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Money Mindset
207 Plays2 years ago
In this episode of the Uncommon Wealth Podcast, we'll tackle the complex and often personal relationship people have with money. We discuss the influences that shape our financial perspectives, the role of luck in investing, and the potentially unquenchable human desire for more wealth.
In the end, true wealth comes from an uncommon mindset — finding joy in one’s day-to-day life, not just in the pursuit of financial milestones. The conversation is an invitation to redefine wealth and discover what it truly means to be prosperous.
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Transcript
Introduction to Uncommon Wealth Podcast
00:00:00
Speaker
Everyone dreams of living an uncommon life and the best asset you have to achieve your dreams is you. Welcome to the Uncommon Wealth Podcast. We're going to introduce you to people who are living uncommonly. We're also going to give you some tools and strategies for building wealth and for pursuing an uncommon path that is uniquely right for you.
Hosts' Money Philosophies and Experiences
00:00:27
Speaker
Hello and welcome, everybody, to another episode of the Un-Commonwealth podcast, where I'm your host, Philip Ramsey. And I'm Aaron Kramer. Thanks for tuning in. It's just Aaron and I talking a little bit about money today. Crazy.
00:00:38
Speaker
thinking about that. Here's the deal. My career has been over 11 years now. And now that I've had, I'd say industry experience for over 11 years, I've had a little bit of time to think about what my philosophy on Monday is. So we're talking about it today, just kind of the mindset behind money, what I've seen as helpful, what I've seen as productive, what I've seen as like an advantage, if you will. I don't know if it is probably a compliant thing that I just said that, but we're going to talk about it.
00:01:08
Speaker
and just the history of people's mindset when they go into money. How does that work?
Impact of Personal History on Financial Management
00:01:13
Speaker
Again, we're uncommon wealth partners. And so obviously you are your best asset, but there are times when we get to manage people's money and what does that mean? And why do we do it? And what is our philosophy behind it? We're going to talk about all of that today and we're going to kind of dissect it into three points. The first point is we all have our own history with money. Just what it is.
00:01:33
Speaker
The second point is there is something called luck when you're dealing with investing and your money. Yep. And then the last thing we'll talk about, at least on this show is just.
00:01:47
Speaker
what is wealth to you? And can you get locked into this greed mindset? I would say it's very easy to do because there's just never enough, right? And so those are our three points. Aaron Kramer, you know who you are. Tell the people a little bit about you. Let's go. How are you doing? Yeah, I'm doing well, but I'm pretty stoked about this. I like this stuff. So we're going to get into the premise of like what people think.
00:02:11
Speaker
why they think it, how it affects them, what their past, you know, how the passes affect them. I mean, we're all set with different challenges and right or wrong. I mean, it's not, none of it's wrong, but maybe there's better ways of thinking about it and how hard it is to change the way you already have like had a concrete way of thinking about it. Cause we are stubborn people.
00:02:34
Speaker
Amen. And that's not a bad thing. It is what we are. Yeah. And so I'm glad this kind of sets us off in our first, I guess, talking point is you have your own unique history that you have about life, not just money. We're talking specifically about money today, but life in general.
00:02:55
Speaker
And the crazy thing about this is your history is unique to you. It's different than the history that Aaron you've lived. It's different than the history that I've
Belief Systems and Financial Histories
00:03:03
Speaker
lived. But how does that play out now when we're doing life, doing this thing called life in our own path, right? It's we have a very limited scope of knowledge. That's just the honest truth. And I heard this thing once and this I think is applicable to this.
00:03:23
Speaker
this thing. I'd say topic. So there was an individual who was going to do a debate and he was, he was a believer. He was a Christian. Okay. And so this atheist college called this pastor and said, Hey, we want to have a debate with one of our leading professors here at this atheist college and you, I love this one by the way.
00:03:41
Speaker
Yeah, so the the pastors, the person who's calling the pastor said, here's how the debate works. You have 10 minutes to kind of rebuttal whatever this professor at our college is going to talk through. And and the pastor is like, I just need to I just need 30 seconds.
00:03:57
Speaker
And the guy's like, no, you have 10 minutes to articulate your thoughts, and then this other guy will come back and rebuttal, and that's how the debate will work. And so the pastor's like, okay, sounds good, but I just need 30 seconds. And so the day of the debate goes. Honestly, I'm not sure if this is a true story or not, but let's just pretend it is, because I think it proves this point.
00:04:15
Speaker
This
Economic Conditions and Financial Perception
00:04:16
Speaker
individual who is atheist goes up and he articulates his points and goes and sits down and the pastor walks up with an easel and a piece of paper and a marker and he draws this big circle on the paper and looks over at the professor who just got done articulating why there is no God and says, hey, you are very articulate and you seem very, very smart. How much information and knowledge do you think that you hold inside your brain?
00:04:44
Speaker
And the professor's like, I kind of like thinking about it. And the pastor's like, give yourself a benefit of the doubt. You seem pretty smart, you know, like in giving him, and the professor says, I don't know, 6%. And the pastor says, you know, let's give you 10%. And so he takes his marker and fills in, blacks out 10% of the big circle that he just drew.
00:05:06
Speaker
And then at the end, he goes, is it probable that God exists inside the place that you don't have knowledge of? And immediately you have to say yes, because it's true. It could happen, right? And so that's kind of the premise of this whole thing. We all have our own history, and that history dictates how we act, how we move, how we think about things.
00:05:28
Speaker
and it's powerful and you can't deny it. So think about somebody who maybe grew up in a poverty-stricken environment. They have a different mindset than somebody who is a trust fund baby.
00:05:42
Speaker
Yes. And so they'll look at a situation, the same situation very, very differently. Those are very polar opposites. But I think you're getting the point is the way that we are brought up and the way that we've, the history around money does dictate the mindset that we have when we talk about money. Yeah. And there's no denying it. Okay. So I'll shut up because you love this topic. When you start looking at all the little things, like,
00:06:12
Speaker
You know, I know when we look at the older generation, they grew up in the depression. Great example. They deal with their money so differently than my generation. Here's an example of how that plays out because I just want to address that.
00:06:28
Speaker
I remember my grandma would take Ziploc bags, wash them out, flip them inside out and like dry them. And I'm like, I'm sorry, what are you doing here? You throw those away. But that's the way she's like, I want to preserve everything. Like the depression era kind of changed the way she was thinking about things. Neither one of them is wrong.
00:06:53
Speaker
Yep. Honestly, I feel like I could learn a lot from that. Like maybe I should be way more resourceful about things that sometimes I often do the whole way. So I'm sorry to interrupt, but that's a good example.
Influence of Parents' Attitudes on Financial Perspectives
00:07:03
Speaker
You look at like the different times in the market where you grew up and what was the market doing during the time of like your development of your brain and understanding these things, right?
00:07:13
Speaker
Yeah, and I will stop you right there, because I would say I don't remember anything about the market when I was growing up. But what I do remember is the way that my parents acted. Yeah. That had a very big significance on the way that I look at money currently, because the way that they were thinking about it. So when you say you're young, a lot of people are like, I don't remember money. No. But your parents did. Yep. And they talked about it. You were learning a ton. They sure.
00:07:39
Speaker
And then the thing is, is like you listen to more than you really, truly thought you did. You know, I mean, you'd be over there playing with your action figures or whatever, but like, or your video games and you think like, Oh, they never talked to me about it, but they were talking and you were subconsciously listening. So you're taking it in. So, I mean, someone in like the 1950s, you know, born 1950 and your teens and twenties, I mean, you're going to be,
00:08:07
Speaker
lot different about the stock market than someone in the 1990s, you know, or sorry, the 1970s. The market did so much different, you know, like 10 to 20 years span. So, I mean, it's so fascinating to me. And then like, if you thought about
00:08:32
Speaker
If your parents really did talk about it a lot, you know, grow up with a 401k or pension, you know, your parents, if your parents had a pension, they probably didn't talk about this at all. Right. You know, if they had a 401k, you might have a lot more different mindset when those, you know, the, uh, dot com bubble hit things
Knowing Financial History to Overcome Limitations
00:08:53
Speaker
like that.
00:08:54
Speaker
Right, now this is a powerful point too. In this, two things, one, we understand that there's people who have history with money. What we try to do, we've talked about this in shows past, but we use data points to try to help us kind of articulate what has happened in a person's life and help us craft a portfolio correctly for their risk tolerance. So that's one thing. But then I would say that we don't think that anybody's like subject to their history.
00:09:23
Speaker
Just because you were grown up in a depression, for that example, doesn't mean that you have to wash out Ziploc bags. Like you have a choice on how you want to move forward, but I think it's important to recognize your history and what you've gone through and try to deal with that, to try to figure out how is that impacting my current decisions about money. Yeah,
Role of Luck and Strategy in Investing
00:09:46
Speaker
and that's another thing that we do here at Uncommon is like,
00:09:50
Speaker
It's more for the younger clients because it really benefits them the most, but like money scripts, you know, not really. It really digs into these things of your thought process, your unique thought process around money, which is super powerful. So, okay. So.
00:10:07
Speaker
We all have our own history and that history dictates the way that we interact with money. We don't have to be subject to that. We can always move and try to change and adapt, but it's a pretty powerful source. All right, second point. And we talk about this, like there's a luck factor in investing. Which kind of falls back into like, so if you were lucky, you might have a different mindset about money because your history shows that you've been lucky. But I think that's something that we have tried to,
00:10:37
Speaker
Not mitigate, but what are the things that can handle the luck or make things a little bit not as lucky, right? There's a systematic way to do this, which can help offset the luck, but it can't completely get rid of it. Sometimes you are just lucky.
00:10:56
Speaker
This can go like anything, not just money, but just in life. And we've talked about this before, and my kids are really big into lacrosse. They love it. And they are blessed enough to have a program that's connected to the school, and they got plugged into lacrosse. Now, what if at some point they get a college scholarship because of lacrosse?
00:11:19
Speaker
That's going to be great. And because they've got exposed to lacrosse at an early age, and their school system had access to this, and we had the resources to be able to fund it because it's not cheap, they have a different strategy than maybe somebody who doesn't have any access to lacrosse. They have no idea. And so you can't tell me that's not a little bit lucky. There's absolutely luck that goes into that.
00:11:43
Speaker
I know to elaborate on that, like me and my wife talk about that with my daughter because she found swim. It was her fourth sport. She tried and she loves swim. Right. And she likes to give my wife a hard time about not being an athlete. But we always had to stop and say, like, you know, we don't know if mom was a good athlete or not because mom never had the opportunity to try out different sports.
00:12:07
Speaker
She got to try one and that was dance, you know, so and yeah, my my wife is not going to be a good dancer, you know, and I have that like the what it took to be a dancer. But like maybe she would have been a great swimmer, too. Maybe she would have been a great something else. But like she never had the opportunity to try. Yeah, that's true.
00:12:28
Speaker
That's a great point. And so not only is it lucky, it's a lucky because you've maybe picked the right investment thinking about just money, but then also timing of that. When did you buy that investment? And you had a really good point about this specific thing about different generations.
00:12:46
Speaker
And so go ahead and give me that that point cuz I thought that was brilliant before we hit record Yeah, like if you you know Burke Hathaway start our Hathaway. Yep. Yep You bought that when it first came out, you know, you think about Bill Gates owns that right now you would think like I think so, right? Bill Gates doesn't own that not Bill. I'm sorry Warren Buffett. Yeah, there we go. One of those rich guys. Thank you But like
00:13:15
Speaker
Anyways, like, I mean, when it first went public, it was super cheap, you know? And so people invested in it and people thought like, oh, we'll just buy a couple of shares, kept buying a couple more shares. And now, you know, the people that did that, they're like, wow, this is amazing. This was a great investment. Yeah.
00:13:32
Speaker
The thing is, is like finding those one stocks to invest in that are going to grow like that is such a hard, it's like gambling. Yeah. There's a, there's a part of luck involved with gambling as well as investing. Yeah. Like even some really good professional gamblers would be like, well, I studied this craft and you can study the investments and markets and this that the other, but there always is, you can't take the luck out of it.
00:13:57
Speaker
No, I still, like, will you hear from clients that are older clients and they were approached a long time ago to buy Google or buy, you know, like Amazon. They're like, no,
Risk Tolerance and Investment Decisions
00:14:07
Speaker
no, no. That sounds like, especially Google. They're like, no, that's going to be not. They didn't feel comfortable with it. Like, you know, the internet was becoming a new thing. And now they look back and they're like, oh my gosh, if I just want to bought 10 shares, I just want to buy like a hundred shares. Right. And they look back. But again, you just don't know because you look at that one. But how many others were there that failed?
00:14:27
Speaker
Oh wait, a lot. And the statistic is like one in, what is it, like nine out of 10 companies fail or something or it's something staggering. So, okay, the other thing about that is like the risk, the risk in order that you have put into your investments or the risks that you are willing to take, that has a lot to do with investing money.
00:14:51
Speaker
which it's lucky, but then it's also risk tolerance. And what we always say, it's important for us to put you on the correct, put your money on the correct roller coaster that you can handle because the end of the day, the markets go up, the markets go down, but you got to be able to handle it. And the times when you pull out is when you don't end up winning. No.
00:15:13
Speaker
It's when you try to find the market, not a good deal. And I would say that we haven't done a good job of putting a risk tolerance together that handles like, Oh, I can handle that downtrend. I'm going to be okay. Right. And then they can kind of swing back up. So risk is a big thing. What were you going to say? Yeah, but the hard part about risk lately.
00:15:30
Speaker
Is that we just came off this extremely long bull run. You ask a lot of people, they're like, no, I'm good. No, I'm good. And then when we had the, you know, a couple of years ago, when we finally had their shakiness of this and correction, they're like, no, nevermind. I'm not good.
00:15:46
Speaker
Yes, right. Completely pulling out and then you have clients sitting in cash on the sidelines, even like last year sitting on the sidelines. And we had a pretty good year last year. Right. I shouldn't probably say the statistic, but let's just for this is not the exact number. But if you put your money in the market, 60% of the time in history shows that you'll be, you'll have a positive return at the end of the 12 months. That's a shorter period of time.
00:16:11
Speaker
Yeah, that's super short. So like there is a risk that it's going to go down. Absolutely. Yeah. But that risk goes down. The longer you have investments in the market. Yep. So that's just me. Let's just focus on that because there's better statistics than I'm going to give you. But the longer that your time horizon is, the more likely it is that it's going to go up. Now, past results don't dictate future investment results. So there's my
00:16:39
Speaker
Compliance, you like that? Yeah. Compliance a little tidbit, but it is interesting. The longer that you have for time horizons is more likely that. And then I'd also say dollar cost averaging plays a huge component. That plays a big part. Yeah. But also luck and your risk tolerance, because I think the play is to try to continue to keep your money exposed to the market so it can swing back up. Well, it looks like the dollar cost averaging though, that increases your chances of luck because
00:17:08
Speaker
Right? I mean, think about luck. I love the luck thing and the fact that
00:17:12
Speaker
Michael Jordan. I love this story about it. I don't know what we've talked about this, but he has made more winning game shots than anybody else. How lucky, right? But he's also missed more game-winning shots than anybody else. So he had more opportunity for that luck, because he kept at it. Flip that back over to dollar-cost averaging. If you're constantly putting money into the market,
00:17:42
Speaker
you're gonna have a better chance of hitting those down markets and seeing that growth. Right, so when the market is going up, it's great for the money that's inside of your money, investment already. It's not the best for the money coming in.
00:17:58
Speaker
Yep. Okay. But when the market goes down, it's really bad for the money. That's, I shouldn't say really bad. It's bad for the money that's inside the account already, but it's good for the money that's going in because you're buying up more shares. That's kind of dollar cost averaging in a nutshell.
Exploring the Concept of Wealth
00:18:13
Speaker
So.
00:18:13
Speaker
That's that's the point number two. Hey, there's definitely a part of luck that has to do with investing. And then our job is to try to put you in a portfolio that is tolerable to your risk. And everybody's back to the history. Everybody's history has kind of helped them shape what we should do. We have tools to try to flush that out. Yeah.
00:18:35
Speaker
Okay. The last point, and if you remember the first part, probably, you know, I'm going to geek out on this one, but could it be where you, is there ever enough money for you? Enough or not? Yeah. It's never enough, is it? And like, I love this. And Aaron, you talked to somebody who's like, I want $10 million in my account. And you were like, okay, but why? Like that's,
00:18:57
Speaker
why is it $10 million? Like why? And once you get into 10 million, like I want a hundred million. So like, it just always seems like our human nature is to want more because it's going to offer us something that we don't have now. It's this nature of maybe it's human nature that we are like, okay, the grass is always greener. If I just have this, this is going to be easier. This is going to be that there's that I love this quote.
00:19:24
Speaker
It's the difference between a rich person and a poor person is the poor person has the hope that the money was going to change things and make them happy.
00:19:32
Speaker
which the rich person knows like it isn't. So there is a point where like, I understand that some people might need a little bit more money, but there is a point where after this amount, you never really get more happy. You don't enjoy your life more. You have to be a good steward of what you have. So I mean, this is one of the reasons why we use the word wealth in the uncommon wealth partners is because wealth is way more than just money.
00:19:58
Speaker
It's about like your experiences, like your health and your family and things that actually make like relationships for me. I feel like I'm the most wealthy person in the world. Now, if you saw my bank account, you'd be like, you definitely aren't. But I think it's powerful to be like, I'm satisfied. I have enough and money isn't going to be the thing that's going to make me happier.
Pursuing Passions Over Financial Gain
00:20:20
Speaker
Anyway, go ahead. But I could talk about this all day. No, I don't love this because it is. I know for us, I won't take on a client that's chasing money.
00:20:29
Speaker
Cause you're never happy. Right. You know, we can never fulfill that. Yeah. Like, I mean, and then like, you're going to see the market go down and you're going to be so unhappy because it just got you farther away from your goal that you would set, you know? Yes. Yes. There's like clear things to look at. Like, why is Warren Buffett, Bill Gates, he's like richest people and you see them, what they're wearing, you know, they're wearing like these super basic clothes, basic cars. Right. And it is, it's true. If you had a billion dollars sitting in your bank account,
00:20:59
Speaker
You wouldn't care what other people thought of you, because you could roll up anywhere and be like, I can buy this place. Yeah. There's another point to that. They have enough money, yet they continue to work. Why is that? Because they love what they do. Yeah. They don't need the money. Money is a tool to see, like, how are we doing? Is it going the right way or not? But it's not the reason. And I think that Warren Buffett and Bill Gates enjoy what they do. And they're constantly challenging themselves to be better.
00:21:29
Speaker
Now, this is like almost the core part of Uncomma Wealth Partners. If you woke up every day and you'd love what you did, when would you wanna stop doing that? Never. Never, right. And so, but why are we, and most people, common people, are trying to build up this money into an account that they don't really understand the investments or this, that, or the other, and they don't like their life every day. They just go to work,
00:21:55
Speaker
They hate it, but as soon as I retire, as soon as I have enough money, as soon as I have this on the other, then I'm going to enjoy my life. Missing the mark. We would say, first, enjoy your life today. Once you do that and you are loving it and you feel like you're being utilized and all your gifts are being utilized, that is when the true wealth can be
00:22:16
Speaker
started and start to build. We can really go after that, but it's not about the money in the account. It's about how can I go impact more people? How can I get more satisfaction about what I love to do? Maybe hire somebody that you realize that I don't really like that.
00:22:30
Speaker
That to me makes somebody wealthy versus somebody who has millions of dollars in their 401k, wakes up every day and is dreading going to work.
Identity and Financial Success
00:22:40
Speaker
I don't want any part of it. They work so hard to get there at a job they don't like. I think about along the way, they didn't credit any hobbies. They don't have any friends there.
00:22:50
Speaker
Right. Tired. You were about this a lot. People retiring and then they only live for a few more years. Yes. They only get to experience it. Right. So your body can hang on to, your body can hang on and endure a lot, meaning like sickness, other things, as long as your mind is there. But as soon as your mind goes, your body follows short after.
00:23:15
Speaker
Well, I also think too that the people that this we're assuming a lot. Let's just put that out there. But they might not have had a hobby that they love to do. And so when they stop working at whatever job they were doing, their identity is like, who am I? Yeah. Now, there always will probably be this kind of gap.
00:23:34
Speaker
Yeah, in retirement and what you're doing, and then you're kind of like, who am I? Because I've been working for so long. But I do think the people who understand the true wealth, as we say, they transfer over into retirement. It may look a little bit different. They might be working in a different capacity, whatever. But they're way more enjoyable because they haven't lost their identity.
00:23:57
Speaker
their identity was this, I do this because this is what I love to do. And I started that 20 years ago instead of like, okay, now I have to focus on my money. Like this is scary in and of itself. What's the market going to do? And who am I? Like there's a lot of, there's a lot of air there. I shouldn't say air room for a lot of challenges. If you don't look at your money as a tool and you're looking at your money of like, this is my lifeblood. I'm clinging on to it. Like,
00:24:24
Speaker
Like gold. So is a tool so much of a tool. Yeah. So that's those are the I would say three points. So let's just kind of recap. I think that's kind of fun just as we wrap up this podcast. But the first thing is our history plays a significant role in the way that we think about money, especially and the way that we interact with our clients, because we know it's such a component about investing. Yeah. And the way that you think about it's not right or wrong.
00:24:53
Speaker
Great point, great point. No matter what, there has a bit of luck in your upbringing that has developed your history and will probably dictate your future. I would say, and will dictate your future. There's luck involved. Let's talk about that. Sometimes your trauma can even be a benefit. That's true. That's true. So yeah, I love your first point. Like nothing's bad. It's like, nobody's right or wrong.
00:25:18
Speaker
And then the last part, or the second part, or just the other part is the risk. We gotta make sure that we get you in kind of investments that you can handle. Because if you can't handle it, you're gonna get out of the market, and then you're gonna have to try to figure out when to get back in the market. There's way too many emotions in that. That, and then you're never gonna be able to build off of your past knowledge. You're not gonna stay around long enough to expand what you've already developed. Good point.
00:25:46
Speaker
Right. And the third point is like, there is such a thing called greed. And how do you, how are you satisfied outside of money? Money is a tool, but it doesn't have to be what you get to the point where I just want more, more, more, more money. That doesn't seem like, well, what's the point? And that's a fun question that if we ever sit down and you don't know us,
00:26:10
Speaker
And this is what you want. Both Aaron and I will ask you, well, why? Like, why do you want that much money in your 401k, or why do you want this goal? The why is a huge component of that. And what we're trying to figure out is, is it truly something that would give you, one, a challenge, and two, is it going to give you life, and are you excited about it? Because if those things were good, we're in. But if it's just because I just want this amount in this account,
00:26:37
Speaker
could be greedy. I'll leave that caveat because money is never enough. We always want more. Yeah. Well, then I know in my own experience, I think I can speak for you too. When people have that specific amount that they want and they desire, it's usually to end something that they're doing now.
Reflecting on Personal Financial Journeys
00:26:54
Speaker
It's like, oh, yeah, right. You know, like they're like, I got to get to this amount because then I can stop working my job. You know, right. Well, let's talk about that much money to like stop working your job. Let's find a better solution to get you out of this job now or in the last 10 years. What are you or do you like that money? What are you trying to chase? What are you running from? Yeah. Like, let's talk through that.
00:27:22
Speaker
Because maybe it's one individual. This is always good to just process through somebody who actually asks you the why. Because at the end of the day, we all, and I'm including myself, think that our challenges and obstacles are way bigger than
00:27:38
Speaker
Anybody else's like we always like we put ourselves in like this little isolated room and like ours is too big. That's not true. And sometimes it helps to talk through those. So that's the podcast.
Holistic Approach to Finance and Call to Action
00:27:48
Speaker
That's the first like I think start. I want to continue this because it's fun to just give ourselves some topics to talk through. Yeah, I love this.
00:27:55
Speaker
But yeah, that's, that's kind of, I think our mindset, uh, which is a little bit different than most. That's the reason why we call ourselves the uncommon wealth partners. Aaron's unique. Uh, he's awesome. And, uh, I just hope that you hear both of our hearts that we really want to be the best advisors for our clients. And we understand that sometimes we need to go beyond the money. We need to think through some of the ways that are, that's impacting us mentally. And so that's been our podcast. What do you, you're good at doing that life. It's so funny. I know when we first met.
00:28:26
Speaker
You hate talking about money, but we work in money. Yeah, we sure do. And then you have clients who are like, when do I start talking about my money? And you're like, we already have been. Yes, because it's all about money. I mean, it can be. It's all about life. Well, your past experiences are going to draw you back to how you're going to treat money. Yes. And it dictates a lot of stuff. Well, we're your parents divorced. How's your marriage?
00:28:51
Speaker
All that stuff does play into account of the way that you handle and make decisions. And that's important for us when we start thinking about your money, because we can just kind of triangulate who that person is in a little bit more understanding than just somebody who's like, well, what's your risk tolerance for money?
00:29:08
Speaker
I don't know. That's what they could say. I love this question early on in my career when somebody's like, I don't know what my risk tolerance is. What should it be? I usually asked them, do you speed down the highway?
00:29:23
Speaker
And they were like, oh yeah, usually 10 miles an hour over. I'm like, well, that's interesting. That's a risk tolerance. You're willing to handle one ticket because it's more than five miles. But it just says a little bit more. And obviously, that doesn't directly correlate to how much risk we should put into an investment account. But it's an indication of maybe they could take a little bit more risk. Age has another thing to do with it. We can talk about it all day. But those are the three points. Anything else you want to close with?
00:29:53
Speaker
No, I'm excited for the future one. So hopefully everybody else enjoyed it. If not, I'm sorry. If you did, awesome. Cause they're coming. That's, I couldn't have ended it better myself. You've been listening to the uncommon wealth podcast. I've been your host Philip Ramsey and I'm Aaron Kramer. Until next time. Love it.
00:30:15
Speaker
That's all for this episode, brought to you by Uncommon Wealth Partners. Be sure to visit uncommonwealth.com to learn more about our services. Don't miss an episode as we introduce you to inspiring people who are actively pursuing an uncommon life.