Is your FedEx man delivering your retirement plan information? I hope not. Stay tuned.
From Philadelphia, the home of the Liberty Bell, Financial Freedom Radio starts now. Here’s your host, Raymond Jewell.
Welcome everybody to Financial Freedom Radio. My name is Ray Jewell and I’m your host for the next 15-20 minutes or however long we choose to keep this going. If you would please subscribe and share this with your friends, we build our video podcast. I cannot get used to saying video podcast or what is it, vlog, Steve?
You can see anything you want, Ray. It’s all about you. It’s a video podcast with an audio podcast and a transcription at FinancialFreedomRadio.com. We’ve got all media covered.
You just heard Steve, our production engineer who makes sure that everything runs in the background and that I stay on track because he says that I have the ability to go down these rabbit trails that he doesn’t like for some reason. I don’t seem to mind, but he said that the viewers are not going to put up with that. So he brings me in like a fish.
The voice of the people.
Yeah, the voice of the people. So imagine this. Imagine that you’re on the golf course, you’ve just retired, everything’s great. You got your retirement plan all put together, you know how much you’re going to get, you’ve got everything all worked out, and you’re getting ready to tee off. Life couldn’t get better. Up drives a golf cart and it’s the FedEx delivery guy and he says I’ve got a package here. I have to deliver this immediately. It’s very important that I deliver this and that you sign for it. You sign for it because life’s really good. You’re just very agreeable to anything. Especially somebody interrupting your golf game. So you open a package up because it says immediately because he’s standing right there. So you open it up and it says you don’t have the amount of money that you thought you had for retirement. How’s that gonna make you feel? That’s what happens to people that are planning for their retirement that don’t look at it through a holistic grid. The problem that exists is there’s so much inaccurate and misleading information out there and bad advice that it seems like many people are more willing to listen to someone with a compelling personality. You give them information that they can’t verify whether it’s right or wrong. So they’re listening to bad advice, someone’s opinion. As wrong as that person may be, you’ve given your whole financial future over to them.
So in your so-called quest to build wealth, you’re going to be bombarded over time with misinformation from newspapers, books, television, radio, marketing, and magazines. Who puts those out? People that have a financial interest in selling products. You’ve also got famous writers that have cost people huge amounts of money over time, but yet they keep writing and people keep listening to them. So when you hear some famous person, I don’t want to mention any names. Steve, you know who I’m shooting at here. They give you bad information and it’s not always right. They’ve cost people millions of dollars over their lifetime.
So, that FedEx guy that pulls up here and says you don’t have what you think you have because the person who gave you information was wrong. How’s that gonna make you feel? So we have to ferret through inaccurate and misleading information. Even the best intended information could be wrong or incomplete. When you pump information about a financial product or financial services, no financial product in the land will ever make you wealthy. We’ve covered all that. We’ve covered the eroding factors, but all too often, financial professionals suggest that consumers invest in a particular financial product without knowing how that product fits into their individual model or plan or where the eroding factors are. They’re pushing a product.
So let’s explore some of the reasons why you’re going to receive financial information which is bad advice, mainly from the media and the financial services arena because of the agenda that they are driving. We have to constantly understand that. We’ve got to figure it out. What did Ronald Reagan say? Trust but verify. I don’t believe people have bad intentions. I don’t believe financial planners out there have bad intentions, but I believe that they don’t know everything that goes into a financial plan. They’re not that well informed. We’ve talked about that, but where do you turn the corner from missed information and bad advice to doing the right thing? We have what is our leap model and you’ve heard me talk about it. This model will actually show you where the strengths and weaknesses are, where the eroding factors are. I prefer it among other things because it gives you a true picture. A person that’s actually using the model properly will show you what’s going to happen to you down the road. So you don’t have to worry about the FedEx guy delivering bad information. One of the things that we have to understand in figuring out a financial plan or a financial model is they’re too slow. There’s two types of reasons. There’s deductive reasoning and there’s inductive reasoning.
Deductive reasoning may be simply defined as the ability to make a decision based on known facts that lead to a specific conclusion. For example: I have four oranges and I eat one. How many oranges do I have left? The answer is obvious, three. I had a set of known facts and I deduced the answer from those facts. But what if I said I ate an orange? How many oranges do I have? You couldn’t know the answer because you don’t know how many oranges I had to begin with. You could not have deduced the answer unless you know how many oranges there were to start. On the other hand, there’s inductive reasoning which does not require a complete set of facts before you could come to a conclusion or make decisions using inductive reasoning. You use facts you have based on decisions of the possibilities or alternatives.
So you combine deductive reasoning and inductive reasoning and come up with your financial plan. You determine the amount of oranges, you determine when you’re going to eat them, you determine all the eroding factors which we have brought into play over time. You’ve gone back to the other shows possibly. If not, you want to do this and you want to listen to them because I build on these pillars all the way through so that you don’t have to suffer with misinformation or bad advice. You don’t have to suffer from somebody using just plain deductive reasoning and you end up with nothing because unknown factors entered into it that weren’t factored in there. You end up with a precision model built to take care of any unforeseen problems that occur. That’s what I like the best. Now, my mentor or producer, Steve said that I have a tendency to go negative with this. I don’t mean to do that because that’s not what I intend to do. But there is some negativity involved when we talk about building a financial plan because there’s so many eroding factors. We want to understand where they are and how to fix them. The only way you can do that is in a financial model.
So when we build that model and we eliminate opinion, bad advice, we end up seeing what we’re going to do in the future. Now our models have the ability to simulate the future. Simulators are very powerful. Airline pilots use them to learn how to fly planes. Matter of fact, I’m told that when the person gets in the plane for the first time, in that particular new plane, they have flown simulators. So that first time, they get behind, they get into the cockpit, they’re hauling passengers. So simulation is real and very powerful. So when we can actually simulate the future and you can see what’s going to happen before you do it, then you can decide whether you want to do it or not. With our leap model, we can actually do that. So we simulate our clients futures. We take all that negative stuff that we’ve talked about in the episodes leading up to this and all those are eroding factors, everything. We pack that into the simulator so we know when the storms are coming. We know when there’s bad weather. We know when there’s a rough landing, turbulence or whatever else you could throw at it. We see it before it happens. So you don’t have to be the one sitting up there on the golf course and the FedEx guy pulls up and he hands you this envelope that says now you have plenty of money, have a great game. You know you’ve been on the right path, but you’ve known that way before he delivers that envelope. You know what’s going to happen many years after he’s delivered that envelope. As I said earlier, we’ve built on these pillars up to now.
Now we’re going to go through next episode and we’re going to look at some actual financial moves. We’re actually gonna get some calculators out. We’re gonna play with them. We can figure out how to put it into this broadcast.
We’ll figure it out. I know how to do it.
Oh you do? Okay.
I’m gonna jump in here and I’m gonna say one of the comments I’m getting from viewers is there’s not a lot of actionable items. People are getting good information, but they’re not getting actionable items and my response has always been the same. What you’re looking for is someone to tell you what to do and that’s what Ray does in his consulting. Everybody’s different, so giving everyone generic information on what they should do, it’s not a smart move to say hey everyone should do this. So it really comes down to scheduling the time to meet with you, to learn your specific situation. So if you’re gonna dig into some generic stuff next week on actual financial moves that’s gonna be great. It’s gonna address a lot of the things we’ve been hearing for the field.
We’re gonna try to do it, but still we have to build on the information and go through these steps, right? Step by step. But I will spice it up a little bit and maybe do a little bit of that. Although, we’re probably not going to be able to get that down in text form.
Well that will encourage people to go visit us at YouTube which I’ll now put the shameless plug back up.
Please hit the little bell because that element rings when we put a new podcast up. What do we call this? It’s a video podcast. So that’s all I have for this week, folks. Let’s have that FedEx driver give us great information and not put you in a future destined to continue working throughout retirement. Before we sign off, years ago the financial planners would say you’re gonna be sailing, you’re gonna have this private island, big sailboat, you could play golf all the time, and then the market goes down. Then they go oh, well you gotta work a little longer. You may have to work through your retirement and none of our clients have that problem, but they make reactionary statements based on what the market does. So what good is a financial planner if you still have to keep working? That’s a great financial plan as far as I’m concerned. These big well-known personalities that are out there giving information end up costing people millions of dollars and they never get taken at asking for it. So we’re gonna show you as I said next week, we’re gonna actually do some work in some models and show you what to look at and may give our competition a little insight into what we do. We’ll teach you, we’ll teach them our way. Thank you all for coming and watching. I hope to see you back here next week. FinancialFreedomRadio.com. Have a great week, take care, and God bless.
Thanks for listening! Please remember to subscribe to the podcast. If you want to learn how to create real sustainable wealth like the extremely rich people do, or maybe you just want to sustain the wealth you already have, you need to check out Dr. Ray’s new book “Why the Rich are Rich”. Ray’s been coaching clients for 35 years and has completely unlocked the secret strategies that rich people use day in and day out to grow and sustain their wealth, regardless of what’s going on in the economy. His book is completely free, and you can get it by going to https://whythericharerich.com and entering your email address. Again, that’s https://whythericharerich.com. Head over there now.