Latest / HPK Provident Advisors: The Weekly Bull / Episode 1 - Nursing Your Nest Egg: A Holistic Approach to Financial Planning for Nurses

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Episode 1 - Nursing Your Nest Egg: A Holistic Approach to Financial Planning for Nurses · HPK Provident Advisors: The Weekly Bull

• 0:00
  Speaker 1: Well, hello nurses.
• 0:01
  Speaker 1: Welcome to our first episode of the nursing your nest egg podcast, chat.
• 0:06
  Speaker 1: GPT wrote all my scripts for me, so get ready to scrub in for a dose of wisdom, financial wisdom that is joined as by my co-host, brian.
• 0:16
  Speaker 1: Brian, say hello to the great folks out there.
• 0:19
  Speaker 2: Well, hello to the nursing community of America.
• 0:22
  Speaker 1: We are thrilled to start this podcast for a number of reasons which we'll get into today.
• 0:27
  Speaker 1: We're going to use this episode as kind of our introduction to one our firm ourselves and what we're hoping to cover throughout this podcast.
• 0:36
  Speaker 1: But here's the premise of it, right?
• 0:37
  Speaker 1: We believe in holistic financial care for nurses And I think that is something that has been lacking in the nursing community for a long time.
• 0:46
  Speaker 1: But before we jump into what, you know, holistic financial care looks like for nurses and why we'll spend so much time in the podcast focusing on that, brian, do you want to start and we'll talk a little bit about you know how nursing your nest egg started, because this is a fairly new.
• 1:00
  Speaker 1: Working with nurses is something we've done for a very long time, but specifically focusing on the community and holding ourselves out is working, you know, exclusively with nurses is something new for us.
• 1:10
  Speaker 1: So you want to talk a little bit about the origins there and what that looks like, and then we will, you know, continue to go on this journey together with our great listeners out there.
• 1:19
  Speaker 2: Yeah, absolutely.
• 1:20
  Speaker 2: And Colin, you had mentioned something that really is the origin of nursing your nest egg, and it's that we've worked with a lot of nurses for a very long time.
• 1:28
  Speaker 2: We were actually spending a few minutes looking at our practice and trying to decide who are the folks that we really enjoy working with and we're making a huge difference, and we discovered in that process that many of those people that on that list were nurses And, as I personally thought about it, that makes a lot of sense for me.
• 1:52
  Speaker 2: My entire family is in the medical community.
• 1:55
  Speaker 2: My mother was a nurse, my sister is a nurse, my cousin is a nurse, my aunt was a nurse And as we were looking at that list and saying, these are people that we really, really enjoy working with, these are folks that we believe and are very confident we're making a huge difference for.
• 2:12
  Speaker 2: And that was really the very beginning of it.
• 2:14
  Speaker 2: And as we started to do a little bit more research, we discovered that there are some common themes there that we'll talk about throughout this podcast.
• 2:22
  Speaker 2: What are the challenges, what are the opportunities and how do we fit in to the lives of our clients and, hopefully, the lives of other folks to enhance their well-being, their planning, their overall financial picture.
• 2:38
  Speaker 1: Well, that's perfect.
• 2:39
  Speaker 1: I think it's very well said, And you know we talk about that family connection with nurses.
• 2:42
  Speaker 1: So Brian and I are the co-founders of Nursing Your Nest Day.
• 2:45
  Speaker 1: We also have kind of two silent partners in the back that also have some family ties to nursing.
• 2:50
  Speaker 1: But me specifically, my wife is never shy away from reminding me that my mother-in-law is a nurse.
• 2:56
  Speaker 2: So I have to make sure we mention her every time, but you know, hey, it's always the first call.
• 3:01
  Speaker 1: Any time one of my kids gets a bump on their head or a bruise, that first calls to my mother-in-law to make sure I didn't do any irreparable harm and to consult whether we need to go to the ER or not.
• 3:11
  Speaker 1: So thank you for the answers Usually no and it's all right, but you know I have to give the shout out to my mother-in-law there too.
• 3:17
  Speaker 1: So yeah, brian, i think that's perfect.
• 3:20
  Speaker 1: You know, a perfect intro into we've.
• 3:23
  Speaker 1: We found a lot of nurses that we just love working with in our practice, with very similar challenges And that really, you know, started this journey to creating Nursing Your Nest Egg and hosting this podcast and, you know, just getting started and giving back to a community that has given so much to us, especially through the pandemic.
• 3:41
  Speaker 1: And I think that's where a lot of those conversations for us, at least for me and the nurses that I've interacted with in our practice a lot of those conversations took a big turn around COVID, no doubt, and it's, you know, it's that burnout, right, and that's no secret in the nursing community, the burnout that's being felt there.
• 3:57
  Speaker 1: And COVID, you know, exacerbated that significantly And it really got people ready to get out of there now.
• 4:04
  Speaker 1: So we had a lot of conversations around COVID with the nurses we work with who are looking to retire early.
• 4:10
  Speaker 1: You know some of the younger nurses are kind of like what's next And, you know, really hunkered down and we're able to pay off a lot of student loans, which is kind of a big thing in the community as well.
• 4:20
  Speaker 1: But the older nurses, those within 10 years of retirement, those timelines got.
• 4:25
  Speaker 1: They spit up real quick when COVID came along and we got to if it was 10 years of retirement.
• 4:30
  Speaker 2: Now it's like six or seven years of retirement.
• 4:32
  Speaker 2: Show me the path.
• 4:33
  Speaker 1: And if it was six to seven now?
• 4:34
  Speaker 1: it's like tomorrow So so I think that's a one of the common themes and we're working with our nursing clients is just in reality.
• 4:43
  Speaker 2: These common themes have been coming for a while.
• 4:45
  Speaker 2: I mean, there is in the entire healthcare system, appropriately So, but it becomes kind of a challenge.
• 4:50
  Speaker 2: There is more and more reliance on the nursing professionals in any given case, and that reliance comes not only in the intellectual capacity, in the experience that the nurses bring, but it becomes more physically challenging.
• 5:07
  Speaker 2: Oh, absolutely.
• 5:08
  Speaker 2: And so that trend has been going on for quite some time and it was certainly accelerated by COVID.
• 5:14
  Speaker 2: Probably don't need to rehash that too much.
• 5:17
  Speaker 2: But that brought in not only kind of an intellectual physical strain but also probably a never before seen for many of many nurses, of an emotional strain that, although it's always there, we know from working with nurses and from my family connections nurses really care, and that became really challenging.
• 5:40
  Speaker 2: And you add all of those themes together And that's where those timelines change.
• 5:43
  Speaker 2: Right, if I was going to be 10 years out, if there's a path for me to be seven years out, if I was six years out, let's do it tomorrow, and that's all really kind of come together.
• 5:53
  Speaker 2: And those are some of the themes that we saw in working with the nurses that we already work with And kind of going back to the origin story, if you will, in nursing year and estate, but it really has accelerated.
• 6:04
  Speaker 2: And it's what we love to do.
• 6:08
  Speaker 2: We love when folks come to us and say, hey, here's my hopes, dreams, goals.
• 6:13
  Speaker 2: Can you put me on a path?
• 6:15
  Speaker 1: Absolutely.
• 6:16
  Speaker 1: And you knew that inflection point in your life where you switched from saving all your money to spending all your money.
• 6:21
  Speaker 1: That's when you don't want to get wrong right.
• 6:24
  Speaker 1: So that's you know the importance on that decision is paramount to you know, really your ability to go live the rest of your life And so we love being involved in that juncture of folks' lives and kind of walking through that with them and showing them.
• 6:39
  Speaker 1: You know I'll talk about this a lot in the podcast.
• 6:41
  Speaker 1: It's kind of my go-to saying it's financial planning is half art and half science and half something else.
• 6:48
  Speaker 1: You know if we pull in some yogi bearer there and don't make it to 100%.
• 6:52
  Speaker 1: So you know I always like to talk about the two buffets whenever we're planning.
• 6:55
  Speaker 1: We've got Warren and Jimmy.
• 6:57
  Speaker 1: So Warren kind of has the hard, fast rules behind financial planning, right, the science behind it, if you will, and Jimmy realizes it's always five o'clock somewhere And you know it's really important.
• 7:09
  Speaker 1: Is it five am or five pm?
• 7:10
  Speaker 1: Well, you know five pm because Jimmy is definitely still asleep at five am.
• 7:14
  Speaker 1: A little side note I actually I've surfed with Jimmy Buffett a few times down and he's got a house right in West Palm and one of the big breaks down there is, uh is, refroad and his house is right off refroad And he would.
• 7:25
  Speaker 1: We would see him out in the lineup when I was in college in my younger years, you know, surfing instead of going to class, and Jimmy Buffett was out there just in the lineup with his longboard, and it was never five am when I saw Jimmy Buffett.
• 7:35
  Speaker 2: I can tell you that it was always a little later in the morning.
• 7:38
  Speaker 1: Is he a decent surfer?
• 7:39
  Speaker 1: Yeah, he was.
• 7:40
  Speaker 1: He was definitely a decent surfer.
• 7:41
  Speaker 1: He held his own just fine out there.
• 7:43
  Speaker 1: I never, i never had the courage to go talk to him.
• 7:45
  Speaker 1: Generally I don't know why, but generally when I see famous people out in the wilderness or you know the real world, i kind of shy away from them because I just think of I just think of how annoying it would be to go, try to live your life every day and have somebody come up and who you obviously don't want to talk to and just kind of annoy you with questions, or So I try to steer away from the famous people I've read Fair enough, fair enough.
• 8:08
  Speaker 1: Unless I have a special circumstance there, then I'll do that.
• 8:11
  Speaker 1: So, Brian, I think that's a great intro into the origin of nursing your nest egg.
• 8:18
  Speaker 2: Well, the other thing I would say is that art and science that you have talked about the Jimmy Buffett, the Warren Buffett nursing is so similar.
• 8:25
  Speaker 2: There's so much science that is in the education process for nurses and the continuing education.
• 8:32
  Speaker 2: That's a lot of science.
• 8:34
  Speaker 2: But what really makes a difference in a patient's life is overlaying the art, the bedside manner, the experience, just connecting with folks, and that's a lot of what we do.
• 8:46
  Speaker 2: There's some very easy science to what we do.
• 8:48
  Speaker 2: If somebody says, hey, this is what I've got, this is how much I want to spend, this is how long I'm going to live, and on average, can I not?
• 8:58
  Speaker 2: I mean that's kind of back of the envelope math.
• 9:00
  Speaker 2: That's pretty simple for us.
• 9:02
  Speaker 2: The art of it is bringing in the rest of everybody's life, exactly what I want to do and kind of the nuances, and so in a very similar way, a lot of what we do is science oriented And that goes into our background and our education and our experience in this.
• 9:21
  Speaker 2: But we overlay the art on that.
• 9:23
  Speaker 2: Well, absolutely, and that's the real difference.
• 9:24
  Speaker 1: And I think like a really simple way to look at it is if we think of the nurses we work with very closely, that kind of utilize our services to the fullest.
• 9:32
  Speaker 1: We help them make personal decisions, not financial decisions.
• 9:35
  Speaker 1: So we find out what's important, We find out what their goals are.
• 9:39
  Speaker 1: You know, we find out.
• 9:40
  Speaker 1: You know, maybe they're looking for that house down in Myrtle Beach where everyone else from Pittsburgh wants to wind up on vacation.
• 9:46
  Speaker 2: Myrtle Beach or Hilton, or Hilton One of the two.
• 9:48
  Speaker 1: Yeah, there's two options of a vacation home.
• 9:50
  Speaker 1: It's a hotel at Myrtle Beach.
• 9:52
  Speaker 1: But you know, it's helping them make those personal decisions, not financial decisions, because the finances are important.
• 9:58
  Speaker 1: But, like you said, it's the science and we're here to make sure the science happens.
• 10:03
  Speaker 1: But it comes down much more to the art and, you know, just living life and helping people live life to the fullest in retirement and up to retirement as well, not just exclusively retirement.
• 10:12
  Speaker 1: But I think that's so.
• 10:13
  Speaker 1: That's why we're here, That's why we started nursing.
• 10:15
  Speaker 1: Your next day We noticed a just a big gap of care of our nurses And, by default, we started working with a ton of nurses and we just, you know, love And that was kind of intentional, yeah, unintentional, unintentional.
• 10:28
  Speaker 2: That just kind of worked out over time and then we're just being more intentional about it, absolutely.
• 10:32
  Speaker 1: And you know there's you'll learn something about Brian and I over this podcast is we generally don't hang out with unpleasant people, And I would say I can make a pretty broad, sweeping statement that all our clients that are nurses you know we love spending time with, we have a very good connection with and we just we resonate with them right.
• 10:50
  Speaker 1: You know, caring is something that's very near and dear to our hearts, and giving back and nursing is kind of the epitome of that care and professionalism, and so it's a, it's a group that Brian and I have just continued to love working with and we wanted to make it, you know, a paramount focus of our practice And so hence, nursing your nest egg, the website, the podcast, all the accoutrements that go along with it, you know So.
• 11:14
  Speaker 1: So why don't we?
• 11:14
  Speaker 1: so, now that we have a little bit about the origin out of the way, why don't we talk about our backgrounds a little bit?
• 11:22
  Speaker 1: and, brian, do you want to talk a little bit to the audience about?
• 11:26
  Speaker 1: you know how you got here to our firm and what that journey was like for you, and I know Brian has an extensive history in the financial services industry with a number of very reputable firms and we're extremely fortunate to have them here with us now.
• 11:40
  Speaker 1: But talk a little bit about your journey and I'll kind of interject and ask questions as we go along.
• 11:46
  Speaker 2: Well, Colin, this is difficult for me.
• 11:47
  Speaker 2: I don't like to talk about myself, i know.
• 11:49
  Speaker 1: That's why I made you do it.
• 11:51
  Speaker 2: But we're here now.
• 11:52
  Speaker 2: I started the financial services back in 1993.
• 11:57
  Speaker 2: My original intention was there was a very famous mutual fund portfolio manager, peter Lynch, who was an alum of the college that I went to And I had seen him around campus doing some speaking engagements and I thought I want to be Peter Lynch.
• 12:11
  Speaker 2: So shortly after college I started working for a very large asset manager here in Pittsburgh And that's what I want to do when I pick stocks and bonds all day and create a portfolio of mutual funds.
• 12:21
  Speaker 2: But when I was there I saw a group of folks coming in and out of the department I was in and they were well-dressed, they were very funny and they looked like they were having a lot of fun And I said, well, who are those people?
• 12:33
  Speaker 2: Those are the salespeople Wow, man, that's probably more up my alley.
• 12:38
  Speaker 2: And so, from there, i got into a few sales positions with some large asset managers, always with the dream of doing personal financial planning, but I really enjoyed what I was doing.
• 12:50
  Speaker 2: I was traveling a lot And, as part of that, financial advisors used to be my clients, and so for more than 20 years of my life I spent going around the country, meeting with financial advisors and understanding what they're about and then hopefully being able to do some business with them if they were going to place some of their clients' assets in the mutual funds that I was representing And Brian's very modest when it comes to this, But that's how we were introduced to Brian.
• 13:16
  Speaker 1: We were clients of Brian's in a previous life, our firm And we're fairly our receptionists.
• 13:22
  Speaker 1: We give pretty clear instructions about what wholesalers we want to talk to, because we get inundated with calls and requests for meetings from different vendors and their wholesalers to try to provide solutions for our clients, And we're pretty clear on who we want to chat with, And Brian was always on top of that list.
• 13:38
  Speaker 1: So that's how we developed our got to know him.
• 13:40
  Speaker 2: And it's very similar to what the nurses are experiencing.
• 13:44
  Speaker 2: There are a lot of quote unquote sales professionals, whether it be equipment sales, whether it be pharmaceutical sales, and so in that dynamic, the nurses would be the advisors, if you will, if I'm going to make an analogy here And then I was the person coming in and saying, hey, if you have patients that have this need, we have something that might fit into your processes, and so I think that's something our audience would be very familiar with, and in the old dynamic, the advisors were the health care professionals And I was the sales rep.
• 14:21
  Speaker 2: But that's how I did get to know Colin and the rest of the partners here, and we had actually talked for many years about me jumping on this side of the business.
• 14:31
  Speaker 2: It took a little bit of time, but finally, in 2019, i went from one side of the table to the other.
• 14:38
  Speaker 2: The only regret I have is I should have done it sooner, quite honestly, and so that's it, and I had done.
• 14:46
  Speaker 2: When I was traveling, i would always take books that were more applicable to being a financial planner than to being a sales rep, so I had always prepared myself and finally made the leap in 2019.
• 15:00
  Speaker 1: Well, i think that's an awesome segue into.
• 15:03
  Speaker 1: You want to talk about kind of how important education is to our firm and the types of certification.
• 15:09
  Speaker 2: Well, I want to talk about how you got here.
• 15:10
  Speaker 2: Colin, We can do that.
• 15:11
  Speaker 1: We can definitely do that.
• 15:12
  Speaker 1: Well, i think my story is pretty simple.
• 15:15
  Speaker 1: I got lost on my way to becoming a rock climbing guide and living out of a van And I wound up here.
• 15:20
  Speaker 1: Thank God I did because I love it And it really took off with me.
• 15:25
  Speaker 1: But to give you, to clarify a little bit of that and give you some background, so my grandfather actually not nursing, he started our firm back in the early 60s And we have a pretty cool printout in the office here from right around when he started that listed All the mutual funds that an investor could go out and purchase on.
• 15:47
  Speaker 1: I would say about a fifth.
• 15:49
  Speaker 1: It's about a fifth of a page of a normal size newspaper and it had I think maybe that and that might be being generous And that kind of lists every single mutual fund you could go out and purchase back in the early 60s.
• 16:00
  Speaker 1: Not a lot, not a lot, and so you know it's something that I grew up around.
• 16:05
  Speaker 1: My father's also involved in the business and he continues to be remain one of the partners.
• 16:09
  Speaker 1: He's a little bit smarter than Brian and I, so he lives in the nice weather down in the sunshine state, but so it's something I you know, as most kids grow up around a family business, they always say that's the last thing I'm going to do is get involved in the family business.
• 16:25
  Speaker 1: I was kind of my last year in college and I decided to wreck my mountain bike pretty good, dislocate my shoulder and meet my wife.
• 16:33
  Speaker 1: And when I confronted her with my plans to go be a rock climbing guide and live out of a van, we did the marriage compromise and got married and bought a house and I got a real job.
• 16:43
  Speaker 2: That happened to be this That is the compromise for sure.
• 16:47
  Speaker 1: So, you know, since then, you know I had a background in this, in academics, and in my education was geared towards this, but then, you know, kind of broadened my horizons and got into the certified financial planner designation with Brian is very familiar with and Brian has a lot more letters than I do after his name.
• 17:04
  Speaker 1: But I just started, you know, i found a real passion for this and helping folks, you know, just reach their goals really is what it comes down to.
• 17:14
  Speaker 1: You know, people I think this is Brian.
• 17:18
  Speaker 1: I kind of joke about this quite often but if you go to a cocktail party and you tell somebody you're a financial planner, the first thing they're going to do is ask you some question related to some stock or the market or you know, what do you think about the economy, something like that, and our audience is going to appreciate that as well.
• 17:36
  Speaker 1: Absolutely.
• 17:37
  Speaker 2: You know, if you meet somebody new at a cocktail party and say I'm a nurse, there's good chance to say you know, i got a little pain back over here.
• 17:44
  Speaker 2: What do you think that is?
• 17:45
  Speaker 2: I mean, it's very similar.
• 17:46
  Speaker 1: Absolutely Very similar to that.
• 17:47
  Speaker 1: And, you know, i think one of the big things I started doing early on is, especially when it comes to questions about the market, i would tell people I didn't really look at it today because it doesn't matter And people are kind of taken aback by that.
• 18:00
  Speaker 1: But in our you know future podcast we'll dive into that a little bit, about how important it is to really take the market out of your retirement equation.
• 18:09
  Speaker 1: So you know, brian and I, we spend our entire days one doing fun stuff like this, reporting podcasts, but also just interacting directly with clients.
• 18:18
  Speaker 1: We have, you know, support and a partner behind the staff that does our investment management for us, does all the other things.
• 18:26
  Speaker 1: So our area of expertise, brian and myself, is really in the financial planning process And, like I said before, it's facilitating people and helping them make life decisions, not financial decisions, and there's obviously a high degree of financial knowledge that that entails.
• 18:41
  Speaker 1: But I can promise you that if it was only financial knowledge and only financial advice I was giving, i would have gone off to try to live in a van a long time ago.
• 18:51
  Speaker 1: It's the, you know, it's the relationships and the personal side of it that makes such a difference, and so I really found a passion for this as I got lost on my way to becoming a rock climbing guide, as I like to say.
• 19:03
  Speaker 2: Yeah, well, you know, my father told me a long time ago, the only difference you're really going to make in life is how you affect the lives of other people.
• 19:11
  Speaker 2: And, in a very similar way, you can be the most learned healthcare professional on the planet, but if you can't connect with people and encourage them to do the right things towards their health and give them new ideas and new thoughts and new approaches and creative approaches, they're probably not going to take your guidance.
• 19:35
  Speaker 2: Oh, absolutely.
• 19:37
  Speaker 2: Regardless of how technically competent you are, And so we, you know we're bridging that gap between technical competence and connecting with people as individuals.
• 19:48
  Speaker 1: Well, talking about bridging that gap, i say I talked plenty about myself for, you know, the next year I think I hit my quota for the year on.
• 19:56
  Speaker 1: You know talking about myself, so we can, we could pretty easily move on to.
• 19:59
  Speaker 1: You know, let's talk a little bit about, when I made that statement kind of early on in the podcast, what is holistic financial care for nurses.
• 20:08
  Speaker 1: Why don't we unpack that a little bit And I think we've started to already.
• 20:11
  Speaker 1: So one pack, you know, what is holistic financial care for nurses, which is one of the big focuses of this podcast.
• 20:17
  Speaker 1: And then, you know, maybe tease about some upcoming episodes and some topics and also, just you know, why do you guys, why should you guys stick around?
• 20:25
  Speaker 1: if you're a nurse, listening to this podcast will give you some food for thought and just some basic things.
• 20:30
  Speaker 1: You know our goal really is to give you something, every episode that you could take with you and it will become immediately applicable to your lives.
• 20:36
  Speaker 1: That will have a positive impact, whether it's just a new way to think about things, you know, some actual practical financial advice.
• 20:43
  Speaker 1: You know I've realized a long time ago.
• 20:46
  Speaker 1: You know I was a baseball coach on and off here and there, and it all comes down to fundamentals.
• 20:53
  Speaker 1: And I think financial planning is very similar.
• 20:55
  Speaker 1: So when we talk about that holistic approach to financial planning, it starts with setting those fundamentals and in our next episode we're going to talk about our financial planning process that we've actually, you know, named the nursing process.
• 21:10
  Speaker 1: You know it's an acronym that we'll dive into quite a bit more in the next episode.
• 21:15
  Speaker 1: But it starts with fundamentals for holistic financial care and it builds from those fundamentals into, you know, all aspects of your life, taking it from those financial decisions to those personal decisions.
• 21:28
  Speaker 1: You know, brian, do you have any?
• 21:31
  Speaker 1: you know, when you think of holistic financial care, what's the first thing that comes to mind for you?
• 21:38
  Speaker 2: You know a lot of guys.
• 21:39
  Speaker 2: It kind of goes back to our training.
• 21:41
  Speaker 2: You know the areas that we look at and when you, when I think of holistic, i think of many different pieces that you're dovetailing together, prioritizing and dovetailing together.
• 21:55
  Speaker 2: You know, some of those pieces that we look at are everything from cash flow, retirement, income planning, investment planning, estate planning, tax minimization ideas, insurance coverages and those types of things.
• 22:07
  Speaker 2: Each of those individual components really, you know, could be a full-time job, or what we pride ourselves in is looking at each of those areas, prioritizing them.
• 22:20
  Speaker 2: For example, maybe right now, estate planning is not the number one topic.
• 22:26
  Speaker 2: It'll be a topic for you at some point, but let's prioritize which of those are most important to you right now.
• 22:33
  Speaker 2: Let's put together a plan for those.
• 22:36
  Speaker 2: The things that are taken care of okay, that's great, that's all taken care of.
• 22:39
  Speaker 2: We're going to just monitor those, but we'll keep an eye on them And making sure they all work together, because we know, similar to healthcare, if you make one change in the healthcare setting, if you make one change in any part of the body, it's going to affect the rest of the body, right?
• 22:57
  Speaker 2: You make one change in the type of medication, the amount of medication, it's going to have a ripple effect on everything else And you need to recognize that.
• 23:05
  Speaker 2: You know somebody comes in and says my arm hurts.
• 23:08
  Speaker 2: You know I got pain in my left shoulder.
• 23:11
  Speaker 2: You don't go immediately do shoulder surgery.
• 23:14
  Speaker 2: I mean that could be hard issues.
• 23:15
  Speaker 2: That could be many different things.
• 23:17
  Speaker 2: Right, and we're the same way.
• 23:21
  Speaker 2: Okay, let's recognize where the kind of quote unquote pain points are, but also recognize that if we solve that, are we creating a different challenge somewhere else, and so we look at all of those different areas.
• 23:32
  Speaker 2: That's the holistic part.
• 23:33
  Speaker 2: Many folks come to us and say I want to retire in three years.
• 23:37
  Speaker 2: Well, if we go immediately into a retirement income plan, we're forgetting about taxes, we're forgetting about immediate cash flow, we're forgetting about you know what happens if there's a major event along the way and there's not enough insurance coverage.
• 23:55
  Speaker 2: So we could do that.
• 23:56
  Speaker 2: Somebody come and say I just want to retire, show me how to retire, what's my cash flow?
• 24:00
  Speaker 2: But we know And we step in and say, okay, absolutely, we can do that.
• 24:06
  Speaker 2: But recognize as soon as we treat this part of the holistic financial plan, it's going to affect every other part And how does it And how does it affect the other parts, and what can we do to make sure that they're all optimized towards individual goals?
• 24:25
  Speaker 1: Absolutely.
• 24:26
  Speaker 1: When I you know, when I'm thinking about holistic financial care, there's also an education component to it as well.
• 24:33
  Speaker 1: A lot of folks that we get are in all different spectrums of comfort when it comes to investing financial planning, And it's our job to meet you wherever you are or meet the folks you're working with wherever they are.
• 24:46
  Speaker 1: On that spectrum of you know, education and knowledge when it comes to investing in financial planning, I think a lot of advisors just jump in and assume there's a base level of knowledge, but it's not always there And we're not here to judge you by any means.
• 25:01
  Speaker 1: We're here to help you know, ascertain where you're at and make an actual plan to move forward.
• 25:07
  Speaker 1: I think you know a lot of places talk about a roadmap or a plan, or it turns out just to be.
• 25:15
  Speaker 1: You know fancy graphs and charts, which we have plenty of fancy graphs and charts.
• 25:19
  Speaker 1: I mean, everybody does.
• 25:20
  Speaker 1: You got to have fancy graphs, pretty colors and everything, Pretty colors and everything.
• 25:23
  Speaker 1: I think we even have a colorblind option somewhere too.
• 25:26
  Speaker 1: I think we do, But none of that matters if it doesn't make sense, right.
• 25:32
  Speaker 1: So we're really about trying to take the financial planning process, which there's no, there's no joking.
• 25:39
  Speaker 1: There's a lot of jargon that gets used in our industry that is painful and dumb and unnecessary and completely unnecessary, Like if you.
• 25:47
  Speaker 1: I think the best example is is BIPs Yeah right, It's called it's basis points, in short, BIPs A basis point.
• 25:56
  Speaker 1: All it is is a fraction of a percent.
• 25:59
  Speaker 1: So 100 basis points is 1%, Right?
• 26:03
  Speaker 1: So if I say 10 basis points, that's a 10th of a percent, But those terms get used by money managers, financial advisors all the time, And it's something that's so simple that you could just say, oh, it's a 10th of a percent.
• 26:15
  Speaker 1: We came up with a whole new term for it, called BIPs or basis points, And that's one example of many of things that we really like to try to simplify and stay away from that jargon, And especially in this podcast.
• 26:26
  Speaker 1: Here we are going to stay as far away from industry jargon as we can, And anytime we bring in a financial topic, we will take the time to explain it from a, you know, a base level, Like even even something as simple as stocks and bonds.
• 26:39
  Speaker 1: When we get to our episode on investment basics, we'll break down what a stock and a bond is, because there's a lot of people out there who you don't know, or at least have some idea, but maybe not the full knowledge behind it, And you know so that.
• 26:53
  Speaker 1: So that's one thing when I think about, when I think about holistic, So that knowledge is important, But at the end of the day, holistic planning is the planning you seek out to not have to worry about the day to day, and that you know.
• 27:07
  Speaker 1: Having that deep understanding and that knowledge, That's why you outsource things right.
• 27:10
  Speaker 1: So we work really well with nurses who want to outsource that aspect of their lives and not worry about it, And I we have a very unofficial study here at the firm that I believe strongly in, And that's I think you know and I'm not certain on this because this study is completely fake and made up, but I believe that it is a proven fact that we have helped more nurses enjoy their favorite drinks under an umbrella on a beach on some tropical destination than any other firm.
• 27:38
  Speaker 2: You know, it's quite possible.
• 27:39
  Speaker 2: It is certainly an unofficial.
• 27:41
  Speaker 2: It's an unofficial survey, but we do have case studies.
• 27:45
  Speaker 1: In any case, We do have lots of case studies And it comes with pretty graphs.
• 27:49
  Speaker 2: That does too, You know you bring up the terminology and medicine is very similar.
• 27:53
  Speaker 2: The terminology in medicine a lot of it goes back to Latin And certainly you could sit with a patient and give them all the Latin derivations of what you're talking about And they're going to have no idea And they'll probably think that you're very smart.
• 28:06
  Speaker 2: But ultimately are they going to act on that course of treatment that you're recommending?
• 28:12
  Speaker 2: I mean, you can go in and say, well, you fractured your patella and this is what we're going to do.
• 28:17
  Speaker 2: Or you could say you broke your kneecap and we've got to fix it, and so there's a lot of similarities with the lingo.
• 28:25
  Speaker 2: The column was talking about the financial services And certainly we have an understanding of that And nurses have certainly an understanding of the Latin derivation of a lot of the parts of the body.
• 28:36
  Speaker 2: But to really connect with somebody and explain it in usable terms is very important to us.
• 28:45
  Speaker 2: Now for folks that are further along in their knowledge of financial services and the terms of lingo, we can talk with them at that level as well.
• 28:55
  Speaker 2: But we just haven't seen a lot of nurses come to us and say you know, in my downtime, after 12, 16 hour shift and all that comes with that in my downtime.
• 29:08
  Speaker 2: As soon as I get home, i start reading financial books.
• 29:10
  Speaker 2: That's generally what we have.
• 29:12
  Speaker 2: We have not observed that.
• 29:13
  Speaker 2: Generally it's.
• 29:15
  Speaker 2: You know, i've got a whole bunch of other things to do, but recognizing this is a really important aspect of our life And that's where our partnership with our clients comes in.
• 29:24
  Speaker 1: Absolutely So.
• 29:25
  Speaker 1: if I was going to take this conversation, the introduction of our firm, our backgrounds, we got into the financial planning process a little bit and kind of wrap that all up about our goals for this podcast.
• 29:36
  Speaker 1: It's pretty simple.
• 29:37
  Speaker 1: We want to give you guys kind of short, digestible segments of takeaways that are financial related.
• 29:43
  Speaker 1: So we're going to cover all sorts of topics from budgeting to investment planning to, you know, cash flow and retirement.
• 29:49
  Speaker 2: We're going to talk about what stock you should buy right now Never.
• 29:53
  Speaker 1: We're not going to give you we're not going to give you buy, sell recommendations, we're not going to do anything like that, but we will definitely take all these topics that seem unrelated and complex and talk about how they matter to your life specifically here and now and give you at least some actionable items to take away from that.
• 30:12
  Speaker 1: So I think we should give everybody just something to take away from this here right now.
• 30:21
  Speaker 1: I have just a quick little tidbit of advice for me that I've kind of been adopting in my life recently and I've been talking to a lot of clients about as well, and that's when it comes to spending money.
• 30:36
  Speaker 1: One, do it because it's important.
• 30:38
  Speaker 1: But two, i would encourage you to take a look at how you're spending money.
• 30:43
  Speaker 1: Are you spending money on things or experiences?
• 30:45
  Speaker 1: And if you're not spending money on experiences specifically experiences, things you want to do, things you want to do with your family, you know, i would encourage you strongly to prioritize spending money on experiences than spending money on things, because the experiences and those memories you'll have forever.
• 31:02
  Speaker 1: But the next latest greatest thing is fleeting quickly.
• 31:06
  Speaker 1: I don't know why.
• 31:07
  Speaker 1: I was thinking about this the other day, but you remember when the iPhones came out and how big of a deal.
• 31:11
  Speaker 1: Oh, absolutely, iphone was and it's, and I remember, you know, being much younger than I am now and it was like as soon as the new iPhone came out, it was like I have to have the new iPhone, it's so much better, it's the best thing ever.
• 31:23
  Speaker 1: I have to have the new iPhone.
• 31:25
  Speaker 1: And now in my you know older I'm not old by any means, but in my older age it's like, please, lord, let my iPhone battery last one more year before I have to get a new one you know it's funny how those priorities changes.
• 31:37
  Speaker 1: You get older And now the last thing on earth I want to do is gotten by a new iPhone.
• 31:42
  Speaker 1: I'd much rather, you know, go on a trip with my.
• 31:44
  Speaker 1: You know you can't you can go on a trip for as much as iPhones cost now.
• 31:48
  Speaker 1: So I'd much rather go on a trip with my family for the weekend or do something like that.
• 31:52
  Speaker 2: So if I go on a trip with my family, you're going to see a little microcosm of what you just talked about, because I am absolutely.
• 32:00
  Speaker 2: I love the phone I have and I want to make it last as long as possible, whereas my children are saying I got to get the new iPhone.
• 32:08
  Speaker 2: So if we go on vacation, you would see a little microcosm of what Colin was talking about right in the first 10 minutes of our vacation or our time together.
• 32:16
  Speaker 2: Somebody would want the newest and latest greatest thing, not me.
• 32:20
  Speaker 1: Absolutely.
• 32:20
  Speaker 1: So.
• 32:21
  Speaker 1: That's my little tidbit.
• 32:22
  Speaker 1: You know, some quick takeaway to take with you today, just as we kind of reframe our thoughts around how we spend money, which will kind of tie into some of the stuff we cover in future episodes.
• 32:34
  Speaker 2: I'm going to add on to that, colin, and I really do love that viewpoint of it's not spending money on experiences.
• 32:42
  Speaker 2: it's really investing in your life and there's a difference.
• 32:44
  Speaker 1: Absolutely Yeah.
• 32:45
  Speaker 2: You could spend money on a lot of things, but you'd you know you want to invest in experiences.
• 32:56
  Speaker 2: We often say and you're probably going to hear again on other episodes that we can very easily do the science of a long-term financial plan.
• 33:06
  Speaker 2: We can make assumptions around returns and say, well, if you know, we get kind of a historical return of what these markets have done stocks, bonds, commodities, that kind of thing And if we project out your expenses and put some inflation factor and that's, you know, relatively easy to do, the question that we have for a lot of our clients is if you go and do something, one of those experiences, either individually or with a family or family members you know, let's make it something big, it's going to be a trip through Europe What is the return on that?
• 33:38
  Speaker 2: You know, if we say, here are the monies that you spent, if you know the opportunity cost was putting it in and putting it somewhere where it gets XYZ return, if you go to Europe and take that dream trip, what is the return on that?
• 33:51
  Speaker 2: You can't put a number on that return, you know.
• 33:54
  Speaker 2: Same with, it's absolutely infinite.
• 33:55
  Speaker 1: You know same with you know taking your whole family on a Disney cruise or down to.
• 33:59
  Speaker 1: Disney or something.
• 34:00
  Speaker 1: Or you know, buying a hunting camp somewhere locally that you're going to take your grandkids or your kids to and you know you're going to have all those memories.
• 34:07
  Speaker 1: You can't put it.
• 34:09
  Speaker 2: The science of that is easy.
• 34:11
  Speaker 1: Yeah.
• 34:11
  Speaker 2: If you do this, you don't have it to.
• 34:13
  Speaker 2: You know, if you buy the, you know the hunting camp, if you go to Disney and a big blowout trip for 20 people for a week and a half, you know we could put numbers on what that is right.
• 34:24
  Speaker 2: You spend that, you invest that now in your experiences and in your family and you don't have that to spend tomorrow.
• 34:33
  Speaker 2: We could put numbers around that.
• 34:35
  Speaker 1: Absolutely.
• 34:35
  Speaker 2: But you can't put a number No You can't put a total return number on that experience.
• 34:40
  Speaker 2: So that's the difference between the art and science and that's what we're matching things up for folks.
• 34:47
  Speaker 2: I would say one of the challenges we have in our practice is getting folks to invest money and experience it.
• 34:54
  Speaker 2: It is, it is.
• 34:56
  Speaker 1: I'm not joking when I say this and Brian's laughing, but it is.
• 34:59
  Speaker 1: It is.
• 35:00
  Speaker 1: Sometimes it is like pulling teeth to get people to spend money, because and I think that's a very different experience that people have a lot of places and a lot of advisors they work with, whether that's financial or other advisors.
• 35:12
  Speaker 1: It's we sometimes pull people's teeth to spend money And that is I would say that's my favorite part of what we do, or one of my favorite parts is trying to give people the peace of mind to take money and invest it in their life, right, not, you know?
• 35:29
  Speaker 1: and I think that's a much better way to look at it than spend on experience, invest it in their lives.
• 35:32
  Speaker 1: So that would be a huge takeaway for me that you take with you, invest in your lives.
• 35:37
  Speaker 1: And, brian, i think that was a great you know rephrasing of what I said there and it makes a lot more sense to me and it sounds way better.
• 35:43
  Speaker 2: So that's production value right there.
• 35:48
  Speaker 1: You know that and I'll kind of leave you so invest in your lives.
• 35:53
  Speaker 1: and also, you know we'll talk about some on the negative side of things.
• 35:57
  Speaker 1: There's a couple of things that we see derail plans the most frequently And I think some of them are avoidable, some of them aren't, but they can all be covered in some capacity through proper planning, which when we talk about, you know I'm sure we'll have a whole episode at some point about just risk management in all capacities of it, because that's a big topic.
• 36:19
  Speaker 1: But to start with, your risk management score, this will give you a good idea where you're at.
• 36:24
  Speaker 1: It's really easy.
• 36:26
  Speaker 1: This is what I always ask all our clients when they come in.
• 36:28
  Speaker 1: It's on a scale of one to 10.
• 36:29
  Speaker 1: One being all my mason jars are buried in the backyard.
• 36:34
  Speaker 1: I have a guard dog protecting the money under my mattress.
• 36:37
  Speaker 1: That's a one, so there's no risk involved there, right?
• 36:41
  Speaker 1: And then a 10 being making me as much money as you can.
• 36:44
  Speaker 1: if the market goes down, i'm going right down with it.
• 36:46
  Speaker 1: That's a very simple way to look at risk, but it's a, you know, an efficient scale and kind of it gives us a starting point at least to have that conversation, but you know.
• 36:56
  Speaker 1: so what we see to rail plans quite a bit are, you know, spending above your means right.
• 37:03
  Speaker 1: That's.
• 37:03
  Speaker 1: I mean, that's one of the simplest things that will completely derail a plan When we meet with somebody and they say, hey, we're going to spend X dollars in retirement and it ends up being X plus 10, you know it doesn't really work out that well.
• 37:17
  Speaker 1: Now there's always flexibility built in for reasonable expenditures above and beyond what we planned for, and that's how we build all our plans out.
• 37:26
  Speaker 1: But when you take 10% of your annual salary and a lump sum yearly to go on projects or, you know, build something out on the property, you know that's when it gets a bit tough.
• 37:39
  Speaker 1: So spending over your means is something that's going to derail plans more often than not.
• 37:43
  Speaker 1: You know medical emergencies is a big one.
• 37:48
  Speaker 2: Uncovered medical expenses, absolutely, and nurses see that all the time.
• 37:53
  Speaker 2: That will derail things.
• 37:57
  Speaker 2: But again, you know, with some proper planning and some thought that can be.
• 38:03
  Speaker 2: you know that can.
• 38:07
  Speaker 2: there can be contingencies that we put into a financial plan to at least prepare for that.
• 38:14
  Speaker 2: We recognize that some folks get into situations that are very extreme on the healthcare side And you know we help them work through that.
• 38:22
  Speaker 2: But even before you get to a major health event that could really change all the planning that we had done, you know we can.
• 38:28
  Speaker 2: there are things that we can do to kind of buffer the effects of that.
• 38:33
  Speaker 1: I love it Well again, thank you all for joining us.
• 38:37
  Speaker 1: so much on our kind of just our intro episode, our origins, a little bit about us.
• 38:41
  Speaker 1: Hopefully your scrub in for some wisdom was worthwhile.
• 38:46
  Speaker 1: You know, we hope to drop little tidbits here and there, you know, throughout all these podcasts, to make these as worthwhile of your time investment as they can be, Because we know what's our biggest.
• 38:57
  Speaker 1: we talk about our biggest asset all the time.
• 38:58
  Speaker 1: we're planning it's time And we certainly appreciate you guys taking the time to listen to this podcast today.
• 39:04
  Speaker 1: We would love to interact with you on our website, social media, any of that.
• 39:08
  Speaker 1: Feel free to reach out with questions and we look forward to some future episodes here.
• 39:13
  Speaker 1: Brian, anything to add for the nurses who are lovely enough to join us today?
• 39:17
  Speaker 2: We're super excited about this And again, kind of going back to what we had talked about in the beginning of this, this is a community of people that, in general, we love to work with And there's kind of a gap between what's going on in the profession and bridging that gap between what's happening right now and what nurses are looking to accomplish in the future and their professional and their personal lives.
• 39:46
  Speaker 2: So we're super excited about that because we like working with nurses, love it some of our favorite clients for sure And we see the need and, like all of you, you go in and you see a patient that has a significant need.
• 40:04
  Speaker 2: They're very appreciative of what you're bringing to them and you see them get healthy and live their best life and we're doing the same thing.
• 40:16
  Speaker 1: I love it Well, until next time.