Full Transcript for 9 Core Principles For Financial Success

, with skepticism , uh , and because a lot of advisors call themselves advisors, but they really don't have a proven path or what we call a values based filter that or core principles that they teach and or educate their clients to follow. So I've developed these nine core principles for financial success over my 30 some years of experience in the financial advisor space. And I'd like to share those nine core principles with you today. And again, as I go through these principles, say to self , how does your current financial plan stack up to what we believe is the ideal financial plan? So I'm gonna go through these nine core principles with you. Number one, we wanna optimize your full well potential and create the highest of efficiency on every dollar at work and create a quality of life that exceeds your expectations. When is the last time you had the thought process of optimization? When it comes to financial means most advisors, they, they tell out , uh , risk rate of return , uh, and they basically do planning on a needs basis that would be like setting a thermostat and your home at a certain temperature. And you, we don't wanna put a thermostat on our money. So supply , we wanna maximize and or optimize that money supply. So we believe that we want our clients to always be at optimum, potential, optimum efficiency on every dollar they have at work and create a quality of life that it exceeds their expectations. So every , every time that I meet with a client, regardless of what they say, that is my allegiance to the client, is that that's what we're trying to achieve. So number one would be optimize your full well potential. Number two would be have the right to spend, give a , enjoy your wealth without fear of running out , uh , most advisors. Uh, it's been my experience that most advisors just want you to give them all your money without the right to spend, give, and or joy that money they wanna lock it up. Number one is optimize your full wealth potential. Number two would be have the right to spend, give and enjoy your wealth. Without fear of running out 90% of Americans at retirement, their greatest fear is , is running out of money. And so with that fear instilled within their finances, they don't want spend it. They don't want to give it away. They don't want to enjoy it. Um , our belief is we want to give you more money than take money fr um , our belief is we want to give you more money than take money from you. And so that is just a , uh , a privilege or a right to spend, give and enjoy your wealth without fear of running out. And those permission slips must be given to the client in order for them to achieve Liberty and freedom within their finances. So, number one, it is optimize your full wealth potential. Number two, have the right to spend it. Number three, pass on your wealth and estate and your wealth and estate can go to five different entities. It can go to family, it can go to charity. It can go to other wealthy people by

waving an estate sale number , number four, it can go to financial institutions or number five and least favorite is the IRS. Or some people refer to them as uncle Sam. And I can assure you that he's not your uncle and he's not part of your family and he's not your friend <affirmative> . So we wanna make certain that your wealth during the preservation phase of your life, we wanna make certain that it goes to family and or charity. And today you have a right to choose where your wealth and estate goes to because of one feature <affirmative> and that's your life at death. You can't pick those. You want to , you want to pick those options prior to death. And so number one, optimize your full wealth potential, which is the accumulation phase of your life. Number two, have the right spend, give and enjoy it, which is the distribution phase of your life. And number three, preserve that wealth through the wealth and estate preservation , uh, that we don't want to do those three phases in chronological order. We want to do them not based on age, but we want to do them all at one time. We don't wanna wait till you're 75 to do preservation principles on your money. So that comprises the accumulation, distribution, and preservation , uh , principles of your wealth. During those three phases of your life. Number four of the nine core principles is recapture lost opportunity cost , which is basically cost recovery of expenses, fees, taxes , uh, other eroding factors , uh, in your plan, recapture them and put them back in your plan. In other words , uh , recap are costs that you don't know that you're losing and put them back into your plan. Most people will , uh , solve a problem before they pursue an opportunity. And so once we discover together cost fee transfer cost , um , that or taxes that the client is losing recapture them and put them back into your plan , uh, through an engineering or strategy approach and makes a huge difference on the outcome. The fifth , uh, core principle is whatever we show the client is considered to be no out pocket cost . In other words, we're here and we exist to give our clients more money than take money from them. Uh , I know whenever I'm talking to business owners, the two most important words to any business owner is liquidity and control. They don't wanna lock up their money anywhere. They wanna have that money accessible to them at all times. So , uh , we, we don't wanna take money out of your control. We want to give you access <affirmative> , uh, to more money, number six, no additional tax. So in other words, we do a tax audit on all our plans. And most oftentimes we find that the client is paying more in taxes than they should and keep in mind and always remember this. There are two tax systems in the United States. Those for the informed those for the uninformed, both are legal. We wanna make certain that you pay your fair share of taxes, but not a penny more. And so oftentimes we will uncover taxes that are paying that they shouldn't be paying and, or they're overpay and taxes. Number seven, whatever we show the client is no additional risk relative to their current plan because our plans are based on strategy, not product. And by the way, who is out there promoting risk. Well, essentially it's the flawed formulas of wall street. In order for you to achieve more wealth, you have to take more risk. Well, I , I don't buy into that. As long as we have an efficient plan, we can actually take less risk and have a better outcome than most people that are taking more risk. Number eight, whatever we share with the client must happen under all circums stance. And so, in other words, the plan is full proof . Something else I want to add into number seven is if I were to ask the audience, this question, how much money do you not wanna lose? What is the answer to that question? I don't care what age you are and what age you are in life. No one wants or desires or loves to lose money. So we, we wanna AVO avoid unnecessary risks at all. Time . Number eight is whatever we show our clients, whatever strategies we clients must happen under all circumstances. Imagine this, if your plan were to do this, no matter what happens in the marketplace, doesn't matter if the stock market goes up or down, the plan will work. Doesn't matter if you're sued, the plan will work. Doesn't matter if you become disabled, the plan will work. Doesn't matter if you die prematurely, the plan will will work. Doesn't matter if inflation that goes through the roof , uh, doesn't matter. The plan will still work because we would show our clients strategies that allow them to harness leverage to their advantage. Um , regardless if taxes , uh , go up, go down or stay the same. We want our plans to work under all circumstances and last but not least the ultimate goal of our nine core principles. Number nine is peace of mind , uh , socially, emotionally, spiritually, and financially. Uh , we believe that once we solve the problems that clients have , uh , and put them in a better position moving forward, they will achieve that peace of mind through our nine core principle process. Uh, and our values-based filters that we run our clients through on a daily basis. Hari Luker: 14:41 Yeah, I think Phil that that's, it's always hits on a different level when people hear these. Cause I know you always give this , um , this is actually one of the first slides on the seminar that you've been given for a couple of decades. Now, typically what's your, your primary response. Um, when people see and hear these core values, first, Phil Bodine: 15:00 Typically what we see is most people see hidden , um , holes in their plan that they were on a aware of. And more importantly, they're like, Hey, our plan just will not meet these expectations. It , uh, we , we see so many pitfalls in our current plan and if we could add a super structure around our plan, given these nine core principles, they believe they'll be in a much better position, but no one has ever presented this to them in such a manner. And then they can way test and measure the difference between we do business versus other advisors and compare that to their current plan. Hari Luker: 15:48 Yeah. And I think one of the , the big points there is to just , although there's a lot of disbelief when people here in see these , cause they just don't believe that it can be done. And there's for a couple of reasons on that one, they haven't seen it be done. Two, they haven't been told it can be done. And three, they just don't think it's possible with their accounts , uh , that can come to just many different levels of marketing around certain products and , uh , lack of education in certain areas as well, where we kind of believe that this should be an option for these people to, you know, open their minds, see what's available and know that for the last couple of decades. I know Phil and, and few people, you know, I mean, this is just the only way you practice advice in what people can do with their money, correct? Phil Bodine: 16:31 Yes. They, they just don't have a values based filter or these nine core principles instilled into their plan. I mean, they have a plan. Uh, everyone has a plan, whether they're planning or not, they have a plan and people don't plan to fail. They just fail to plan properly. Hari Luker: 16:51 So I encourage you if you'll list to this and you , some of you feel some of these nine are just too good to be true. Of course, listen to this over and over again. I'll put this down in the show notes, I'll list them out. Uh , one to nine, go through your current plan, look at these core values and see how you stack up to them. Feel free to reach out to us , um, either on the website or through the podcast and the comments, YouTube, wherever you find this, and just let us know where you believe you fall short . If you're not happy with sharing that primarily then reach out to us on our website. Um, you can reach us anywhere through the comments and we'll be more than happy to explain to you how that can happen for you and your family. Um, Phil, I appreciate your time here on the podcast today. I encourage everybody . If you got great value from this podcast, please like share comment, you know, hand out to a family or friend , uh , someone that you trust and believe in and Phil would get great value from this content and , uh , stick around. And we look forward to seeing in the next episode till next time, : 17:51 This has been another episode of the wealth and overdrive podcast. For more information about taking your money into your control visit www dot Phil Bo , dean.com/four . OHK also, it would mean the world to us. If you could hit subscribe, leave a review and share this with people, you know, and love.