MINISODE: Hurricane Hiatus - An Update on the Wealth by Design Podcast
Wealth by Design
Hello, loyal listeners! We wanted to let you know that we have a quick update on the podcast and a few things that are happening over at Toujours Planning right now. As you may know, we are a Lake Charles-based business and family, and our community, homes, and offices were devastated by Hurricane Laura in August.
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MINISODE: Do You Need a Financial Advisor or a Certified Financial Planner™?
Wealth by Design
Do you need a financial planner? A financial advisor? An investment professional? A money coach? And what are those initials after their names?!
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MINISODE: Are You Falling into This Stock Market Trap?
Wealth by Design
In this minisode, Dustin breaks down the Sir Templeton’s quote: “Bull markets are born on pessimism, grown on skepticism, mature on optimism, and die on euphoria.”. He also discusses timing the stock market, why it’s a bad idea, and what you should do instead.
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MINISODE: Should You Have a Joint Account with Your Partner?
Wealth by Design
We’ll keep the intrigue to a minimum. In our opinion, the answer to this question is a resounding yes. Sharing your finances with your partner builds trust. Keeping them separate can breed suspicion and worry.
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MINISODE: When Stock Markets Dip and Bounce Back
Wealth by Design
In this minisode, Dustin recaps what a stock actually is and how stocks are bought and sold. He discusses how people’s emotions cause those peaks and valleys in the stock market, and how you can avoid that dangerous herd mentality when it comes to your own investing.
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112: Growing a Business & Wealth with Katell and Jon of Reverielane
Wealth by Design
Katell and Jon, a husband and wife design team, are founders of Reverielane, a purpose-driven brand and web design firm.
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[Summer Remix] 102: Net Worth is King
Wealth by Design
We talk about fear a lot on our podcast. Fear is natural and, TBH, necessary. But fear can also make you focus on the wrong thing when it comes to your net worth. Paying down debt rather than building up your assets, to be specific. And that’s what we discuss in this week’s episode: where our fear of the “debt boogeyman” comes from, our three-step strategy on how to overcome it, and what part of your finances you should be focusing on instead.
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[Summer Remix] 101: Robo-advisors: Your New Best Friend or Your Worst Enemy?
Wealth by Design
The robots have taken over. Just kidding. But, they have taken over a major chunk of the financial industry in the form of robo-advisors. But the truth is, we think robo-advisors are actually pretty useful. Of course, there’s a time and a place to use them, which is exactly what we cover in this episode of Wealth by Design.
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[Summer Remix] 100: High Yield Savings vs. Stocks: Who Wins?
Wealth by Design
There are a lot of misconceptions about investing in the stock market, thanks to fear-mongering in the news, horror stories from family and friends, and a lack of education about the stock market in general. Your fears may also be why high yield savings seems like the better option for your money. In this episode, we talked about the differences between high yield savings and stocks. We know you’re probably a big fan of saving because it’s “safe,” right? Well, we’re about to rock your world.
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[Summer Remix] 98: Leaving Behind the “Punch Clock” Mindset
Wealth by Design
The concept of a punch clock — punching in to start a shift and punching out when it ends — is ingrained in many of us, even as business owners who write our own checks and make our own schedules. But it doesn’t have to stay that way! On this episode of Wealth By Design, we talk about how you can start changing your mindset and your life right now.
info_outlineAs part of the Pitfalls Series, Dustin and Danielle are talking about investing in the wrong advisory team. When you start your business, you may hire an assistant, a graphic designer, or some other professional who helps you execute and deliver your daily work. Of course, these individuals are highly important to the success of your business. But that’s not what Dustin and Danielle are talking about today. Instead, they’re talking about the professional you choose to work with — and take advice from.
WHAT YOU’LL LEARN
06:45 How your perception of money changes as you start earning more
08:13 Why your advisory team is just as important as your staff
08:43 One of the common mistakes we see regarding who entrepreneurs trust
09:40 Types of individuals on your advisory team
10:58 Why bookkeepers, coaches, CPAs, and attorneys are great… but not for everything
12:48 The limits of what to expect from other advisory team members
14:30 The risk of “conflict of interest” when it comes to taking advice from certain professionals
15:24 Hustlers and friends and how to spot them
16:28 Why you should be talking to other business owner and entrepreneur friends about their advisory team
19:24 Why CERTIFIED FINANCIAL PLANNER™ professionals are like quarterbacks
20:47 How to find the right advisory team for you
WHO IS QUALIFIED TO GIVE YOU INVESTMENT ADVICE?
Because investments are still one of those “mysterious” topics that not a lot of people have exposure to, it can be really hard to know who to trust and whose advice to actually follow. When you have a cousin, friend, or fellow business owner who has made a series of investments and seen (or told you they’ve seen) great returns, it can be tempting to follow in their footsteps or take their experience as fact. But as Dustin and Danielle explain in this episode, that can be a huge mistake.
In general, entrepreneurs and business owners tend to have a number of professionals they rely on and trust. Your bookkeeper or Certified Public Accountant may help you manage your day-to-day business income, pay taxes, and even cut overhead costs. But none of that means they’re qualified to give you investment advice.
Executive coaches can help you grow your business and even resolve some of your mindset blocks around money. But that doesn’t mean they have experience with investments and, therefore, shouldn’t be giving you investment advice. Attorneys are extremely useful, especially when it comes to helping you structure your business or apply for trademarks, like Joey Vitale of Indie Law can. But they’re not experts in investments.
Insurance agents will help you protect your business, home, and life… but they’re also not investment advisors. Friends and business owners who have a “great investment idea for you” are — you guessed it — not to be trusted for investment advice.
Of course, Dustin and Danielle aren’t saying you should listen to these experts’ opinions and experiences with investments. You just shouldn’t take their advice as your own plan of action. Especially when these people benefit from your decisions. CPAs, for example, may only recommend investments that save you on taxes, which doesn’t always benefit you in the long run. Attorneys may recommend investments with a certain professional with whom they have a referral agreement. Friends and business owners with investment ideas are usually just hoping to get money to support their business or ideas.
At the end of the day, it doesn’t matter who these people are. If they’re not qualified to offer investment advice, Dustin and Danielle recommend that you take what they say with a grain of salt. Then find a real professional who can offer you the guidance you need.
CERTIFIED FINANCIAL PLANNER™ PROFESSIONALS ARE LIKE QUARTERBACKS
Dustin and Danielle break down your advisory team in this episode, explaining that each of the professionals above all play their own role. But sometimes, you don’t have these roles filled yet. If that’s the case, a CERTIFIED FINANCIAL PLANNER™ can serve as your advisory team’s quarterback; they know about taxes, estate planning, insurance, etc. but they’re looking at the high-level picture. Once they know the play, your CERTIFIED FINANCIAL PLANNER™ can pass the ball to other experts who can help make the most informed decisions that are right for you. A CERTIFIED FINANCIAL PLANNER™ can also tell you, based on your situation, which other members you need on your advisory team.
You’ve got your team in place when it comes to your staff and daily operations, but you need to make sure that you have the right experts on your side as well. Recruiting the wrong advisory team can be a lot more detrimental to your business (and yourself) than just hiring the wrong assistant, for example.
Tune into the full episode to hear how Dustin and Danielle explain why an advisory team is so important, who should be included (and excluded), and why investment advice is so valuable for you, your business, and your future.
If you’re thinking about hiring a CERTIFIED FINANCIAL PLANNER™, you can take the quiz below to see if Toujours Planning is right for you.
This material is for general information only and is not intended to provide specific advice or recommendations for any individual.
RESOURCES & PEOPLE MENTIONED
- Our Resource Vault
- Pitfalls Series: Investing in the Wrong Arena
- The Toujours Planning Quiz — are we a good fit for your financial planning needs?