives.
On this episode of Elementality, Reese and Carl discuss why it’s vital you uncover the core purpose people attach to their wealth. A client’s statement of financial purpose can be linked to their goals. And when you are able to agree on goals, then you know what tactical work needs to be done—and trust will grow.
Podcast Transcript
Carl Richards:
The challenge is we all want to help, and so the moment that something shows up, so a prospective client comes in and sits down, the moment they mention anything that we can help with, we want to jump in there. Michael Bungay Stanier, who goes by MBS, he’s a coach and he says that… He calls it the Advice Monster, like the moment there shows anything we can help with, the Advice Monster comes out and we just wanna give advice, and he suggests just stay curious a little longer, right? Curious now, advice later.
Jordan Haines:
Welcome to Elementality, I’m Jordan Haines, Financial Planning Specialist at Elements. Each episode, Reese Harper and Carl Richards will explore the major challenges faced by Financial Advisors and the things they can do to manage the functional, emotional and social jobs of delivering real financial advice to real clients. We hope you enjoy this episode.
Reese Harper:
Welcome to another episode of Elementality, everybody. I’m your host, Reese Harper here with my co-host, Carl Richards, America’s financial advisor. I’d like to welcome you back to the show, man. Thanks a lot.
Carl Richards:
Thank you.
Reese Harper:
Yeah.
Carl Richards:
I thought that was Suzie Orman.
Reese Harper:
No.
Carl Richards:
Or O.J Ramsey.
Reese Harper:
She’s America’s Financial…
Carl Richards:
Guru.
Reese Harper:
Guru. I think, yeah.
Carl Richards:
Exactly.
Reese Harper:
They’re different.
Carl Richards:
Yes, they are different.
[laughter]
Reese Harper:
Do you still keep a securities license, by the way?
Carl Richards:
No, I have my CFP, though.
Reese Harper:
Oh, nice. That’s how I am.
Carl Richards:
I just did my…
Reese Harper:
Renewal, yeah.
Carl Richards:
Continuing ed, yeah.
Reese Harper:
I don’t have a securities license either anymore.
Carl Richards:
I almost forgot, I was literally until like midnight getting my continuing ed done for the CFP.
Reese Harper:
Wow. Did you go to financialadvisor.com website and do all those quizzes?
Carl Richards:
I don’t want to talk about it, man.
Reese Harper:
Michael has… You’re supposed to go Michael’s website, I think you can do all that.
Carl Richards:
Yeah, I don’t want about that.
Reese Harper:
You’re not going to get me to spend money.
Carl Richards:
Yeah.
Reese Harper:
Just kidding. Shoutout to Michael, he doesn’t listen to this. He’s too busy.
Carl Richards:
Yeah.
Reese Harper:
He might listen to you.
Carl Richards:
Yeah.
Reese Harper:
Whatever, yeah. Alright. So today’s episode, we’re really excited about it because it has to do with really discovering how to get your client to buy in to you and your plan and your advice, really diving past the surface level of kind of a functional plan and the surface level of kind of like courtesy… Like a high level friendship and really get down into deep alignment with your client. I wanted to ask you if you’re gonna give a young financial advisor advice on how to get past the point of surface level and get down to what really matters, helping them feel okay, what are you, what’s your… You know, a couple pieces of advice you’re thinking of.
Carl Richards:
Yeah, like… The challenge is, we all want to help, and so the moment that something shows up, so a prospective client comes in and sits down, the moment they mention anything that we can help with…
Reese Harper:
Mm-hmm.
Carl Richards:
We want to jump in there, Michael Bungay Stanier, who goes by MBS, he’s a coach and he says that… He calls it the Advice Monster, like the moment there shows anything we can help with, the Advice Monster comes out, and we just wanna give advice. And he suggests, just stay curious a little longer, right? Curious now, advice later. It’ll matter later. But the problem is, your advice is no good because it’s not about the right thing. Right? Unless we take the time to really understand what the right thing is. And if we can just believe… Like it was hard medicine for me to take, like, “Your advice is no good, Carl, your advice is no good,” because it was not about the right thing, if it was about the right thing that… This stated problem and this piece of advice is a match, so it’s not that your advice is no good, it’s just that it’s no good, because that wasn’t actually the problem.
Reese Harper:
Okay.
Carl Richards:
Right? That wasn’t actually the problem. So ask really good questions. Like I have a list of favorite questions that I would just ask over and over and over, listen, and stay super curious and realize that you’re wrong, you’re wrong, your advice is not good, the best people I know in this kind of a profession… One of my good friends, Jennifer Garvey Berger, she is a Harvard PhD executive coach to 20 of the Fortune 100 executive… Like serious business. And we used to go on… I used to… I had this program in London called Carl… Nobody knew that this was the name of it, but it was called Carl Walks With Smart People.
Reese Harper:
Okay.
Carl Richards:
So every week I would try and go on a walk with a smart person.
Reese Harper:
Okay.
Carl Richards:
And London is a place you can do that ’cause there’s lots of smart people there. So… Park City there’s… Anyway, it was much easier in London than Park City, so… One of the… I used to go on walks with Jennifer every once in a while, when I’d have something I needed to work out. And I would watch her… This is one of the smartest people I know, who’s most capable of giving me advice than almost anybody, ’cause her domain expertise is right in line with mine, and I would ask her a question and she would never answer it. Never. She would always ask me a question back like, what have you seen? Or what have you tried? Or, That’s interesting. When did you first think about that? And when she would ask me a question, she would look like… Literally look like a golden retriever who had just dropped a ball at your feet, like she was so excited about what was gonna happen next because she didn’t know. Are you gonna pick the ball up and throw it? Like so excited. And I asked her about that once and she was like, Well, because I’m not interested in asking questions that I know the answer to. That’s pretty like, I’m not interested in asking questions, I’m only interested in asking questions that I don’t know the answer to, and so she was so curious about what was gonna come out of my mouth and answer to the question she asked, and I would always solve the problem.
Reese Harper:
Mm hmm.
Carl Richards:
She would always solve the problem by helping me… By just asking great questions. So, ask really good questions, stay curious longer. Right? And one of my favorite questions, it’s always the follow-up ones, and Michael Bungay Stanier has another one called, and what else?
Reese Harper:
Yeah.
Carl Richards:
And what else?
Reese Harper:
Okay, I didn’t realize when you first said his name that that was the person that… I read a book called The Coaching Habit. And I was like… I forgot his name, but those… The set of questions in that book I felt like were really, really helpful. Let’s share with the audience like one question out of that ’cause… And what else as kind of a follow-up. What’s one question that you kind of like either from that book or just one in general that you like.
Carl Richards:
Yeah, I mean like perspective client meetings for me always started the same way, so I always… I took Bill Bachrach. John Billan and Bill Bachrach argue a little bit about who created this question, I think, but I think it’s pretty obvious, Bill… Well, I actually have no idea. But I first learned it from Bill Bachrach, and then I also learned from John Billan, which is just the simple… What’s important about money to you? And even as I say that, we have to realize when you ask a really good question, it’s by definition a question that no… People haven’t been asked before, and so it’s often gonna be uncomfortable asking it. And it’s gonna feel uncomfortable because by definition it will be new and novel, the person won’t have had the experience. So I loved to blend that with Simon Sinek’s work, and I would just ask why is money important to you. Dan Sullivan’s question, he wrote a book called The Dan Sullivan Question, if we were meeting three years from today, what would have to happen in order for you to consider this relationship a success? And that’s a great… But those questions aren’t nearly as important as “Oh, that’s interesting, tell me more.” After the first answer. “Oh really go deeper.”
Reese Harper:
Yeah. What are we trying to discover, right? I think it’s one thing to say I’ve got the right question. I know how to get them to continue to sort of explore what are you trying to discover through any one of these questions? Where are you trying to arrive at?
Carl Richards:
Yeah. So maybe it’s… Like let’s back up to an episode… A little… An episode or two ago, somebody comes in with an acute problem. The portfolio is blowing up. I’m really upset about my performance has been bad. All my buddies are talking about great performance. Well, we’re trying to… We can compete at that level. And I always felt like I was really good. I could compete, I did some institutional consulting like I can compete at that level. But we know any time we win a client at that level, we will lose the client at that level a couple of years later right? Any client we win based on performance, we’ll lose based on performance later, so we’re really trying to get underneath why is that actually important and I can… Let me just tell you one quick story that might help… I have a friend, his name’s… Anyway, let’s just call him Aaron. And Aaron was telling me about how it was really driving him crazy ’cause his wife… And I wanna be really clear, this is not a wife spends money, husband doesn’t. This just happens to be this example. I’m so nervous now, about gender things after all the New York Times articles, I had to always be thinking about it. So I don’t…
Carl Richards:
Please don’t get distracted by the gender here, ’cause it could easily just be flipped, but… So Aaron was telling me one day he was like, ‘Gosh, I just… My wife really wants to get a new car, she just… It’s been going on for like a year. Just… She won’t stop bringing up the car.” He was like, “I don’t understand ’cause she doesn’t seem to care about… We don’t live in the flashiest neighborhood, we don’t have to have the best clothes. I don’t understand what the car… What the car… It’s caused major fights.” He called me a couple of weeks later, we talked about it a little bit. He called me a couple of weeks later, he was like, “You won’t believe what happened. Like I decided to just ask like, “Hey, what’s going on here with the car? Why do you want a new car so bad?” And she was like, “Oh, I don’t want a new car.” She was like, “Look, growing up, my dad always drove old unreliable cars. And I remember in junior high, pulling up to the junior high school, all my friends… I get out of the car and it breaks down, my dad can’t start it to leave. I remember breaking down out in the country side somewhere.” I mean I always get emotional thinking about this just ’cause this was 20 years of like…
Carl Richards:
And she said, “I’m sorry, Aaron, I didn’t mean new. I meant reliable.” That’s what we’re trying to get at. It’s like, Well, how would we have known that? Just… Like build a plan up buying an new car? Well, we didn’t know because we didn’t ask enough questions, so we’re trying to get to the… The problem is never the problem.
Reese Harper:
Yeah, well, so I think underlying this, you talk a lot about Statement of Financial Purpose, you talk about finding your purpose of money, why is money important to you? It seems like for you, it’s about arriving at this place where you’re able to define why money is important to you, and that’s the question you would ask in order for someone to arrive at this Statement of Financial Purpose, is that fair? Or how would you coach someone on that?
Carl Richards:
Well, I think even, just to get clear, this isn’t a new agey concept. Like for me, my Statement of Financial Purpose is time with my family mainly outside and servicing my church, in my community. I had a great client his name was Jerry, he was of Tom Brokaw’s Greatest Generation. He says all duty. Right? And so he… When I asked him, Jerry and Vera, why is money important to you? They said, “I never wanna be a burden to the kids.” To me the reason that line of questioning is so important is out of that flows goals. Before that goals are picked out of the air, we don’t know what our goals are. Nobody likes to be asked what their goals are. The research is pretty clear, so I cannot say to Jerry. Jerry, what if we put some framework around I don’t wanna be a burden to the kids. What would that look like? What would it mean? As I’m directly linking their goals, and I would say to Jerry. We put some framework around this and after we put some framework around it, would it be okay, Jerry if we call that a goal? So I would never ask, what is your goal? I would teach them what it meant to have a goal.
Reese Harper:
Through an extension. Through understanding that purpose first.
Carl Richards:
From purpose. Yeah, so goals flow out of purpose, and then what’s beautiful about this… The reason this all matters. I mean of course, it matters for its own reason. But it’s out of purpose flows portfolio like the plan, the design. How are we gonna invest the money to help you meet those… Sorry, out of purpose flows goals, out of goals flows the tactical work that we’re doing. So he may have come in for a performance, we have no idea that’s not linked… His prior advisor did not link that to I never wanna be a burden to the kids. It turns out that means $7000 a month in my mailbox on the first of the month, right? And then we can say, Well, great, we’ll build a portfolio based on that. And the reason all that matters is because when this portfolio has its normal tough time. Which is where my work always had started in the first place. It was how do I solve behavioral mistakes way out here? Right. Way out in the portfolio. I can say, Hey Jerry, remember let me just check. And we can whoop all the way back to purpose, then the goals and remind them of the link. So that’s why it matters.
[music]
Abby Morton:
Hey, it’s Abby, are you on the hunt for ways to grow your book, speed up your planning process and better serve your rising star clients and prospects? Then it’s time to find out how Elements is helping advisors like you all across the country, modernize their approach to financial planning. To chat with us, go to getelements.com/demo, and we’ll show you how Elements can help future-proof your business.
[music]
Reese Harper:
Let’s just do a quick exercise then. I’m a prospect, or I’m a new client. We got a great relationship. I’m in the office. You’re trying to ask me this. You’re trying to get me… You’re trying to help me get to a Statement of Financial Purpose. I’ve actually been trying to write this down lately and I don’t know what mine is.
Carl Richards:
Well, I mean…
Reese Harper:
How would you… What question would you ask, generally?
Carl Richards:
Let’s just pretend like we’re not in the middle of recording a podcast and we are just having a conversation in a coffee shop, right? Like we’re just relaxed and you’re like, Look, I’m starting this new company and you tell me something about it, and I would just be like, oh man, that sounds really interesting. How’s it going?
Reese Harper:
Okay. Well, I really I’ve got a lot going on. It seems like. So this is like, you know, it’s a whole new thing on my plate, but I’m just really excited about, you know, my life. I’m excited about where it’s going. I like feel like I have a lot of great things going on. I get energized, you know, by a lot of things that are going on my day. That’s probably what I would say like right now.
Carl Richards:
But why, why? I mean, I’m just curious, you mentioned like things on a lot of things on my plate.
Reese Harper:
Yeah.
Carl Richards:
Like it sounds like that’s like juggling, I’m imagining plates being juggled. Like why was it important to you to add one more thing into that list? ‘Cause I know you got a busy family life and the kids, and I know that’s important. You’ve told me that in past conversations. Why is that important?
Reese Harper:
I think I saw this like gap, this problem in the world [laughter] which was all these advisors, all these great like influencer advisors and coaches and people like John Bowen and people like Bill Bachrach and people Like… I feel like there’s a lot of good advice out there on how to make a better business that kind of focuses on values you know, talking to whether it’s George Kinder or, you know, Amy Mullen or, you know, all the life planning kind of dimensional stuff. I could feel like the, money was really important. I saw that the American Psychology Association ranked money, like really high, it’s number one or two, but like all the tools and technology that I was using in my practice were just like really reinforcing the not, they weren’t reinforcing values. They weren’t reinforcing these conversations around emotional jobs that I wanted to get done.
Reese Harper:
And I was just like, man, I gotta try. Like, if I’m not willing to try to put a pragmatic thing together, or like a pragmatic framework together, something to try to put all of these ideas into practice. I don’t know if I would like, feel like I had really pushed myself that far. You know, like I, it would’ve been easier just to be like, not me. [laughter] like, I don’t want it. But I was also like, if I don’t do it, then who will like, who’s gonna go raise the capital. Who’s gonna put the team together. Who’s gonna like orchestrate all this. And I was like, I gotta try, you know, I gotta give it a shot. ‘Cause then I could at least…
Carl Richards:
You gotta try to solve this problem…
Reese Harper:
I gotta solve this problem. If I don’t solve, if it doesn’t work out then I’m okay. It’s not like, I’m like, like I could live with failing and having tried, but I don’t think I could like, look at myself 10 years from now, look back and go, you, you saw something you could fix and you were, you had a shot, but you just didn’t take it. That would’ve been like, I couldn’t live with that. And so why was like, I just wanted to be able to look at my future self in the mirror and be like, you, you tried, you did a good job. You put yourself out there and you took the risk and you tried to make the industry better. I was just sick of seeing like client after client after client.
Carl Richards:
Making the industry better?
Reese Harper:
Yeah.
Carl Richards:
Is that really what it’s about making the industry better? Why is that…
Reese Harper:
I think it was like helping…
Carl Richards:
Why is that important?
Reese Harper:
I think it was about helping like one more client better, you know, just one… I wanted the next client experience I had to just be that much more impactful for them. And the current like infrastructure I was working with was just like, not…
Carl Richards:
Right.
Reese Harper:
I wasn’t able to get there.
Carl Richards:
So making the industry better is really just a tool to make one more client better?
Reese Harper:
Yeah. Yeah.
Carl Richards:
Yeah. Is there anything more important about the work you’re doing than that?
Reese Harper:
I guess I’ve seen like in my own life, like getting to a place where it took a lot of great coaches, like you, it took a lot of great, took my, you know, my wife, my kids, my friends to like help me get to that place where I really found, like I was happy and it was funny because it, I wasn’t, I’m not still, you know, I’m, I have a large net worth, but I’m not financially, you know, I’m not liquid financial independent, you know, I, I still have to execute in order for me to be like, according to the TT score and financial independence definitions to be like totally done. Yeah. But I, I was going towards more money for quite a while in my early career.
Carl Richards:
Yeah.
Reese Harper:
But then learning about this balance of all these things that I needed gave me that sense of presence and kind of like happiness, where I was like, dude, I don’t need any more money. Like I’m done.
Carl Richards:
Yeah.
Reese Harper:
And I still don’t have as much as I would need to for the math to be like totally optimal. But I’m done. Like I found that you really zone of genius, like centeredness, Ikigai moment. And I was like, oh, I wish someone could have helped me find that earlier. Like, it didn’t need to be this burdensome, didn’t need to be this heavy. It could have been more enjoyable in my twenties, more enjoyable in my thirties so that you just didn’t…
Reese Harper:
You weren’t focused on wealth maximization as kind of the impetus for everything, so if you say was it about one more client? Was that what it was about? It’s not about the industry. It’s about that one more client… And I think for me, it was like the things that helped me heal, the things that helped me kind of find peace, it was like, Dude can financial planning, maybe help a few more people, but it’s always about that one person, that next person just having a little bit better interaction with their financial advisor so that they find that balance sooner and live more of their life in that rich kind of full centered, kind of peaceful, place of enjoyment. And it just doesn’t have to do with wealth maximization, it never was about that, that’s for me, like the… I don’t know if we’re getting at it, maybe I’m tangentially…
Carl Richards:
No, I think if I hear you correctly, you saw a problem, it was important to try and solve it, it was really important to you to be able to look back and say, I think the words you used were, at least I gave it a shot to change… To change an industry. And as a tool to help one more human… Right. Live better with money, so that you could get to this place where you felt like, Hey, I’m really balanced, I’m doing… Is there anything more important than that?
Reese Harper:
I think for… That’s probably the most important thing to get myself to a place where I was living my best life, filling that balance for myself, it required all of this… All this had to be there, I couldn’t… I can’t remove my work in my non-profit, I can’t remove my work in my dentist advisor’s career, I love working with my clients still, I love the software startup, I love working with you, I love recording content. I love being with my kids, I love spending time with my wife on the weekends, I love traveling, all the things in my life that are kind of that balance… They all had to be there. And this part that I’m working on now, was one of them that gave me the balance and without… Not very many people actually get to know me that well, like you just did to dive into there and go like… That seems like I know you pretty well.
Carl Richards:
What was the word you used for that, the Japanese word for it?
Reese Harper:
Ikigai. It means life value or purpose of life in Japanese.
Carl Richards:
Well so like [0:22:34.0] ____ hit kind of pause, if we had gone through that conversation as a first meeting, I would now know that… I would have that written down, that I saw a problem I wanted to solve. I really didn’t wanna look back. And again, I think important to use your words, a problem I wanted to solve, I really didn’t wanna look back and have not given it a shot, I changed the industry so that one more client. Right, and I would be tempted to change it to one more human, but I wouldn’t even do that, ’cause you used the word client, one more client, so that I could get to this ikigai. Is that the right word?
Reese Harper:
Mm-hmm.
Carl Richards:
For me personally, all of those things are serving this one purpose… Well, now I could easily say, Well, Reese, geez, now that I know that that helps me a lot with financial planning questions. I can ask…
Reese Harper:
For you. And you can reflect that back to me. And you frame it and you write it down and go, Okay, it’s kind of that. I think that’s right, but I might change the definition just slightly and say.
Carl Richards:
You as the client?
Reese Harper:
Me as the client might say, finding my own ikigai is my… That’s my life purpose.
Carl Richards:
Yeah. It’s the thing that sits at the top of all of that.
Reese Harper:
Yes.
Carl Richards:
There’s nothing more important than that.
Reese Harper:
No, that’s it.
Carl Richards:
Yeah, so once we…
Reese Harper:
But then we… And I would say that the way that we… The first draft that you just gave me to define that helped me look at it and go, That’s one dimension of finding my ikigai. It is about these people, I wanna have an impact, make a difference, work is a part of it, but it was really more about my own personal balance, so that every day I could kind of stay in my own sense of peace and balance.
Carl Richards:
Totally, so I would have that written as the Statement of Financial Purpose that maybe just ended with… It could. Your Statement of Financial Purpose could be one word, it could be just ikigai.
Reese Harper:
It could be ikigai.
Carl Richards:
And then I could say, Okay, what conditions need to exist in order for you to feel like you have the ability to pursue that…
Reese Harper:
Yeah.
Carl Richards:
What would you need to be making income-wise, what would you need to be… And we can then… And Reese, would it be okay when I ask you these questions… We’ll put some definition around that. And we’ll call it a goal.
Reese Harper:
Yeah.
Carl Richards:
And so that’s how… But I wanna keep asking those questions like… ’cause again, client coming, I need $3.2 million for retirement… I’ve had that happen and we’ve all had that happen. A client had a number in their head, well, I could just write down that number and go, Okay, cool, and I can go straight into tools to make you have that happen, but where did that number come… So I would be so… That’s really interesting, Reese. $3.2 million, how did you come up with that number? Walk me through that a little bit. I’m super… These are some of the lines. I’m using this intentionally. I’m super curious about that. Tell me more. And then we get behind… Oh, it turns out my dad said that one time, and I don’t even know if it’s right. That’s the thing.
Reese Harper:
To go back, I appreciate you going through that example, I think it’s instructive for people to see a real response from somebody like me trying to go through a exercise with a real talented advisor, what’s the main benefit that just occurred in that relationship? What do you think… If you’re my financial advisor and I’m your client, what just happened in that exchange, for me as a client?
Carl Richards:
Well, at least, I’ve read about the Science behind this, actually, I believe what happened is that you got asked really good questions, somebody was intensely interested, there was a feeling of empathy and connection, that feeling of empathy and connection is not whoo whoo. It’s literally oxytocin. Not oxytocin. No yes oxytocin not oxycontin. Oxytocin being released in your brain, which was designed for me to have feelings of fondness for somebody who appeared to be interested in me… I think that’s a deeply…
Reese Harper:
Biological issue.
Carl Richards:
Biological thing that just happened, and I am now, and that happens when people ask you really good questions and listen intently, and then they help you define. The other thing that we know just happened is you’re making a decision about whether or not you’re going to hire me or continue to pay me as your advisor, and the decision you’re making… You don’t know this, but the decision you’re making is the way you value me, and again, you don’t know this, but we know this from the Science, the way you value me, the calculation you do is desired future state discounted for uncertainty. So you’ve got a desired future state and then you discount my value by the uncertainty you have in my ability to get you there, if we haven’t even defined the desired future state, your discount is pretty high. The uncertainty is pretty high.
Reese Harper:
You… Meaning the desired future state when it doesn’t involve getting down to that purpose level, you’re… Starting from a weak place.
Carl Richards:
Yeah, I could come up with all… If I didn’t know about ikigai, I could come up with all sorts of tactical things, and you would probably be like, Oh, I don’t know. But if I can link those tactical decisions to this sense of purpose that you’ve now defined… So look, based on everything I know about you, the best way to get there, the best way to continue to live there is to do this thing first, and then this thing and this thing… How does that feel? Yeah, great. There’s a direct link between the things we’re doing, We’ve now aligned your use of capital with what is actually important to you, and the defining of what’s actually important to you… I used to think that was the easy part. It turns out that’s really hard.
Reese Harper:
It’s really hard, you could see, I’ve gone through a kind of a lot of self-discovery of this, and so for me, even though I’m fairly self-aware, it’s still hard.
Carl Richards:
This drifting off course and the gap between what I said was important to me, and what I’m actually doing with my life, I love that the check book and the calendar never lie, if my check book and calendar aren’t lined up with what I say is important to me, that’s actually just called being human.
Reese Harper:
Yeah.
Carl Richards:
And entering that space is a really, really valuable thing that we can do carefully, and again, nobody walks in the door hiring you for that, we just walk through why it’s so important to tie it back to that tactically.
Reese Harper:
Yeah. Alright, Carl, thanks so much, man. This is a blast and you’re really talented at helping people understand this. You’ve got a big heart and definitely, you put it all out there for people, so I really appreciate it, and I look forward to having another episode soon.
Carl Richards:
Yeah, cheers, Reese.
Jordan Haines:
Next time on Elementality.
Reese Harper:
I think the caution that I’m looking for in early accumulation years is like, are we building equity and property at an accelerated rate while neglecting liquidity and qualified plans and business equity that really need the time value of money on their side, and we can get tax advantages for building up those other buckets? Or am I just kind of emotionally rushing to build equity and property and pay off my student loans and pay off my debt when ultimately like none of that gives me a significant financial advantage in my early years and the time value of money doesn’t go to work for me?
Abby Morton:
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