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The Alternatives Mason: Building Alts Knowledge Brick by Brick | Episode 23 | Courage and Vulnerability in Entrepreneurship with Dr. Renée Baker
2 Playsin 7 hours
In this episode Brittany talks with Dr. Renée Baker, who shares her journey from corporate stability to entrepreneurial freedom, emphasizing the importance of courage, vulnerability, and financial education. She discusses strategies for preparing for financial emergencies, breaking the stigma around money conversations, and finding fulfillment in aligning one's passion with purpose.
They break down:
• Dr. Baker’s early money memories and their impact
• The transition from corporate career to entrepreneurship
• Essential attributes for becoming a successful entrepreneur
• Importance of financial preparedness and emergency planning
• Exploring alternative investments and market trends
• Overcoming financial setbacks through resilience
• Normalizing discussions about money in personal relationships
Connect with us below!
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Transcript
Opening and Introduction
00:00:00
Speaker
I'll fall, I'll get scraped up, I'll figure it out, I'll fall seven times, I'll get up eight, but as long as I've had breath and life inside of me, Brittany and everybody listening, I will find a way.
00:00:14
Speaker
Welcome to the Alternatives Mason podcast. With host Brittany Mason, Chief of Staff at Bonnerian Capital Management, you'll learn how to build alternatives knowledge brick by brick. Bonnerian Capital Management uses technology to help independent advisors scale and educate themselves on alternative investments. And since education is such a big piece of what we do, we are excited to kick off the series to dive into the nits and grits of the alternative space.
00:00:41
Speaker
Hello, everyone. I am Brittany Mason, your host of the Alternative Mason, where we are building your alt knowledge brick by brick. And here we are with another episode.
Meet Dr. Renee Baker
00:00:51
Speaker
I have the one and only Dr. Renee Baker. She is an award-winning entrepreneur, professor, and civic leader focused on economic empowerment.
00:01:01
Speaker
As the founder and CEO of ah RBI Group, she leverages her expertise in finance to reduce wealth disparities and uplift communities. A dynamic speaker and a podcast host, Dr. Baker inspires audiences to reach their full potential while actively mentoring others. Outside of her professional pursuits, she enjoys travel, community service, and your devoted wife and mother. Thank you so much.
00:01:26
Speaker
for coming on the show today. I'm so excited to have you. Thank you, Brady. I'm so excited to be here. I'm definitely a fan and I really appreciate all the wonderful work that you're all doing.
00:01:39
Speaker
Thank you.
Early Inspirations in Finance
00:01:40
Speaker
Likewise. Oh my gosh, you're such a powerhouse. And I love having women like yourself on this you know podcast to talk it you know about what your journey has been like. How you you know how have you just become this you know superstar that you are? I just think you're fabulous. I've done such a ah deep dive and you know research on who you are and what you're doing. So it's really, truly an honor to have you on.
00:02:05
Speaker
Oh, thank you. I really appreciate that. Women supporting women, empower through it all, empower women, definitely empower women. Yes, we need more women in this industry. And so um I want to, you know, I like to start my podcast off with really learning and understanding, you know, what is your why? What sparked your interest in finance? um If you could share like your first money memory,
00:02:32
Speaker
that that would be a great way to start. Oh, yes. So my first money memory is just realizing and always hearing that money doesn't grow on trees. And let me just tell you, I'm from a small town in South Jersey. And what that means, because people think Jersey, it's a garden state, lots of farms. So definitely lots of trees. And where I'm from, lots of cows, because Cowtown is an area from where I'm from.
00:03:00
Speaker
But the conversation was always, I would ask for things. And um I'm not saying I was a low maintenance child, but I would ask for things. And my parents would always say, you think money goes on trees? You think money goes on trees? And I'm like, what is what are we talking about? I'm still the same way. And I realized that maybe we didn't have a, was it a money problem or was it an income problem? So then I started to think, okay, well,
00:03:25
Speaker
Okay, money doesn't go on trees. I get that. But what I don't understand is then why don't we have more of it? Like I wanted more money. So my first memory was really trying to figure out how not to operate and lack. And let me just be clear. I didn't call it that. I didn't know that, but I couldn't understand why We didn't have more of it. And what was it that we would do? And we didn't talk about money a lot growing up. I knew it didn't grow on trees, but I didn't feel the lack as much as I really realized later on. So that that
Entrepreneurial Journey Begins
00:04:00
Speaker
was it. We just didn't talk about it. It wasn't a topic. It didn't grow on trees was the extent of the conversation. well the And how old were you at that at that age?
00:04:10
Speaker
So I was a very, I'm trying to think about what the way my parents would describe me, ah inquisitive. I was a very inquisitive. So I probably was around four or five. And for context, I started school very early. So I started school young and yeah as a result of that, I graduated from high school at the age of 16. So I was very inquisitive. I had a lot of questions. And I think I was probably around five or so when I first started that and having these conversations with my parents ah recently, ah we realized that she said you were a little different. My mother said you were a little different.
00:04:53
Speaker
but is Um, and I still have, uh, a lot of questions today. That's great. I, I think we should all be inquisitive, you know, you know, closed mouths don't get fed, you know, so always ask questions and, um, yes. So I, I see you describe yourself as a serial entrepreneur. What was your first business?
00:05:17
Speaker
So my first business I would say started like when I was younger. And because I was, listen, i'm I was a nerd. I've always been a nerd and I'm a proud nerd. I was a nerd when it wasn't cool to be a nerd. yeah um So I would, I don't know if this is good or bad, but it is. ah My first business was realizing that I could pay, people would pay me for my knowledge. yeah And I can get people to pay me to do papers for them. We didn't have the internet when I was in school. So I was always in a library. People would pay me. tutor me, can you write my papers for me? Can you help me figure things out? So I would say that that was my first business because I realized, listen, if money didn't grow on trees and we need to figure out how to make more of it, you have to use what you've got to get what you want. And I knew that i'm I'm smart. I was like, from the top up, I'm good, right? This brain, we're going to make this brain help us make some money. So that is, I would say that was my first business because I realized I could trade
00:06:19
Speaker
um I wasn't necessarily trading time for money, but I can trade knowledge for money. It sounds like you were just born with this innate you know hustle drive and you know go-getter mentality, that grit. And I always find it interesting, you know is that something that is learned or is that something we're born with? And do you feel it's one or the other or do you feel that it's a combination of of both nature versus nurture?
Traits for Success
00:06:47
Speaker
I don't know. I love that question, but I was a premature baby and I had it, you know, my mother always, my parents say, and my parents say, I had things to do. So I had to get We sit in here. I'm still sitting here. Like we, I need to go. Like I need to come right now.
00:07:04
Speaker
um So my birthday is coming up in December, and I was supposed to be born in January. so But I came out, I was fine, there was nothing wrong, but I had things to do. So I don't know, maybe I was born this way. Definitely, like I said, as a young person, very inquisitive. I've always been one to get after it. And if i could if I couldn't figure it out, I'm going to ask questions.
00:07:29
Speaker
But I like to create paths. I think I'm a builder. I've always been a builder. I've always been a natural leader. I'm the oldest. So I always say that I was born into leadership um because I was the oldest and I have a younger sister and other cousins who I needed to be the role model for. But I'm glad. I always felt different because of that, but I'm glad that have it because I have a lot of audacity. I was born with a lot of audacity. A lot of audacity. Lots of audacity. And with me having a lot of audacity is that there's really nothing that I don't think that I can learn to do.
00:08:10
Speaker
Now, there are some things that I'm just, I've aged out of and I can't do, but if I can figure out a way, a path will be made. And if you will not move the path, I will create the path. I'll fall, I'll get scraped up, I'll figure it out, I'll fall seven times, I'll get up eight. But as long as I've had breath and life inside of me,
00:08:30
Speaker
Brittany and everybody listening will find a way. And that's a lot for people like to to be able to realize that you have a person who who you're not, I'm not going to keep getting knocked down. I will get knocked down. I have been knocked down, but There's nothing I don't think I can accomplish and I just I'm as bold as I can be and it takes a lot of courage to be that way to take those first steps, especially for the first time, but I face so many situations in my life where.
00:09:00
Speaker
I needed that. like I'm glad that I gave me that because I haven't been the most experienced person in the room. But I haven't always been the smartest person in the room or the best person in the room. But the belief that I have in myself with preparation and persistence has opened up so many more doors for me that I thought were locked. And Audacity has given me the confidence to say, why not me? Why should I? I don't know from that.
00:09:27
Speaker
And then back that up with action, not just talk, but also do.
Courage and Vision in Entrepreneurship
00:09:32
Speaker
Yes. And you got yourself into those rooms, which is the first step, you know, to to get in there. So and what do you feel are the three most critical factors you know um or attributes to create a successful entrepreneur?
00:09:49
Speaker
Well, first, a courage. I mean, this entrepreneurship journey, I feel like I wouldn't have known that I was going to become an entrepreneur. But well as I think back to it, I think that I've always been, I've always had a little bit of entrepreneurial components or spirit within me.
00:10:09
Speaker
um But I think it takes courage. Do you know how hard it was, Brittany, to to walk away from an amazing career to pursue entrepreneurship full-time? That is the first thing. like Nothing was going to happen if I would have sat in my very great position and corporate America and and been great, like just been fine, right? I could climb the ladder, I can earn the titles and I had the financial stability. But if I didn't realize that that something was missing and that I could create something entirely on my own, align with my passion and purpose.
00:10:46
Speaker
then that wouldn't have been the way. So I think that it takes a lot of courage um to do it. And I also think that there has to be a certain level of vulnerability. And um I will tell you, I'm not um naturally vulnerable. I will say that um i this is something that I have to work on.
00:11:07
Speaker
yeah But what it is, is that I have to learn, I ask for what I need. And there's a level of vulnerability that comes with you saying, I need help. I need someone to help me figure it out. Now, everybody is not always going to answer that call, but that's okay. You have to be able to say, I need help um and ask for what you need. And I think that there's also um visionary, there's a ah visionary thinking that comes with it because you have to see the possibilities and you have to be able to say, okay, there may be obstacles ahead. oh This is a clean slate. I do not know what's there, but I have to be able to see it and imagine it first yeah before it ever becomes a reality. And, you know, I always think about
00:11:54
Speaker
um I don't know, like Steve Jobs, right? We we have Apple, we have iPhone, and if he didn't have a vision, right, I don't know the word, like he didn't have a vision, ah the seamless integrating these two technologies, we wouldn't be where we are today. So I think, I just think we have to think about what's in front of us, beyond what's in front of us, and think about the longer term impact. So entrepreneurship, courage, um vulnerability,
00:12:22
Speaker
um and and visionary and I'd like to add a bonus if I may. Yes, of course. Resilience. Yes. Because I have to be able to deal with these setbacks. When I said earlier I'll fall sentence sometimes get back up eight. I'm doing this loud and I'm doing this in public and people are watching, right? Like people are watching from my organizations like, all right, this this woman,
00:12:47
Speaker
with all her audacity, decided to go out here and and do this. And people are watching. So I have to be able to adapt, to learn, and to be able to move forward and grow through it. And every mistake has to be able to be a stepping stone for growth. But I am doing this out loud. I am doing this imperfectly. And I'm doing this equipped with a lot of what I learned and incorporate.
Personal Transformation
00:13:10
Speaker
But this is a different animal. It is a different beast. So I have to show up in a very um different way. And I love a Thomas Edison quote that I keep on my wall that says, if I have not failed,
00:13:23
Speaker
I haven't failed. I just found a 10,000 ways and don't that that won't work. And I have a billion. Every single day in that mindset is really important to this part of this journey. That is fantastic. That's great advice. Did you have an all hot aha moment that where you were like, okay, this is it. I'm going out on my own. I'm leaving corporate America and I'm building my own path. What was that aha moment that you had?
00:13:52
Speaker
Well, the aha moment for me is kind of sad. So we're going to take it down. We'll deb it down for a moment. Um, but I've always had a side hustle, right? When I say I'm a serial entrepreneur is because I will launch a business i owe in in our industry as OBA. So OBA all day. I'm outside business activity. So I've always had that. And I would talk to, you know, people about it. I'll have my OBAs and I got to a point where i just i I realized that there was more, I wanted more, and I was talking to my grandmother, and I would send my grandmother um flowers every month, and she would get the flowers, and then she called me like she never got the flowers before, and then we were having a conversation in March of 2023.
00:14:34
Speaker
She received a flower. She calls me and we're talking. I was at an exhibit where I was being featured and I'm showing her and then she says, you know when are you going to do this? like You've been talking about this. You've been talking about all the things you want to do. I got to tell you, we don't get more time. You can get another title. and you know I was afraid of walking away from the from everything, right? And I was like, yeah, but it's not time. Like, I don't feel like it's time. She said, you don't get more time. You can get another title. So Brittany, we had that conversation. I was like, yeah, I need to think about that.
00:15:08
Speaker
She passed away that night. That night. And her sleep passed away that night um in her sleep. And then a week later, I'm having a similar conversation with a mentor of mine and um similar conversation. You know, he had started his company. He was like, oh, how are you feeling? I was like, you know, I really got to think. And he's like, your grandmother's right. You don't get more time. You can get another title. And he passed away in his sleep.
00:15:35
Speaker
So do you think I'm going to have this station again, Brittany? Oh my goodness. No. again And then everything clicked, right? That moment, everything clicked. And I had to realize that one,
00:15:49
Speaker
ah yeah I wasn't gonna get more time. and And I don't know if this is divine, I don't know what this is, right? But two people, the most two very important people in my life, these are my last conversations, very similar. And this is these were the conversations.
00:16:05
Speaker
So it was something for me to go. I had been climbing a ladder, I had been earning the titles, and I had achieved what most people would have said would have been success. But I also needed more, right? like it For some people, for some personalities, that was enough. But it wasn't for me.
00:16:23
Speaker
And what I realized that I needed to start pouring into myself and they were right. I couldn't get, I can get another title and I don't mean to be arrogant when I say that. And I hope that no matter what it is, if I ever needed to go back into corporate, I do believe that i I should be able to get back into it for something. But it was a defining moment and it reminded me how fleeting our life is. yeah And I said, what if, what if I,
00:16:48
Speaker
If I weren't here, am I finished? Am I living my life's purpose? And the answer was no. And I realized that while the titles and the paychecks can be replaced,
00:17:00
Speaker
Our opportunity to live authentically and to create a meaningful life, that's irreplaceable. a So as and the as an actual human, every day I wake up and I make the decision to continue to show up, to continue to build, to continue to do everything that I have. And I'm also standing on the shoulders of those who inspired and and supported me and told me to get after it. And I do believe their presence is with me. And I don't have everything figured out. I don't. But what I do know is that I can figure out how to thrive and survive on my own terms. It's terrifying and exhilarating all at the same time. But it was a catalyst for what I call living my life unleashed.
00:17:42
Speaker
And it's everything that we created built on this decision that I've never regretted to align my passion, purpose, and values into creating a life that I can't replicate because I don't get more time.
00:17:55
Speaker
Oh, you're going to make me emotional. I just like got chills. It's such a beautiful way of saying all of that. And you are clearly living your purpose. I mean, you're you're such an inspiration. And I mean, yeah, everything you just said, like the courage, the vulnerability, the grit, the the just the unwavering. You know, not ever you can't quit. You can't quit.
00:18:23
Speaker
No, and and wait I to just mention too, like so that March so I left, I resigned in April. So when I went back from bereavement and the company was great with bereavement, I had time off, it was great, but I resigned um when I came back.
Founding of the RBI Group
00:18:39
Speaker
I didn't wait. Wow. So that was it. And and that's when and that's when um RBI was born.
00:18:46
Speaker
No, RBI was not born and then. so i just I was like, okay, you got to go like because we're not going to have this conversation again. I go into my um company and I tell my leader that I'm leaving. It's a complete shock to everyone because they're like, what is wrong? Is nothing wrong? Everything was okay. I just had to make a decision. My initial thing was to just to leave.
00:19:12
Speaker
to take a moment to breathe because I was going to nonstop. I had to pedal to the metal nonstop and I needed a moment to figure out what the heck was going on and who was I. It was kind of like this weird situation for me. So I left in June. The day that I left, my husband and I would get on a plane and we'd go to Italy.
00:19:31
Speaker
And i um I had planned to go to Italy before, but since I was not working, I was like, well, lets you know how good it feels actually to get on a plane and not have to worry about emails? So I get off get on the plane, we go to Italy, and then I came back just full of pasta and wine.
00:19:45
Speaker
and i didn't down trying to figure out what I'm going to do. So RBI was born when I came back, but the conversation, the seeds were planted before I left. And I found a, you know, I found we came together with a ah business partner who had tons of experience, who believed in me. And we decided in late July to launch RBI on August 8th, eight weeks after the on the eighth day in the eighth month, eight weeks after I left my former firm. So we launched- That's the lucky number. Yes, that was like our alignment number, right? Like for us, I was like, okay, we're gonna go, we're gonna go, we're gonna do it in perfectly. And I was really grateful for my business partner, Mark, because he pushed me. I'm still on learning some corporate ways. I'm very corporate. You can't just spend 30 years in an industry and come out of it. Right, you can't, yeah.
00:20:44
Speaker
I didn't say, I had to go and I had to learn how to do things imperfectly. I didn't think I was a perfectionist until I started being tested. And I was like, whoa, we have to go. We have to keep going because we believe in failing fast here, you know? So RBI was born on August 8th.
00:21:01
Speaker
2023. Fantastic.
Financial Education and Empowerment
00:21:04
Speaker
So out of all of all the industries, all of the companies and businesses you have been part of, what has been the most profitable? What's been the most lucrative for you? Well, I'll say it depends, right? Because there's my e-commerce business that nobody knew about for 11 years.
00:21:26
Speaker
I was telling you, there has been a great amount of success, but it took 11 years, right? So it took a long time to get to that point. But you know the RBI group is continuing to see um growth and commitment, but we're still figuring out. We're still a baby, right? like We're still... girls who are in our journey, um we're still trying to figure out you know the best way, how we can empower and support financial advisors. What are those tailored marketing strategies? Very passionate around financial education, and that's what I actually wanted to lead with Brittany. I was like, listen, we're going to go out here and we're going to talk about financial education. and Before I left, the chairman of my former firm said, don't you go out here and talk about financial education. That is not going to pay the bills and he wasn't right. um
00:22:11
Speaker
It doesn't mean that we can't talk about it, but where I find value and I'm very passionate about is around helping financial advisors. I'm always at the intersection of marketing and finance. I majored in finance. I grew up in finance. I love finance. I love this industry. I think there's a ton of space for so many of us to still be profitable here. And I love helping financial advisors grow. So I'm going to say in this moment that the future of profitability is embedded in the culmination of all things that are being done. And it not just, it just amplifies, we just have to amplify our reach and just make sure that we're having a lasting impact because it's so easy. to get caught up in what is the short-term results. But I'm thinking long-term. I'm thinking visionary. I'm thinking where are we going? Where are we trying to be? That's what keeps me going on those
Financial Preparedness and Strategies
00:23:04
Speaker
tough days. That's what keeps me going when the client that I follow is the ideal client is not the ideal client. And that's what inspires me when the right people find us for what we do. And admittedly, I've been still in my corporate ways. I need to be more visible. I need to be out there to let people know what it is that we do. I do believe there is space for all of us to win. What I bring to this industry is going to come from a different lens, but at least I'll say, I've done what I say I'm doing. I've done it all. I've talked about, I don't talk about what I haven't done. I think that there's tremendous- You walk the walk, not just talk the talk. There's a scholarly practitioner with the academic component of what I do. There's a value there.
00:23:47
Speaker
profitability is all around us. I live in a state of abundance and I'm not delusional when I say that. I love that. ah's I love that. So recently, um it wasn't that long ago, you and I were both you know in Florida during all this crazy weather, Milton and the and the hurricanes back to back. I mean,
00:24:08
Speaker
You know, it it was ah a scary time for a lot of people, you know, a lot of people lost a lot, you know, lost everything. How can people better prepare themselves for financial emergencies?
00:24:23
Speaker
oh that I mean, that time was so chaotic, so unexpected. It was preparing for the unexpected and we always have to be do that. you know But experience those hurricanes back to back and just a reminder of how quickly life changes for us, right? Like yeah everything can change. so So many people lost their sense of security.
00:24:46
Speaker
So we have to talk about the importance of preparing for financial emergencies, not just we can't prevent these disasters. So I'm big on having an emergency fund. I know people talk about it. We talk about it. We talk about about it, but it's important. and And I think, you know, we used to be, we set aside three months I think six months is more reasonable and you can do it for a year. um But we automate our savings. We automate our savings just to make sure that we have it. Even small amounts add up because we we don't always want to have emergencies, but we always have to be preparing for it. um So that's one. I say six months, right? Because the unexpected inflation and all these things. You know what, it was a big lesson for me? Insurance. Yes. oh
00:25:32
Speaker
Review, listen to me, everyone, review your insurance, root your coverage. yeah Make sure you have your homeowners, whatever that is, your renters, your flood. yeah Make sure they're obsolete. Understand them.
00:25:45
Speaker
and because Don't learn in it like Selena y'all know. Read the fine print, read the fine print. Ask the question so the person has a lot to buy and ask enough, but you don't want to find out what your policy doesn't cover when you need it. Please listen. I'm also big on diversifying income streams. So I've always been my way. We talk about it. But I think multiple streams of income really do provide a safety net. And for those side business, investments, diversification, all the diversity.
00:26:27
Speaker
show up, right? Because listen, we're here in Florida, we're getting bombarded. It's a scary time. The rest of the world is living their life. They're watching this happen on TV. yeah And if you're a business owner, um you know the first one, I couldn't... I didn't have internet. Good thing I had ah clients who understand that we're a small business still. so um I left, I went up north, I jumped on the auto train, and I took myself where the clients were so I didn't have any disruption. But I had my other businesses that were also helping to move things along in that time. And then have an emergency plan. When we were in school, um at least when I was in school, we would have a fire alarm. You're like, here's what you do. Stop, drop, and roll. like Here's what you do.
00:27:14
Speaker
So we need to be thinking about that. b yeah In addition to our finances, what are the logistics? Where are your important documents? Do you have a stash of cash accessible because you might not be able to get to the um the ATM or electricity window? So that was a problem. But having a checklist, know what you need to know before you need to know it, if that makes sense.
00:27:35
Speaker
um and just know what ah resources and tools are available to you. But that situation, Brittany, it really reminded me that financial preparedness isn't a luxury. It is truly a necessity yeah because emergencies are going to come. We just need to have a plan um just so that it you can help us through a temporary setback so we don't have long-term devastation like so many of us are dealing with.
00:27:59
Speaker
absolutely one catastrophic event. I mean, it can just set you back for so many so many years financially and um absolutely safety net, understanding what your policies are, insurance, small fine print. Absolutely. Oh my God. Please understand. Yeah.
00:28:19
Speaker
So um as far as diversifying on the subject of diversifying, you know, Bonnerian, we are all about alternative alternative
Exploring Alternative Investments
00:28:30
Speaker
investments. We talk about it all the time. That's what we're all about. What are some of your favorite alternatives ah that you think we should keep an eye out in the coming year?
00:28:41
Speaker
o So I love this question and I was like, okay, how how is this going to come up? But I knew that it was going to come up. So I think about the different alternative investments. We we talk about diversification a lot, right? We talk about diversification. We talk about traditional assets. like you know You always hear about stocks and you hear about bonds. But here's what I like. Here's a couple things.
00:29:04
Speaker
The first thing is, everybody knows about real estate. and i Do people realize that real estate could be an alternative investment yeah and that you could also have some pretty steady income and some appreciation? so I think that that is particularly um something that people miss out not miss out on. And I think that if you're not the one to purchase and invest in real estate, whether it's commercial or individual, that there are some really attractive opportunities like real estate investment trusts that people can get and involved in. I'm also kind of into this whole arts and collectibles thing. And I think investing in art, and flexible collectible, and rare items can be, it's a little sexy, but it's also very, it could be rewarding and fulfilling, especially if you find to the thing that you're into. And I never paid attention to that until I started to see how other people were making, were diversifying their income, looking at arts and um collectibles. And at my former firm, that was a big thing, the chair,
00:30:14
Speaker
would always do that. But they um yeah I read recently, and i I'm saying this off the cuff, so I hope that this is accurate, if not, we'll change it into to show. But um global art sells are around $65 billion. dollars Wow. like The billions be so much, right? There's so much opportunity there. And I know I'm not there yet. I'm not there, but I'm doing a lot of research around different cryptocurrencies. I was about to ask about crypto.
00:30:42
Speaker
yeah I'm following influencers and I'm looking at digital assets and I'm learning more about it. I understand that the market could be a little bit volatile, but I feel like there's so many new developments there that's increasing the accessibility and legitimacy of these. So I just think that um there's so many opportunities. Those are just three, but I think um for anybody that's considering alternative investments. Obviously you want to do your research and look at your restaurants because some of these are more volatile than others, your investment horizons. Some of us have longer timeframes than others and liquidity, right? Because you want to see, you can't just cash in an art collection or something like that. But I do think that there's a different diversification benefits and opportunities, um, little higher risk, obviously, um, less liquidity, obviously, but, um, what a great way. to enhance your overall diversification and look at overall, um I hate this, I don't know if this is okay, but your resilience, like just that how you resilience in your portfolio over
Navigating Political and Economic Changes
00:31:45
Speaker
time. but So these are some that I'm excited about. I'm really, really studying um Bitcoin so and cryptocurrency. So I'm talking like six months, Brady, I want to have some insights into this. I'm really excited.
00:31:59
Speaker
right now very obsessed. I love it. Yeah. I mean, um we saw the market moving quite a lot immediately after the election. How do you see that impacting ah us for the next four years?
00:32:15
Speaker
Yes. So this is pretty exciting. um So ah on my podcast, it's called Unleash Life. I had someone on there recently, and that episode actually dropped today. um But we were talking about what would be the the implications. But this election, I mean, there's a lot of noise, but there has been a lot of discussion around the impact of financial yes markets, right? So not only, and and listen, I'm giving my opinion. If you want to fact check it, folks out there, listen, then that's fine. But here's what I'm thinking. we're That's going to shape market dynamics. And I'm saying it off the cuff, right? Populate shifts, there are going to be some polish shifts and some economic impacts. So with that re-election, what are we seeing? um Taxes. You just saw yesterday the news came out about terrorists.
00:33:01
Speaker
yeah um There's going to be some discussions about immigration, but what is expected is that there's going to be some economic growth, right? And there's going to be some shifts to inflation and corporate earnings. This is not, this is a very bipartisan viewpoint. This is looking at the facts over the feelings. I think that this is going to be, there are going to be some economic benefits to things. I know people are like, what?
00:33:26
Speaker
I know, I know. But market volatility is also followed, right? We've seen that. We've seen election outcomes traditionally does do have impacts to market volatility. And Brittany, if I'm saying anything off the cuff that is wrong, correct me, please.
00:33:41
Speaker
But I feel like there's a lot of um conversations that I've seen in recent news where analysts are talking about focusing more on policy over politics. And that is what this about policy over politics and looking at factors like Federal Reserve, what types of cuts are going to come in? Are we going to have a more robust um economy or is there going to be some backlash? We don't know until it actually happens, but these are some of the conversations.
00:34:08
Speaker
The last thing that I've heard and have seen is global market considerations. What does the probably policy shifts? How is this going to impact and have a ripple effect on global markets? Are we going to look more beyond um equities? Are we going to be looking at more alternative options?
00:34:29
Speaker
if asset classes but yeah these are going to be opportunities I think um for global markets you know what does this mean for China um for Europe so so many different opportunities for economic shifts and I did not expect this question so I'm answering it based on what I know it's fantastic much insane But I think that the immediate market reactions to the re-election of Donald Trump are notable. And the conversations that are happening forthcoming are going to need to be really focused on policy. And I think that everybody investors, we should be really thinking that we're informed, that we're considering how we're going to diversify all of our different options. And no matter who, whether it would have been Vice President Kamala Harris, or now we have President-elect Donald Trump, no matter what, we're going to have to navigate political changes in our economic landscape. We always do. So we need to be more prepared. And we have so much opportunity to see what a Trump reelection looks like for us when it comes to policy, not just politics. Agree. Policy first. Agree. We've been so divisive for so long. We need to discuss policies first. Absolutely. We need to discuss policy.
00:35:59
Speaker
So when when approaching how you're going to allocate investments, how do you approach risk assessment? And for but um approaching it for myself or for like just for me? For your clients, for yourself in general. I mean, how do you approach risk assessment? How do you how do you assess risk?
00:36:24
Speaker
Yeah. and and i And you know, this is a great question, but we always have to understand that our risk tolerance is is different for everyone. Right. So I like to take a forward looking approach. What can you withstand? What can you handle? We're not all the same place. And I like to have, I talked a lot about diversification, but we have to stagger things because I might be more risk averse around certain things than others. but Let's also look at this. um Right now, what I'm also looking at is policy. like What is going to impact it? um are Do you have the ability to absorb some changes, um tax cuts?
00:37:01
Speaker
um whatever could negatively global investments, what what can you do? So I'm almost gonna say, I would say to myself and to clients that I'm working with, with financial stuff, look at the sectors that are gonna be more sensitive to that and assess the potential winners and losers and how you're able to adjust. So I look at that. Also look at the fundamentals. Like what are you, what do you, what do you have coming up? What do you need? um Because when I, my kids are adults now. um So when they were growing up,
00:37:30
Speaker
ah We needed to have liquidity for college and all their stuff. I'm not saying that they're low maintenance, but for their stuff. And then when I switched out of from being in corporate with a pretty great salary to being an entrepreneur,
00:37:46
Speaker
I had to start looking at what are those different scenarios and how it might impact some of our overall investments, whether it was bonds, um real estates, or alternative stuff. So I had to look at that. And I think the other thing is, what are what are you comfortable with? right like What are the things that you are personally comfortable with? Because we're not all the same. we don't always we don't all We're not all the same. but i think over overlook risk and a management of it in their personal life. But I do think it's a critical aspect of the financial decision-making process and the evolving client needs regardless regardless of the different landscape.
Learning from Financial Setbacks
00:38:26
Speaker
But I do think it does have a little bit of adaptability, some foresight, um because you still want to be able to safeguard your assets, but you want to capitalize on some opportunities. And that takes a little bit of courage sometimes.
00:38:41
Speaker
yeah But you got to identify what you're willing to be um courageous about. So hopefully I answered your question. I did my best. Yeah, no, that's that's that's great. What is a, it could be personal or it could be you know through your career. What is the financial setback that you've had in the lesson that you've learned?
00:39:01
Speaker
oh
00:39:04
Speaker
I'm trying to let me think about that. so the thing i mean this Let me just focus on this later store. yeah Yeah, I really think that this latest storm was a challenge. There's two things I can think about. The latest storm was ah a bit of a challenge because when we got hit back to back, and as I mentioned earlier, we didn't, I didn't, um my husband and I both We felt comfortable with our policy, but I admit that we didn't go through it as well as we should have. So there were some things that came up, but we had quite a bit of damage. And I always thought, okay, well, they'll cover it. We pay all these premiums. um There's also governmental resources, but not
00:39:47
Speaker
not the reality. right So that was that that taught me what I was sharing earlier to have a game plan to really understand and to read the fine print. I think be comfortable sometimes when you're comfortable, you you're not as diligent as you should be. And that was something. So I should have done better there. And I take responsibility um for that as a person who talks about finances all the time.
00:40:11
Speaker
um Another one happened early in my career um because I was investing, you know just kind of investing in what I thought were some safe bets. And for those of us that went through the credit crisis around 2007, and seven and that I wasn't in my career for a while then, but 2007, around that time, there was a big, sharp decline.
00:40:34
Speaker
And i it was humbling because I was like, okay, we're losing money after I hadn't been losing money. But you know what I did? I got nervous. I made an emotional decision. And I made an emotional decision. I reacted by that, trying to recover all my losses instead of sticking to the plant.
00:40:50
Speaker
So I learned how to separate my emotions from the investment because those decisions had an impact and you watched, you saw what happened. It was just like a bullcricket and I missed out on those opportunities because I was too ah afraid. And I did the one thing that we always talk about that investors do.
00:41:10
Speaker
when they do the opposite of what we're supposed to do and I got a afraid. And I was listening to the noise instead of knowing what's tried and true and trusted and writing it out. So that's that taught me that you got to have a greater focus on the long-term um impact. We talked about risk and what we could absorb. um But I don't, I try not to say it was ah was a setback. I think it was a turning point.
00:41:33
Speaker
It was a turning point because it shaped the way that I moved differently. And I learned things pretty fast. If you haven't noticed, I learned very fast. um But it also reminded me when I'm talking to others about money and I talk about my money, marketing, and mindset, we have to remind even the best plans could stumble. And everybody has a plan until they get punched in the face. And I don't want to get punched in the face. But I want to make sure that I have an opportunity to have a plan B And I understand that some storms, we need to ride it out. and i much And I lost, we lost as a result of that because the market recovered beautifully. um I don't know if I can say that, but for I'm not dealing with compliance, but it recovered. And I didn't but didn't get to ride that wave.
00:42:19
Speaker
yeah but have How no emotions, no emotions, no emotions. I have this I have this hat that i I love to wear. It says catch fraud, ah catch fraud, not feelings like no emotion, no emotion, you know, just cut cut through the BS, you know. right So how do we break the stigma of talking money in our personal relationships?
00:42:49
Speaker
I feel like it's such a taboo thing to discuss. I mean, you said you're from a small town. I am too. And conversations about money and budgeting and and learning those tools at a young age, it just, it wasn't there for me. However, that scarcity mindset absolutely was. And I feel so many people struggle with that. So how do we break that stigma of having these conversations about finances in our relationships?
00:43:19
Speaker
I love this question because we just need to, we need to talk about it. It's so uncomfortable, right? Like we don't want to talk about the uncomfortable stuff, right? But like and money and relationships that there's, they're uncomfortable, but yet transformative. Like we need to have this.
00:43:35
Speaker
stigma that happens um around money is from fear. We don't know what we don't know. And in some cases, it's from judgment there. um You got fear. ah um so I told you I'm not a vulnerable human, right? So you got that vulnerability. um But avoiding these conversations definitely has its challenges. it leads to um It leads to resentment. It leads to lack of knowledge. But we've got to break the stigma.
Mindset Shift and Philanthropy
00:44:00
Speaker
Absolutely. and i think doing. We're having an open dialogue. We're yeah talking about money. We're not going to, you know, if we could talk about politics, remember when we didn't talk about politics, states we said, yeah you didn't talk about politics, you didn't talk about religion, you didn't talk about money. right So now since I said, so you're talking about religion, you're talking about politics, hey, why don't we just share in the goal and let's talk about some money, right? yeah so yeah
00:44:23
Speaker
conversations, join the fray, join the fray. We don't start shifting the conversation, right? Sometimes people will talk about what they did wrong and what's wrong and what's hard, but maybe we start a shifting ah the focus. like and And what are you learning? What are we experiencing? Let's start normalizing this topic. yeah you know like and like you know Normalize talking about money. Normalize having these conversations because what it does is it positions us in moments of crisis so that we can have a plan. Because if we don't talk about it, um somebody just said to me, this was really nice, um a therapist I had on my podcast. And she says, we can heal what we don't reveal.
00:45:08
Speaker
Yes. Wow. Yes. We can't heal what we can't reveal. And I think that that comes the same with money. And that shouldn't just be a topic in our personal relationships. It shouldn't just be reserved for moments of conversation. But we got to be honest. We have to be vulnerable. We need to have these conversations. But set your boundaries, right? like If there's certain things that are going to be a conflict, you got they need to be constructive, right? then i be like Maybe you just don't have that conversation. If it starts to feel judgmental and defensive, we got to protect our peace. But I think it's important for us to refocus on solutions rather than the problems and start to get away from this position of lack. And I said earlier, I live in abundance. I live in abundance. And that is a personal perspective. That is a mindset shift that I had to develop in my own life, because I know that it is possible for us to have this conversation. And if we don't like something, my best friend always says,
00:46:05
Speaker
If you don't like something, change it. yeah But we can't do that if we don't talk about the tough topics and create a plan. And remember that money is is a tool. It is a tool. It doesn't define your... Well, I shouldn't say it the way I'm... It defines you a little bit, but it shouldn't be the complete measure of your worth. We talk about it. yeah Yeah. How did your relationship to money change over the years?
00:46:34
Speaker
i I have, I have a life. Yeah. Yeah. right My relationship changes because where there's a will, there's a way. And what an amazing time to be alive. I mean, we can figure this out in the 90s. We can figure this out now. We have so many tools and so much um technology. yeah But I don't, my relationship with Monday is that itro it flows freely. And I don't I have a mindset of abundance. I have a mindset of gratitude. And that extends beyond financial wealth. For me, it's a declaration. It's a declaration of of of wholeness, of sufficiency, of empowerment that I live by.
00:47:13
Speaker
And because I don't have that belief, one, it gives me amazing audacity. I'm very audacious. um I know that everything that I need will be here. i'll I attract opportunities and resources, and it reinforces for me that I have the ability to have enough And I operate from that place. And that's a really important mindset shift because it's changing because you see it as a tool, not a limitation personally, because I can be more generous. I'm very big on philanthropy and giving because there's no scarcity. yes There's just nothing to love, support and
00:47:50
Speaker
especially because I base my decisions off of possibility, yeah not fear. And that belief allows me to take bold, audacious steps without worrying about failure and scarcity. It doesn't mean that it won't happen. It just means that lack is a ah ah mindset. And if I believe so I believe that I'm receiving all the things that I need and any challenge that I face is always going to be temporary because abundance is in my reach. And that really decoration keeps me grounded. It keeps me alive.
Public Speaking and Confidence
00:48:23
Speaker
And it keeps me getting back up because some days I don't want to. yeah
00:48:29
Speaker
what top it is yeah but as a movement so It is one of faith and one of confidence. And that's how it shifted for me. um And I couldn't tell you how, but ah I will say my parents, my mom just told me the other night that I've always been this way. I'm just, I'm optimist. I believe in the possibilities. Some people call it delusional. Listen, don't bother over here with my, let me be the Lulu and happy yes here.
00:48:57
Speaker
Yes, yes. Dululu, faith, whatever you want to call it. It's the same thing. It's the same thing. Right. You know? Let me break. Yeah, yeah. So you talk, you always, so as you said, money, mindset, marketing.
00:49:14
Speaker
So that's what i thought you are a very high in demand public speaker you you know you have no fear getting in front of you know hundreds thousands of people you know and having these discussions. Not everyone has that kind of confidence and not everyone who's a financial advisor.
00:49:34
Speaker
you know, has that kind of confidence. What type of and we are also our world is becoming more and more, you know, with social media and really having to put yourself out there. What type of advice do you have for you know, the average financial advisor that may not have that kind of personal confidence to put themselves out there, you know, in the in the same way that you do, but they want to grow their business.
00:50:01
Speaker
Yeah, and let me just tell you, I ah know this shocks people. I was very shy. Yeah. I have grown into these high heels. That's a great question because the ability to to be confident and to put yourself out there, that's gonna be really scary, right? And I feel like I'm there. and is And that's okay, right? It doesn't come naturally. But it is something that I learned, I developed it with practice and intentionality, right? Like it was something that I had to keep doing. And I'd say to anybody, financial advisors, everybody, I say this all the time, just start. Just start. It's built gradually, built gradually. And every time you know you don't just jump into, oh, I'm a viral sensation. I did a TEDx talk. I jumped on the stage. It's those repeated wins and you have to be comfortable. Some days, um listen, there are some stories that I will tell you that I just didn't always like show up. But you know what? I just keep showing up. I just keep showing up. I start building momentum. And I think, and you know you know, I hear advisors say, I just did a call earlier, you know, I don't like social media. Well, you know what? If we're not if you if you're not out there, people are not going to find you. yeah That's what it was. So now we need to start shifting our mindset to,
00:51:19
Speaker
what will people think is of me and say, how can I best serve, right? Because we start making it not, it's not about me. It's not about us. If our focus is on helping other people, then that pressure of being perfect just fades away because our intention is to help. And the other thing is, if you can, if you can, if you can prepare, practice, repeat, prepare, practice, repeat, inhale, open, exhale, doubt, right?
00:51:47
Speaker
and didnt like now exhale down I tell I say that every time. yeah trump so yeah is i I had to say before I got on there, here, you he come with exhale da cause I know what I'm going to say. yeah I don't know what to say. But confidence grows with preparation, ratia right? Because every one season speakers, they have to rehearse, they have to prepare, they have to plan. If you know social media,
00:52:10
Speaker
influencers, they plan, right? So we have to do that. And I'll say, just be ourselves. I am so much better when I'm just being me. I am me right now, right? yes I am now. I'm like, you know what, you and I are going to have a conversation. I can't be somebody else. I'm i'm really good at being me. Like, I just know that. So we have to be able to be authentic. And sometimes, and I've experienced this,
00:52:33
Speaker
where I'm trying to fit in a box that i'm just i'm not ah I'm just not who I am. yeah So I don't well and I can name those times when I know that I was being in a box where I know that I wasn't being authentic and i it just it didn't it wasn't natural, it showed up, I fell on my face. Then I ask people, I ask for feedback and people don't always tell you the truth, they don't.
00:52:57
Speaker
But you find a group of people who are going to give you true feedback and tell you the truth to help you. And and it's with love, right? You take what you need and you toss the rest. And then the last thing I say, I like to focus on progress over perfection. And I hope that I'm always being getting better every day and continuing to focus on progress because that means that
Closing Thoughts and Advice
00:53:17
Speaker
I'm evolving. That means that I'm learning and progress is forward and I'm moving forward and I'm celebrating every effort even when it isn't perfect. And I don't like video. I do not like video. You can put me on the stage, Brittany, but you can put a camera in my face.
00:53:31
Speaker
I love this camera out of my face. But I had to learn how to do that. And I worked with a quote ah coach to be able, and i'm I'm working on that, so people will see more videos. And that's why I did things to step out of my comfort zone, like well doing podcast and that sort of thing. But yeah, it wasn't that I was, I'm not fearless or anything, it's just that i just I just keep going. So if you're a financial advisor and you're listening, here's what I would want you to know.
00:53:58
Speaker
Your expertise matters. People need to hear from you. So let people hear from you. Your audience can't find you if you're not out there. And that's for all of us, right? So take those small steps, trust the process, progress over perfection, and just keep going, prepare. And that's what I say. You have been an an absolutely fantastic guest. I really appreciate you taking the time today to talk to us. I think our listeners and I have both learned so much. So where can we find you online? Well, thank you, Juan. Thank you so much for having um me. And I really enjoyed this conversation. I hope you're listening with me as well. But you can find me on LinkedIn. Why don't you look me up on LinkedIn? I love LinkedIn. um So, you know, Renee Baker, you'll find me in hot pink.
00:54:47
Speaker
on there. And I'm at It's Renee Baker on all platforms on It's Renee Baker. My company website is the RBI group dot.com and follow us on LinkedIn there too. um And then lastly, my personal um website is ReneeBaker.com. And yeah, follow me and you know, I'm trying to get out of my comfort zone with the Unleash Life podcast and that whole movement. That's for anybody who's really ready to break down barriers and live their life to the fullest. And I am living it. I am doing it imperfectly, but with purpose.
00:55:21
Speaker
I love it. Thank you so much. Thank you everyone for tuning in and listening and watching. And you know, you can follow us, boundary and capital as well on Instagram, LinkedIn, all the social networks. And I will see you all next time right here on the green couch. Thank you.
00:55:40
Speaker
The opinions expressed in this program are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or any specific security. It is only intended to provide education about the financial industry. To determine which investments may be appropriate for you consult your financial advisor prior to investing.
00:56:00
Speaker
Any past performance discussed during this program is no guarantee of future results. Any indices referenced for comparisons are unmanaged and cannot be invested into directly. As always, please remember, investing involves risk and possible loss of capital. Please seek advice from a licensed professional.