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Smart Money Management for Entrepreneurs with Randall Avery · Healthy Happy Wise Wealthy

• Mary Meyer [0:05]: Welcome to Healthy, Happy, Wise, Wealthy, the podcast where we talk about how to make our lives happier, wiser, and wealthier. But first, it all begins with our health. I am your host, Mary Meyer. Hi, everybody. Welcome back to Healthy, Happy, Wise, Wealthy. I have with us today Randall Avery with Diesel Wealth Management, and he is out of Atlanta, which is, of course... Mary Meyer [0:27]: You know, I miss Atlanta so much. Um, but Randall, before we start, uh, we have a podcast sponsor. It's actually turning into a partnership, uh, with an IT company I used with a former business I had when I was in Atlanta. And, um, they're great, and, and, uh, MindIII, M-I-N-D-I-I-I. Mary Meyer [0:44]: And one of the things they do is help, um, entrepreneurs, businesses with, uh, AI integrations to make their, um, whole website and everything work better, including maybe building an app or something like that. So, um, excited to have them on board, and thank you for coming on. I'm so excited to interview someone from Atlanta. Mary Meyer [1:05]: You know, I've asked a few people before this, and, um, but here you are. Randall Avery [1:11]: Yes. Yes, yes, yes. Mary Meyer [1:12]: Yeah, so what... You're... What part of Atlanta are you in? Randall Avery [1:15]: Yeah, so I'm coming from the East Atlanta Metro area, so kind of the North Decatur area. And, um- Mary Meyer [1:20]: Okay Randall Avery [1:20]: ... just let me know next time you come in town. We'll keep the shrimp and grits ready for you. Mary Meyer [1:24]: Okay, that sounds good. I miss it. So Randall is, uh, Diesel Wealth Management. A lot of what you do is helping business owners, 1099, all that kind of thing, manage this income that's coming in that's not a regular income. Randall Avery [1:44]: Yes, yes. Mary Meyer [1:45]: Yeah. So tell us, uh, like, if you have someone come to you, um, and they're just starting out, uh, 1099, or they haven't done any kind of financial planning and they're coming to you, what is the first thing you do with someone who has that kind of irregular income? Randall Avery [1:58]: Yeah. I think the first thing I tell them is that they have to become at peace with, hey, I have two sets of books. I have a business set of books, and then I have a personal set of books, and that I have to manage both. And a lot of times people come to me, they haven't managed one of those books, so coming to the realization that I have two separate books, um, my business has income expense needs. Randall Avery [2:20]: My personal lifestyle has income and expense needs, and how do I play those two off of each other? Mary Meyer [2:27]: That seems very complicated, yeah. And do you find, like, people who wanna, you know, be, uh, you know, their own boss don't wanna do books? Randall Avery [2:37]: Yeah, a lot of people, they say, "I just wanna do my thing, my... make my widget, provide my service, do, do whatever that I do because I'm great at it." And I think that's a beautiful thing, but you really have to understand, you either have to outsource those things... But even when you outsource, there's some level of measuring your success in business that you have to do, and part of measuring your success is the financial aspect, making sure that you're profitable, making sure that you're making... Randall Avery [3:02]: having enough to reinvest in the business and reinvest in yourself. As a business owner, we take on a lot. Um, it's stressful. It, it wears us down. You do have to have some resources to, you know, you know, come back and be at peace and really recover from what we as business owners have to go through. Mary Meyer [3:21]: Yeah, and you're one of 'em, so. Randall Avery [3:22]: Yes. Mary Meyer [3:23]: What... I should ask you, what, what got you into this? Randall Avery [3:26]: Yeah, yeah. So my background bounced around a little bit. I started my career actually in internal audit. So folks who don't know about internal audit, that's really about checks and balances, documenting processes and procedures, and I think it was a great experience becoming a business owner, knowing that I have to document things. What is the check to make sure- Randall Avery [3:44]: ... that task was done? All those elements. After three years of internal audit, I did something called corporate financial planning and analysis. It was short for FP&A. Randall Avery [3:53]: And that's where we analyzed companies' books, did projections. But... Randall Avery [3:58]: And I enjoyed that work, and I enjoyed business, but some of the work that I did I felt like didn't really have a soul. So I really wanted to help- Randall Avery [4:04]: ... individuals instead of companies. But since I work with business owners, I kind of get the best of both worlds. Mary Meyer [4:11]: Yeah. Well, and it, it does seem like... And I, I've had the, the last couple guests I've had on, their podcasts aren't even out yet, um, in talking to you, but it is about, you know, how do we maybe as a country or, you know, even as humanity, 'cause there's an AI shift, you know, coming, so it might be that we start our own businesses. Mary Meyer [4:33]: You know? I mean, and that could be the reality for a lot of people. But, uh, we need some education on that, and there's so many aspects to running a business. You not only have to know, like, your... the thing you're super good at that, you know, people want your services for, but you have to know processes and procedures, which feels like, uh, a swear word- ... honestly. Mary Meyer [4:56]: Uh, it does. And a lot of, for a lot of people, I think it does for me, and I've gotten kind of used to it over the years 'cause I've, I've, you know, run some businesses that I... or try as best as I can on your own. But, you know, even, like, I, I did real estate for a little bit in Atlanta, so that's running your own business. So l- I think there's so many things that, you know, that people are doing that are, uh, sales, you know, anything that's at inconsistent, uh, 1099 income where you're- Mary Meyer [5:22]: ... you gotta go out hunting your food. Randall Avery [5:25]: Yes. It, it's really interesting- Mary Meyer [5:28]: And not getting it is the thing, yeah. Randall Avery [5:31]: Yeah, it's really interesting that, you know, I g- I was a business major, and they really don't teach you sales, and sales is a key element of every single business. Um, but they really don't teach you the elements of sales, what it takes to get somebody to know, like, and trust you, feel comfortable to do a transaction with you. Randall Avery [5:49]: And I think for- Randall Avery [5:50]: ... a lot of business owners, especially if you're transitioning from corporate America, that is a sticking point, is how do I get somebody to part with their monies to give... to provide the value that I wanna provide them? Mary Meyer [6:01]: Yeah. It is something, and it, that is, that's a whole, you know, that whole other thing of, you know, getting people to trust you, right? Um, and being, you have to be trustworthy. But they also have to know what the need is. So sales is, is basically what is the need? Why, why would you need this? So yeah, for sure. Mary Meyer [6:23]: So when people come to you, um, d- do you have, do you usually just start with people who are, like, brand-new, like, uh, real estate agents or salespeople, or do you, do you work with businesses at all the levels of managing it? How do you, what do you do? Randall Avery [6:40]: Yeah. It's usually all the levels. So for my stake, because I work with practice owners, when you think about practice owners, you think about anything that has high labor costs, a dental office, a law practice, a mental health profession, consulting. Mary Meyer [6:51]: Mm-hmm. Randall Avery [6:51]: Those fall under the umbrella. So usually if they're new, they're transitioning from a nine-to-five into a business owners, and they usually do the same thing parallel at the same time. I also work with those who have employees and really having a growing, thriving business. So I go across the spectrum, but I, for me, it's, um, entertaining because I can see what the young startup is doing, what the large established is doing, and there is some cross-knowledge that I provide my clients saying, "Hey, this is what I hear so-and-so's doing," or, "Here. Randall Avery [7:20]: Hey, this is a process that has helped this person make that leap." Mary Meyer [7:23]: Mm-hmm. Randall Avery [7:23]: And I think that has been value add for a lot of people I work with. Mary Meyer [7:27]: Yeah. So you don't really necessarily help them put in processes. It's just an extra thing you do. Randall Avery [7:32]: That's correct. Mary Meyer [7:32]: Yeah? Randall Avery [7:33]: Correct. Mary Meyer [7:33]: That's, that's very helpful. Randall Avery [7:34]: So if I hear a issue when it comes to their finances, I say, "Oh, that's a process issue. Let's take a step back and say, 'Do you have a check and balance there?'" Um, even something as simple as pricing. Um, pricing is probably the biggest thing when you talk about somebody starting out, getting that number tuned in correctly. Mary Meyer [7:52]: Yeah. Tell me about that. Like, how to, like, what do you find with that? Randall Avery [7:56]: Yeah. So a lot of times, because a person loves what they do, they tend to undercharge themselves. Um, and they really can't see the full scope as far as what does it take to economically make this business viable. Randall Avery [8:08]: Um, they first start off with what economically I can do to be profitable, then what's economically viable for me to live my lifestyle, but then the extra step, and I think the most important step, what is economically viable for me to reinvest in this business to make it grow and provide true value for my clients. Randall Avery [8:25]: Um, the first thing I advise anybody is, um, and this is taking a step back, is do something called have 100 cups of coffee, and that's really means to, to have conversations with people in your industry about what they're doing and how they're doing it. And you'll be surprised, just like us as business owners, we share anything because we know very few people are actually gonna execute on that. Randall Avery [8:46]: But once you end those conversations, talk about what should I charge, what should I charge for this services, what do you think the market is for that services, and I think that will help will you, help you with pricing in this world. Mary Meyer [9:00]: That's great advice. Yeah. To just... I've had other people recently say the same thing is, like, go find someone in, who's in your industry who... Mary Meyer [9:09]: and, and ask them a bunch of questions, and they'll probably, you know, just tell you everything. Randall Avery [9:14]: Everything. Mary Meyer [9:14]: Um, yeah. I think it's, you know, is it when you're solo- solopreneur to business owner, and I've, I've had a lot of clients who are bus- and same thing, like the different, um, medical, legal, and it is, I think it's, it's lonely in a way too, you know? And also, like, you know, these are smart people, so, you know, smart, smart, intelligent, hardworking people, uh, are the ones who go do this, and our, our education system hasn't set us up to learn to know everything we're supposed to do, and it feels like a... Mary Meyer [9:49]: It, it just feels so muddy. Like, you don't really know what you don't know, and you're supposed to know it, and other people must know it 'cause they're running businesses, um, maybe not as effectively as they should. But, um, so that's one, so that one of the first things you do is just kinda help people put in, uh, processes and procedures. Mary Meyer [10:11]: Yeah. So, like, what else do you notice? So they need, like, two set of books. Do most people not have two set of books? Randall Avery [10:17]: No. A lot of people combine their finances because, you know, they're trying to make ends meet. So if I have an expenditure come up, my child needs X, Y, Z, I need this repair in my house, it's automatic that I go ahead and dip into that. And, and, and it takes time to go to the bank to set up separate s- sets of accounts, right? Randall Avery [10:35]: And you don't wanna s- b- put yourself in a situation where you're overwithdrawing your accounts. So being intentional about that step early on I think will benefit a lot of business owners. Mary Meyer [10:46]: So how do they... Like, what, what different bank accounts would they need- Mary Meyer [10:50]: ... besides just a bank and a personal? Is there more to that? Randall Avery [10:54]: So from my experience, and I see what works with folks, this is the minimum, like, the, the baseline. Randall Avery [10:59]: Um, what they need is one account just for general transactions for their business, paying bills, um, paying yourself, all those different things. Then they need a second account for taxes. Mary Meyer [11:10]: Okay. Randall Avery [11:10]: People forget about I need to allocate some funds to pay the IRS and tax bill, and it takes a level of emotional maturity to say, "That's not my money. I can't dip in that if something happens in my business. That is completely separate." So I really recommen- recommend those two different set of bank accounts. And then you handle your personal as, as you do your personal. And I, of course, I'm a personal finance guy, so I have some opinions on that. Randall Avery [11:33]: But do that as you may, but make sure you keep these two accounts, um, in check and fully funded at all times. Mary Meyer [11:39]: Okay. So, so for business, two accounts, one for regular operations and one for taxes. Randall Avery [11:44]: That's it. Mary Meyer [11:44]: So I'm curious, since this is your business, what your opinion is on personal. Randall Avery [11:48]: Yeah. Yeah. Mary Meyer [11:49]: I'm sure- Randall Avery [11:49]: So on your pers- yeah. So on your personal, um, I believe there should be, I think it's about a four account system. So first one is going to be an income account. Mary Meyer [11:58]: Okay. Randall Avery [11:58]: Um, and this is also good for couples too 'cause things can get complex. So if a couple decides to combine all their finances, there should be an income account where all income comes into this account. The next account should be what I like to call a bill payment account. This is where your, um, your utility bills are linked. This is where all your credit cards are linked. And you keep those two separate. Why do you keep those separate? Well-It's not hard for somebody to fat finger a number and k- and drain all your account, but at least you have this income account with money there set aside. Randall Avery [12:27]: And then you have a long-term savings account. So in your bill payment account, I like to keep two and a half months worth of living expenses. Two and a half months of liv- living expenses. Why? 'Cause usually that covers most of what happens in your life. If I need a major repair, if I need a car repair, I don't have to dip back into my savings because I have those reserves ready to go. So that's really the system there. Randall Avery [12:47]: And, um, for the couples I, I do recommend each couple have their own individual account. So out of their income account they get a allocation in which they can really be who they really are, express themselves, because you need some level of autonomy, especially when both parties are working and earning an income. Mary Meyer [13:04]: That's, that's great advice. Mary Meyer [13:08]: Sounds like some marriage counseling right there too. Randall Avery [13:11]: Um, you'll be surprised- ... the conversations I have to sit in on because pe- people are different and they're gonna go through their stuff right in front of you in the moment. Mary Meyer [13:20]: Yeah. Well, you know, most of relationship it just seems like does come, it does a lot come down to money, right? Everything in life comes down to money. Is there enough money? Is there enough income? And, uh, it, that can get really scary when it's, the answer's no. So- Randall Avery [13:36]: Yeah Mary Meyer [13:36]: ... yeah, so managing all that. So once they have that, so they have their two buckets for business. Randall Avery [13:43]: Mm-hmm. Mary Meyer [13:43]: They have their two set of books. Um, do most people, asking about books again, do they, do they manage their own books or do they go ahead and find an accountant to do that or a bookkeeper to do that? Randall Avery [13:54]: Yeah. Practically, and this is what happens in the real, not what should happen. So what happens in the real world, they wait till the end of the year and they scrub their bank statements and they submit that to their, uh, uh, their tax preparer. Um, the next step is usually they operate in some type of spreadsheet, okay? Um, and then once they become profitable enough they do bring on an accountant or, uh, enable the services of like QuickBooks and, and functionally, practically put that in there and then they move over to a, just having a full-time bookkeeper who manages that money. Randall Avery [14:23]: So that's really the lifestyle. It starts off with, "Hey, let me just run through my bank statements and look at where my expenses are." Then we move to some type of spreadsheet or QuickBooks function, and then you usually move into having a bookkeeper who actually managing your money. Mary Meyer [14:38]: Yeah. Well, and bookkeepers, lots of times too, you don't, you know, you don't have to pay a full salary. That's usually a, uh, something you design- you know, you can have all these people on your team that you're not paying a full-time salary, you're just paying for their services, you know, fractional or, you know, whatever you c- might call it. Randall Avery [14:57]: Yeah. Mary Meyer [14:57]: In Reno, where I'm at now, there's a lot of fractional. So in the business world, I meet, you know, the fractional bookkeeper, fractional CFO, fractional CEO, fractional COO, uh, you know, all these different services. So you can just pay for the service, and that's, I know, very handy as you're just starting, of course, finding the team of people that you trust around you. Mary Meyer [15:19]: So, uh, for sure. Okay. So they start out with that. They got their accounting down. Mary Meyer [15:27]: Hypothetically. Randall Avery [15:28]: Yes, yes, yes. Mary Meyer [15:29]: Went through two things. And then, uh, then they have their different buckets for their, for their home finances. Mary Meyer [15:37]: Uh, so let's say they, they're, they're rolling. They get, you know, they have those things done, and now they need... They have some a, a, some money coming in. Mary Meyer [15:46]: So what's the, what's the next thing? 'Cause I know you help them build the whole building wealth. So what's next after that? Randall Avery [15:53]: So I like to think of it this way. Um, let's pretend like the government works for the people, okay? Let's use our imagination. Mary Meyer [16:01]: Let's use our imagination. Randall Avery [16:02]: Um, let's use our imagination. Mary Meyer [16:02]: Yeah. Randall Avery [16:03]: They work for the people. And, and actually in this case, they did work for the people. Randall Avery [16:07]: They actually created business accounts specifically for business owners that they can use to save. They came to the realization that as business owners, it usually takes us five to 10 years to get that thing rolling to where you can save significantly for your retirement. So they created s- types of accounts. A couple of them they're called a SEP IRA, S-E-P IRA, Solo 401k, and there's a couple other ones, but those are the two main ones. Randall Avery [16:33]: In those accounts you can actually allocate up to $70,000 into that account to reduce your taxes. Randall Avery [16:39]: So the government has created a scheme in which you can actually funnel money into these accounts, a large amount of money, so that you can prepare for your retirement. So what is that comparable to? So with a 401k, you can usually only put around 20 to $25,000 as an individual, but since you're self-employed, you can allocate $70,000 into these accounts. Randall Avery [17:01]: So I have clients come to me, they're 50 years old, maybe only have like $50,000 saved up, and we've been able to easily retire them with around a million dollars just because they're able to funnel money over the next 10 years into these large accounts. So these are beautiful powerhouse accounts that they can use to build wealth. Mary Meyer [17:18]: Wow. I... And I've never heard of that before. So that's a... What is it called again? The Solo- Randall Avery [17:23]: Yeah, yeah Mary Meyer [17:24]: ... 401k? Randall Avery [17:24]: So it's the SEP IRA. And let me explain why- Mary Meyer [17:27]: Okay Randall Avery [17:27]: ... why, a little bit, I think context is good- Mary Meyer [17:29]: Okay Randall Avery [17:30]: ... for the, uh, audience, but- Mary Meyer [17:30]: I've heard of that one. I guess I didn't know what it means. What does SEP mean? What does that stand for? Randall Avery [17:34]: SEP stands for simplified employee pension plan. And it- Mary Meyer [17:37]: Okay Randall Avery [17:38]: ... it, it doesn't e- what it spells out doesn't really define it well. So a SEP IRA, and it's simple for a reason, because there's less, I guess, um, reporting requirements, even though the other ones aren't, don't have a heavy reporting require- but it's like something you can easily put into place. Randall Avery [17:53]: And this is what I recommend usually if you have an LLC, okay? Mary Meyer [17:57]: Okay. Randall Avery [17:57]: If you have an LLC, SEP IRA, and you don't have a bookkeeper, bookkeeping, kind of running payroll for you, I recommend the SEP IRA because it's easy and you can funnel money into that. The next type of account, as I mentioned, was the Solo 401k. Randall Avery [18:11]: Solo 401k. This is where if you have a bookkeeper, somebody who's gonna run payroll for you, this is this account. And you may ask yourself, why would somebody use a SEP over the Solo 401k? Randall Avery [18:22]: It's because you can make employee deductions, meaning that you can not only contribute as an employer, which you are 'cause you're a business owner, but also as an employee, and that lowers your tax bill. And what is the tax all business owner hate?... Randall Avery [18:36]: self-employment tax. And, and for those who don't know, what, what's the difference? When you work for an employer, your employer pays a portion of those taxes, but when you're self-employed, you have to pay the full gambit of those taxes. So having that Solo 401 is a excellent idea to have. And like I said, you can put over $70,000 into this sucker if you meet the income requirements, and that's really how people prepare for retirement. Mary Meyer [19:03]: Okay. So you can, if, you can put 70,000 into not, into the Solo 401 . Randall Avery [19:09]: In, in both. Mary Meyer [19:10]: So- Randall Avery [19:10]: So, and it's- Randall Avery [19:10]: Oh, okay Randall Avery [19:10]: ... and it's based off of 25% of your income, so you do have to earn a certain amount of income to reach the maximum- Mary Meyer [19:15]: Okay Randall Avery [19:16]: ... amount. But still, it's a significant amount, um, that people should really take advantage of. If you are self-employed, 1099 contractor making money outside of a W-2, you have the option to open up one of those two plans. Mary Meyer [19:30]: Do people do both? Randall Avery [19:32]: Some people do both. I have both. Mary Meyer [19:34]: Okay. Randall Avery [19:34]: I have both. Mary Meyer [19:35]: All right. Randall Avery [19:35]: Um, but depending on, you know, how the taxes flow in the year, you can do both. You can't contribute to both within the same year, so you have to be careful with it. Mary Meyer [19:43]: Oh, interesting. Randall Avery [19:43]: Yeah. Mary Meyer [19:43]: Okay, so you have to pick one or the other- Randall Avery [19:46]: That's correct Mary Meyer [19:46]: ... basically. Okay. So 70,000 total, not 70,000 each that you can contribute per year if you're... What would that be? If your income is 280,000, the money you bring in, is that- Randall Avery [19:58]: It's- Mary Meyer [19:58]: Is that 25%? Randall Avery [19:58]: It's close, right. It's definitely around... Yeah, around the 300,000 mark is where- Mary Meyer [20:02]: Okay Randall Avery [20:03]: ... I see people being able to really dump the whole gambit in. Mary Meyer [20:07]: I did really good mental math there, didn't I? Randall Avery [20:09]: It was good. Mary Meyer [20:09]: I'm pretty proud of myself. Yeah, my dad was a math teacher, so- ... I learned mental math from that, and that's about it. I didn't know any of this other stuff. So do you have a preference for w- how you guide people- Mary Meyer [20:22]: ... with those two buckets? Like, what is the preference or how do you, how do you help people choose which one to use? Randall Avery [20:29]: Yeah, it's usually where you are in your business and if you have an accountant or of, a fractional bookkeeper helping you out. Randall Avery [20:36]: So if you are starting out, um... And I think one of the benefits also, and I think, um, you can actually contribute beyond the tax year. So with the SEP IRA, um, and I've done this a lot of times, I have my accountant file my taxes and I say, "Hey, what is the maximum amount I can put in?" And they give me a number and I put that amount in and that reduces my tax bill. Randall Avery [20:56]: So you can wait till after the year closes. So it's a little bit extra planning time, 'cause a lot of deductions you have with your taxes you can't do. So starting out, most people are gonna go with the SEP. Mary Meyer [21:08]: Okay. Randall Avery [21:08]: Once they get more advanced and have that accountant, that's when the Solo 401 comes into account. So those are usually the progression. And the practical matter is, have you ever heard of something called a S corp? Mary Meyer [21:20]: I have, yes. Randall Avery [21:21]: Yeah. Usually when they go to the S corp is when the Solo 401 kicks in. So- Mary Meyer [21:26]: Okay Randall Avery [21:26]: ... if you want, like, a, a marker, um, have an accountant s- and, and have a S corp. Those are when people transition into a Solo 401 . Mary Meyer [21:37]: Nice. So do you help people also, like, with employee plans and that kind of thing as they're, as they're growing? Is that part of what you do? Randall Avery [21:45]: That's, that's currently- Mary Meyer [21:46]: Or you- Randall Avery [21:46]: ... not what I do because- Mary Meyer [21:47]: Okay Randall Avery [21:48]: ... there's a lot of providers that can do it at a low cost, and it's a, it's a pretty commoditized area. Mary Meyer [21:54]: Okay. Randall Avery [21:54]: I'll help them kind of vet what, which employer plan works best for them, though. Mary Meyer [21:59]: Yeah. It's just nice to have, 'cause I, I'm sure you give advice on all kinds of stuff that's a little bit outside of the scope of what you exactly do. Mary Meyer [22:07]: So okay, so after that, um, so they have those retirement things and there's, there's just a bunch more income now that they have. They're in year whatever. Mary Meyer [22:17]: 10. Randall Avery [22:19]: Yes. Mary Meyer [22:19]: Now, now what, now what should they do? Randall Avery [22:22]: Yeah. So let's pretend like they're fully funding those retirement accounts. Mary Meyer [22:26]: Okay. Randall Avery [22:26]: Um, and the next thing is to reinvest back into the business to lower their workload. Mary Meyer [22:33]: Okay. Randall Avery [22:35]: As business owners, we can get caught in a hamster wheel. You know, we're, we're running, we're spinning, spinning. But now, th- 'cause you have the income and the flexibility, you should be reinvesting your b- back into your business, either to hire staff or to increase your technology stack so that you can kind of relax a little bit, get off the hamster wheel, and e- and enjoy your life, right? Randall Avery [22:54]: Um, it, it, it's hard for a lot of business owners to do that, but once you have the funds to, to do that, why not execute that? Mary Meyer [23:02]: Yeah. So now there's, you're reinvesting in your business. So is there, like, is, do people usually have a goal of- Mary Meyer [23:09]: ... stepping back from the business? And, and, uh, like, what, how do people, how, how have you found people operate in their business? Do some of them wanna step back and, and, uh, have someone else kind of be running it, or is that a... Some professions that's probably not even possible I imagine to some degree, but... Randall Avery [23:29]: I think it's, what determines how much a, um, somebody in business is willing to work is what's going on in their life. Randall Avery [23:35]: So if I have young kids at home, I may wanna dial back. If my kids are leaving off to college, I may wanna turn the dial back up. Randall Avery [23:42]: If I have a illness with a family member or a illness with myself, then I want to dial back. So it's really depending on the lifestyle desires. Um, and, and I guess sometimes the, the individual person, some people love travel, and they... I, I just talked- Randall Avery [23:56]: ... with another financial planner who owns their own firm. They literally only work 20 hours a week. And so, and when they're thinking about delegating, there's, like, the cost of managing as far as time is not worth delegating, so why not just hold on to that 20 hour a week? So it really depends on how you structure your business and what you desire as far as how you want your business to grow. Mary Meyer [24:17]: Yeah, for sure. Are there differences that you have found, um, in, in helping someone manage, like, a clinic versus a law office versus a real estate business, let's say? Randall Avery [24:31]: Yeah. So, a, a law, so law is, is when we th- think about practices is more like more the established kind. So they have, like, policies and procedures. They have templated stuff, and so they kind of have a well-oiled machine. Randall Avery [24:44]: Um- Mary Meyer [24:44]: Right Randall Avery [24:45]: You know, it's, you know, a, a lawyer will charge as much as they can, naturally. Um, other professions, like a therapy practice, well, they're not wired as way to charge as much, so they actually have to kind of mature into kind of charging their pure role and also delegating certain tasks. So there is a slight difference, and I think it's driven by the personality that goes within each field. Randall Avery [25:07]: Um, so an attorney is used to, um, for lack of a better word, being combative, having analytical thinking and rebuttaling. So they're good at negotiating. Randall Avery [25:16]: While a therapist may be wired to kind of, um, save the world, help the people, capitalism may be a negative thing. Um, so you really have... You, you see how different professions mature. While I have some engineering clients, well, that number has to be the number . And if it's not the number, there's a big problem, we're gonna work all night long until that number's reconciled. Randall Avery [25:37]: So- ... I, I think it really depends on usually the personality that goes into each profession. Which I enjoy because I get to hear that, see that, and it actually makes me a better advisor. Mary Meyer [25:48]: I love that. I love that so much. So do you... You also work with people who are, you know, employees, right? Like, or who have kind of an, you know, more of a, um, just regular salary. Mary Meyer [26:00]: So what are the some of the things you just advise in general for, for people for retirement? Randall Avery [26:05]: Yeah, yeah. So the biggest thing I, I feel like the value added I have has, has little to do with money and more about planning for what does retirement look like for them. Mary Meyer [26:15]: Okay. Randall Avery [26:16]: Um, so I had a client, just a quick example, that, uh, was thinking about buying a home. And I brought up that she had a, um, a daughter, and I was like... And the daughter li- lived in another state, and I was like, "Do you think you'll be moving in with your daughter or moving close to your daughter if she so decides to have a child?" So really taking- Mary Meyer [26:36]: Good question. Randall Avery [26:36]: ... that next step to say, "Well, if I'm thinking about purchasing a home, and then with these interest rates I have to be in that house for 10 years for me to reap the value, does it make economic sense for me to purchase now or should I hold off knowing that I'll hopefully move to another state?" It also gets you to mind as, well, maybe I need to massage that relationship to make sure- ... if that's my goal, how... Randall Avery [26:58]: end goal that I want, what do I need to do? What do I need to say, proposition, and, and get through? So the biggest value I feel like I add is planning, especially for those W-2 employees, planning for re- what retirement looks like. So do I wanna stay in this house? Do I wanna downsize? Randall Avery [27:16]: Um, do I need to purchase a car? Do I need to make these certain home repairs? Who are the connections and associations I need to sign up with today so when it makes happen? Randall Avery [27:25]: The scariest thing, uh, for my clients, and this is a personal preference and bias, and every advisor and consultant has these, I don't want my client to retire and just be stuck in front of a TV watching CNN, Fox News all day. I feel like they're a bigger asset to society if I can have them engaged and energized about life. So that, that... Randall Avery [27:46]: I feel like when we talk about prioritization, what I do with clients, that's usually number one for them. And it's one that I don't advertise, um, they don't expect. Randall Avery [27:53]: But when... as you can imagine, when they're in retirement, they're smiling, they're socializing with people their own age, they really do say, "Wow, I, I'm glad that I had those conversations with Randall." Mary Meyer [28:04]: I love that so much. You know, and so many conversations that I've had on the podcast are really about, like, as... you know, thinking through things that we don't wanna think through necessarily, or we- we're kind of scared of the future. Uh, we're scared of, um, end of life planning. I've talked about that. We're stu- you know, retirement planning, we're, we're, "Uh, like, what is it? Mary Meyer [28:26]: We just gotta pay off our house," is usually kind of maybe the thing we think about, and have some money in the bank, uh, you know, a little bit to, to make sure we're okay. Mary Meyer [28:35]: But we don't, we don't really think about, you know, what is... what do, what do we want it to look like. What do, what is... What's gonna be involved in it, who's gonna be, you know, there and, and, and that kind of thing. So that's- that's really awesome that you have those conversations with people. Randall Avery [28:52]: Yeah. And I think... So people don't realize, like, if you retire at 60 and you're in good health, there's a chance you can make it to age 90. Randall Avery [29:00]: That's 30 years of your life. That's a third of your life you're gonna spend not working that nine to five job. Randall Avery [29:06]: So planning for that, I think, um, I, I think is equally important in making sure that is just as fulfilling as those other 60 years you've lived. Mary Meyer [29:15]: Yeah. Well, that makes so much sense to me. Mary Meyer [29:19]: And, and you do a lot of, you know, you have kind of a give back. You have a YouTube channel. Randall Avery [29:23]: Yes. Mary Meyer [29:24]: Right? Randall Avery [29:24]: Yeah. Mary Meyer [29:24]: So tell us about the, your YouTube channel. Randall Avery [29:27]: Yeah. So I understand that the way financial planners charge, that everybody can't be a client. Um, but I feel, you know, driven to get knowledge out there free of charge, easily accessible. Randall Avery [29:39]: So that's why I created a YouTube channel where I actually provide financial advice. Randall Avery [29:43]: I specifically, um, do something called Practice Prosperity where I interview practice owners. So there's a lot of information online about how to get rich quick, what you need to be doing to your business. But I've decided I wanna interview actual business owners doing this day in and day out, and how are they making ends meet, just regular folks. How are you paying your taxes? Randall Avery [30:04]: How are you distributing? These conversations that we have today. How are you preparing for retirement? What are you thinking about? What, what are your fears? And once we go into that, that knowledge, I, I'm hoping to create something that say, "Hey, I have a resource that even though I may not have the means to pay for a financial planner, I can set myself up to win." And, and that's, that's what makes me smile and I, and I enjoy. Mary Meyer [30:25]: Yeah. Tha- you know, thank you for doing... That's, you know, that's really kind of was my impetus in doing this too. It's like, well, you know, influencers, I say in quotes, just, you just know what's in your brain to know. Mary Meyer [30:37]: So but why not interview people that know all kinds of stuff and have great information and great wisdom. Mary Meyer [30:43]: Uh, and that just seems like a better option to me. But when you, when you do interviewing with these different people who are practice owners, let's say, like, what, what comes out? Like, what's the-What's the gen- some general wisdom you hear from, from them? Randall Avery [30:59]: It... I think the biggest thing that moves the needle, that's good for this audience is, um, we, we hear about social media, we hear about posting, we hear about emailing. But in business, specifically with service-based businesses, hand-to-hand combat still wins out. And what I mean by that, actually walking up to somebody, shaking their hand, smiling at them, having a coffee with them, um, taking them out, um, taking interest in what they take interest in. Randall Avery [31:27]: Those are what makes sales. Mary Meyer [31:29]: Mm. Randall Avery [31:30]: It's still the case, and that's what I mean. A lot of the successful business owners I interview is, they walked into a doctor's office. They did a seminar. Randall Avery [31:39]: They have conversations with people. They regularly check in on folks and follow up. That is not, even with AI, that is not going away. Once you make a p- have to make a purchase of a certain amount, knowing that person, having some type of intimate relationship with that person matters, and it will... I feel like, uh, in, as far as I know, it will still matter for a long time. Randall Avery [31:59]: 'Cause even with AI, there's people actually going to the other end of the pendulum as far as I want human connections now. I want something genuine. Mary Meyer [32:07]: Yeah. Randall Avery [32:07]: I, I don't want something overly, you know, um, painted. I want something real. Mary Meyer [32:13]: Yeah. I think that's a hu- that's huge. And it's, I've been... It's been really interesting to me to have different conversations with people on the topic of AI, you know, 'cause this, this is something that's affecting us. And I was, when I was in Atlanta, I, you know, was an actor and, you know, then did the other businesses to support that habit. Randall Avery [32:33]: Yes. Mary Meyer [32:33]: Um, I don't know how else you're gonna say it. And then in Reno, it's, there's, you know, it's very, uh, tech-forward- Randall Avery [32:41]: Mm Mary Meyer [32:41]: ... in the business community, and so they're super excited about AI it seems like, in general. Uh, the one, not everyone, you know, a lot of business owners. It's also, Reno is an old, it's an interesting, it's also an older, uh, demographic. You know, Atlanta's very young, actually. You know? Um, but then, you know, like average age in Atlanta is 30. I think average age in northern Nevada, I don't even know. Mary Meyer [33:03]: It's probably closer to 60. That's, I'm, I'm, that's probably not true, but it's, it's, it seems like it skews older. Randall Avery [33:08]: Mm-hmm. Mary Meyer [33:09]: So there's also the, you know, people who wanna just do, you know, 50 and older, which I'm in that category, but, like, I think we, you know, we're just used to the ways that it's been done for years. Randall Avery [33:22]: Mm. Mary Meyer [33:22]: Younger people are used to, um, y- you know, let's try all the new things that are out there that makes life simpler that, that can be systems driven or AI driven. But in general, overall, I'm like, people need people. Randall Avery [33:37]: Yes. Mary Meyer [33:37]: People need human interaction. Not, through a screen is okay, when it, you know, like we're doing right now, but, like, we need, we need our people. We need to know that we're doing business with people that we can have a conversation with. Mary Meyer [33:50]: I think everyone wants that- Randall Avery [33:51]: Sure Mary Meyer [33:51]: ... for the, f- a lot of, you know... Maybe not every transaction, but that isn't going away. In fact, I think, I think, like, what you're saying, it's gonna multiply. Mary Meyer [34:01]: And, and every time I hear this, I just think, I think life is gonna get smaller. You know? Like, I think we're gonna go, "Let's grow our own food." Randall Avery [34:10]: Mm-hmm. Mm-hmm. Mary Meyer [34:10]: Let's get in the communities where we know the people, you know? So, um, I don't know. What are your thoughts on that? Do you think that's kinda how it's gonna go too? I mean, it's, it does affect us. Randall Avery [34:22]: Yeah. I think, I think what you were alluding to earlier in the, this episode, um, you mentioned that, um, uh, everybody's kinda have to be self-employed on some level. Um, and that's because these larger corporations, as you've been seeing, they're downsizing, 'cause they need less people to execute the job. They're more profitable, but they're slowly downsizing the headcount. So what we would default into working for a larger corporation or a thing, well, there'll be robots. Randall Avery [34:47]: So we actually have to be our own self value added entity. Um, and to your point, you know, we'll have probably robots growing our vegetables in our backyard, and all those other things. So what's left that we're gonna desire? Randall Avery [35:01]: Uh, uh, we're gonna desire wanting to see people, because we're gonna get tired talking to that robot after a while, I promise you. Mary Meyer [35:08]: Oh, yeah. For sure. For sure, yeah. Well, and I don't know about all that. I don't know if I... I mean, maybe. Mary Meyer [35:15]: You know? Who knows? But, um, yeah, I... Humanity, we just, it's humanity supporting humanity. That's, um, I'm all for that. Randall Avery [35:25]: Mm-hmm, mm-hmm. Mary Meyer [35:25]: One way w- for sure. Randall Avery [35:28]: Yes. Mary Meyer [35:28]: Um, Randall, what have, uh, what have I missed? What else do you have that, uh, we wanna talk about? Randall Avery [35:33]: Trying to think what, what's, uh, an important thing that, uh, I really want people to think about, especially when it... Let's say, uh, when it comes to kinda planning for retirement. Randall Avery [35:43]: Um, and this is a controversial thought, so I think this will be- Mary Meyer [35:46]: Okay Randall Avery [35:46]: ... interesting fun. Um, there's a book, I didn't come up with the idea. It's called, and it's a, a harsh title, but it has a lot of meaning. It's called Die With Zero. Randall Avery [35:56]: The concept that we have this thing backwards. Mary Meyer [35:59]: Okay. Randall Avery [35:59]: We all want to build up this massive wealth, and when somebody passes, they pass down a million dollars to their heirs. And why do we do that? Mary Meyer [36:11]: That- Randall Avery [36:11]: When, when you pass, do you really know where the money's going? Well, I can set up a trust. I can put it out of my bus- But do you really know what's gonna happen with your money? Why not enjoy your money today? Meaning not spend it all yourself. Why not give to what you care for, the people you care for, so you can see how that money can manifest, versus them waiting saying, "I wonder what I'm gonna get." Think about really how can I use my money today, and the goal should not be able to pass with a couple multimillion dollars in a, in a investment account. Randall Avery [36:42]: That's, that's one of the areas, not only having a fulfilling life, but also with my clients, let's put your money to work today because when you pass, I have no idea who's gonna receive the money or how they're gonna spend it. Mary Meyer [36:55]: Yeah. That is, that is pretty cool. So what, what would that mean? Like, what, what would be some changes you do in planning when-Or in, in a, in what you do. Like- Randall Avery [37:06]: Yeah Mary Meyer [37:06]: ... what would you suggest people do? Randall Avery [37:08]: Yeah, so the theory is that it should work as a bell curve, um, in the sense of think of how you spend your money. You should be spending your money, a lot more of it, around 45 to around 65. Randall Avery [37:19]: That should be your peak spending years, um, of your life because that's where you, um, have the means to do things. That's also when you have the energy to go out and about because let's be honest, when we're 78, we're probably not gonna take an international flight. We may think we will, um, and some people will. There's always exceptions to the rule, but, you know, they're the ones in the wheelchairs rolling to the plane. Randall Avery [37:42]: Um, so really focus on s- those 45 to 55 years, um, or 65 years, really doing the most with your money. Have a bucket list. Spend and have those experiences that you want. Randall Avery [37:53]: But also, be aggressive with your giving. Um- Randall Avery [37:57]: ... I, I recommend, uh, um... You could say, "Man, I love my grandkids." Well, why don't you pay for that expensive, um, uh, what is it called? Summer program. If they need to go to a better school system, maybe I move money to help them go to a better school system. Um, if there's a certification or something that is just slightly out of reach or you know it would cause a strain in their household, why not invest that $10,000? Randall Avery [38:20]: And these aren't large... Well, they're relatively large amounts, but these are manageable amounts for those who have means. Randall Avery [38:26]: So but think about the impact that could make in their 20s versus you giving their money in their 60s. Mary Meyer [38:32]: Yeah. Randall Avery [38:33]: The, the, the amount of growth, the amount of control, and I, I don't like to say that, but impact you can have is significantly greater if you focus on giving now versus, um, deciding who inherits what and why. Mary Meyer [38:47]: Yeah. No, I, I think I agree with that. That's great. So that's a, that's a book that you read that's- Randall Avery [38:53]: Yeah Mary Meyer [38:53]: ... kind of? Randall Avery [38:54]: It's on Amazon. It's called Die With Zero. Um, I have no affiliation. Um- Mary Meyer [38:58]: Yeah Randall Avery [38:58]: ... great book. It challenges the way you think, and I think that's a good thing. You don't have to agree with 100% of that logic, but I think there's some elements a lot of people can say, "I, I can see where that can enhance my life and enhance the people I love's life." Mary Meyer [39:11]: Yeah, for sure. Just like, you know, give where you can now, you know? Randall Avery [39:17]: Yeah. Mary Meyer [39:18]: I like that. Randall Avery [39:20]: Yeah. Mary Meyer [39:20]: So Randall, are you a Braves fan? Let's go back to Atlanta. Randall Avery [39:24]: Let's go back to Atlanta. Um, by default I am a Braves... I have to be. I'm, I'm all Atlanta, all Georgia teams. So Braves- Mary Meyer [39:31]: Yeah Randall Avery [39:31]: ... Falcons, UGA. Um, and it's been a painful journey. Randall Avery [39:36]: The Braves have- ... have been doing pretty good though. Mary Meyer [39:39]: You know, I followed the Braves when I was in Atlanta, but I don't tend to watch sports on television. Randall Avery [39:45]: Yeah. Mary Meyer [39:45]: So, um, yeah. But I was, I was getting ready for this, and I looked at my Braves, you know, shirt that I have. I probably have more than one. I'm like, "Oh, I miss the Braves." Randall Avery [39:57]: Have you been to- Mary Meyer [39:57]: So that's- Randall Avery [39:58]: ... the new park in Truist? Mary Meyer [40:00]: Yes. Randall Avery [40:00]: It's nice. Mary Meyer [40:01]: In fact, before I moved here, moved to Reno, I lived there. How about that? Randall Avery [40:05]: Oh, okay. Okay. Mary Meyer [40:05]: For a little, just over a year. Yeah. I'm like, "Let's have an adventure." Randall Avery [40:09]: You left the Battery? That's big. Mary Meyer [40:12]: I left the Battery. Yeah. If anyone, if you guys are going to Atlanta and you're not from Atlanta and you don't know what the Battery is, now you have a goal of what you're gonna do when you go to Atlanta next time. Randall Avery [40:24]: Yeah. Mary Meyer [40:24]: Uh, or if it's your first time. Mary Meyer [40:26]: Uh, you know, that's what you do. Go to the Battery. Just by the Braves stadium. Mary Meyer [40:32]: It's one of the best, best things. And then what else? Like, the, there's wineries in North Georgia. I like the wineries. You ever been to those? Randall Avery [40:40]: I have not been to the winery in North Georgia. Are they pretty good? Mary Meyer [40:43]: Randall, come on. Yeah. Randall Avery [40:44]: I know. I know. Mary Meyer [40:45]: Come on. Like, live, live. No. If you're not a wine drinker, it won't matter. No, they're, they're fabulous. Mary Meyer [40:51]: They're fabulous. It's, it's not necessarily the wine is as, the most fabulous that you'll ever drink, but the views- Randall Avery [40:59]: Yeah Mary Meyer [40:59]: ... can be, uh, really amazing and fun. So I like that. Randall Avery [41:04]: I am a big fan of North Georgia Mountains area, so I do enjoy those areas. So it's, it's peaceful. You get away. Randall Avery [41:10]: Um, you have to h- turn off things, and I enjoy that. Mary Meyer [41:14]: Yeah, you do. Yeah, I actually bought some land up there- Mary Meyer [41:18]: Yeah Mary Meyer [41:18]: ... and then moved to, to Reno, so talk about life transitions. Randall Avery [41:22]: Yes. Mary Meyer [41:22]: It's very weird. Life can be very weird. That's when, like, you make your plan. Mary Meyer [41:26]: You know what I mean? You make your plan as best as you can, and then, then there's pivots, for sure. Randall Avery [41:30]: Yes. Mary Meyer [41:31]: What else is great about Atlanta? What else do you like to do? Randall Avery [41:34]: What would I recommend in Atlanta? Um, I think because we've had kind of, like, a lot of walkways, the BeltLine is something that folks should explore. Mary Meyer [41:42]: Yes, the BeltLine. Randall Avery [41:43]: Um- Mary Meyer [41:43]: I was telling someone about the BeltLine the other day. Randall Avery [41:46]: You know, Park and Ponce City Market. Mary Meyer [41:48]: Mm-hmm. Randall Avery [41:48]: Um, that, that- Mary Meyer [41:49]: Yeah Randall Avery [41:49]: ... within itself is nice, and then you could just walk, dine on the BeltLine. Randall Avery [41:54]: I think, um, it shows the full, um, essence of Atlanta in my opinion 'cause everybody goes to the BeltLine. Mary Meyer [42:01]: Yeah. I, I highly, uh, agree with that also. So Ponce City Market and the BeltLine right there, that's, that's some pretty classic Atlanta. Randall Avery [42:10]: Yeah. Mary Meyer [42:11]: And, uh, you might be going for an event, so. Yeah, I miss it so much. I, I really do miss it, but, um, thank you for coming on. Mary Meyer [42:20]: And, uh, any parting words of wis- wisdom for us? Randall Avery [42:24]: Any parting words of wisdom. Um, i- i- this is tough. Um, if you don't enjoy what you do, change. Life is too short, as I mentioned. Um, it, it, it can't be all about money, but really enjoy what you do, and I believe the money will come. A little ingenuity, a little talking to the right people, as we discussed, and I think that's, that's a really big thing. Randall Avery [42:46]: And if, you know, if you're in the Atlanta metro area or even across the United States and you're looking for a financial planner who understand business owners, please check out my website, www.deasilwm.com, www.deasilwm.com. Mary Meyer [43:00]: Yes. So you do work with people around the country, not just, not just in Georgia. Randall Avery [43:05]: That's correct. Mary Meyer [43:05]: Yeah. Randall Avery [43:05]: I'm registered in the state- Mary Meyer [43:07]: Yeah Randall Avery [43:07]: ... of Georgia, but most states have something called a de minimis rule. So you can have five clients in each individual state. Mary Meyer [43:13]: Okay. Randall Avery [43:14]: Mm-hmm. Mary Meyer [43:14]: All right. So you guys better call him quick- ... before he gets to the five in your state. Randall Avery [43:20]: Yes. Yes. Mary Meyer [43:20]: I didn't know that was a thing, so five, five per state. Randall Avery [43:23]: Yes. Mary Meyer [43:23]: That's, that's cool. All right. That's awesome. Well, Randall, have a great rest of your day. Appreciate you coming on. And, um, uh, you guys go check out, uh, so deasil, D-E-A-S-I-L-W-M for wealthmanagement.com. And also, tell us what deasil means 'cause I think that's pretty cool. Mary Meyer [43:44]: I saw that on your website. Randall Avery [43:46]: So Deasil is, is, uh, the technical term is a Scottish word, the way the sun moves. Um- Mary Meyer [43:51]: Okay Randall Avery [43:51]: ... and it's supposed to move clockwise, and it's supposed to be, uh, be prosperous, um, beneficial, prosperity. So that's kinda how I want my clients to move. Randall Avery [44:01]: I really want them to act in a way that brings a prosperous life. Doesn't necessarily mean it represents the highest bank account, but as I've said, and I hope you listen to this episode, it makes them enjoy life, smile, love on people more, really be prosperous in, uh, about what they do. Mary Meyer [44:16]: Yeah. Well, that's a great name. And then Practice Prosperity on YouTube. You guys check that out too for just more great wisdom on that. So thank you, Randall. Yeah, appreciate you. Randall Avery [44:27]: Take care. Mary Meyer [44:30]: Thanks for joining us. New episodes of Healthy, Happy, Wise, Wealthy with fabulous guests drop every Thursday. Also, you can follow our socials at Healthy Happy Wise Wealthy on Instagram, Facebook, or TikTok. You can watch episodes on YouTube at the GoodPod Community, and in all these places, please like, follow, and subscribe. See you next time.