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Episode 25: Mindset Over Money
151 Plays7 years ago
Welcome to Season Two of the Uncommon Life Podcast! We had such a wonderful experience in our first year! If you’ve been listening for awhile – thank you for listening and for sharing your thoughts on how to make the podcast even better in the future. If you are checking us out for the first time, welcome!
In this episode, we wanted to jump right in and talk about shifting your mindset when it comes to following your dreams. When we talk with people about their hopes and dreams, 9 times out of 10, it is things they would like to accomplish in the next 1 to 3 years. But the common way people save and use money means that those dreams are more than likely deferred until retirement.
We would say that's kind of a flawed system. You should start trying to do more of what you love doing right now.
It's mindset over money and when you have that mindset, you take control of things in the future. This isn’t magical thinking. We help people accomplish this, and we want that for you.
Welcome to the Uncommon Life!
What You Will Learn in This Episode:
- How to change your mindset and not put things off until retirement
- Facilitating your dreams for the present without stealing from your future
- Doing now what God has designed you to do
- How to embrace and invest in what you are passionate about
- Why productivity and purpose lead to a happier, healthier retirement
- Why, even in retirement, you don’t need to think of your income as fixed
- The importance of taking time now to think about hopes and dreams
- How planning for your dreams can happen today, whatever your age
- Why the stock market is not the best place to look for passive residual income
Recommended
Transcript
Introduction to The Uncommon Life Project
00:00:02
Speaker
Everyone dreams about living an uncommon life, but how we define that dream is very different for each of us. And for most, it's a lifelong pursuit. Welcome to the Uncommon Life Project podcast. We're going to introduce you to people who are living that life or enjoying the journey to get there. We're going to also give you some tools, tricks, and tips for starting or accelerating your own efforts to live an uncommon life.
00:00:27
Speaker
A life worth celebrating and savoring. Please welcome your hosts, Brian Dewhurst and Phillip Ramsey. Hello, everybody. Welcome to season two of the Uncommon Life Project. I'm your host, Phillip Ramsey. And I'm Brian Dewhurst. Thank you, Julie, for that amazing intro. That'll never go away. Season one, season two, season three, maybe season three. I don't know. Probably not. Season three, we've got to mix it up, I think. I don't know. But she's had a long run. Julie, awesome. It's all worth it.
00:00:56
Speaker
So what's different between season one and season two? Let's talk about it. Be dog. We got some feedback and people want more of us. That sounds terrible. But truthfully we want to do, we've kind of had a cadence doing one duo cast, three interviews. This season we're going to do a duo cast, two interviews. So you're going to get twice as much
Listener Feedback and Season 2 Changes
00:01:20
Speaker
Phillip and Brian. I think that's what that means.
00:01:23
Speaker
Let's go with that. And really what we want to do is provide some insight into the more thought process that we have, maybe some reasons behind the thought processes that we have. Cause we're uncommon, right? And the uncommon life project is just that we are highlighting people that are doing this. Another thing that's going to be a little different in season two is that we are going to try to keep this in within 25 minutes. So it's a little shorter as well. We are on the clock.
00:01:48
Speaker
And we are now. I just started that thing. So if you hear an alarm, that's my alarm saying that we need to shut it down. So we're glad you're here. Thanks for listening. Thanks for tuning in. Thanks for all the awesome feedback that we've been
Why Wait for Retirement to Live Your Dreams?
00:02:00
Speaker
getting. Man, it's super encouraging. Like when you're doing a podcast, you never know if people are liking it or not. You're just kind of throwing this stuff out there and
00:02:06
Speaker
It's been so positive. So thank you for that and kind of something I mean we had an amazing first first season of the podcast Beyond our wildest dreams. In fact, one of our clients even got interviewed by another podcast, which is kind of cool So got a lot going on this season this episode we wanted to jump right in since we are on the clock and
00:02:29
Speaker
and start talking about it seems this epidemic that people fall into this mindset that they have to wait to be excited about something or even like retirement. Like, oh, I can't wait to do all these things, but I got to wait till I get retired.
00:02:48
Speaker
And we would say that's kind of a flawed system or flawed mindset when what is it that you're excited and passionate to do? You should just start trying to do more of that right now. So that's really the whole premise of our podcast, whole premise of the way that Brian and I practice and
00:03:05
Speaker
It all stemmed from this time when I was at Principal Financial Group and when they were training me, they were training me to go talk to people like, what do you want retirement to be like or feel like? And then they said, just let them talk as long as you can because this is when people get excited. And when they're done talking, then say, well, it's going to cost you X, Y, and Z dollars. Are you willing to do that? And it seemed like that's where the conversation kind of went away because they knew that they couldn't probably
00:03:35
Speaker
put away as much money as they needed to to be retired. And that's where I thought there was a huge gap in this whole financial planning, financial advising. And if you're super excited about talking about what you want your life to be like later, how about you talk to advisors that you can talk to and you can make that reality happen sooner? If not sooner, right now. Like what's stopping you? Is it money? Then let's talk about that.
00:04:00
Speaker
So, that's really what this show is about. I mean, we can even say, stop talking about retirement, start talking about living, right? And if that offends you, I think that the whole premise, once you start diving in, you'll be like, yeah, why am I not? And because we would say another thing, and I'll let Brian talk because he's way smarter than I am, is that we shouldn't wait to retirement.
00:04:23
Speaker
And we really do feel like if you are loving what you're doing, you never really want to stop.
00:04:31
Speaker
And if you love what you're doing in retirement, you never really want to stop. In fact, some people say that they're even working harder or they're more busy in retirement because they're loving what they're doing. They just don't feel like they're working. So let's get to that point. Brian Dewhurst, everyone. Good morning. It's kind of a cold, dreary morning here in Ankeny, Iowa. And I love spending Fridays doing our podcasts.
00:04:53
Speaker
Because let's be honest, you don't get a lot done on Fridays, right? So I think this is one of the most valuable things we can do on a Friday. So it's just a fun way to end the week. The topic of this podcast, I kind of came home from work one day.
00:05:10
Speaker
And kind of unloaded on my wife, um, after a meeting and she's like, this needs to be a podcast. So not yelling, but just just like passionate about this topic. Yeah. We, we obviously meet with a lot of people and great people doing really fun things, but there's just this common vein that we do hear a lot of that they're putting things off or they don't have something
00:05:37
Speaker
right now that would change their life. And I've even been a victim to this mindset. Phil could attest probably more so than most. And so it's just like,
00:05:50
Speaker
And we're going to get into this on another episode, so I don't want to hit that one now. But I think you really only have two types of money, now money or later money.
Financial Planning for Present Enjoyment
00:06:00
Speaker
And when we meet with people, Philip does such an amazing job of getting people to open up and really visualize what it is they want and their goals. And wouldn't you say, Philip, that most of what everybody says is within one to three years?
00:06:15
Speaker
Oh, absolutely. Absolutely. Because that's really what their mind can think of, right? Right. It's a trip, pay off a car, they want a new house, they're not happy in their job. It's all stuff that's right in front of you. But yet, you know, Phillips training at Principal, my training,
00:06:32
Speaker
over the years, all of what seems like a lot of the predominant factor in this whole financial planning is when you retire. And because of the way the government has set up all these rules with retirement plans and Social Security and just all of it taxes, it's all based on 60 and up.
00:06:55
Speaker
And really, there's a lot of life to live before 60. And we're not guaranteed 60, right? We're not guaranteed tomorrow. And so it's this focus that I think we do really well is we help people not only
00:07:11
Speaker
flush out what they want their life to be like right now. But then we help them organize their capital or their money to facilitate those decisions where they don't feel like they're stealing from their future. And that's a big part of season one in the seven sources of residual income and making money in different ways, monetizing your passions. And so
00:07:33
Speaker
in that when you actually solve for today and you're diligent and you have multiple streams of income and you're happier, you're going to make more money. And it's going to take care of tomorrow and the future and the what if. And so that's kind of the premise to the show. We don't have many points in this, honestly, other than to just implore you to what do you want your life to be like?
00:07:58
Speaker
And then I think it's a matter of some of the data is suggesting that the average person, we call it graduating, when they pass away. They pass away within seven to eight years after retirement.
00:08:11
Speaker
And so if that number is 65 for you, you know, you're looking at 73, 74 on average and it's over. And that's crazy. And so not only that, I think too, there's a spiritual component of like, God has designed us each in a unique way. And that's why we've keyed in so much on our brand with the uncommon. And we all have something inside us that we are supposed to share. Like we have an obligation to tap into that. And it's scary because then it's like, Oh, I don't want to feel rejected or let down or,
00:08:41
Speaker
What if people don't like me? And so in that, that's what I think this show is about is you need to embrace that and then invest in it. And it's a process and we want to walk with people in that process. You know, let's go back to that point because it is a point that we do communicate with people after seven years.
00:08:59
Speaker
it seems statistically that people graduate after they retire. And what I would say in that is it seems like that number is true if they sit on the couch or they just start thinking about themselves or doing things that really, that's what they always thought they had to do or that's always the thought that they thought that they were going to love to do.
00:09:19
Speaker
It seems like they kind of emotionally check out a little bit. And what I've seen in the statistic change drastically is when people start being engaged of what they love to do and what God has always wanted them to do and gifted them to do, that seven years is like poof gone. Poof gone.
00:09:37
Speaker
Yeah, it doesn't even have anything to do with the years. It seemed like they're finally living their life. And really, here's the cadundrum, right? Everyone wants to make sure that they have cashflow to cover their base needs. And when you do that, then you can focus on what they really want to do.
00:09:56
Speaker
every day, right? And they get excited about but they're not worried about that day
Balancing Work, Passion, and Planning
00:10:00
Speaker
-to-day cash flow. Well, let's be honest, that's pretty much the entrepreneurial's dilemma of if I had cash flow, man, I think I could make more cash flow by doing what I love to do and helping way more people. People that have time freedom,
00:10:16
Speaker
I feel like they can get money faster because they just absolutely love what they're doing. And some people that retire, like the traditional way, find their stride. I would think of my aunt, Raima. She found her stride and just went to Africa for the second time. And that is what she's passionate about. I've never seen her so alive. And she never knew that when she was working the nine to five, because it just wasn't unlocked.
00:10:42
Speaker
And a lot of people that have that statistic just never unlock that or never feel like they have that vision or excitement or risk tolerance to try something new. But when they do, it's just like the whole world opens up and not one person has ever said to us, I wish I never would have done that sooner. They all say, I wish I would have done that sooner.
00:11:04
Speaker
It's interesting. I'm going to pivot here outside. We kind of do a little outline for these, but I'm going to go outside the outline. So we recently had a conversation with a gentleman and he was just talking about like, man, I'm working to the bone. They grind me.
00:11:21
Speaker
the grind is getting harder. But then when I'm out of work, it's like all of my free time is planned out. Kids, chores, social engagements. He's like, I really haven't built in that bandwidth or latitude to just take a day to myself and think.
00:11:39
Speaker
And we echoed this in that moment of the podcast with Caleb Walsh last year, how he was in that rat race and he couldn't even think of a way out because he was just every day was book solid. And when he was able to finally get away with his wife, they had the vision to get the real estate and to scale. And that was really the first step is to just be able to visualize something different. And now he's on a whole different path.
00:12:05
Speaker
I think too, in that what are you going to do this year or this week or this month to really take time to yourself or you and your spouse and really think about what you want your life to be like and to just pause and to not feel like you got to do something around the house or go out with another couple or perform, but just to stop and be silent and be still and to really think about where you're at and where you're going and is it exciting to you?
00:12:34
Speaker
Yeah. Focus on yourself for a second. When are you going to do that? Because the reason why the stewardess gets on the plane and says, if the oxygen mask comes on or comes out of the ceiling, you put yours on first because they know if you're unconscious, you're not helping anybody else. But if you can really do the things that seems kind of selfish at first, you can do that and keep yourself healthy and start really putting some focus on you and keeping your health up. You can help a lot more people.
00:13:04
Speaker
And I think that is the perfect leading to the other point in our outline, we're back on the outline, that a lot of people are just burnt out and self-care is the new healthcare. And when you're not doing things that you're passionate about and that give you purpose and that you're purposeful and intentional in, you're going to burn out emotionally, physically, financially potentially.
00:13:28
Speaker
And it's I think that's what we do a lot of times we meet with people and it's really you know You you do a great job getting them to open up. I want to do this I want to do that not and then really just about well, how much would that cost? Well, it's all it's never you know It's never as much money as they think it is and then it's like well how long would it take you to put that type of money together or you may already have that money put together and then it's like oh and you know, I think we
00:13:52
Speaker
help people align those goals and prioritize. And then it's like, oh, I have the resources to do a lot of this stuff right now. And it's just giving them permission to access their capital or their cashflow or to structure it in a different way. It's like, oh, okay, I can do that in the next six months. And it doesn't seem so ethereal or far away. And I think the other point that we wanted to highlight
00:14:15
Speaker
You know, one of the gentlemen that we learned from initially with our own common banking strategy is Nelson Nash, who's kind of the founder or whatever, kind of created the term infinite banking and trademarked that. You know, and we went to hear him speak and I think he was like 83 at the time or 85. Totally had a diaper on.
00:14:35
Speaker
Probably had a diaper on very true. Yes, dude. This dude went hard for what like seven hours Yeah, seven hours with like one break pretty much told told to have lunch break like he was just going going
00:14:48
Speaker
It was just amazing to watch. And I think the cool thing was too, is his family was there, his son-in-laws, you know, running the business, his niece was there helping organize the event. And he was just in his sweet spot. I mean, he was doing what God called him to do. And so cool.
00:15:06
Speaker
Um, you know, even the, even the, some of the guests that we talked, I think of like Drew McClellan, um, Mark Stanley, which is like, I'm never going to stop doing this because this is what I was designed to do. You know, I could do this into my seventies or eighties. I might play more golf or take more trips, but I'm going to keep doing this. And I feel that way. I mean, it's, I've been really thinking about you and I over the next 30 to 40 years. It's like, I just don't see.
00:15:33
Speaker
myself wanting to stop pouring into people and thinking about business and scaling things and meeting people where they're at and being used by God to help people push into that space that's just uniquely theirs. Totally.
00:15:50
Speaker
And the final points that we had for today, I think of like, I grew up in Omaha, Nebraska with Warren Buffett, right?
Empowering Financial Education and Mindset Shift
00:16:00
Speaker
Probably one of the most acclaimed investors, business owners. And he's well into his 80s now. Charlie Munger, his business partner, CFO, I think is almost 90. He's like 89 right now.
00:16:14
Speaker
and they're still running this company. And I think it's funny, Warren drinks like a Coke a day, he owns Dairy Queen, he eats ice cream twice a week, loves Burger King. And it's like, but he's got a purpose and he's got a vision and he's got a mission. And so I think that is what is gonna sustain you. And what we're trying to say is like, why would you prolong that? There's nothing in the Bible that says, well, in 20 years, your life's gonna be different.
00:16:44
Speaker
And you've got to organize your money, your now money, to help support those goals. Man, I've said this all the time, but think about just your commute to work this morning, looking left and looking right, and looking at other little robots going to their desk job, hating their life. There is something that is so attractive about watching someone who is passionate, enthusiastic, and energetic. You gravitate to them.
00:17:12
Speaker
And not only do you gravitate to them, when you're there, you feel energized, enthusiastic, motivated, all this stuff. And I just feel like that whole whatever that is, the secret sauce is lost. And for whatever reason, we probably can talk through all those, but for whatever reason has been lost. And so if you can get that fire into your life and excited, enthusiastic, you are going to attract many people because they just don't have that.
00:17:42
Speaker
So, it's a powerful way to think about things. It's not time-based. It's not anything like that. It's like, no, no, no, stop being a victim and start being a victor of things and start taking this mindset and start shifting your mindset. And it's not like till you're 60, back to my principal days of after we've talked for a long time, then, okay, give me all your money and then I'll make those dreams come true, like when you're 60.
00:18:08
Speaker
Which is so off. A lot of their goals are like, I want to adopt. Well then, why are you putting all that money in the 401k right now when adoption is actually something that's pretty drastically different than what you're doing now and it's gonna be way more impactful. So there's a lot of things that we can talk about here. I would ask you this, B-Dog, who is this for? What age is this kind of mindset for?
00:18:38
Speaker
Everybody and exactly I think I think I was thinking about that before we started recording This podcast is really like if you're 55 Those are like 55 to 60 that five-year window has got to be One of the hardest windows. Yes in life if you're not doing what you're passionate about Because you've probably put into a retirement plan for 20 30 years You're still not 60
00:19:05
Speaker
The handcuffs, you call them golden handcuffs, your income, your benefits, all that wonderful stuff is probably keeping you trapped and you don't have enough independent wealth outside of that retirement plan to feel like you can pivot or quit or slow down. Social Security is seven years away.
00:19:24
Speaker
And man, that's got to feel trapped. And we meet a lot of people in that vein. Do you know why? I think it's the most trap that people can feel if they could really express their emotions is because they see the light at the end of the tunnel and they don't know if they want to change anything that they've done in the past 30 years because it's there. It's scary. It's scary. Yes. Yeah. Oh, buddy. And but this mindset is like what we want to get to and what I think we're so excited about.
00:19:54
Speaker
I kind of want to tease this out, but we are looking at launching a new business. I'm
Rethinking Retirement as a Journey, Not a Destination
00:20:00
Speaker
going to leave it at that. And we're partnering with a gentleman who's in his mid to late fifties, loves what he does, but has assets outside of his career. And it's so neat to like watch him come to life of like, yeah, let's just start this new venture. And I was telling, you know, I was talking to Megan, my wife about like,
00:20:22
Speaker
We've had this idea for almost a decade. And now we're launching it and partnering with another individual and the yoke is light. And it's just like God has put the pieces together. And it's just like watching him in his mid fifties like start something totally from scratch.
00:20:43
Speaker
And he's just like, Oh yeah, we're going to do this. You know, of not being afraid of that next chapter at this stage of life that he's at is just been so neat to watch and come to life. And so I think of like Colonel Sanders, you know, launching KFC chicken.
00:20:59
Speaker
And I think he was in his mid-60s when he started that after he had a career and money saved up. And he did love fried chicken and he had an amazing recipe, right? And there's obviously a lot more to that story, but I think it's not being closed off to that new chapter that God's calling you to. Whether you're in your mid-60s, your mid-50s, or your mid-20s, it is a mindset that I think we want people to have.
00:21:24
Speaker
Yeah, you want to talk about a legacy to give to your kids. I just talked to somebody at my church and he's like, I want you, me and my son to get together and I want you to talk to him about investing.
00:21:37
Speaker
He's one of the hardest workers that you'll ever meet. This is the dad talking about his son. He has some money that he wants to put aside and he wants to invest in something. He's looking at me like a financial advisor and I'm like, hey, I got an idea. Let's teach him to not only keep working hard, but let's keep working more efficient. Let's have a different mindset where he can create a business where he is employing
00:22:06
Speaker
individuals underneath him to have the same work ethic that he does and be more missional mindset instead of just putting your money in like some stocks bonds and mutual funds. Like let's have him have a different mind shift because I would say my parents are amazing and my dad and mother are so hardworking. I just wish they would have helped me have this mindset earlier because my mindset's always like I got to work harder.
00:22:32
Speaker
I gotta work harder. And what I was trying to tell this individual at church was like, let's start instilling this type of value in your child early. And so he doesn't always feel like he has to rely on himself to work harder. He can work smarter. And while doing that, you can impact way more people
00:22:52
Speaker
and get way more motivated. And yes, the hard work is a discipline that is so desirable, but if you continue to do it by yourself, you hit this wall of you're changing your time for widgets, as Brian and I say. Yeah, and I think so many things come to mind on this.
00:23:10
Speaker
Wow. It's, I think what we're trying to help people with is like, cause we work with a lot of people with an amazing work ethic, honestly. Totally. And it's that everybody is training you then you start making a profit from that hard work and then you put it in the stock market and you don't really learn anything. And then most of the times that money is geared towards you're 60 and older. Whereas if, you know, and like kind of this thing you're sharing with this, this younger son,
00:23:37
Speaker
is like, how could you take that work ethic and pair another income stream with that passion? That starts now. And then he's not trapped into working hard for 40 years. He can start to see his money work for him immediately. And the other thing I'd say is like, when you look at financial planning and you look at passive residual income, the stock market is one of the worst places to get it.
00:24:04
Speaker
Like when you look at the cashflow off of like owning a rental property or like an eightplex versus putting that money in the stock market, I mean, it's night and day of the return that you're gonna get versus like an eightplex and having that money in the stock market.
00:24:20
Speaker
Hey, we got two and a half minutes and I really want to hit on something. I'm so sorry to just jump off track. Okay. So I want to talk about the retirement mindset of house. When people get to this retirement, they think they have this set asset that they have to make sure it grows and or, or stays the same or make sure they have enough until the day they hit the ground and they retire or the graduate. So let's talk about that quick. I'm so glad you brought this up because this is maybe the bigger, the biggest part of the soapbox I had on this thing.
00:24:50
Speaker
So we meet, I guess I keep saying this, but we meet with a lot of people. And so we just, we hear common things. And it's this idea that you hit this finish line of retirement and it's kind of like, okay, here's my statements. This is all that I got. This is better work. I'm done.
00:25:08
Speaker
And they're giving up that productivity mindset because they're done working for money. But they've, a lot of people haven't ventured into like the mindset of getting your money and assets to work for you. And that's fine. Obviously we help people retire. We help them generate, you know, income in retirement. And that's a big part of what we do day to day.
00:25:31
Speaker
But that mindset of like, I'm done, there's nothing else for me to produce, I think is really dangerous, really dangerous. And that comes back to the Colonel Sanders mindset that comes back to, you know, your Aunt Rayma getting just totally
00:25:48
Speaker
turned on to the Lord and Warren Buffett killing it when he's 80. That mindset of like, I'm not done yet. And maybe that isn't totally just like generating or starting a business. We're not saying that. But using your gifts and talents and your passion to continue to pour into other people.
00:26:07
Speaker
to donate your time, whatever it is that you're not just sitting on the couch watching TV or isolating yourself. You're being connected and you're pushing something that is inside of you. I think that's kind of the message we want people to get but not viewing your resources as fixed once you retire. There's still opportunity and there's still things you could do and I think you even talked about this with some of the research you've done.
00:26:33
Speaker
It's this idea that when you retire, because you are done producing, you should take less risk. We think it's actually the opposite. You should be taking more risk in retirement. Because you got the cash flow. Yeah, you have the cash flow. You're out of debt. And not only that, but you have wisdom. You've worked for 40 years. You've seen things. You've seen economic cycles. You've seen real estate trends. You've seen different things in the industry that you worked in. And so it's actually like you should be doing the opposite.
00:27:03
Speaker
That's the alarm, everyone. That's the 25 minute alarm. Obviously, like Brian and I are super passionate about this. You can hear it in our voices. Here's the bottom line. It's mindset over money. And when you have that mindset, you take control of things in their future.
00:27:21
Speaker
Obviously there's some variables in there as well. But that's really the thing. Take control of what you can control and let people like Brian and I help you kind of change your mindset. Thank you so much for listening. Tune in every episode if you'd like what we're hearing. In fact, you know what? Send this on. Forward this on to even your parents if this is a refreshing mindset that sometimes it takes just to kind of get you out of your funk.
00:27:48
Speaker
Yeah, we love what we do. We're with the Uncommon Wealth Partners. You've been listening to the Uncommon Life Project. I've been your host, Phillip Ramsey. And I'm Brian Dewhurst. Send us out, Julie. Thank you. That's all for this episode of the Uncommon Life Project 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.