Financial Fitness is Key! Why Samuel Richmond Founded NvestFit

What drives someone to leave a stable job for the uncertainty of entrepreneurship? Samuel Richmond, founder of Nvestfit, takes us from his early career as a financial advisor at Fidelity to launching his own holistic financial planning firm. Influenced by his entrepreneurial roots, Samuel shares the pivotal moments that led him to start Nvestfit, including the challenges and triumphs of relaunching during the pandemic. Learn about his "mindset minimum" philosophy, offering financial planning to clients at any stage, and hear compelling success stories that showcase the transformative impact of his approach. Tune in to discover practical financial strategies and the mindset needed for financial success. 


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Transcript

Speaker 1: 0:45

Welcome back to the Money Focus Podcast. I'm your host, Moses Dementor, and on this episode I'm excited to welcome Samuel Richman, who's a visionary in the realm of holistic financial planning. He's also the founder of InvestFit. Samuel's approach to financial well-being, combining personalized planning with a wide array of investment and insurance solutions, promises to offer unique insights. So let's dive into his strategies for a meaningful and purpose-driven financial future. Let's go. The first thing I always ask my guests to do is just open us up with about their career journey. So walk us through that their professional journey and, ultimately, what led you to start your business. So the floor is yours.

Speaker 2: 1:30

Yeah, Thank you, Moses. I really appreciate it and it's an honor and a privilege for me to be on your podcast. So thank you for all that you do for the community. A little bit about me. This is 15 years since becoming a financial advisor. I started at the ripe young age of 26 and this year I turned 41. So I've been in it a minute.

Speaker 2: 1:52

I was very fortunate to start my practice. We started in 2015 and relaunched in 2021 during the pandemic. So 2015,. I had my first son, realized, man, I need some benefits. So I went over to Fidelity Investments and did that for a few years. Then, you know, realized that during the pandemic, as the kids got a little bit older and I got a little bit more seasoned you see this gray hair over here. Mary is personally about me. I'm married to my beautiful wife, Melanie. We are going on 18 years. She runs her own private practice. She's a therapist there's like marriage and family counseling and then I have two wonderful boys, Samuel and Isaiah. They're six and eight at this moment. So that's a little bit about me.

Speaker 1: 2:32

Now, when you were working before you started your practice, was there a pivotal moment that you had where you said, hey, you know, I definitely want to start my own business. Is there any story behind that?

Speaker 2: 2:44

Yeah, I think, as far as I can remember, that's really all I ever wanted. You know, my parents were immigrants to this country from Guyana, south America, and you know my dad always had his own business. Most of my family had their own business. I mean, we're very entrepreneurial in nature, or you can maybe say stubborn, and so even when I was, you know, when I was 18, when I was 19 years old, when I was in high school, I read who moved my cheese? You know, I was reading these business books. And when I was in high college, I read nothing but business books. I mean, just, I'm really, for the last probably 20 years, that's all I've read. So for me, I was engulfed in it.

Speaker 2: 3:21

The people that I hung around was was entrepreneurial. It was just trying to figure out how to do it, like how to go from getting a steady paycheck on a regular basis and being plugged into an existing system. How do I transition from that to being in a position to generate income on my own? And I got to a point to where you know when you're making a lot of money and I got to a point to where you know when you're making a lot of money but you feel like you'd much rather make $50,000 for yourself than $250,000 for someone else.

Speaker 2: 3:52

You know that's when it's like, hey, I got to go and I remember making my first dollar and just, you know, my first sale, where it was like, you know, just a sense of pride, where, hey, I did this on my own. You know, no one provided that for me. I found, you know, I went out there, I hunted, I found the prospect or the lead, turned it into a prospect, turned it into a client, provided by providing a solution, and you know, that was just a sense of pride that I still remember to this day. Unfortunately, I don't have my first dollar that I made and put it up on the frame because, guarantee, I needed the money. If I had it, I would have spent it when you first started business.

Speaker 1: 4:25

Yeah, no, that definitely is a different mindset. People will say that, like you know, are you sure you don't want to go for a promotion? Are you sure you don't want to do this? But when someone is ready to really start their own, you know they'll take less money for something that they build from the ground up. So it takes a certain type of individual that's willing to do that. It sounded like that was really, you know, deep and rooted in you from seeing your family do it. So you know, kudos to you and it's nothing wrong with a nine to five. No, but you know, having your own, yeah, having your own business is very rewarding. You know I currently do both.

Speaker 2: 5:04

Yeah, and that's definitely a good way to do it. You kind of do both if you can, until you're able to kind of wean yourself off of the other. But there are some businesses where you have to go all in, and in that instance that's when you start to see the income levels that you need to hit. But the reality is that you got to be smart about it, and part of it is all about positioning, and so when we work with a lot of clients that are entrepreneurially minded or entrepreneurs themselves, 70% of our clients are entrepreneurs. They own their own business, and for those that are entrepreneurially minded, there are certain strategies that we help them employ so that they're business ready. I guess I should say.

Speaker 1: 5:44

So tell us about your business. So the name of your company is InvestFit. What all the services you offer and you know. Just give us a breakdown of what makes your company unique.

Speaker 2: 5:54

The best advice I ever got was from my father and you know he told me right before I started college. I had just graduated high school and it was the summertime and I remember we were out in the parking lot and he said, Samuel, he talked with a heavy accent, South American accent, but he said, Samuel, this is America. He said you can be successful doing anything. He said you can sweep floors and become a millionaire. He said just find something that you love, that you're passionate about, that you'd be willing to do for free and give it 110%, and I promise you you'll be successful. So for me, I've always been focused on what are those things that I'm most passionate about, and I think for a lot of folks, when it comes to passion, everyone's like well, you know, that's fine, that you're passionate about it, but go, you know they'll get paid. You know, and you hear some people talk about your passion is not your paycheck. But I think you can't have your cake and eat it too, and I would hate to live where I'm doing something that doesn't bring me joy, because if I die tomorrow, I don't want to be floating up to heaven and looking down at myself shaking my head like dang dude, bro. This is all we got, this is all we were able to do. You're not happy, you're miserable. So that you know, I say all that to say that for my company, InvestFit, if I wasn't doing financial planning, I'd probably own a gym, and we will own a gym one day, because I'm really big into health. The four pillars of my life is that I live by four corners, four pillars, whatever you want to call it is faith, family, fitness and finances, and it's in that order with how I conduct my day. And so, going kind of into my business now, starting with the name, what's in the name? Right, Invest fit is kind of the combination of investment or invest and fitness, and so we believe our tagline is financial fitness at its finest.

Speaker 2: 7:40

So we believe that we want our clients to be financially well, and I don't care how successful you are, you can always be better. So where the fitness thing comes in here is that I'm a performance oriented guy, whether I'm driving a car or whether I'm in the gym working out, and so I always want to be the best. But I always want to be better than my best yesterday, right Today, I want to be better than my best yesterday, and so there's always improving, and so, from that perspective, that's what we do for our clients. I don't care if you're super successful already. We're going to find ways to save you taxes.

Speaker 2: 8:09

We're going to find ways to improve your returns. We're going to find ways to reduce your risk, or, when I say improve your returns, maybe you're taking too much risk and we need to back off some of those returns, but it's going to create a healthier investment strategy for you to actually make it not only to save retirement or whatever the goal may be, but through retirement, through that goal. So we want people to get to their destination and be able to enjoy it and also enjoy the journey along the way. A lot of times we're so focused on the end game that we fail to enjoy the beautiful moments along the way.

Speaker 1: 8:40

I like the fact that you said even if you're successful with money today, there's still ways that you can help someone. Even if you're successful with money today, there's still ways that you can help someone. You know it could be a tax benefit, it could be, you know, setting up for retirement, all those types of things. So pretty much you have a full suite of services that can help anyone at any stage in their financial level. As far as the money in itself or the knowledge because I'm sure you run into people who have a lot of money but really don't have the knowledge- oh, absolutely so, it's a different.

Speaker 2: 9:11

Yeah, yeah, so I'm sure you know yes.

Speaker 1: 9:15

So you know. Leading to my next question like so what are some of the challenges that you typically face with your clients and how do you help them overcome them?

Speaker 2: 9:24

Definitely so. I think that. So there are two. Our clients kind of span the gamut, or you know, we're kind of like full spectrum here because we have, historically or traditionally speaking, when I got into the industry it was talk to people that have money right $55,000 and $500,000. That was the target. $55,000 and $500,000. That was the target. $55,000 and $500,000. If you have less than $500,000, we don't have a conversation. Okay, great to meet you, adios.

Speaker 2: 9:52

I remember I was talking to this young doctor and he had just graduated his residency and he was maybe a few years younger than me. Really cool dude. I was like man, we could be really good friends. And you know we got into doing the financial profiling and you know he had like $80,000 and I ended up having to refer him. I didn't know my own firm at the time. I was at Fidelity and I referred. I had to refer him to our junior advisor. But I remember thinking to myself I was like dang, I couldn't even hire myself because I didn't have $500,000 at the time, at the time, and so I just that never sat well with me. But you typically had an investment minimums at the firm. Now that I have launched my own business, we have no investment minimums. We have a mindset minimum. So I do have clients who have networks in excess of 14 million, but I also have clients that have no money. With me. We're just doing financial coaching.

Speaker 2: 10:42

So in terms of like the services that we provide, and then I'll get into the challenges, because those challenges vary depending on who we're talking to. Right, if we're talking to the younger individual or the person that's just getting started, or maybe it's like a young attorney that had a divorce and he or she is rebuilding, then the conversation and the challenges that we have to overcome is going to be completely different from the individual that is seasoned. Then maybe they sold a business for 20, $30 million, whatever the case may be. Or they're entering retirement, they've had a successful career and they've kind of already built it, and so now we got to figure out how do we continue to grow it prudently but minimize tax drag along the way and then put them in a position to be able to maximize income in retirement in the most strategic way and then transfer their wealth to the next generation with the least amount of tax drag as well. So those challenges are fun, very fun and very different. Right, we get to be a little bit creative and unique.

Speaker 2: 11:38

Versus the other thing, which is also fun. I think one is fun and exciting and sexy. The other one, maybe, is more meaningful because you feel like you're making an impact, because these are folks you know. Maybe it's a young doctor or young attorney and they got a ton of student loans, very, you know, very great income coming in. Or it can be a professional as well. It doesn't have to be a doctor and attorney. That just tends to be the people that we tend to come in contact with a lot. Or maybe it's a new business owner and you're helping them navigate different things.

Speaker 2: 12:04

Hey, their biggest deal is how do I navigate paying down my student loan debt? That's ridiculous. How do I do that while at the same time saving for my retirement years? Maybe I want to start a business at some point in the future. Maybe I want to buy a house. I want to start a family and have kids. What about college education for the kids? I don't want them to be burdened with this debt that I have.

Speaker 2: 12:27

So everyone has different challenges and it's unique, and one of the beautiful things I love about this, about my field and about being a financial advisor is that no two clients are the same and no two days are the same, and so that's the super exciting part about what I do and what I love about my life is that I get to create relationships with people, connect with people in different ways and help them solve very complex problems, to improve the quality of life and help transform, hopefully, their life but also make a tremendous impact on the next generation or generations to come. So I said a lot, but you know that's what I do. I love what I do. Good.

Speaker 1: 13:08

I mean, when you interact with people. What are some misconceptions that might commonly come up about being a financial planner? Are people just immediately skeptical on what services you offer? Like what are? What are some of the objections maybe that you have to overcome when you first on board or even try to get a client you know, so tell us about that.

Speaker 2: 13:30

Yeah, I think that the I think one of the misconceptions I don't know if I would call it a misconception, but one of the hurdles that we have't know if I would call it a misconception, but one of the hurdles that we have to overcome is hey, you know, do I have enough money to work with you? Right, like I said, I don't have investment minimums and I'm very adamant about that. I've had several coaches and you know I spoke to someone the other day, very successful financial advisor, and he was a mentor and you know he was like Samuel, you have more experience than I do. Like you only need to talk to people that have a million dollars. I don't agree with that and I'm not and I'm not dissing anyone that does that, and I'm not saying that I'll never, ever get to that point. If I do, what I would do is I would have someone else that focus on a segment of folks that that's not there yet. But my goal is to get everyone there and I know that if I can get the person at a point, you know, the number one thing that that clients tell me is man, samuel, I wish I met you 20 years earlier, you know. So if I can meet these people 20 years earlier, 20 years from now, those individuals are going to be far better off than the typical fifty five, five hundred thousand dollar client that that the industry kind of focuses on.

Speaker 2: 14:34

That's, you know, misconception. Do I have enough money? What is it that you do?

Speaker 2: 14:39

Nobody knows what a financial advisor do, even if you're a client. Sometimes. What is a financial advisor? You manage my investment portfolio, and some advisors that's all they do. They just manage the investment portfolio. Well, we have clients where they don't even have their investments with us, but we do comprehensive financial planning where we provide them with a roadmap that says here's where you are today, here's where you want to go and these are the things that you're doing. Well, stop doing that, don't do it anymore. And here's what you need to do to really improve your probability of success, to be able to reach those goals. And the reality when it comes to goals is there's short-term interviewing and long-term goals.

Speaker 2: 15:16

We're not just focused on retirement, because that could be 25, 30 years out of the way, or it could be five years down the road or you could be in retirement. Every client is different, but we want to make sure that every single thing that we're doing anything. Every single aspect that touches your world, your financial world or that has a financial impact in your world, is working in concert with one another and not conflict. And I can't tell you how many times I meet with a client. They got all these different advisors.

Speaker 2: 15:46

Guess what? Not one single advisor. I've talked to the other advisor the advisor doesn't know the CPA, the CPA doesn't know the insurance rep and the insurance rep doesn't know the estate planning attorney. What we do here that's very unique and, I think, different, is that we make sure that we are in, in contact with everybody on the team, right. We kind of act like a quarterback, right, to coordinate all the strategies, make sure that we're all, everyone's on the same page so that we're, all you know, creating music to my ears instead of it just being a bunch of banging and clanging and clashes and all that good stuff.

Speaker 1: 16:39

So that, to me, makes a lot of sense because I mean, how can you really offer sound advice and coaching if you don't really know all the players? You know what I'm saying. Like it's pretty crazy to me and I think that's why some of the times, you know, financial planners might get a bad rap because they're very singular, focused. They're looking at, hey, what can I offer you if they get the highest commission? I think that's some of the feedback I've received over the years as to why to stay away from a financial planner. But your firm, your business, is really cool because it really looks like the whole health of the person, absolutely, you know the financial health, the physical health, so you know those holistic principles that you talk through is really key. So just curious, if you wanted to share a story, a success story about a client, that where you were able to shape their perception of a financial planner and now they turned into a great client of yours and they ultimately were very successful in the area of money.

Speaker 2: 17:41

So there's one gentleman that was referred to me from a client a current client During his late 20s I guess there were some mistakes or challenges that he had to overcome and make some financial decisions. That necessarily wasn't in the best interest. But up until he met me it's probably about six years he had about fifty five thousand dollar worth of debt. He was slated to pay it off at his current pace, possibly in 11 years. You know that's like if he got focused on it and he was making a decent income somewhere in the neighborhood of about 80, you know, eighty three, eighty four thousand dollars. So not not bad income. Single dude, you know he had a kid, but he was single for all intents and purposes and he wanted to improve. And so we began doing financial coaching with him, where we just met for 30 minutes once a month and throughout the course of the year he's been with me a little bit over a year now. Within that first year, within less than nine months, we had put him on a plan to pay his debt off in 18 months instead of 11 years. He was going to save about $60,000. He was going to save more interest. He was going to save more in interest than the actual debt itself. So that's just kind of like cleaning up house right, getting him on trajectory, paying off debt. But in addition to that we began saving for his emergency fund and then also he started maximizing his contributions to his 401k. In the process of all this I always say, you know, when you make good decisions, good things happen, and so throughout the course of us working together, that first year his income went from $84,000. He ended up getting two raises in the same year, which is kind of rare in his field, and he ended up going all the way up to about 114,000, I believe is where he might be at right now. The beautiful thing is that he feels a lot better, feels a lot more confident.

Speaker 2: 19:35

We tackle questions like hey, samuel, I really want to supercharge paying off this debt. Should I get a second job? Should I get it like a side hustle? And you know he has a kid and he wants to spend time with him and his job has him traveling. So we help him to evaluate things such as well. If you do that, how much? How much do you think you know? How much time will you have to put into that? How much extra will you make Right, in this instance he.

Speaker 2: 19:56

He was like I just need to make $3,000 extra and I'm only going to work X amount of dollars $3,000 a month. Okay, well, we went into his budget and we found over $3,000 worth of money that he didn't have to waste. So I said, let me ask you this question Do you think it's better for us to try to control the spending here and you take that $3,000 and that helps you to advance paying off your gold, or do you want to take your time and go and time to make $3,000, but take time away from you being able to invest in your child's life? You know, and so that's something that maybe a lot of financial advisors they may or may not have those conversations, I don't know. I mean, I think financial advisors comes in all shapes and sizes, but you know, we, that's something that we do, and I don't know if I have enough time for the other example, but I'll just leave it. Leave that at that.

Speaker 2: 20:42

But you know, at a high level, with our higher net worth clients, the biggest pain point for them is typically taxes. So we have a ton of stories on how we max I mean just by doing Roth conversions on one particular client two weeks ago. We show them how we could save them over I think it was one point.4 million over the course of their retirement. And I think what I would say mostly is that it's mindset.

Speaker 2: 21:03

You know I talk a lot about mindset and I think when it comes to building wealth, we have to have, you know, wealth is a burden. I think that you know wealth is a burden and that's why you see folks that inherit large sums of money or they go play sports they make large sums of money or they win play sports. They make large sums of money or they win the lottery and their bank for up within three to five years are worse off after having millions of dollars than they did before because they have not built a stamina. So it's like that little scrawny kid going to the gym for the first time and trying to throw 300 pounds on the bench press and it's going to crush you.

Speaker 1: 21:40

You're going to crush under the weight.

Speaker 2: 21:41

So one of the things we do when we're working with younger clients, or newer clients or younger heart clients, is helping them to develop the right mindset around money, about investing, around investing, around saving. It doesn't matter how much money you make I know guys making $500,000 as $80,000 in credit card debt. It doesn't matter how much money you make. It's about what you do with the money that you keep. Right, it's about how much money you keep and what you do with the money that you keep. So you can be working in a library and making $45,000 and retire with 2.5 or $4 million. It's all about what you do with the money and how you spend it.

Speaker 1: 22:18

So, yeah, I talk about that a lot had a guest on recently. She worked in the bank. I used to work in the bank before, so you know I was able to easily relate. Because you know you can't judge a book by its cover, for sure, because you know folks come in there looking like a million bucks and it would be worth a negative a million bucks. You know, if someone comes with a T-shirt and slippers then they can have $5 million, who knows? So definitely don't judge a book by its cover and I agree with you 100%. It's not about how much you make, it's about how much you keep and not worrying about the Joneses.

Speaker 2: 22:56

Absolutely yeah absolutely Doesn't matter how much you make, it's about how much you keep and then what you do with what you keep. So that's the follow up, because you can keep money under your mattress, you can bear it out of your backyard, you can keep it in your bank account with super low savings interest rates. And you know you have to make about 5% just to keep up with inflation and tax drag. Ok, so historically CPI Consumer Price Index index is roughly about 3.4 to 3.5%. So inflation, say 3.5 to 4%, and then tax drag is another one to 2%, right? So 5%, call it. You know, four and a half 5%, maybe five and a half percent, is the rate of return that your money needs to make, just to keep, even with your expenses, so that you have the same buying power, because a dollar tomorrow is worth less than a dollar today.

Speaker 1: 24:37

You read my mind. I read my mind because I say that as much as possible, because foundationally, that's one of the most important things you can learn about money. You can learn about money Because, again, you can't really think about it in a way like okay, well, I got $100 and thinking that it's worth $99.99 the next day. So a lot of people can't really relate to that, but it's really true. It's happening before your eyes and when you I always say the inflation part, but you gave me a good nugget right there with the tax track. So if it's really about 5% every year when you're investing in these money markets or a CD or whatever, you're not really making ground. You're going to have to put your money into something that can get you a higher return than 5%, and it just takes a lot of education to get there, for sure.

Speaker 2: 25:31

Absolutely. There are a lot of different vehicles. If I want to take my kids to Disney World, you know that's going to impact how many people are coming with me and what we're going to do will impact if I take the convertible Jag or I take the SUV, right. And then the other thing is that you know if you take a scooter you're never going to get. You know you'll be gray, gray haired before You're never going to get there. You'll be gray hair before you get there from Atlanta. So the vehicle some people have vehicles.

Speaker 2: 25:54

One thing that time, value of money, right, and how much time. It's not timing the market right, it's not trying to time. Oh, I'm going to get in at this time or I'm going to get out and I'm going to get out. You get in and no, it's time in the market. The more time in the market. The trajectory of the market even though I might, you know, if you look at it under a small microscope or a short period of time, you could see it go down or go sideways. But if you expand that your view over a long period of time, you're going to see that the trajectory of the market trend is always upwards, right Up and away. So people tell me all the time and going back to one of your misconceptions oh, investing in the stock market is like gambling. No, absolutely not Gambling. The house always wins. Even if you win, you've lost because now you have the memory of winning and think you're going to be able to do it again and you bet bigger and you lose even bigger. The house always wins 70% of the time. The stock market is up Point blank period. If you have a negative year over the course of five years, if you stay invested appropriately in a well-diversified portfolio, predominantly growth companies, even if you had a huge loss, you would make that up within five to six years Worst case scenario but at the end of that period you would actually have more shares so that the next five to 10 years you would see an explosion in your wealth. So you know all those individuals that came out of the market in 2008 because you know they felt uncomfortable. I know people that had $2 million that sat in a money market account for almost a decade. We could have doubled that money. It could have been $4 million in that timeframe at a 7% rate of return.

Speaker 2: 27:41

And young people we all say we want to retire at like 45. We want to retire at 45. We want to retire at 55. But we're going to live to 100. We're going to live to 100. You want to retire at 45? What are you going to do?

Speaker 2: 27:52

We have this thing called risk tolerance.

Speaker 2: 27:54

What's your risk tolerance? What's your risk comfort level in the market? This is kind of a series of questions and then people put it together and just like, okay, well, I am 80% equities, 20% fixed income, or I'm 50% equities, 50. So basically, whatever your risk tolerance has determined how fast you can go and reach your destination. And so really it's a mathematical equation in terms of how much money you need for retirement and based on what you have now, and how much money you need to save on a monthly basis, based on the rate of return that we're able to get.

Speaker 2: 28:31

Educate people if their risk tolerance is too low, because a lot of times why that is is that they just don't know, they don't understand, and so once they understand and they're well informed, then they're able to make informed decisions to benefit themselves. Otherwise, I'm going to, you know, I'm like you want to retire at 65 at a 4% rate of return in your money market or whatever, you're never going to retire. You're going to work until you die, you know, or you're going to have to move that number to 85. Do you want to continue to work until 85, right.

Speaker 1: 29:00

Yeah, and what type of retirement do you want? Do you want a retirement that you just, you know, sit in a rocking chair and just pay all your bills? Or do you want to be able to travel? Do you want to be able to spend time with your family? So I think all of those factors also need to take into account what you will need for retirement. And, like you mentioned, I mean the life expectancy hopefully continues to go up and you don't want to have to circle back and say, oh, I need a job at 70. You know. So let's just figure it all out now. Put our investments to work and put it in places where we can double and triple and 5X and 10X eventually. You know so cool. Thanks for that information. What's next for your company? Anything you want to talk about, like you know, the future. How is InvestFit going to look in five years? You know, break that down for us.

Speaker 2: 29:48

Yeah, no, I appreciate that, moses. So, first and foremost, what we provide to our clients right now is comprehensive financial planning. That's, you know's, a physical document. We have it tied to an app, so you have the digital version, where you can track, organize your entire financial life in one place. We have your top three goals front and center. At any given day, you log into your app, you know what your net worth is, you know how you're tracking in all of your accounts and how you're tracking towards your goals, and you can dive in deeper and look at returns and all these other things. But that's really organizing your entire financial life in one place, right? And then we provide you with a plan. Specifically, this is what you need to do in your insurance to mitigate your risk. This is what you need to do from a performance standpoint. This is where you return. We need to get the types of accounts you need to have, whether it's IRA, sep IRA, your 401k, your Roth IRA, et cetera. So we're very specific in terms of telling you you told me, this is the goal. We start there. This is your goal, this is what you want to do, this is where we are, this is what you have to do, and all these are the people that we need to bring around. You need the tax professional, the estate planning attorney, et cetera. We professional, the estate planning attorney, et cetera will work with these folks to help you reach your destination with confidence and greater peace of mind.

Speaker 2: 31:00

But then we also do investment management and we do life health. We don't do health insurance. Actually, we're licensed but we don't do it. I would partner that out Life, disability and long-term care insurance for individuals. And then we have other insurance policies for business owners as well Business already, expense policy being one, buy-sell agreements, insurance to fund buy-sell agreements and we'll work with your attorney on that. And so we do the financial planning, we do the investments, we do insurance. We also do financial coaching, which I think I spoke to a little bit about that, where it's just it's typically for those younger clients that are getting started in life. They don't really have a lot of financial, they don't have a lot of money saved right now, or they're saving all of their money inside of their 401k because you know they're a W-2 employee and so. But they need good, solid financial advice, and so our financial coach program helps with that.

Speaker 2: 31:52

The next thing we want to do is and, matter of fact, one of the calls that I was on earlier was with an enrolled agent because we're going to be launching this year a tax practice. I used to be a part of a tax practice. We had 700 clients and you know what we're trying to create for our clients is kind of a one-stop shop. You know just kind of sound a little bit cheesy, but you know there's nothing worse than when you give your clients advice to do something and then a year later you know you ask them during the review and they still haven't met with that other professional Right. So what we try to, what we want to do, is try to make things as easy as possible for our clients to be able to get done. Plus, the number one thing that we keep getting from our clients is saying well, do you know a good CPA, do you know a good CPA, do you know a good tax preparer, do you know a good bookkeeper, et cetera.

Speaker 2: 32:36

So this year we will be launching a tax planning, bookkeeping and tax preparation service that's going to complement before our clients as well as for folks typically business owners, because we're doing bookkeeping our clients and folks that want to take advantage of that. They don't have to be a client of investment per se, but again, I think there's a lot of synergy in terms of if we're able to see the tax return, know what's going on. Then there are other things that we can do on the retirement side, investment planning and tax planning side. On our side, property and casualty insurance is probably something that we may add later on as well to have someone, whether we partner directly with them or have them be in-house. Again, you know we review we don't do property and casualty insurance, but we review those documents to make sure that you have you know you have an umbrella policy or you have the appropriate levels of limits and stuff like that.

Speaker 2: 33:25

Because, listen, it doesn't matter if I make you a million dollars, if you know over time, if you don't, if you get sued, you get in a car accident and you get sued and you know they're able to come after your assets we don't have proper protections in place. It doesn't matter how great I am. So we want to make sure that we're looking at the total picture, you know, concentrated on just one aspect of your financial life, and we coordinate the professionals around that. So I would say you know, the next three to five years. Those are the two lines of service that we want to add, to complement this, and then beyond that, we just want to grow with the advisors. So I am sitting in our office building, I, just my brother and I. We invested in a three-story office building right by the battery off of Windy Hill Road. We're easy access to the highway. It's the same exit as the exit for the battery.

Speaker 1: 34:10

We're very blessed it just turns out that you know that I'm in Atlanta as well. But for the people that don't know where the battery is, the battery you know. Kudos to you, man. That's a huge win, and I'm sure it won't be a problem to get tenants. So another income stream for you as well.

Speaker 2: 34:45

So congrats, you know, I feel very fortunate. I consider it to be a miracle that we're even here. I mean, you know, I went independent and, you know, started in like a 250 square foot office, then, you know, rented another office and then now I have a. You know, I got 14 offices in this building and we can build out more.

Speaker 1: 35:03

Go ahead and close this out with any final thoughts or advice that you have for the audience and then also, just you know, shout out your company again, your website, social media that you may have. So I just really appreciate you joining the show and the floor is yours, yeah.

Speaker 2: 35:18

Well, I appreciate that. I don't know if I have anything specific other than you know I run into a lot, of, a lot of people, you know, typically in their later, later years, and the number one thing that they say is man, I wish I met you when I was younger. And I think young people they think that, hey, I'm too young, or I don't have enough money, or or hey, I'll deal with this later on. You know my saving grace and why I was able to. You know I'm 41 now and you know I own my own company. My wife owns her own company.

Speaker 2: 35:46

It took us 15 years. It took us 15 years of toil and struggle and having to overcome challenges to get to where we are. But you know, we've been doing this now for a couple of years, a few years now, on our own, and I mean the freedom, the flexibility. Again, this is, you know, if you want to be an entrepreneur. That's one thing and it's a beautiful thing. It's a lot of, it's hard work, even if you're not an entrepreneur and not everyone needs to be that but you can still put yourself in a position where you don't become a slave to your lifestyle.

Speaker 2: 36:19

And so I'd say, live on less than you earn. Be very intentional about what you do with your money. Start sooner rather than later. Don't wait. When you think about time, value of money, I'd say time in the market is better than timing the market right. So the longer you're invested in the market, the less rate of return we have to have in order for you to win. So you can actually be more conservative but make more money if you have a longer time period, because that's more time for your money to compound. So I would say there's so much information on the Internet good and a lot of misinformation, right. So you want to be mindful.

Speaker 2: 36:54

Find yourself someone that you can trust. You know I'm a certified financial planner. I would say seek out a certified financial planner in your town or wherever you are. We work with folks all over the US. But definitely why I say a certified financial planner is because you want someone that's going to act as a fiduciary, meaning that they're going to act in your best interest. And there are a lot of great books. I'm going to give you a couple of great books to read until I'm in the middle of writing one. Right now it's not out yet, so unfortunately I can't shout out my own book. Well, you got to come back, come back when you have it.

Speaker 2: 37:22

The Millionaire Next Door. Obviously, many of you have probably heard about that. The Mindset of a Millionaire, or the Millionaire Mind, is written by the same author. I think it's Dr Thomas Stanley. I think he was a professor for Georgia State. He passed away a few years ago.

Speaker 2: 37:38

But it talks about how millionaires spend money. If you want to be a millionaire, if you want to be successful, you need to have the mindset of a millionaire. You need to do what millionaires do. Average millionaire drives a Ford F-150 truck, not a Maserati. A Maserati is not going to help you get any closer to a millionaire, like you know. So you can look like a millionaire or you can be a millionaire.

Speaker 2: 37:55

You know, I don't know, you know so, and not only am I speaking from experience, but I've helped clients, you know, become billionaires as well. I've been with them. You know I didn't do it, they did it. You know they just followed in, followed the script. But you know a little bit about that's whatfitcom and that's leave the eye off. I was trying to be cool here. I'm not so sure it worked, but it's n? As in nancy, v? E s, t, f? I? T. It's like invest and fit. Believe the eye off initially right, investfitcom. Look me up, you can find me on there um find all of our social media stuff. Clearly we can. You know you can look up on social media. We're on linkedin, uh, facebook, instagram, all the good fun stuff. So not quite instagram yet, but we'll, we'll get.

Speaker 1: 38:39

We'll get there perfect, perfect, and then I'll make sure to put your contact information in the show notes. So again, thank you so much for joining the show.

Speaker 2: 38:47

Appreciate you. I was just. Thank you very much for having me you.