Episode Transcript
[00:00:10] Speaker A: Welcome to Guided Legacy, where we talk about what it really takes to build something that lasts, starting with the choices you make right now. I'm your host, Dion Tracy Duckett. Today's conversation is about money, but not in the boring, shamey way. We're talking about confidence, because too many people, especially women, were never taught the basics, yet they're expected to make big decisions, raise families, run households, and build futures.
My guest today is Brandi Gamble, known as the Money Smart coach. She's the CEO of Money Smart, a financial education program designed to help clients make smarter money choices through empowering concepts and strategies in an industry where women are underserved and underrepresented. She also serves as the managing partner of Secure Wealth Builders, and she runs a successful financial services agency while training professionals nationwide to build thriving businesses in this space.
Brandy, welcome.
How are you doing?
[00:01:21] Speaker B: I'm good, thank you.
[00:01:22] Speaker A: Good.
So thanks for being with us today. And so I want to start here.
When you meet someone who feels behind or intimidated by money, what's usually the real problem?
Knowledge, habits, mindset, or all three?
Yeah.
[00:01:42] Speaker B: Well, first, let me say congratulations on your show, Dion, and thank you for having me to answer your question. You know, the real problem, I think, for women is who feel behind and maybe intimidated is really fear. You know, fear that they don't know enough. They're fearful of asking people who may know a little more than them, and then that perpetuates the knowledge gap. So knowledge is definitely one of those things that's instigated by their fear. But I would also say that, you know, people. People have the fear of missing out. You know, they're the whole FOMO syndrome that's out there.
So they get into plans sometimes that other people are in. Right. That may not be the best plans for them. And social media is the big instigator in that one. Right. If social media is their teacher, then they're going to have that whole keeping up with the Joneses mindset.
And then for some, I think the fear that they will turn out like their parents or. Or maybe not turn out like their parents, so they start to do things that they think are the right things, but they never really taught what the right things were. So I think fear is really the big factor when people.
When I meet someone and they feel intimidated by these conversations.
So, yeah, I would say it's the big culprit.
[00:03:06] Speaker A: Okay. Okay. So why do you think financial education is still missing for so many people?
[00:03:14] Speaker B: You know, it's unfortunate, but it is what it is. Just recently, state started to make it mandatory, right. That financial education be taught in our schools and mostly in high school. And I'll tell you, I have a freshman in high school now. He had the class last semester, he's 14 years old, learning about money, doesn't have a job, can't even get a worker's permit at this point. So considering he's learning these lessons at such a young age, even though we teach him, you know, things at home, I can't imagine what his, his, his counterpart, you know, his classmate is doing with this information at 14.
But, you know, I think it's a start, right? I think it's a start. I will say that one of the biggest challenges is what we don't learn at school. We tend to learn at home. And this is one of those topics that sometimes our parents don't even know, right. To be able to teach us at home.
So those are, you know, some reasons why financial education has been missing.
And I'll just take it a step further. What we didn't learn at school and we didn't learn at home back in our day, we used to learn it at church and church these days don't even take on the topic. Right. They're a little apprehensive about taking on financial education. So those are reasons, you know, why financial education is missing because we're not taking it on in the places where we typically learn. But I'll just speak specifically on women. I know we're going to talk about women today.
For women in particular, financial systems were not created with them in mind. If you think about it just within our generation, in our lifetime, 1974, women were just given access to credit without needing a male co signer. Right? So the financial systems for women, it just wasn't, it wasn't designed for us.
Financial education wasn't even a priority because women weren't expected to be in control of wealth.
So considering that, you know, it's not a priority, and then you think about the people that are serving women are typically men in this industry.
Women just are not prioritized what our goals are, what are what we need in the industry. It's just not thought of. But here's the thing. You know, this is, I say this, that's historically, but by 2030, women are expected to be in control of two thirds of the wealth in the United States.
So now is the time right for us to get in control of our finances. And of course that comes as a result of like inheritances and we're living longer than Men and those kinds of things. We're even being becoming the breadwinners, et cetera.
But, you know, we just really need to get in control, learn how to grow our money. But I would also say even to protect our money. So we're going to get into some of that today. Yeah.
[00:06:14] Speaker A: And it's funny you said that, because my mom tells a story about she used to be in real estate, and the first house she bought to renovate. The bank told her my dad had to co sign for her, but that's exactly what happened.
And so a question, Brandy. What are the first money basics that you wish everyone learned early?
[00:06:40] Speaker B: I would say the first and probably the most important is that every dollar should have an assignment. Every dollar should be accounted for.
Now, I know that might scare some people, but if you have a clear understanding of what's coming in and. And what's going out, that essential key right there, that could put you on the path to being in control of your finances for sure.
[00:07:04] Speaker A: Okay. Okay. And so.
So. So understanding what the money is for, and I guess that could help you prevent. Prevent you from overspending.
So. So I've heard you use the term smarter money and choices. What do you mean by that? In everyday life.
[00:07:27] Speaker B: Yeah. So smarter is actually an acrostic framework, and we'll talk about that a little bit later.
But what I mean by that. So wealth, it's not built in just one big decision.
Right. It's built in small choices that we make every day. And if we can make smarter choices each day, then that puts us on the path to what we're really trying to accomplish when it comes to our money. So I just mean making those small, smart choices every day. And of course, understanding where your money is coming in and going out is one of those smart choices.
[00:08:02] Speaker A: Okay. Okay. And when you're working with your clients, how do you help them build confidence quickly without overwhelming them?
[00:08:12] Speaker B: You know, for most, financial overwhelm isn't really about the money itself. Right. It's about uncertainty.
When a woman doesn't understand her options, everything feels risky. Wouldn't you agree?
[00:08:25] Speaker A: Yes.
[00:08:26] Speaker B: You don't understand what you're doing. It's like, oh, let me, you know, hold on, let me. Let me get an understanding before I make a choice, because it's something that's not clear. But from my experience, the moment that a woman understands how something works, the fear goes down. I wouldn't say that it completely goes away, but it does go down.
Education is what turns that confusion or that overwhelm into Clarity and control.
[00:08:53] Speaker A: And with that overwhelm, do you think. Because I think so many women were handling so many things, and money is key to most things, it seems like sometimes. And so do you think that that helps contribute or does it fund serve as a hindrance? You know, for some, if they've got a lot of balls, they're juggling.
When you're trying to get those finances together and not be overwhelmed by it.
[00:09:22] Speaker B: Yeah, I mean, definitely, if you have more control. If you. So when you say all the balls in the air, you know, having a lot of.
Are you speaking specifically about where their money is going?
[00:09:34] Speaker A: Not just with the money, but all the responsibilities we have. And then on adding on top of that, the. That we need to educate ourselves and control ourselves, you know, to control and learn more about the money.
[00:09:50] Speaker B: Yeah. I would say because we have so much going on, sometimes just stopping to think about that type of thing is hard to do, especially when we're, you know, raising the kids and we're working, some of us full time or even two jobs. Right, right.
Even taking care of our aging parents. Right. It's a lot that we deal with, especially in our age group. But I would say, yes, it does take. We're sometimes too busy to stop and think. But it's so important. We have to take into account that we're not just living for today, we're actually living for our future as well. But if we don't prepare properly, that future is not going to be as bright as you might want it to be.
[00:10:33] Speaker A: So. Okay.
[00:10:34] Speaker B: Getting in control is important. Yeah.
[00:10:36] Speaker A: So, Brandi, what's one simple money move viewers can do this week that can change momentum?
[00:10:45] Speaker B: Okay, one simple. One simple rule. I mean, I got a few of them, but I would say first, seek your numbers. And what I mean by that is become aware of your spending. That right there is.
If you can just start to keep track of what you're putting out. I don't know. I'm guilty of it, too. Taking my debit card out and spending a few dollars and never keeping track of it. I'm guilty of that. But if you can start to keep account.
So if someone is looking to get in control of what they've got coming in and going out, keep a notebook. I use my phone for everything most of us do these days. In your notes, keep. Have it. Have a note that's specific to what you're spending starting this week. Right. If you start to be aware of what's going out, then you'll start to be aware of what you're spending, how you're spending it, if it's needed to be spent, that right there will start to put you in the mindset and you can start really putting some strategies to work for sure.
[00:11:48] Speaker A: Okay, well, up next is strategy. That's a good segue because knowing isn't enough. You need a plan you can actually stick to. So stay with us.
Welcome back to Guided Legacy.
I'm here with Brandy, the Money smart coach, CEO of Money Smart. In this segment, we're getting practical because most people don't need another lecture. They need a clear framework that they can follow.
Brandy, when someone wants a stronger financial future, where do you start First? Income, budgeting, debt or mindset?
[00:12:50] Speaker B: Absolutely mindset. You got to start with making sure that people are ready to make the changes that they need to make to build a stronger financial future.
So mindset comes first. I think budgeting, or I like to call it a spending plan, comes second. Remember I mentioned earlier, making sure that you are aware of your incoming and your outgoing and you're being very patient, particular about it. So mindset comes first and then starting to take action to be accountable for every dollar.
[00:13:22] Speaker A: Okay, and so what are the core pillars you teach that create a solid plan?
[00:13:29] Speaker B: All right, so let's go back to smarter.
[00:13:32] Speaker A: Okay.
[00:13:34] Speaker B: Right.
So smarter really stands for these things. If I were to take that s right. Seek your numbers. When you seek your numbers, you're knowing what comes in and what's going out. You're well aware and that'll help to remove some of the anxiety that some people have. Right. So checking your accounts on a regular basis m make the pause.
Don't react right with the impulses. Like make a decision that you're going to spend money.
Usually it takes about 24 hours for someone to just sit and think about is this definitely, you know, something that I need, especially if it's a non essential purchase. So I would say make the pause a assign every dollar. Already mentioned that. But also automate your assets. Pay yourself first. Be consistent in that if you can automate your savings, including your retirement contributions, your investments, it really can be a game changer.
Are raise your IPAs, not your IRL. So what is that? Your IPAs are your income producing assets, not your income reducing liabilities.
So your IPAs, those are the things that are going to pay you out. They're going to give you income in the future. Right, the income reducing liabilities. That's the debt that we tend to go into now. I'm talking specifically Dion. When people get Income increases, they get bonuses. Typically what we do is we increase our lifestyle.
That's what most people will do. But what I'm suggesting is you increase your investments. You increase those things that are going to pay you back. T Teach yourself weekly.
Money is a skill set. It's something that you study and you learn if you just pick one concept a week, whether it's about investing or taxes, insurances, compound interest. Pick one concept a week and learn it. That will help you to improve E.
Establish proper protection.
Security is a smart thing.
It actually building a proper protection is the foundation for every solid financial plan. And then finally, r reframe your money story.
Too many people have sayings that they need to just let go. Like, I'm bad with money. I just don't do well with money. No one ever taught me, let's change that to, I'm learning how money works and I'm building mastery in it. So that's what SMARTER stands for. And that's what I would say people need to really learn.
[00:16:19] Speaker A: I like that. I like that. Be smarter.
So what would you say is the most, the most common habit keeping people stuck financially?
[00:16:32] Speaker B: Avoidance.
Avoidance. You know, people avoid looking at their numbers. I'll tell you, many times I have people come into my office and we're talking through their plans, and they can't even tell me what they have going on. There might be a lot going on, but they're just not aware of these things. So definitely looking at your numbers, understanding what you've got going on, being open to different options. Right. Sometimes people avoid just investing because again, we talked about that fear.
So avoiding, I would say, you know, the unfortunate part is sometimes avoiding feels temporary, but really it can be quite expensive because it's typically longer than we think it is. You know, you'll hear things like. Or I'll hear things like, I'll start when I'm 35, or I'll start when I'm 45. But before you know it, we're 50 or 45. We haven't started yet. So it can be quite expensive and be longer than we think.
[00:17:34] Speaker A: Okay, Brandy, so how do you think, or rather, how do you help clients build a plan that works even when life gets chaotic? We were kind of talking about that a little earlier.
[00:17:48] Speaker B: Life always happens. I hear this saying, life be life in. Right.
That Smarter Framework, if you. If you can implement that Smarter framework, it's a plan that will work for you even when the chaos of life happens.
So I would say implement that smart T, E R and really Build your life around it because it helps you to build that safety net even when life is life. And
[00:18:19] Speaker A: what's your approach to debt?
Pay it down while saving or one focus at a time?
[00:18:27] Speaker B: You know, there's so many different philosophies about debt out there. I always say pay it down while saving, pay it down while saving.
Because when you are building wealth, really your greatest ally is satisfied time.
So you want to make sure that even while you're paying your debt down, if you're starting that today, you need to also be starting your savings today.
Just to give you a small example, somebody can, you know, have debt that they're trying to pay down and they've got $400 that they're going to use to pay that debt and possibly save. If they were to put all of that $400 towards their debt and pay that off in say, five years, I'm just going to put some basic numbers out there, but they could have been using that five years to build up their savings that they're maybe trying to build for the next, say 20 years.
That five years could cost them over $100,000 because they didn't have that extra five years to allow their money to continue to build. So I would say pay your debt down while you're saving. It does require some strategy. So make sure that you're working with someone that can help give you that person, proper strategy to do it the right way. But you can definitely do both at the same time.
[00:19:39] Speaker A: I like that. I like that. Because we do. I know I do. I want to pay everything off first and then just not have it hanging over my head.
Excuse me.
So what role does protection play in a solid financial plan? What things do people skip?
[00:19:59] Speaker B: Yeah, you know, as far as protection, you know, I mentioned earlier having a solid life insurance plan in place, it's really the financial foundation when you're building your plan.
You don't want, you know, life to happen, God forbid, and you're not able to work. Life insurance actually can cover you for that. You don't want life to happen where, God forbid, a loved one passes away and they're not covered. That could cause a lot of chaos in someone's life.
So just making sure that you have proper protection in place in the event you can't work in the event that someone passes away or gets sick.
There are a lot of protection plans that they're actually protection plans that are probably the same amount that someone might be paying today that will give them so many more options. So I think protection Plays a huge part in someone's plan, and it really gives the foundation. God forbid life happens.
[00:21:01] Speaker A: All right, Ms. Brandy Gamble, if someone watching wants to begin learning your money smart concepts, what's the best first step?
[00:21:14] Speaker B: Well, I would say give us a call. Right. Our team will help you through understanding what your next best that step is. I believe we're going to put our phone number up, so definitely do that. I also shared a QR code. I'm not sure if that QR code is going to be able to be used, but if you can reach out to us through all the means, Email, phone number, just filling out that form on that QR code, if it's offered up, those would be the best ways to get in touch with us and so that we can help you understand what your best first step is.
[00:21:45] Speaker A: Okay, and what is Your telephone number?
[00:21:48] Speaker B: 404-750-5887.
[00:21:53] Speaker A: All right. Can you repeat that for us?
[00:21:55] Speaker B: 404-750-5887.
[00:22:01] Speaker A: Do you have a website?
[00:22:03] Speaker B: Yeah. So they can get in touch with us through email as well. I would say go to brandycoach.com a money smart coach. Excuse me, Brandy. At the money smart coach.com and then we will also give access to the website so that you have that information. It is the Money Smart coach.
[00:22:25] Speaker A: Com. All right, sounds good. And that's Brandy. B R A N D I.
[00:22:31] Speaker B: Thank you. B R A N D I.
[00:22:33] Speaker A: All right.
[00:22:34] Speaker B: Coach.com. yes.
[00:22:36] Speaker A: All right. Well, thank you, Brandy, and we'll be back after this.
Welcome back to Guided Legacy.
Brandi, you've been very clear that women are underserved and underrepresented in this industry, and that has real consequences.
[00:23:11] Speaker B: Services.
[00:23:12] Speaker A: Let's talk about what that looks like on the ground. Where do you see women getting left out?
Education, access, confidence, or the way financial services is communicated?
[00:23:27] Speaker B: I think women are underserved in all four areas.
Education, access, communication, and confidence. And all four of them are really connected.
Financial services, it really has historically been communicated in a way that feels technical, transactional, and can sometimes be intimidating. Right.
Women don't really feel invited into the conversation. I've even had that personally. I've experienced that as well. We feel like we're being talked at rather than a part of the discussion.
So, Dion, I would say women, we're taught to learn or we're taught to actually earn.
We are taught we know how to carry the bag. For the most part, women are becoming breadwinners. If not already, they're in their homes, and we do those things really well, but what we're not taught is really how to build.
Right.
You mentioned earlier we're doing a lot, we're managing the household, we're holding down careers, in many cases caring for our children and even our aging parents. Yet being brought into that wealth building conversation is where it's lacking. So I would say all of those things, even when access feels, maybe feels confusing and the communication feels overwhelming, that confidence piece is where we suffer the most because we're feeling left out.
But the good news is that financial literacy, it does help to level the playing field. So if women just take control of that getting the education, which is what our team does, and again, we'll talk a little bit about education a little bit later. But I believe that when a woman understands how many works, everything really starts to shift. I think she moves differently, I think she negotiates differently, she invests differently, she really starts to plan differently.
And most importantly, I think she starts to build differently, not just for herself, but even for her future generations. So I believe that financial education is really going to be the solve for all of that. And not just selling women more things, but actually teaching her and allowing her to ask questions and even actually answering them for her. So that'll help to change things for a woman.
[00:26:05] Speaker A: Okay. Okay. And so, and you may have touched on this already, but what money challenges do you think are unique for women or hit women harder? And why do you think that?
[00:26:18] Speaker B: I think there's several money challenges that hit women harder, and most of them aren't really about the ability. Right. We have the ability. It's more so about the structure and the preparation. I think that's the huge challenge that we're dealing with.
Women typically live longer, and that means that our retirement savings has to last longer for most of us. So that's a big challenge.
Second, I would say women are more likely to take career breaks throughout their life. You know, women, they'll take time off for their children or even their aging parents definitely have seen that in the circles I've been in.
And those years impact how they grow their income, how they save for retirement and even Social Security, which isn't going to be a whole lot for many of us, but it impacts those things.
I would also say, you know, it's unfortunate, but there's still a wage gap.
Right. That's a huge challenge for women in many industries.
So even if it's a small percentage, those differences could really cause a huge gap over many decades. So I think those are some, you know, some of the challenges and Then of course, there's confidence. You know, talked a little bit about that earlier, but when women don't feel confident in what they might have the opportunity to invest in, they're not going to choose to invest.
So having that avoidance show up again. Right. Is going to be a big hindrance and a big challenge that we're dealing with. So these are all really big challenges. Again, I can't help but say that financial education is going to be the key.
And that's really where my team, you know, we pride ourselves in giving that to our clients.
[00:28:12] Speaker A: Yeah. And I really think that even with what I do with estate planning, it's the same thing. The education is the key. And so how do you and your team help women move from I don't understand this to I can lead this.
[00:28:31] Speaker B: So really, after one conversation, because we lead with financial education, our first conversation is giving the education.
And then after that session, people feel. And women, of course, feel more. They feel empowered. They feel that they understand better. And when you feel, Claire, when you have that clarity and you feel empowered, then you want to move forward. So we don't solve every problem in the first session. It's really about the education.
But once you get that clarity, then you're ready to move forward. So that's how we. We help to lead through it.
[00:29:08] Speaker A: Okay, and so what. What conversations, Brandi, should women be having in relationships about money sooner?
[00:29:18] Speaker B: That's a powerful question.
That question right there with the right answer can really shift a relationship.
I would say, you know, one. One very strong question that somebody that a woman in particular can ask is, how do you think about money?
You know, sometimes we talk a lot about income, you know, what the person is bringing in or what the individuals are bringing into the relationship. But rarely do we talk about the mindset that people have about money when we're starting a relationship. So I would say start. Start there. Understand your mate's mindset, their habits. Right. Their debt philosophy, their risk tolerance, all those things, long term goals, Those things matter more than income, in my opinion.
[00:30:12] Speaker A: Okay, so the next date I go on, I'm going to say my financial advisor, Brandy, said, I need to ask you this.
Okay, so how do you teach confidence without ignoring the real numbers?
[00:30:32] Speaker B: So, Dion, we don't teach confidence separate from the numbers. We teach confidence through the numbers. Avoiding the numbers is just going to create more anxiety.
[00:30:43] Speaker A: Okay.
[00:30:43] Speaker B: So we don't. We face the numbers.
That helps to create clarity. And then, of course, clarity. Clarity helps to build confidence. So we do it and, you know, we Connect the two.
We look really at what's real, and I'll just, you know, break it down. Income, debt, savings, retirement projections. We're going to look at all of those things, and we're going to do it without judgment, without shame.
Because the numbers aren't judgment. They're just information.
Right. It's about what you do with the numbers. So we have to keep in mind that numbers aren't our enemy.
Remember avoidance? Right. Avoidance is going to be the biggest enemy. So we just have to face it, you know, front on.
And once our client understands really, where she is, we can create a plan, and then we can create one that turns her fear into focus, really.
[00:31:35] Speaker A: Okay. Okay. So what would you say is the single biggest mindset shift that changes financial outcomes?
[00:31:46] Speaker B: Ooh.
Thinking like an owner versus a consumer, you know, especially in our community.
And it just is what it is. I mean, historically, we are the biggest. African American women are the biggest consumers.
But I would say, in general, right. Women spend a lot. Typically, not. Not every woman, but it's. It's. It's. It's definitely.
And that's probably a stereotype, but it is what it is. Right. We tend to spend for what the family needs, which turns into just spending for selfish needs. And sometimes it can get out of control. If we can start to think less like the consumer and more like the owner, I think that really helps to shift the mindset. So instead of asking, you know, can I afford this?
Maybe ask, will this grow for me?
Right. Start to put some of those things in place.
So, yeah, that one shift can really change everything.
[00:32:54] Speaker A: So are there other aspects of strategy that you think we haven't talked about that might be helpful?
[00:33:06] Speaker B: Yeah, I think earlier we kind of touched on.
There was one thing that we touched on. I said I was going to come to it, just diving into the education, like, actually, what can people start to do?
So in our next segment, maybe we can touch a little bit on those things.
[00:33:27] Speaker A: Okay, well, that sounds good. So this is great information, Brandi, and we're going to go to our break.
But I think the key here is legacy isn't just what you leave. It's what you teach, model and protect.
Our final segment is coming up, and in that segment, we'll be talking about building wealth and building leaders.
Brandi also trains professionals nationwide on how to create thriving financial services.
Thriving financial services businesses.
We'll get into that next.
I'm going to repeat that.
Our final segment is coming up, building wealth and building leaders. Brandi also trains professionals nationwide on how to create thriving financial services businesses. We'll get into that next.
Welcome back to our final segment of Guided Legacy. Brandi, you don't just teach clients how to make smarter money choices. You also train professional women and men nationwide on how to build thriving financial services businesses.
That's powerful because when you create more educated professionals, you create more empowered communities.
What does it take to build a successful agency and keep the work holistic and client centered? How do you do that?
[00:35:16] Speaker B: Yeah, building a successful agency isn't really about the sales. Right. It's about the standards. It's about making an impact.
So for me, it's about building people before you build the production.
And that really means education. We focus on that for our agents. Ethics, communication skills, and really understanding how money works, not just how the products themselves work.
So I think a thriving agency requires structure, accountability, continuous training.
So we anchor really everything on those things and on service, servicing our clients.
We do teach our professionals to look at the whole picture. We give comprehensive planning, including protection, growth, tax strategies, and legacy building, not just, you know, one transaction. There are some agencies that focus on just one thing, but our focus is comprehensive.
And because families don't live in financial silos, you know, it's important that we include all those things. I would even say families are generational.
Right. So we do generational planning as well, not just for, you know, the one generation. So, yeah, just I believe that training our advisors and, you know, educating them not just to sell, but to actually, you know, build, make an impact is important. So that's how we build the confidence in the communities we serve.
[00:36:52] Speaker A: Okay. And so, Brandy, what does your holistic approach to financial services include? I know you touched on some of those things.
[00:37:00] Speaker B: Yeah, yeah. You know, first thing is everyone who sits down with a Money Smart coach will get a free financial education session. I said that earlier. Like, we believe, we strongly believe that financial education helps people to stay in their plans, to know what they have so that they're not out there, you know, shopping, and to be really the confidant that they need us to be so that if they have questions or, you know, they're unsure about something they may have heard, they can come and address it with us. But having that education is important. So everyone gets that free financial education for all. Right.
But we will walk them through how money works across all aspects of the financial plan.
We help them build a spending plan, learning how to pay themselves first, you know, which includes, of course, an emergency fund, retirement savings, if they have business desires, special purchases, those kinds of Things we want to gain an understanding of how they would like their money to work for them. So we take into account their risk tolerance, their tax tolerance, legacy goals.
And then together with their goals in mind and our strategic expertise, we design a plan that will help them reach their goals.
[00:38:20] Speaker A: All right, and so why is having core services essential for a solid financial plan?
[00:38:29] Speaker B: You know, core services are essential because a financial plan is only as strong as the, the foundation. Dion. Right. Without that foundation, their growth is fragile. The plan is fragile, essentially. You know, one unexpected event, when you said earlier, the chaos, right, One unexpected event can really undo years of progress. And I've seen it happen, right. Health related or job related, it could really cause things to go haywire. So those core essentials are really important.
Before we talk about wealth building with our clients, we address protection.
Before we go chasing high returns, we make sure that there's stability before you can scale, you really do have to secure what you have. So that's important to us. So those core services like emergency savings, proper protection, debt strategies, you know, making sure those things are in place, I would even say estate alignment.
Those are important.
Those really help to create the base and that's what everything stands on.
[00:39:41] Speaker A: Okay. Okay. And what do you mean by protection?
[00:39:45] Speaker B: Yeah, so protection includes, of course, a proper health plan, a proper life insurance plan, disability plan.
All those things are protection. I would say even in a very solid estate estate plan, you know, people need those things to, to ensure that, God forbid, something did happen that they weren't planning for, there are some key things that they can fall, they and their family can fall back on.
[00:40:12] Speaker A: And do you see that? You know, because I hear you with that protection and there's a lot of us who are entrepreneurs and other things. And like you said, emergency can happen or a crisis, something happens just out of the blue.
Do you see that a lot of people are missing like that disability insurance?
[00:40:32] Speaker B: Yeah, I do.
So I get a lot of clients that come to me and don't even know. I would say disability and even long term care planning, Right. They don't even know that they need to have it if they are, especially entrepreneurs, because when we're at a job that sometimes, not all the time, but it comes as a part of the benefits, short term and long term disability. As an entrepreneur, if you don't seek it out, you're not going to have it. So it's so key to make that a part of your plan. God forbid you are not able to go to work one day. As an entrepreneur, as most sole Proprietors. Right.
The bills aren't going to get paid.
So having disability long term care planning is key in every especially entrepreneur's plan.
[00:41:21] Speaker A: Right. And I've seen that happen recently.
And so it made me stop and think, hey, that's where I have a gap too.
[00:41:31] Speaker B: Do we need to talk to you?
[00:41:32] Speaker A: Right, absolutely.
So what would you say separates a thriving financial services business from one that struggles?
[00:41:46] Speaker B: So a financial services business or a financial services plan, which is the.
[00:41:53] Speaker A: Well, we were talking about your, you train people to provide those services.
So I know myself as an entrepreneur. It goes up and you'll be rolling and then Covid happens.
[00:42:08] Speaker B: Oh yeah. Oh yeah.
So you know, from a financial services business, one that thrives versus one that struggles, I think when you focus in on selling people products, you get burnt out.
So if it's about, you know, someone who's, you know, sees this as an opportunity, which I think this industry is one of the best, it's actually the highest profiting industry out there.
But if your mindset as a business owner in this industry is not, not in the right place of serving people and helping to make an impact in people's lives versus, you know, just selling them products, then you are going to, you're going to struggle. So I think that's the area that people suffer when it comes to, you know, building a business in the industry, focusing on the wrong thing.
[00:42:58] Speaker A: And when we started this segment you missed, you mentioned a few characteristics and I heard one that really struck a chord with me. You said ethics.
And I think that's so important, especially when you see everything that's going on now. And so how does that, how does ethics play a part in your training and what you're doing with training professionals,
[00:43:23] Speaker B: you know, doing what's right all the time, even when no one's looking. Right. Just doing what's right for the client.
Always having that in mind. You know, we use a phrase, and when I first started in the industry, mission before commission, it's always about doing what's best for the client, no matter how much you get paid for it. Because I mean, at the end of the day it is about your integrity. Right. It is about, you know, having a good ethical foundation. So it's huge. Ethics is major and we make sure that everyone that comes through our team, that's first priority for them as well.
[00:44:04] Speaker A: Okay. Okay. And so what would you say is the biggest mistake that new professionals make when they're starting out?
[00:44:15] Speaker B: Exactly what I said. I think this the biggest mistake when we focus in on income versus our impact.
Another mistake is, you know, trying to find shortcuts. You know, that really hurts credibility.
Credibility isn't built overnight. You know, it takes training, mentorship, repetition.
It really takes, you know, doing things with high integrity.
The industry really rewards people who are patient, who are coachable, and who are committed to becoming experts and not just out here selling products. So I would say, you know, definitely, you know, leaning in on those things, making an impact versus just an income.
[00:45:00] Speaker A: All right, and so for someone who's watching us today who wants both financial stability and more income opportunities, what should they explore first?
[00:45:13] Speaker B: So with, you know, for financial stability, I would say, number one, you got to seek those numbers. You got to know your numbers, right? What's coming in, what's going out.
I think having a partner in this journey is going to be key for anyone who wants to get that stability and wants more income opportunities. Seek the financial partner that can help guide you.
Our team is available to understand what your goals are, understand where you know, what you're trying to get happening for your money, and then we can help get a plan together to do that. So first thing, seek your numbers. I would say, put that smarter framework into gear, and, yeah, make sure you have a financial partner that can help you through it.
[00:46:03] Speaker A: Okay, well, that's all good stuff. Thank you, Brandy.
I think. I think our audience will really benefit from some of the things you've seen shared.
So if you're ready to build money confidence, make smarter choices, and strengthen your financial future, connect with Brandy, the Money Smart coach.
Thank you, Brandy, for joining us today, and thank you for making financial education feel empowering and real to everyone. Watching your legacy deserves clarity, and you don't have to figure it out alone. You can learn the rules, build a plan, and lead your life with confidence. I'm Dion Tracy Duckett, and this is Guided Legacy. We'll see you next time.
