Transcript
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.
Speaker: 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.
Speaker: Hello and welcome everybody to another episode of the Uncommon Wealth Podcast. where I'm your host, Philip Ramsey. And today i get to talk about the downside of financial planning. um du boom What do you mean?
Speaker: You love your job. I do. I really do. Here's the downside. This might not be that long, but it's going to be, it's truthful. So if you were to go to, let's say, uh,
Speaker: trainer and you were like hey i want to get ripped shredded and i want to lose weight he would be like i can do that for you i got the knowledge to exchange for finances great you're like here is my money cannot wait to have that beach bod i've always wanted you know what i'm saying And so you go, you give him him money. Here's maybe he says a monthly, give me my money monthly and I'll give you what you want and I will coach you and give you my knowledge. I'll transfer the knowledge that I have to you. Again, you have to do the hard work, but um but yeah, so there's a transfer of money and you get in return, hopefully that beach bod because you're a hard worker and you're disciplined. You get the beach bod you want.
Speaker: You gave him $50 month or $250 or $5,000. Doesn't matter what the And then you what you want.
Speaker: Okay, here's the problem about financial advising. You know, you know, I don't really love money. I love people and I love what they want to do with their life, which normally requires money.
Speaker: And in order for me to run a successful business, I need some of that money that you need to achieve your goals. You get what I'm getting at here is our usually when people come to me, they have financial goals.
Speaker: And in order for me to help you achieve your financial goals, I need your money, which takes away from your financial goals in my mind. Now, I know that there's accountability there. i think that we can get there faster. There's value there. Obviously, i've i love my company.
Speaker: But that, I think, is the inherent problem with financial advising. and i trust me, I believe in what we do. i know there's value there. And I...
Speaker: monetarily, we can show the value every time we do put a plan together of like, hey, this is where you're going. This is with our expertise where you're going to get now. And a lot of times it's way more than what we charge for a financial plan.
Speaker: And yet in the back of my head, I always think, but you could have done this faster if you didn't pay for me. Anyway, that seems like something I have to work out because at the end of the day they end up with more wealth than they ever thought with a mindset and accountability and somebody who's just kind of fun to hang out with at times to be able to help them achieve their financial goals. So But that honestly is something that I've had to wrestle with still to this day.
Speaker: And if you call and do do the 15 minute consultation, my number one objective in those 15 minute consultations is not to get you as a client.
Speaker: Think about that for a second. I try to give you as much knowledge and wisdom that I have and value. So you leave that conversation thinking, I don't know if I need Philip. I love the conversation. It was super valuable, but I think I can do it by myself.
Speaker: And then people, honestly, people go and do that. And two years later, they'll call me and like, hey, I got a couple couple more questions. And guess who answers them? Me. Because I truly want everybody in my, I guess, relationships or my friends and my acquaintances to like go do an uncommon thing because that's how valuable you are. You're amazing.
Speaker: and So if I can just encourage one person by 15 minutes, like that money well spent for me, and I get to encourage somebody. But honestly, it's been a really good business model because at the end of the day, when they do build all that wealth, guess who they're going to come back to? Hopefully me. um But if they go to somebody else, that's okay too. Like that's not the reason why I give them all that value. But um I just feel like it's it's it's a good...
Speaker: ah Litmus test is like, I'm doing this for the right reasons. I'm not doing it for financially. And that's, i think, the downside of financial advising for me is there are times where I sit there and think you could achieve your goals faster if you don't pay me. And ah oftentimes I just don't get paid then. I feel like we guys got to get you where you're going, you know, and kind of not pay it forward, but do pro bono work. um Again, probably shouldn't be putting that on a podcast, but that is what happens.
Speaker: Okay, so with that becomes, I would say, just helping people understand that the business model that we have chosen for Uncommon Wealth Partners is very different than your other financial advisors.
Speaker: i don't know about I don't know if I can say a lot, but a lot, I think, um do this like assets under management model where you have to have over, you fill in the blanks, $250,000, $500,000 to work with us.
Speaker: um And we chose honestly not to do that because I feel like some of my like best clients are the people that don't really have assets under management, but they are creating something that is gonna be incredible.
Speaker: far exceeding anything that I'll be able to put in the market and grow or or lose or whatever, like anything I can invest for them, they're investing in themselves and it is going to produce a return far greater than anything that I can do. And so to be able to encourage those people to go and create something is like my happy place. I love it.
Speaker: And I feel like it's a win-win. So when people say, oh, they're fiduciary, think that's more of a mindset than anything. And I'm telling you, with fiduciaries, there are times where we feel like, huh, I feel like you're better off not paying us than then if you were to pay us. I feel like you can get there faster. And if that's the case, every person just say, hey, let's...
Speaker: not work together right now. Let's work together later. And so that's the downside of financial advising that I see it is that I take money in order for you to achieve your financial goals. And there's times where there's a tension there.
Speaker: Anyway, thought I would just kind of shoot a podcast about that. It gives you a little bit of a mindset where we're at as a company, where I'm at mentally. It's just how we can help people to its fullest. Not because we want all your money, but we want people to enter in see how gifted and valued they are.
Speaker: And we call that the uncommon wealth path. um So if this is you and you're listening for the first time, you have no idea who we are. Holy cow. How did you find our podcast? I'd like to know that. ah The other is there's people out there that can really encourage you on the path you're going. We like to call ourselves uncommon wealth, but there's other advisors I'm sure that are doing it, but we have just made a staple and this is our company.
Speaker: So. Uh, thank you for being a client. If you're a client, if you're not a client, can't wait for you to be a client at some point and, go and create something because the amount of knowledge that you're going to find and you're going to learn is priceless.
Speaker: And I think it's going to be successful. I've only worked with two or three people that haven't had success as they defined it or that it's changed and they feel like what happened is way more valuable than what if would it happen the way that they had it mapped out.
Speaker: That's a huge statistic. But I do feel like when you step out, you put out your step out in faith, I guess, and put your big boy pants on is what i was going to say. I feel like you're rewarded. You're rewarded either by just wisdom or monetarily, sometimes both, but it's always worth it.
Speaker: um The question then turns to what's your risk tolerance. And there's no way that I would tell somebody like, Hey, sell everything and go do something unless that's your w risk tolerance. If it is, then okay, I'll tell you the downside and the risks. But at the end of the day, like, dude, I'm in, I'm your huckleberry. Let's go.
Speaker: How can I help? How can I jump in the trenches to then, if something doesn't go according to plan, we can adapt and overcome. Holy cow, this podcast got a lot longer than I thought it was going to be. ah Anyway, you've been listening to Uncommon Wealth Podcast. Please reach out to me. I'd love to hear from you. You can do that at phillip, P-H-I-L-L-I-P, at uncommonwealth.com.
Speaker: Until next time, thanks for listening.
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.
