The Get Ready Money Podcast Episode 100 with Chris Mouzon, Derrick Wesley, Faith Teope and Mac Gardner

On this special 100th episode of The Get Ready Money Podcast, I was joined by Chris Mouzon, Financial Coach and Co-Founder of United Agency; Derrick Wesley, founder of Seedlyng Financial Education; Faith Teope, multimedia journalist and CEO of Leverage Retirement and Mac Gardner, Certified Financial Planner and Founder & Chief Education Officer of FinLit Tech. We each shared one thing that we think we know about changing the way we think about money. 

Here’s what we each think we know and then discussed: 

• We need to help people be curious. We need to help people ask questions, so they can be empowered for themselves. (Tony)
• We can find new ways to engage people from an earlier age and increase financial capability. (Mac)
• We need to help the older generation. It’s not too late for them? (Derrick)
• We need to have vision. We need to clarify what we really want (Faith)
• We need to focus on inspecting what you expect. (Chris)

Chris Mouzon is a Financial Coach and Co-Founder of United Agency where he helps people and families build better lives through finances. With expertise ranging from Entrepreneurship and wealth building to business tax hacks and retirement planning, Chris is knowledgeable in many different areas of Finance and Business. Chris believes in the power of positive energy and daily habits to transform lives and he's sharing what you can do to reach a place of financial (and personal) freedom.  

Derrick Wesley is the visionary founder of Seedlyng Financial Education. He is on a mission to bridge the financial literacy gap among youth and young adults. With a background in education and a passion for empowering the next generation, Derrick founded Seedlyng to instill essential money management skills in students worldwide. Through interactive workshops, personalized curriculum, and cutting-edge technology, Seedlyng equips students with practical financial knowledge. Derrick's vision is to create a world where financial literacy is not just a subject in school but a life skill embedded in every young person, empowering them to make informed financial decisions.

Faith Teope is a multimedia journalist, children’s financial literacy author, and CEO of Leverage Retirement, a 40+ year-old TPA/Recordkeeper firm. She is known for being the host of the weekly podcast, Pull to Refresh: Where 401k experts get curious. Teope is the editor of The Naked Professional LinkedIn Newsletter and a contributor to Safe in Harm’s Way as a financial abuse advocate. Her new show, SAVVY, explores the systemic gaps in financial literacy and is scheduled to air in the fall of 2023. Teope's debut title, The Monster Job, hits bookshelves in April 2024. 

Mac Gardner, a Certified Financial Planner practitioner, has served in the financial services industry for more than 20 years. 

His passion for financial literacy led him to publish his first book, “Motivate Your Money!”. The book served as a tool to share his extensive experiences in the field of Personal Financial Planning. As his family grew and his clients began to ask him for ways to teach their kids about managing money, he decided to use elements from his first book to develop a financial literacy platform for young children. "The Four Money Bears" represent the four basic functions of money. When children gain exposure to money management skills at an early age, they are likely to develop healthy financial planning habits as adults. Mac also serves as Founder and Chief Education Officer of FinLit Tech.  The company's mission is "Building a Bridge Between Financial Literacy and Financial Technology".

Transcript

Speaker 1: 0:04

Are you looking to get ready, be prepared and transform your financial future? Then you've come to the right place. This is the Get Ready Money Podcast with Tony Stewart, where Tony has insightful conversations with financial experts who are changing the way we think about money. Watch up on the latest financial trends and hear practical advice from Tony and his expert guests so you can build healthy habits that work. Be empowered with tips for implementing small changes that can have a big impact on your financial future. So sit back and get ready to hear from today's guest.

Speaker 2: 0:48

Welcome to the 100th episode of the Get Ready Money Podcast. Change in a Way we Think About Money. I'm pleased to be joined today by Faith Taoping, matt Gardner, chris Mazzone and Derek Wesley. In this special episode, we'll be discussing one thing we each think we know about how we can change the way we think about money. Welcome everyone. Thanks for being here today.

Speaker 4: 1:14

Thanks for having us.

Speaker 2: 1:16

Thanks everybody for tuning in. These are some amazing people and I think hopefully you'll pick up some amazing nuggets. So, as we get started, let's just go around real quickly and introduce ourselves. Faith, do you want to kick it off?

Speaker 5: 1:30

Sure, I run a 401k and ESOP firm, but I'm more publicly known as a multimedia journalist, covering topics of retirement abuse and raising savvy kids.

Speaker 6: 1:46

Hi everyone. Matt Gardner, certified financial planner, founder chief education officer at Finland Tech, also the author of a couple of books Motivate your Money and the Full Money Bears and our mission at Finland Tech is to build a bridge between financial literacy and financial technology.

Speaker 3: 2:05

Chris, hey, chris Mazzone here, financial coach, also in the insurance space. My wife and I have been helping people look at underneath their financial life for a decade now. Our job is to really take the concepts that a lot of the Schwab, merrill Lynch, morgan Stanley's of the world are teaching and bring it down to middle America people like us. So that's the passion and that's the mission.

Speaker 4: 2:38

Hi Derek. Hi Derek Wesley, owner and founder of I'm Our Learning Solutions and also the creator of Seatling Financial Education. We work mainly with middle and high schools. We can really do K through 12, all the way, but that's our sweet spot, and we help make sure that teachers have all the tools and knowledge they need to provide engaging financial literacy lessons for the students inside of the classroom. And we're happy to be on this podcast with you guys, with all of these experts, so looking forward to the conversation.

Speaker 2: 3:13

Yeah, I know I am as well, so you know I'll kick it off. Here's what I think, I know. I think that we need to help people be curious. We need to help people ask questions so they can be empowered for themselves. So you know, it's the old adage if you give a man a fish, you feed him for a day. If you teach him how to fish, you feed him for life. What do you guys think about that?

Speaker 5: 3:41

Well, are you asking for people to be encouraged to be curious?

Speaker 2: 3:46

Yeah, I think that's. What we need to do is, instead of saying, hey, you need to get a 401k. You know it's like we ask them to ask questions, you know. So they think, hey, why should I get a 401k? Is a 401k the right thing for me?

Speaker 6: 4:02

Yeah you know, sorry, faye, good, no, go ahead, no. So I love the curiosity. There's this old, there's a thought or concept when he talks about a mood elevator. And when your mood is really, really high, things are great, things are very positive. When your mood is very, very low, things are pretty negative. But something fascinating happens when your mood is like right in the middle, you stay curious. And I think for a lot of people, because financial literacy or finances isn't really taught, it's not really something that's bought out there and put in their space on a regular basis, it's hard for them to be curious because they just they just you know, they just really aren't aware of it. But I agree with you, it would be great if we could find ways to make it more interesting so that people would be more curious and not this taboo topic.

Speaker 5: 4:57

Yeah, I agree, they're going to want. They're going to need to want to be curious in the first place, that's for sure.

Speaker 4: 5:07

And that really connects with the work that we do with the students inside of the classroom. Just listening to you guys talk A lot of the students, something we focus on is providing them with financial education on their learning level and if we give them something that's above their level then they might fear it and run away from it. So that's something we really focus on making sure that the students get the learning on their level so they're not afraid, so that they will continue to be curious, to want to learn more. I think, chris, from some of our conversations that we've had in the past, when you talked to me about the work that you've done, I really liked how you present the information to the people you work with. You really do a very good job of taking that fear away to help them understand that no, you're here to help and it's not something you have a conversation you have to run away from, and I'd love to hear your thoughts on that and how you kind of work with people to take that fear away so they stay curious.

Speaker 3: 6:08

Yeah, absolutely Derek. I mean just from the question, tony, of people being curious about their money, and I think you're hitting on the right point. Sometimes it's just the fear of the unknown and the fear of us not having these conversations frequently, especially if we don't grow up in households where we have these conversations. So, really just making creating safe spaces to talk about these things, like that, all saying in school, right, no question is a dumb question, right, no question is a stupid question. Well, when it comes to money, like people actually think that they are some stupid questions. Like if I ask this question that I really don't know, like I actually may believe that's not a smart question. So, creating safe spaces where people feel comfortable enough to have the conversation, because I don't know that people aren't necessarily curious about money, because everyone deals with it every single day of their life and so it's like an ingrained in us. I just don't know that we have the safest spaces to know how or who to talk to about those things.

Speaker 5: 7:13

That's an interesting point, because what you're saying, what you all are actually saying, is that a precursor to curiosity is letting go of those that fear and potentially having a little bit of an awareness first of something to be curious about in the first place. It's interesting.

Speaker 3: 7:30

Very true, very true.

Speaker 2: 7:33

I think that's nailing. It is that people don't feel like they can ask questions in a safe way. Even thinking back to class, do you want to be that one student who asks a question and everybody laughs at you? Now you're talking to your insurance agent and you don't want to admit to your insurance agent. You know I'm not sure what a premium is. What is a premium? I mean, you know, when you all sat with clients, you know you get that and you can see that that look sometimes on the client space where you know they're not really falling along with what you're saying but they're scared to say. And I think as advisors you know we have a duty to our clients to say are you following this? You know, do you have any questions? And I think sometimes we just charge ahead, you know, with our whatever our presentation or discussion is.

Speaker 5: 8:26

And I think that there is an embarrassment to asking those questions and I think it's a trickle down effect from past generations that created a culture in the finance world where we've made people think that they're supposed to know these things already and so, and then all the messaging is fear based. You know you better do this or else you're going to run out of money, and so then it kind of makes people cower a bit. So I think we've created an environment that makes them fearful to open up because they feel like they're going to get that hand slap. It's almost like going to the dentist without brushing your teeth.

Speaker 2: 9:02

Oh, that nails it, that nails it, so yeah. So anybody else have anything to add? Or should we go to the next thing? We think we know?

Speaker 6: 9:12

I'm curious. I'd like to go next to the things I think I know, because I love to get this panel's perspective on it. I think I know that we need to find new ways to engage more people from an earlier age just more people in general about how to teach them about money and their personal finances, Because I have three children myself and my kids are learning about stuff way differently than I learned about things and generations that came for us.

Speaker 6: 9:46

So that's why I think technology is going to be a huge it needs to be a huge factor in it. I'll put that out there.

Speaker 2: 9:55

Thoughts I agree money should be a core skill that's taught in school. It's such an important part of our lives. I think Faith you mentioned in Minigos we expect people to know these things. You turn 18, open a bank account, get your auto insurance, get them well, maybe not when you're 18, get them mortgage, but you have to do all these things that you're expected to do as an adult. But it's like where do you know it? You know, and the kids grow up and they're like I don't know, and I saw my parents argue about money. So do I really want to talk about money with other people? Money causes arguments. Mom and dad argued over money.

Speaker 2: 10:40

So, yeah, I'm totally with you, Mack.

Speaker 5: 10:43

Yeah, I love the idea of getting started at an early age. Oh, derek, you look like you're about to say something. Go for it, go for it. Well, I mean, I think that you're right, both of you. Tony, you mentioned basically the trauma that we experienced growing up around money, that we may not even necessarily realize that it's money trauma, and if we start those conversations early and it doesn't have to be stocks, assets and liabilities at age four, but I think we can introduce those concepts. I even just the other day watched my kids halfway get ready for school and then spend about 30 minutes kind of drawing, eating breakfast slowly, and then when I say to load up in the car, then they're scrambling, zip up their backpacks, put their last shoe on, you know, and and I thought, oh my goodness, this is exactly how people deal with their money and retirement. They wait till that last moment where the deadlines right in their face. So I think there are ways to get started early on because those, those behavior patterns definitely are there.

Speaker 4: 11:45

And so.

Speaker 4: 11:46

I really want to piggyback on what you're saying, faith, about financial trauma. I think that could be a show all in itself, to be honest, because that's a major issue in a lot of different communities. Right, I grew up in a generation where my parents didn't talk to us about money. Okay, we're supposed to stay in a kid's place, you know. I asked them about their money and how they're handling it, and that's that.

Speaker 4: 12:09

I'm trying to do things different with my own kids. I constantly talk to them about investing and how I manage my money. I tell them 10 bits of mistakes that I've made. I want to make sure to open the door so if they have questions, they don't have to feel like, well, that's not going to answer that because that's an adult situation or adult conversation. No, I don't have to give them all of the details, but I need to make sure that I'm preparing them for the challenges that are ahead.

Speaker 4: 12:41

When it comes to reading, for example. I'm a principal once mentioned to me that a lot of parents don't like to come back to the schools and be a part of the community because they have that trauma of being struggling at reading or struggling in math, and so sometimes they stay away from the school because they don't want to show the teacher or the principal that they're not on the same mental level, for example, and so I think it's the same with financial trauma, where we have to find ways to make it a safe space to be vulnerable, so that people can talk about their problems and their issues and know that folks like you are out there to help them through the situation so they're not alone.

Speaker 3: 13:26

Yeah, that's, that's. That's really. That's really good stuff. This conversation, when we talk about technology, mac, of like kind of what, what the future will hold or what the kids need moving forward, I honestly think that we need to find a way to get it in their hands earlier for, like use case, right, because we're very like Tony, very much to what you said. Like we're, they're expected at 18 to go do this thing, it's like, but we've been dealing, we've been teaching them how to deal with people since they were for, since they were three, right, we've been teaching them about their emotions since they were for, right, like we're, we're teaching them all the life skills, right, the eq things. We're teaching them that at a very early age.

Speaker 3: 14:07

But money is all theoretical, it's all let's just what would you do or what if this? But we're not giving them use cases to actually say, like your seven, here's money and here's how it works. Now, maybe just because we don't live in a society where they can actually do something at a seven year old level, right, with their money. But I really feel like that's what's needed to put it in their hands earlier. So it's not foreign when they're 16. It's not foreign when they get their first paycheck like it's where you live for 15, 16 years of your life and outside of your parents telling you a little bit of things. You don't have a use case. So if it is technology that could help with the use case, but I really think it's them using it earlier rather than later.

Speaker 5: 14:51

Yeah, and you know, they say. They say that there have been so many studies where financial literacy efforts have been put into place and then at the end, everyone still is not financially literate, which, whatever the literal even means, we haven't really identified that either, you know. But the thing is, is that value is all the same? Time, relationships, money If we stop to think about it, they all operate the same giving, saving, investing, it's all the same.

Speaker 5: 15:22

And so I think that we're so quick to try to educate kids on money when really we just need to connect the dots between how they use their time, something that they do know about. There's a school bell that they have to be there into their classroom. By there's, you know, certain time periods that they need to go to bed. They can use the concepts of time. So tying that into money in small, subtle ways, maybe even not calling it money. Yet I think those are how we can introduce it, and I because I totally agree with you, mac we have to get these concepts in their minds sooner so they're not panicking or frantic trying to grasp taxes when they finally start getting a paycheck.

Speaker 6: 16:02

I love Chris's point because we've all been in this financial education space and like to say that there's actually a formula to this whole financial wellness thing is, which is where everyone's trying to get to right. It's financial literacy, and there's tons of it out there. You can Google financial literacy and there are thousands of millions of books and sources. But the issue in my mind is the financial capability. All the tools, the implementation, what's being placed out there to actually get young people or people period, to actually do these things and develop these habits which eventually become behaviors, which eventually become who you are as financial traits. That that's what I would love to be able to see, and what I love about this panel is that we're all not just talking about it, but we're actually building tools and building resources and building things that can actually help people.

Speaker 2: 16:52

So this is such an awesome conversation. I want to give a quick shout out to Rakeem Sabry. If I know, everybody on the panel is probably familiar with him. He talks a lot about financial trauma, especially in underserved communities, so if you're watching or listening, he's somebody to check out. I'll include him in the show notes because I think this is such an important topic. So who's ready to go next? Chris Derek.

Speaker 4: 17:20

I love to go next. I have a question for the panel. This came up in a conversation I was having with someone the other day and they were talking about the older generation, for example, and I think about my own parents, who are kind of stuck in their ways. They've done things a certain way their whole life and now, looking back at things, there are certain decisions they wish they would have made. Is it too late for them? Is there something that can be done for the older generation? Even coming back to the technology, is there something out there that can help them along the way? I love to hear from you guys, and even here, if you have any examples, any stories of the older generation and being able to help provide some help to them.

Speaker 6: 18:04

I got to jump into on this one, derek, because what we're building a Finland tech is really, really important. This motivate your money brand. So the form money bearers is for children. We know we need to build tools to get it started earlier. We recently developed a partnership with United Healthcare and that partnership with United Healthcare what we're providing them are virtual financial education resources for retirees.

Speaker 6: 18:34

A lot of times people think that because you're older, you should know this stuff. And if you never got it, all of a sudden you just wake up on morning to osmosis and all of a sudden you understand how to manage your finances. So, yeah, there are there. There is a huge need for it. Certain organizations, certain companies see it and we're working to develop tools and resources to engage folks, no matter where they may be, on their financial life journey cycle growing assets, protecting assets, using assets during life or passing it on. But I think that's a huge, huge area that needs to be addressed is the folks that really need it? That people think that they should, so they avoid them and they don't do anything for them.

Speaker 6: 19:26

That's an excellent answer.

Speaker 4: 19:28

Go ahead, Dianne. I want to hear from you guys.

Speaker 2: 19:32

Yeah, I was just going to say, and I think it's that same thing. It's especially when you're older you don't want to admit that you don't know it. Especially to somebody younger is to say I never learned that there's always that emotional side to this where you don't want to admit you know, I don't know this. And I had another point that I can't remember. It's all turned over the floor.

Speaker 3: 19:57

No, but that point I mean. I'll kind of piggyback on that because again, in the coaching business we talk to pre-retirees, we talk to people over 50 that are just thinking about if they have enough. Right, there's the one side of the retirement community that feels like they could have enough and they're just waiting. For that time they might have a pension and those things. But you take the majority of Americans that don't have a pension and they don't have that. They're really sitting in fear. Tony, you said the emotional side is that they want to know that they've maybe taken their eye off the ball a little bit or never got the answers throughout the working career. So they're sitting in a little bit of shame and a little bit of guilt. On that side, right, there's some fear that they don't really know if they're going to have money and if they're going to have to go back to work or if they're outlived it right. So they're sitting in those things. And again, the other side is they don't necessarily know who to go to, right.

Speaker 6: 20:58

I think that's the big one, chris, that's the big one.

Speaker 3: 21:01

Yeah, yeah, like, and so you're sitting in all these emotional things and you don't have a resource, you don't know where to go to and you don't know what. Then it just creates this landscape that we see right now where to answer your question directly, derek, right, I don't know if it's too late, like if you don't, if you can't bring in income and find a way to now put some of it aside and ask the right questions and get the information you need and do all of these things. It's tough, it makes it really tough, but there are some things that need to happen on their side where they have to be open to information. They have to be open to, like, changing some things.

Speaker 5: 21:38

Changing, yeah, yeah because I mean it's not necessarily too late, because you know what is too late, even mean, but the awareness is really the biggest thing that's going on. You know, even if they have an awareness that they need to have enough money or maybe that they needed to invest, maybe they're thinking about also even beneficiaries of what happens to my 401k if I die. But what's something that they're not thinking about? What happens if they're incapacitated? What if the husband is only one with a 401k? The wife doesn't have a 401k because she never worked, because you know they are an older couple, and then the husband is incapacitated, like in a coma, then that 401k can't be used by her to survive.

Speaker 5: 22:27

You know, those are things that they don't, they're not aware about. That's not even something that's a commonly talked about thing in our industry is what happens if you're not quite dead? You know what do you do in that middle period. So those are things that why would they even know? You know. Going back to your original question, tony, about curiosity, how would they even know to get curious about that? It's not even on the radar.

Speaker 6: 22:48

They don't know what they don't know.

Speaker 5: 22:49

Yes, it might not be too late, but how do they know what to start thinking? Who to even go to in the first place? I mean, I think financial advisor might even think about that, maybe an elderly attorney, an elder attorney, I mean. But how would they know to reach out to that person?

Speaker 2: 23:09

I think the other thing and this is where I was going to go before too is there's so much focus on saving for retirement, but there's not a lot of focus on okay, what do I do once I have am in retirement? How do I create my retirement paycheck, how do I take care of that plan? Because so much of the planning industry is like okay, here's how you set up your portfolio so you have enough money to retire. This is how you set up your 401k, but you get to be whatever age that you retire from the workforce and if you don't have a pension, it's like you have a lump sum of money. Hopefully you became a 401k or IRA wherever, and it's like what do you do with it?

Speaker 6: 23:52

If your audience are people who are really looking to get some guidance when it comes to being in that space. I talk about why planning is so important in people's lives and the reason why it's so important to be curious and really try to seek that guidance out. I talk about three questions that doing a financial plan can help. You don't have to be a CFP because it's tons of software out there. You don't have to answer be a CFP. But the three questions I think a lot of folks want answers to is one do I have enough?

Speaker 6: 24:22

Two are my assets allocated properly in line with kind of? You know my risk tolerance and how far I have to go and location and you know all. But the third one is a key is do I have enough to maintain an income, a lifetime worth of income? And I think the industry is working, trying to work towards being more inclusive of different demographics. I think you're right, there's still a constant focus and accumulation stage and accumulation stage and building money, building money up. But you know, when you've got 10,000 people turning 65 a day for the next what decade or two decades? We hope that there's going to be more demand for more planning, more conversations, full folks that are in that phase of their lives.

Speaker 5: 25:10

And I mean planning is important. But also what about when they've retired? We don't have a lot of education of when to take your money, when to start withdrawing and where. Maybe you have some money sitting in money market, maybe you have some sitting in moderately aggressive funds and maybe you have some straight in equity. What about, if it's a down market or an up market, knowing which bucket to take that first set of withdrawals for the first couple of years? We don't have education around that. So I think planning is great, but also that last bit of education for when you're actually retired. I think that's needed to.

Speaker 2: 25:46

And then quick shout out to if you're a financial planner, check out what in conductor is doing in this area. They're creating a lot of great tools in this area. On specifically what you're talking about, faith is you know the timing of when you access different assets. You know when do you claim so security, because that can make a huge difference and the answer is not always waiting till 870. If you have somebody with a health issue, you know who may not make it to 75,. You know is waiting 870 isn't the best option. So let's go. Who's next? Chris and faith? I think it's up to you guys.

Speaker 5: 26:27

For ladies first.

Speaker 3: 26:28

Ladies first.

Speaker 5: 26:32

What. The one thing that I think is missing, that we need to know about money, is vision, and I think that's such a hard and it faith you took mine.

Speaker 3: 26:40

I should have went.

Speaker 2: 26:46

Chris.

Speaker 5: 26:48

Wait a minute.

Speaker 2: 26:52

Sure, it was yours.

Speaker 3: 26:54

I want to see written down, chris.

Speaker 5: 26:56

I need a day.

Speaker 3: 26:59

It's there.

Speaker 5: 27:03

Continue. Well then, we can collaboratively talk on this topic. Chris, I think that it's so hard for people to know what they want. I mean, how many people our age still are figuring out what they want to be when they grow up? How many times do your kids change the idea of what they want for their birthday present before it's their birthday? How many times does it change? We don't really know how to identify clearly what it is we exactly want. So we're kind of moving from what we're feeling right now to what we're feeling next, and so I think we need to start teaching people how to identify that, maybe come up with different tools for how they can start dissecting what it is they're looking for.

Speaker 5: 27:46

I spoke to this one couple that they decided to just try out retirement. They're in their late 30s and they just stopped working, tried out retirement for the summer and then jump back into the workforce, and it gave them a picture of what they might want to retire into. And I've talked to somebody else who is also already retired and the way he paints it is it's kind of like Saturdays he's still working but it's more relaxed and that's what he kind of envisioned for his retirement. So it's nice when you can have a picture of what you're working towards, but then when you really know, so forget about retirement. If you have a vision for what you want, then you seek out the solutions. So we talk about curiosity. If I know what I want, whatever that thing is then I'll try to figure out how can I get it, and then we can get curious, then we can develop the awareness right.

Speaker 4: 28:43

I got to time in on this one. Just listening to you talk made me think about one of my favorite Bible scriptures. It says where there is no vision.

Speaker 3: 28:54

Derek, what are you doing to me? What are you all doing? This is literally what I was about to say Go, you should have gone first brother.

Speaker 1: 29:01

Okay, we're all in the same way.

Speaker 2: 29:03

I learned the lesson Next one.

Speaker 3: 29:06

I'm going first. Where there?

Speaker 4: 29:07

is no vision, the people perish. I think that's very, very important listening to you talk because you need something guiding you. Even in education, one of the main components that we use when building a curriculum is that we begin with the end in mind. We know where we want the students to go, and then we design backwards from there, thinking about the assessments and the activities. But we know, in order for them to master this level of content, they're going to need these certain components, and then we also assess along the way until we get to that point of mastery. And so it can be the exact same way with money and saving and investing. If you have that vision and you know where you want to go, that's the first step. Know where you want to go, chris. I'll pass it on to you.

Speaker 3: 29:52

Thank you. Finally, I don't have anything left to say now. No, that's why this topic is so important. It is, how do we get people to have a long term mindset, to know that, again, they have to have a vision first, so then they can actually do what they want to do? Seek out the answers. Like you said, faith to that same scripture.

Speaker 3: 30:16

I always say where there's no vision, people perish. In another translation it says where there's no vision, people cast off restraint. So think of all people that say like, oh, I have a shopping habit, I have this habit. I can't seem to save money, I can't invest. Well, when you have no vision, it's easy to cast off restraint. It's easy to say, right now, I'm just going to do what I want to do with this money. Make me feel good now, because I don't have the restraint, because I don't have a vision. So, like this whole, I gave the same example to somebody that had asked me the same question about young, young people.

Speaker 3: 30:53

Right, he was complaining about his like nieces or something, buying all the shoes, and like I wouldn't do that in my time. And I was like, well, what's her vision? Like what does she want money for in general? If she has, she can't see out five years, if she can't see out any length of time. Those shoes are the most important thing to her. So she's going to spend money on that right now, because we spend money in those areas. It's just how do we create a long term vision in people, a long term mindset, so that they can have some restraint when it comes to their finances.

Speaker 6: 31:24

I love everything everyone's saying. I use a lot of gardening analogies when I talk to clients and talk to people about money, I like to say that you can't eat tomorrow which you didn't plant yesterday. This fact you cannot have money set aside for retirement. You cannot accomplish whatever goal you put out unless you put the steps in to get there. And it takes time. Investing takes time. Saving takes time.

Speaker 6: 31:58

I think a lot of the big issues Chris and I talk about is when it comes to money and finances. People focus on the fruits and not the roots. They look at all the cool things that money can get you and you can have, but don't necessarily realize look, look, there's rules for this game. You need the rules for this money management game that connects this ideal that you have to the steps that are needed to get there. And I think a lot of that is just lack of education, lack of conversations about money and the fact that that's the tool that we have at our disposal in this day and age to obtain things and to reach goals. And so that's a big one. That's a really, really big one. Vision is huge, but we also need to be able to partner knowledge of the tools and knowledge of the rules to be able to obtain the vision.

Speaker 5: 32:57

Well, I think you guys totally missed my point, because I think we teach people how to have long term vision and I don't think we need to teach people how to plant for a future harvest. So what I'm trying to point out is what I think that we need is to teach people how to identify what they want and hold on to it, because if they don't have that thing that they want in their face, it's hard to remember to do it. It's why people have a hard time losing weight. But when you have it in your face and you're like remembering, you're like okay, yes, that is what I want. I want that Now. Let me give you.

Speaker 5: 33:36

I don't use gardening, I use fitness a lot of times, because you guys know I'm a competitive bodybuilder. I want to hit that national stage and I want to make top five. I also really want a burger and I really want to eat a dozen cookies, and so sometimes, when I'm really exhausted or I'm really hungry, I have to either look at a picture, I have to look at a quote, I have to close my eyes and I have to remember no, I do want that cookie and I a little bit want to give up on my goal for the fitness thing, because I'm so hungry. But then I'm like, yeah, but it's going to feel so good when I make it to that stage, when I come in with my best physique and I can hold on to that want. Because it's clear, I've defined it, I know exactly what it looks like, I know exactly when it is and I want it really badly and I've taken the time to make the decision. How badly do I want this?

Speaker 5: 34:28

And I think that's what we need to teach people. Do you actually want that Lamborghini, or is there a lifestyle that you're really wanting? Do you want the lifestyle Focus on the lifestyle or do you really want to get the newest Tesla? Or do you really want to upgrade your house? Do you really need to change the countertops in your kitchen? Is that what you really want? Or those cookies Is that a dozen cookies? That's going to feel really good in the next year? No, no, no. What do you really want? That's what we need to teach people and it's called discipline.

Speaker 6: 35:02

Literally, it's what it's called.

Speaker 5: 35:04

But that word doesn't make people feel good, right, but you tell people we're talking about what they want, and we want to help you hold on to what you want. Discipline is such a thing. It's what you talk about, though, mac. It's habits.

Speaker 6: 35:18

Yeah, big time.

Speaker 5: 35:20

But habits are made when we focus on what we want. Habits are formed when we focus on what we want and we don't have to worry about that nasty word discipline.

Speaker 6: 35:28

You are going to be on that national stage.

Speaker 2: 35:31

I am. But it's really about choices and being vested in your choices. We've all been there. When you're vested in a choice and you have a goal, it's easier for you to say no to the cookies, because your overriding goal is to make nationals. But if you didn't have that overriding goal of making nationals, if it was casual, like you know, it would be cool to make nationals, but I don't really care and you probably have the cookies right. And I think that's the other thing is, we have to help people make those choices and when they come to certain intersections where they're thinking about, okay, do I buy the new Tesla or do I contribute to my 401k, just remind them like, okay, well, this is the ramification of your choices, keep the eye on the prize and help them. But you know, I think again, it's you know, it's up to people and it's up to our customers and for us to help guide them. So you know, in the interest of time, chris, do you have anything left or did we take everything from you?

Speaker 3: 36:39

I can give you one, I can give you something else. I know I know a lot of stuff, but one of the things that I know that we really do I think people in general just need to focus on is inspecting what you expect. I had a mentor of mine say you got to inspect what you expect, and a lot of times what I find is we're not looking at our money. We're not looking at our money and actually like touching it and seeing it as often as we need to. There's so many people. Take the retirement situation, right. Someone sit down with a lot of people hey, I want to retire at this age. How often do you check your 401k? How often do you check your investments? I just let them go. I just I don't even look at them, I just I set it aside.

Speaker 3: 37:23

Okay, well, the likelihood of us getting there if you're not actually inspecting it is going to be low, right? Take your youth. Oh, I want to be. I want the Lamborghini, right, I want to be the multi-millionaire. Well, how often are we looking at your budget? Right now, I don't look at my numbers. I don't budget, All right, well, so how do we expect to get there? Right? So this, this notion of like this, out of sight, out of mind, it just doesn't work for us building to the financial life that we want to get to. So how do we help people inspect their financial life more, touch it more, be more present with it? I think that's something that we really can help, just how people now are dealing with their finances.

Speaker 6: 38:08

I'll jump in quickly on this, because I spoke to folks about we did a top 10, talking to advisors, talking to people.

Speaker 6: 38:16

Hey, what do you think of the top 10, top three rules I apologize, top three rules and one of the things that came up was the use of technology, chris, and how technology is now allowing people to better focus, to better maintain, to better keep track of their financial stuff, so I think that is a really cool thing to keep an eye on.

Speaker 6: 38:43

You know, 10, 15 years ago, there weren't Mint apps. They want all these budgeting apps, they want these ability to invest, they want these ability to get a loan, all these great things, so I think that is something that can help. The other side of that coin, though, because there's so many apps that can help you do stuff with your money, there's not a lot of tech out there that's helping to teach people what to do with their money, and so that I can see as technology being a great tool, it can also be an issue where, because we're moving from a society where we have cash readily available well, I can use my phone and I can literally buy anything I need we just need to be a lot more careful.

Speaker 4: 39:23

And Chris, listening to you talk and especially the point about the touching the money and paying attention to it and watching how it moves, that made me think about dealing with my own kids. So when it comes to me buying a toy or shoes or whatever it is they might want, oh, dad, just give your debit card, give your credit card. There's no, they don't care, it doesn't matter, it's coming from dad's account. But if we go through the process, if I tell them, no, you're going to work for this money, that you want to buy this toy that you want. Okay, they'll put in the time, they'll earn the money and then, when it's time to go, grab their wallet, get the cash, drive to the store, see how much it costs.

Speaker 4: 40:05

The game might cost 50 bucks and now they're starting to question themselves and say, hey, that's a lot of money. I work really hard for this money. Maybe I'm gonna get this game over here for 20 bucks and I still have some money left over. And it happens 90% of the time they change their money through all that whole process in the real life. I really don't want to get it, but I don't really need it and I'm gonna work hard for this money, so I'm not gonna just give it away that easy now. So that what you shared just really made me think about that, and I think more parents need to keep that in my mind when dealing with their kids. Make sure they can touch and see it, feel it and then go through the process, and maybe that was gonna teach them a lesson in itself.

Speaker 3: 40:46

Yeah, the closer we are to our money, the more we touch it, the more we take personal responsibility for it, the more we're intimate with it Like, the more it means something to us. So that's why in that same example, like the debit card that you just give them, it doesn't mean anything to them, it's just swiping, but when they had to go through the steps and they saw how much is in the account and now it means something. And so us making sure that people can touch their money, can have access to see it on a daily basis, can help them maybe even craft that vision and see like, hey, what do I want most and how close am I to getting what I want most?

Speaker 2: 41:28

Yeah well, this is awesome, so close out, just keeping on a time everyone cause this has been a fabulous conversation Probably go for hours. I don't know if anybody's still watching or listening this late in the episode. Thanks for sticking with us. This long Is maybe to close out. Maybe one thing you learned today from the conversation of faith you wanna kick that off.

Speaker 5: 41:50

Ooh, I get to go first. Okay, the one thing that I learned well, I learned several things. One thing that really came to a blaring realization is that I realized that this conversation was very privileged and, as I think about all the different cultures, this was an interesting moment for me to realize that a lot of these things that we're talking about it's all impacted by our American culture and what we're exposed to, what's normal and how we see money. So my takeaway from that is going to be, as I think about when I talk with my even my own kids about it is kind of taking into account the surroundings, who we're involved with, the lifestyle that we've got, so that I can use that when I'm translating everything to them about money.

Speaker 2: 42:41

Chris, I'm gonna let you go next, just so nobody else gets on.

Speaker 3: 42:45

Thank you, tony. Thank you for that respect. I appreciate it. No man always pick up so much when we have financial conversations and I think the thing that's just standing out to me the most is how to continue to have these conversations, because we all do have different perspectives of what is out there, what the solutions are. So I think the more that we can have these conversations and get different groups of people and people with different backgrounds to come on, I think we can really work towards the solutions needed to help move the next generations and the current generations forward in their financial education. So just getting new perspectives hearing from all of you, really my takeaway.

Speaker 2: 43:33

Last one, derek.

Speaker 4: 43:37

So the main thing I'll take away is fear and curiosity, and for us at ceiling dealing with teachers and students, principals, sometimes parents also, we just need to make sure we're doing a good job of taking the fear away so that they can stay curious to wanna learn more about those things that they didn't know, and so they can come to people like the folks in this panel to have those conversations that they might be fearful of. So that's my job, that's my challenge, and so hopefully we can accomplish our goals.

Speaker 6: 44:10

I'll run anchor for the track runners out there. The two things that I took away from this time together One is storytelling. I like to say that all we are at the end of our days is collection stories. We all have amazing stories of things that we've gone through, things that we've done that more people need to hear about. The other thing is socialization of this topic. Everyone has talked about people at different demographics and different points of their life and I think the more we can start socializing conversations about money, reducing fear, the reason why people speak the language that they speak, believe in the higher being that they believe in, eat the food that they eat is because it's socializing at a very early age. I think if we can start socializing a lot of these conversations, a lot of these topics and our money management, money habits, I think really cool things can happen and it can happen at any age.

Speaker 2: 45:07

And I think my big takeaway is that it's about understanding people and helping people make their own choices and decisions. One thing I didn't hear from anybody was like an investment recommendation. Nobody said, hey, buy gold because that's gonna solve financial literacy and for anybody watching and listening, that is non endorsement to buy gold. But that it's really that these are the big issues is that we have to help people answer questions. Like Mac, you said am I gonna be comfortable in retirement? And maybe you talked about is my family gonna be taken care of? Am I making those choices? And I think that's for me, the big takeaway. So, real quick, where can people catch up with you, chris? Where can people catch up with you and find out what you're up to?

Speaker 3: 46:02

Yeah, so everywhere on social at C, muzon One. So my first initial, last name, muzon, and then the number one across all platforms. Linkedin is a good place to find me. Also, our business United Agencies YouTube channel got a bunch of content up over there as well.

Speaker 2: 46:22

And shout out to Chris's Instagram channel. He's got some good little short clips on there.

Speaker 4: 46:29

Derek, so you can find me. I'm mainly on LinkedIn and Twitter. So, yeah, definitely reach out to me and connect on LinkedIn. You can learn more about our programs that we offer at seedling S-E-E-D-L-Y-N-Gcom. And yeah, thank you.

Speaker 2: 46:50

Yeah, Mac.

Speaker 6: 46:52

You can find me LinkedIn. I try to put some good stuff out there. Also have some Instagram platforms as well for the Four Money Bears, for early education tools and resources, as well as motivate your money. You can find me on Twitter as well, Sharing the information and the goodness about healthy financial habits and financial wellness.

Speaker 2: 47:15

Awesome and Faith. How about you?

Speaker 5: 47:18

The easiest way to find me is faithteopecom, and then you can find all my social channels, although I am on every single platform and also every single podcasting platform.

Speaker 2: 47:30

Fantastic and shout out to Faith's Financial Literacy Series, Savvy. Recommend everybody check it out. It is an awesome series and, as always to everybody watching and listening, all the links to where you can find Mac, Chris, Derek and Faith will be posted in the show notes. So thanks everyone for joining us today and for sharing your insights. It was great having you all on here today.

Speaker 5: 47:57

Yeah, thanks, Tony. Thanks for having us.

Speaker 3: 47:59

You guys, I just 100 in the books 100,.

Speaker 2: 48:03

Thank you everybody. Congratulations, tony, I'm sure. Thank you to everybody who's tuned in today, because I'm sure you've listened or watched all 100 episodes. There is gonna be a quiz later, right there.

Speaker 5: 48:15

I'm gonna be, able to do it at the end.

Speaker 2: 48:19

So thanks for tuning in to the Get Ready Money Podcast. Please remember to subscribe and like this video Until next time.