Slow Down to Speed Up Your Wealth Journey Drew Faloon
Aug 27, 2024In the latest episode of Keep What You Earn, Shannon chats with Drew Faloon about a crucial yet often overlooked aspect of financial planning - slowing down. The conversation dives deep into understanding the importance of deliberate, values-based financial planning for entrepreneurs and business owners. This blog post will expand on the key points discussed and why they matter for anyone hoping to build sustainable wealth.
Shannon began by highlighting the abundance of financial information available today, which, while valuable, can be overwhelming. The massive influx of advice, strategies, and “hot tips” makes it challenging to discern what quality information truly is. This deluge often leads business owners chasing the next big thing without fully understanding the underlying principles or aligning them with personal goals. Drew, a Certified Financial Planner (CFP), joined the discussion to help untangle this messy landscape.
Drew clarified an essential yet often misinterpreted term: Certified Financial Planner (CFP). The financial services industry is flooded with professionals bearing various titles, from financial advisors to wealth managers. Not all titles carry the same weight. Drew emphasized that CFPs go through rigorous training, exams, and ethics education, earning the designation that signifies a comprehensive grasp of all aspects of financial planning. Like CPAs in accounting, CFPs are governed by strict ethical standards and educational requirements, making them a gold standard in financial advising.
The episode pivots on a key message: Pump the brakes. Entrepreneurs are notorious for their hustle mentality, constantly seeking the next growth opportunity. Drew shared his philosophy, advising clients to slow down before making any significant financial decisions. Reflecting on personal values, goals, and past experiences creates a meaningful foundation upon which to build financial strategies.
Drew encouraged listeners to ask themselves questions like: When was I the happiest? What moments brought me the most joy? Who were the people that made those moments special? These questions uncover core values and desires that should inform financial goals. For an entrepreneur, understanding why they started their business, what drives them, and where they envision their life going is crucial. This reflective approach aligns financial decisions with personal values, fostering more sustainable financial success.
In line with pumping the brakes, Drew emphasized the importance of flexibility and diversification. This isn’t just about spreading investments across different asset classes but involves having diversified types of accounts and financial instruments. Traditional methods, like 401(k)s and Roth IRAs, are beneficial but can lock up funds, restricting access during crucial times or opportunities. Entrepreneurs often face situations where they need liquidity. Therefore, maintaining a balance between retirement accounts, liquid savings, and other investment vehicles can ensure preparedness for both emergencies and opportunities.
The conversation then veered into the concept of financial religion. According to Drew, everyone has a financial belief system shaped by upbringing, societal pressures, and even religious teachings. These deeply ingrained beliefs can sometimes limit the adoption of more suitable financial strategies. Financial advisors with a narrow focus, such as those limited to specific products like life insurance, often push their clients into unsuitable strategies. Drew cautioned against such one-size-fits-all advice and stressed the importance of a holistic approach that considers an individual's unique situation.
In today’s digital age, the democratization of information means anyone can learn about financial strategies online. Shannon and Drew discussed the dual nature of this: while it’s great that more people have access to financial education, it also gives rise to misinformation. Drew pointed out the value of having a human advisor who can sift through the noise and provide tailored advice. The professional advisor’s role today is not just about managing assets but acting as a knowledgeable filter, refining the vast sea of information to align with individual needs and circumstances.
In wrapping up, both Shannon and Drew reiterated that building wealth isn’t just about accumulating money. It’s about intentional decision-making rooted in personal values and goals. Slowing down to reflect on what truly matters, diversifying not only investments but financial strategies, and seeking quality advice are all steps toward a more prosperous and satisfying wealth journey. For anyone feeling overwhelmed by the barrage of financial advice, this episode serves as a reminder that sometimes, the best way to speed up your wealth journey is to first slow down. If you want more curated insights, make sure to tune into Keep What You Earn and consider seeking the guidance of a certified financial planner like Drew Faloon.
Drew Faloon is a CERTIFIED FINANCIAL PLANNER with Intrepid Wealth Partners, LLC who specializes in helping hardworking working trailblazers live a more prosperous life, take care of their family and optimize their retirement strategy. Since graduating Cum Laude from Fort Lewis College, Drew has focused his business around honesty, intentionality, values based planning and creating an impact in the world.
Website: https://www.intrepidwealthpartners.com
LinkedIn: https://www.linkedin.com/in/drew-faloon-cfp®-098777a7/
E-book: https://www.intrepidwealthpartners.com/ebook/virtual-wealth-management-transformation-ebook
What you'll hear in this episode:
04:38 Financial planner encompasses various aspects of finance.
08:44 Financial planners should prioritize individual values first.
11:26 Financial planning evolves with changing life goals.
15:24 Financial advisors filter information for clients effectively.
17:45 People seek custom education, despite abundant information.
If you like this episode, check out:
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What's the Best Way to Pour Money Into Your Business?
Introducing Money to Kids: Where Do You Start?
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