Good Neighbor Podcast: Tri-Cities
Bringing together local businesses and neighbor of the Tri-Cities region. Good Neighbor Podcast hosted by Skip Mauney helps residents discover and connect with your local business owners in and around The Tri-Cities.
Is your business serving the residents of Tri-Cities? Then, we need to talk! Visit gnpTri-Cities.com to schedule your free interview.
Good Neighbor Podcast: Tri-Cities
EP# 148: Shattering Financial Myths: Drew Scott's Journey with Revolutionary Wealth
What makes Drew Scott with Revolutionary Wealth a good neighbor?
Unlock the secrets of financial planning as we chat with the remarkable Drew Scott from Revolutionary Wealth. At just 28, Drew has already carved out a niche in the financial world, starting his career at the tender age of 19. He's here to shatter the myth that financial advisors are only for the wealthy and to emphasize the importance of strategic planning no matter your stage in life. Whether you're a young professional just starting out or someone nearing retirement, Drew's insights offer invaluable advice on minimizing taxes and planning for a secure financial future.
Beyond balancing numbers, Drew also balances life as a devoted family man with two young children. He shares his love for exploring local coffee shops and enjoying the outdoors in the beautiful Northwest Arkansas region. His dedication to fitness and family life brings a refreshing perspective to achieving a well-rounded and fulfilling life. Join us for an engaging conversation that blends professional wisdom with personal passions, giving you a holistic view of what it means to be financially and personally successful.
To learn more about Revolutionary Wealth go to:
www.revolutionary-wealth.com
Revolutionary Wealth
(417) 621-5390
This is the Good Neighbor Podcast, the place where local businesses and neighbors come together. Here's your host, Skip Monning.
Speaker 2:Hello everyone and welcome to the Good Neighbor Podcast of the Tri-Cities. So we've got a very special guest with us here today, whom I'm sure you'll be just as excited to learn all about them and their company, because today I have the pleasure of introducing your good neighbor, mr Drew Scott, who is with Revolutionary Wealth. Drew, welcome to the show, thank you. Thanks for having me. Absolutely, we're thrilled to have you, like I said, very interested in learning all about you and your company. So, if you don't mind, why don't you kick us off by telling us what you do?
Speaker 3:Yeah, yeah, so Revolutionary Wealth. We're a financial planning and wealth management company, and so our focus is helping people reduce or minimize taxes nearing or in retirement, or for young professionals, helping them be strategic with their dollars and planning for a tax efficient standpoint as they save for retirement along the way.
Speaker 2:Very good, very good Now, which is something that everybody should be focused on at some point in their life. How did you get into this business, Drew?
Speaker 3:Yeah, great question. I actually got into this business at the age of 19. I had just played a year of college football and had transferred back to the school locally and they had a career fair the second day on campus at Missouri Southern and I met my previous firm at a career fair, took an internship opportunity, which was basically an opportunity to work full-time on a part-time basis and start getting all my designations and testing and licensing done, and so I started building my practice at 19 and never did anything different. I thought I was going to be a CPA or have an accounting degree, always wanted to start a business but have loved the business and never done anything since.
Speaker 2:Wow, so you started early.
Speaker 3:Yeah yeah. A lot of people don't believe me. I'm only 28 and I've been doing it almost 10 years Wow.
Speaker 2:Wow, that's incredible. Well, you've obviously congratulations 10 years and to be 28,. Man, you're ahead of the game. So what are some myths or misconceptions in the financial planning industry?
Speaker 3:Yeah, I was thinking about that in advance. I believe the biggest misconception or myth is that people need to have a lot of money to work with a financial advisor. You know, I think a lot of people don't reach out for help because they don't think they're qualified, and I think that's just a misconception, because one you know, what I find is a lot of times, when people are older, they feel like they don't have a lot of money and really they're a prime candidate for a financial advisor, even if you know they have several hundred thousand dollars. They sometimes feel they don't have a lot of money, which is funny. And then young professionals you know you have to start somewhere, and what they don't realize is there's a lot of different types of advisors who can help them achieve their goals and answer some of their financial questions, and so it's really a myth that you have to have a certain amount of money. I think you could start at zero and if you're in front of the right person.
Speaker 3:They want to help you.
Speaker 2:Very good. Well, you know, I've heard, I've actually read articles about that, about you know how much? Money do you need to have before you hire a financial planner.
Speaker 1:So that's a big misconception.
Speaker 2:So, outside of work, what do you do for fun, drew?
Speaker 3:Yeah, I've got two little ones. My son has just turned three and my daughter's a year and a half. So you know we're pretty busy, everything kid wise. You know we're full time parents. My wife stays home. You know we're big coffee people, we like to go try local coffee shops and you know we live in northwest Arkansas and so getting out and just the local area, all the trails and parks, and getting outside, you know I like to golf.
Speaker 3:I don't golf as much as I'd like because I don't have time to, but I'm a big fitness advocate. I like to work out. So work out of my free time very good. Well, the best answer.
Speaker 2:Good answer, but the best is the spending time with your kids. That's especially if your wife listens to the podcast.
Speaker 1:That's yeah, and it's not with her too.
Speaker 2:You said family, so that's important so uh well, let's switch gears. Drew um. Could you describe a hardship or a life challenge that you've overcome and how it made you stronger when you came out of it? Anything come to mind yeah, absolutely yeah.
Speaker 3:You know, a couple of years ago, I and I had a really a shift with my, the last firm I had my business affiliated with, and, you know, just learned a lot about. You know what my business looked like and you know the strengths and weaknesses associated with it. Um, I really had to recognize, okay, what's, what's it mean to be a business owner? How do you operate, create a lot of financial challenge, a lot of changes I had to make. I had to really reinvent our business, and so it taught me a lot about, okay, how do we proceed? And really also, you know we work with a lot of small business owners, and so really helping me educate you know we work with a lot of small business owners and so really helping me educate you know the people that we're in front of as well of how do you really equip your business to make sure you're financially bulletproof but also you've got a business that transcends and that you really kind of control your financial future and how your business operates.
Speaker 3:So it was very challenging, but it was one of those situations you know you always hear about hey, when you go through a really tough patch, you're better for it, and when you hear that when you're going through a tough time, you never really believe you when you hate to hear it. But we had our best year ever last year. So it really does show that you know hard times make good people.
Speaker 2:So Absolutely Couldn't. Couldn't agree more. Love the term you used uh, bullet financial being financially bulletproof. I like that. Thank you, I'd love to be able to financially bulletproof. So, drew, if there were one thing, if there was one thing that you would want our listeners to remember about revolutionary wealth, what would that be?
Speaker 3:Yeah. So I think the one thing that you know I thought of in advance is you know there's, you know, multiple ways to get access to an advisor. You know, and so we have people that you know. You know, when it comes to revolutionary wealth they hire us for on a fee basis or a consulting basis, and so maybe they need help one time. You know, when it comes to Revolutionary Wealth, they hire us on a fee basis or a consulting basis, and so maybe they need help one time.
Speaker 3:You know they're just going to pay for advice and expertise. Maybe it's tax deductible to their business. Sometimes they're looking for an ongoing advice, you know. Sometimes you know they pay us on an ongoing basis. Or maybe it's just a transactional thing where we can help them implement certain things like Roth IRAs or insurance products or something within their financial planning. And so, going back to the myths and misconceptions, sometimes there's ways you can work with financial advisors not even having an out-of-pocket expense. So just understand that you just gotta meet with a good financial advisor who can offer multiple things to you, and you have multiple paths to working with them. And so even if you're tight on cash, you know, there's typically solutions where they can still work with you. And then the other thing is not all financial advisors Same. I think one thing a lot of people realize is just like when you go to a doctor.
Speaker 3:You know your primary care physician is probably not your cancer doctor. Did you get cancer? Same thing when it comes to financial advisors. Some of them have specific, specific expertise and so, like ours, is helping people reduce taxes and we focus heavily on taxes when it comes to retirement, but then there are certain financial advisors that are focused heavily on stocks or picking certain investment portfolios. So, just understand, you got to do your research and identify the right people that help solve the problems that you're facing relative to your goals.
Speaker 2:Very good thing to remember. And for those of us any of our listeners are interested in learning more about you and what you can do for them. How can they learn more?
Speaker 3:Yeah, absolutely so. We're under construction on our new website, but I am on LinkedIn. So even if you just Google Drew Scott, I'm typically the first Drew Scott financial advisor my LinkedIn usually comes to the top and then we have a free video that actually it's based on. So on average, we save retirees $495,000 or more on taxes in retirement. We just have a free video kind of given a lens as to how we do that, and so if you want me to share that with you or we can provide it, you know, in a link at the bottom of the podcast, but that's something we can also give them access to.
Speaker 2:Absolutely yeah. If you don't mind, please share that with me and I'll share it with the podcast as well.
Speaker 3:Okay.
Speaker 2:Very good, very good. Well, drew, I can't tell you how much I appreciate you taking time out of your schedule to, especially because you weren't feeling very well. You told me before we started recording. But I appreciate you being on the show and we wish you and Revolutionary Wealth all the best moving forward. Thank you, I appreciate it. Thanks for having me Absolutely, and maybe we can have you back again one day. Yeah, that'd be great. Look forward to it. All right, same here. Thanks so much.
Speaker 1:Thank you for listening to the good neighbor podcast. To nominate your favorite local businesses to be featured on the show, go to GNP tri dash citiescom. That's GNP tri dash citiescom, or call 423-719-5873.