speaker-0: I would tell don't argue, don't fight it, let do it, but get them the worst job known to man and they will race back to college.
speaker-1: To PSP The Shift. I'm your host, Olamidi, and you already know this is where we make money human and relatable. Today's guest is Built Different: a finance professional who can talk about wealth without making you feel like you need a calculator, a dictionary, or a therapist. Alex grew up with limited resources, but his parents gave him one powerful inheritance. The belief that education was the path to building a different life. He made his share of mistakes, learned from those, and built a career by tightening his habits and getting serious about what actually moves you forward. Now he's raising a daughter with comfort, access, and opportunity, while still teaching her to value money, respect effort, and turn off the lights when she leaves a room. Alex understands that financial literacy gaps don't appear out of nowhere. Some communities aren't financially literate because money wasn't accessible, money wasn't explained, or wasn't part of everyday conversation. You can't master a language you were never taught. Today we're unpacking the routines that changed his trajectory, the lessons that shaped him, and the structural reasons. so many communities struggle to speak the language in the first place. Alex, welcome to the shift.
speaker-0: Hi, Ola. Thanks so much for having me.
speaker-1: Let's start at the beginning.
speaker-0: I would say if I could just say one thing before we start, you did point out in my introduction that I've made my fair share of mistakes in my life, and that's true, and none rings louder in my ears right now than some of the hiring decisions I've made in the past. But we're in the
speaker-1: Welcome to the show. The see I told you this is gonna be fun. So let's start at the beginning. The version of you before the degrees, before the career, before the commerce. What was the attitude towards money conversations in your home when you were growing up?
speaker-0: The money conversations in our home were essentially Mom, Dad, can I have ten dollars for this, that, or the other thing? And the answer was no. That was the extent of them. We didn't really have conversations about money because I don't wanna say my parents were living paycheck to paycheck. There were probably about two or three paychecks to paycheck. But wealth was not an issue that we concerned ourselves with and Money was kind of an abstract topic.
speaker-1: So what kind of things did you talk about then at home?
speaker-0: Education. And I mean, whenever we weren't talking about all the things I did wrong and why I'm in trouble, we talked about education. Like I said, we didn't really have any wealth, so investing wasn't really a conversation, but what we did talk about was a path to opportunities. And my parents felt very strongly that that path lied in education.
speaker-1: All right. So yeah, that early environment shapes most things, if not everything, especially how we behave when we finally mature, maybe get a little older, step out of the house, get a little money. In your early career, did money feel like security? Did you feel like status? Or was it basic survival? I make this money, I spend it, I wait for the next one. This was back early in your career.
speaker-0: Yeah, I don't think for me it was any of those things. For me it was independence. And I'll say that because I guess I launched kinda late in life. So I was still living home. I took some time off during my undergrad studies and I went back to college a little later in life. So I I think I finished college. I might have been twenty six or so. So at that point I'm still living at home. So real paychecks were independence. It was an opportunity to move out and establish my own life.
speaker-1: You said you were living at home till later and you had to use the word twenty six. What was that experience like for you?
speaker-0: I don't think I can say that word on the podcast. Like I said before, education has always been a focal point in my household and my life growing up. And without going too far off track, I'll just say I started out in college at an HBCU, Hampton University, as an aviation pilot. I completed the summer term and then one full academic year. After that, I left college and ended up working. Had a few jobs here and there. They were probably some of the worst jobs that exist. And that is advice I would always give to parents who are concerned that their kid wants to take a gap year or leave school for a while. I would tell them don't don't argue, don't fight it, let them do it, but get them the worst job known to man. And they will race back to college. And that's pretty much what happened with me. It wasn't by design, it's just those were the jobs I landed. So I went back to college a little later in life and I did a dual major, finished with honors and started my life.
speaker-1: Fantastic, I guess from mystics to mastery. There's this question that
speaker-0: Can I pause? Are are you suggesting that I've learned to master my mistakes?
speaker-1: You've now mastered life.
speaker-0: okay. That sounds better, thank you.
speaker-1: Have you but have you mastered your mistakes by any chance?
speaker-0: I'm very good at them now. I am very good at making mistakes. I have mastered the art of making mistakes. My wife will confirm that.
speaker-1: So you let home late, you made some mistakes, you fixed them, and you got better, you put your life in order. I'm wondering if this question would apply to you, and tell me if not. Were you one of those who could say, look, when I was in my early twenties or early in my career, I did make financial mistakes? Like there were some things I did with my money or with my paycheck that I shouldn't have. Or are you one of those that say, Look, I kind of realize that I messed up early in life and so I just got it right. Although you already say you're still mastering your mistakes, so I'm not sure where I'm going with it.
speaker-0: I made mistakes with money last week. I mean, so yeah, I definitely made some money mistakes early in life and they continue. The difference is now I'm in a place where I can recover pretty easily. Let me add a little bit of color to that. I think that, or at least my operating philosophy for life is this is the only bite at the apple that I'm gonna get. So I feel like it's important to balance being financially responsible, but also enjoying the ride along the way.
speaker-1: Life is too short is the way you're going with it. I wish I had like a rhyme or a verse to kind of bring it to life, but I'm not very good artistically. So
speaker-0: I
speaker-1: Sorry. I'm telling you guys. Let's now move to I'll call it the middle phase of your life. You then went ahead, started a great career in finance. You ended up studying for the CFA and then you have a CFA charter. So which is fantastic. It is a rigorous exam and it is high quality. I myself am a CFA charter holder. Was that something you wanted to do for mastery? Or was it for credibility or did you just come with the job like this is what you gotta do?
speaker-0: Yep. So I did a traditional Wall Street analyst program when I got out of school and it was just expected. It was a three year analyst program and sitting for the CFA was part of it, plain and simple. I did the first exam and thought I failed it, but it turned out I passed. I did the second exam, felt the same way, had the same result. And when it came time for the third exam I had just gotten accepted into the Warden Graduate School of Business at the University of Pennsylvania. And a money mistake, I did not think that I was going to get accepted the first go around. So I took my bonus money and used it as a down payment for a new BMW sports car on a Friday afternoon and then found out that Monday that I gotten accepted and wow, what am I gonna do now? But it all worked out and my company paid for business school and cost of living style pain. But the point is, I had gotten the acceptance letter while I was studying for CFA level three. So as I look back on it, I don't think I took the studying as seriously. I remember studying poolside in the Caribbean with cocktails, and surprisingly enough, I did not pass level three. And here's a fun fact. Not only I thought I passed, I felt like the person who scored my exam didn't know what they were doing because I clearly had to pass this. I go off to school to start my MBA and I got a letter in the mail saying that there were some problems grading the level three CFA exam the year when I took it. I mean they talked all about the problems and then at the bottom it went on to basically say, But you still failed. And I'm like, Well Did you really need to send this letter to me? Getting back to your question. It was expected as part of this exam, but when I got out of school I did go back and take level three again and pass it that time.
speaker-1: You know, there's always this parallel between professional expertise and real life behavior. For lack of a better word, and with all respect to medical doctors, I'm gonna pick on you because it's just easy to pick on you. So you see a medical doctor who's telling you in the office, you know, you gotta watch your diet, you gotta watch what you eat, and they then drive to the next fast food restaurant and grab the fries and the burger and the soda. In your Universe, where do you see the struggle? Where you're like, man, the struggle is real. I should know this, but I'm doing this.
speaker-0: Yeah, that's fair. I think that I don't quite have the balance right between savings slash investing and consuming. I am glad that there is some balance because like I said, there was no conversation about this growing up. And really, it's a muscle that you have to develop. You you have to cultivate that. And delaying or deferring wants, initially I was something I had no choice. I couldn't get the things I wanted. And eventually got to the point that for the most part I could. But the question remains, should I? But I got to the point that I moved beyond. putting enough aside in my four one K that I at least get the company match. I at least got to the point that I max it out every year. But it's just like the shoe cobblers kids go barefoot, I know, especially with the power of compounding money, that I should be further along than I am right now. So, like I said before, I think it's important to enjoy the ride along the way. I have really been enjoying the ride, probably a little bit too much, but I I certainly do have money set aside and prepared for retirement and was able to fund my daughter's Ivy League education just from cash and all this other stuff. But the fact still remains, as an investment professional, I know that balance between consumption and saving investing is off in my personal life.
speaker-1: Thank you for sharing that. Thank you for being vulnerable. You led me right into my next question, which is so now that you're raising a daughter in a completely different reality, how do you teach discipline, the value of a dollar, grit to a child who who is growing up with financial stability?
speaker-0: I think that's a great question and I think that's a question that has riddled me and a lot of my friends 'cause we're in the same socioeconomic grouping, if you will. I personally don't think you can teach grit. I think life experience teaches grit. I think you can instill a strong work ethic and that's a close cousin to grit, but it's not exactly the same. I've heard some folks that would say, well I'm not going to give my children this, that, the other thing, I'm gonna make them work for everything. And I understand the rationale behind that, but the fact that you as a parent have the ability to provide them, I think you might just be developing some ill will that your children may have towards you as they feel like you make them struggle for things that you could easily provide for them. So the bottom line is I think it's hard to get to a place in life where you are sending your kids to some of the best schools and they're around other kids that come from families with means, but yet your kid is the one with tattered clothes or they can't go to this place or that place for a vacation, et cetera. I think you still want to maintain your confidence. So for me it's been passing down what I know, which is a a a serious focus on education. But also teaching her a work ethic and letting her know that in life no one is coming to save you. They're they're just not. It's up to you. And it wasn't clear to me that she was getting that lesson, but they will surprise you. It seems like nothing is seeping in and then one day it's like, wow. I guess they got all the lessons. And then probably thirty minutes later they'll do something and make you shake your head and say, Nope, they didn't get any of But it's in there. So long story short, I don't think you can teach grit. I think you can teach responsibility, help develop a work ethic. And it's interesting because I have two goddaughters and it's an interesting parallel to see how hard they push at every single thing they do. And my daughter, love her to death. So something she'll push, but That's just not her makeup. And it's the same with many of her friends, but they have resources galore as far as access to the best education and they have networks through their parents, friends, sort of extended networks with doctors and lawyers and dentists and judges and bankers, etcetera. And I look at the juxtaposition and wonder how they all get on in life, call it twenty, thirty years from today.
speaker-1: Hm. First, they'll be alright. Twenty, thirty years from now, hopefully we can look back and figure out, well, are they okay? My gut tells me yes. I think their value system, their priorities, what they consider right and wrong and acceptable could be materially different from today, but I think they'll be alright.
speaker-0: I think so. I think so. Let's be real, twenty, thirty years from today, I am not gonna be able to discern how they're doing in life. I probably won't even be able to discern what I'm eating at that moment. It it'll just be some
speaker-1: Well, health care's improved radically. So if you're not careful, you may live to one hundred and five. Now whether you like it or not, I don't know but
speaker-0: I might live to a hundred and five, but the last forty years are gonna be on a ventilator. So
speaker-1: don't be don't be so morbid. You said enjoy life. Mm-hmm. You I do
speaker-0: You worked with me. I am no stranger to candy bars, cupcakes, ice I mean, let's be real. Pizza, Chinese food, you Like I said, you have to enjoy the ride, Ola.
speaker-1: So that means on this call I should have been asking you about tell us what's going on with your health. What's going on with your diet?
speaker-0: It's different call, my friend. It's a whole different call.
speaker-1: Alright, we'll stick to what you are doing to help the next generation. Give them a leg up. What particular habits or conversation are you intentionally passing down to your daughter that maybe you didn't have or that you had or you're like this yes, this will shall pass across generations. And if at all, if there's anyone that you're like, no, this one no no no, this shall Die with me.
speaker-0: I think that's a great question. Like I said, education has always been sort of a cornerstone of my family culture, so to speak. So of course I've instilled in her the importance of education. She's gone to a great private school from first through twelfth grade and she's at a great college and she really appreciates her education. So that's a good thing. But I've also taught her the importance of money. I think I've only taught her conceptually because I still give her everything she wants. So she knows it's important but she also knows I can just go to dad and get it. But she does have a growing appreciation of it now that she's in her senior year of college and she's seeing that it's been real difficult for some of her friends to land good jobs coming from a great academic backgrounds. Now that she's got her own apartment and her own car, she is concerned about gas and all sorts of I think another lesson that I have taught her, and I'm very curious to see if and how it plays out in her life is she knows a lot more about business than she realizes or maybe she's beginning to realize. So As she was growing up, we would go to Kiwi Yogurt or anywhere. We would talk about the business model. And we'd go to a restaurant and there aren't a lot of tables and chairs in this particular restaurant. And that means they can't seat but so many people in here at one time. So maybe they charge their customers a lot more money to make up for the lack of volume. And we just have these conversations all the time for maybe the last 18 years. So now sometimes she'll talk to me about something that she's just noticed where she went in. They are real legitimate business concepts. And I would teach her about things like moral hazard and prisoner's dilemma and not being a hostage and how to equate that or solve that sort of challenge that we see in the finance world all the time. So she's got all of this information in her well that is sort of secondhand knowledge to her. And the one lesson that I did not carry on is the complete absence of discussion around money.
speaker-1: What do you think keeps underrepresented communities from speaking the language of money fluently? And if I can push you, what's one thing that we can start doing today to encourage better, more open financial conversations?
speaker-0: I think access is the limiting factor in some communities with respect to robust, hardy, full-throated conversations about money. And when I say access, I mean access to money and access to information or knowledge about money. Because it's not really commonsensical. I think in certain communities and I've talked to you about this before, conversations around investing is an abstract topic. I mean, if you don't really have money, nor do you know how to access money, where you're going to get money, than a conversation around what to do, how to invest money. That's all very that's all hypothetical. It's abstract. I think one thing that we can do is we can nurture our children's dreams, encourage them to dream bigger, and help make sure they have the academic resources and backgrounds to strive towards those things. And the money will come. And as the money comes, we desperately need things like this podcast. To help people understand what to do with the money when they have it, because it's critically important. I know a guy, and he is a wealth manager, and he deals with a lot of professional athletes, actors, actresses, singers, etc. And he told me something that was interesting that I had never really thought about. He's got some NFL players, and he's done this analysis that he shares with them because he's trying to get them as soon as they get to the league to start investing. And He shows how the average NFL player, now I'm not talking about the superstar NFL player, but the average NFL player over their lifetime makes less money than a mid-level accountant in company ABC. First of all, their career in the NFL is not very long. True. And they make all of their money in a short period of time. So the taxes are unreal. Whereas the other person makes a modest amount of money spread out over a 30-year career versus a five-year career. So the tax implications are much lower. And when you compare the two, the mid-level accountant is actually ends up doing much better than your typical NFL player. Now again, that does not include the superstar player.
speaker-1: As you were speaking, several lights were coming on and blinking and sirens and I don't think you could have said it any better. When we speak with different demographics, you'll be surprised at just how much this information means to them. Some of them are like, Well, what is HSA? What is who is FICA and why he or she taking my money?
speaker-0: No, my mm.
speaker-1: Then the parents start texting you and calling you because they realize you know what? What do you mean this class is for 70 to 26? It could be for me. And it's like, well, do you know IRA? No. Do you know Roth IRA? No. Are you maxing your stuff? Well, do you have five, two nights? Yeah, I definitely relate to that. And I hope that more of these conversations are being had. Because you also have to be careful about the messenger.
speaker-0: Can I can I say so so so two things.
speaker-1: Please do.
speaker-0: As you were giving examples, you mentioned IRA Roth IR IRA five nine. I was like, yeah, that was a big miss on my part. I did not fund a five twenty nine account for my daughter, which people listening may or may not know is sort of a tax deferred vehicle to fund future college costs for your kid. when I first heard about they were kind of state sponsored and your kid had to go to school in that state. And my kid was a baby, I knew where she's gonna want to go to college. So it's like, all right, I don't need to waste my time with that. Obviously they have changed since they I never went back and visited the five twenty nine. So fast forward, I have been paying for college just out of after tax. paycheck money and trust me the struggle is real. College tuition is no joke. So that was something it just dawned on me when you were talking about some mistakes that you have made or yes, that's probably a pretty big one. Yeah. And you said something else that got me thinking, but I don't remember what it was.
speaker-1: Should we give you like a minute silence for you to remember?
speaker-0: I'll probably go to sleep. No, don't don't do that.
speaker-1: All right. Let's let's move on. But if it comes back to you just just interrupt yeah.
speaker-0: Internet the internet. yeah. I have been looking on the internet to perfect my golf swing for you and I think it's just getting worse and worse. So yeah, it's not helping you with your finance, it's not helping golf swings at all. So yes. Just view that as entertainment. I can't stress that enough. Entertainment only.
speaker-1: Yeah. But unfortunately the kids don't know that. They don't have the capability at that level to filter what's true and what's not. So a lot of work just needs to be done. A lot of work that didn't exist back then, frankly, when we were growing up, now exists for those who are parents now, parenting children in this age and in this era. I'll call them the most empowered generation, but they also face a lot of challenges as a result of what they are able to do. They have AI, they have YouTube but you know their fingertips. But anyway, we will not be able to
speaker-0: Misinformation, disinformation, deep fakes. It's a tough spot now. It's tough.
speaker-1: It is, it is. Wrapping up, if you could give one piece of practical wisdom to someone just starting their career today, what would it be?
speaker-0: I think I would tell folks, and this is something that I try and tell my daughter: do your homework, be prepared, don't be afraid to take calculated risks. Because at the intersectionality of opportunity, calculated risk taking, and preparedness is where true success lies. Find a mentor or two in your firm. 'Cause we know you're not gonna listen to your parents no matter how bright they are or how amazing their career has been. I mean, Charlie Woods won't listen to his father, Tiger Woods, on golf, which is crazy. So find yourself a mentor or two in your firm that have traveled the path already. The last thing I would tell them is start from the end and work backwards. So what I mean by that is think about what do I really want to be, not what I wanna be now or tomorrow or two years from now because it's going to be limited. But what do I want to be ultimately when I'm 50? And then think about what are the skills required to be successful in that thing, whatever it is, and then work backwards as you think about different jobs to take along the way that are going to deliver those skills to you.
speaker-1: Professional.
speaker-0: Don't be afraid to pivot along the way.
speaker-1: You all heard the man? Listen to him. Maybe don't take his golf lessons, but listen.
speaker-0: Listen to me at your peril. Don't take my health advice either.
speaker-1: So no golf advice, no health advice. Or that's yeah. I'm gonna give you some rapid fire questions to good to our guests to get us to know them. I know You already did you already did that yourself.
speaker-0: I already did, I already destroyed it.
speaker-1: So what this is everything on you, sir, okay? Alright, it will be quick. Which one triggers you more? Fridge open or lights left on?
speaker-0: Fridge open.
speaker-1: Are you a
speaker-0: My junk food could go bad.
speaker-1: Okay? Are you a season everything or a follow the recipe cook?
speaker-0: I am pretty much follow the recipe.
speaker-1: I'm surprised. Wings or steak?
speaker-0: Wings or steak? Yeah. s well steak, but it's gotta be the right cut. It needs to be a New York strip or filet mignon, but steak definitely. I actually don't do wings, I don't like them.
speaker-1: Okay, alright. Thank you so much for coming onto the show.
speaker-0: Thanks for having me.
speaker-1: No, thank you for accepting the invite first because you're a busy man and you have a busy life. You work and you're raising a family and you're playing your bad game of golf. So we cannot thank you enough for showing up. Alright, go ahead, say it. Say it.
speaker-0: My golf game's not that bad. It should be much further along, much like my retirement account, but it's not that bad. It's actually a good parallel. It's like a microcosm of one another.
speaker-1: of one another. But seriously speaking, I think this has been a great conversation. You've been very open, you've been very honest and relatable, and this is exactly what the programme is about. So thank you very much to the audience.
speaker-0: Thank you for all that you're doing for the community. Appreciate it.
speaker-1: Thank you, sir. And thank you for hiring me where you did. Thank you. If you enjoyed the conversation with Alex today, if anything spoke to you, if something resonated with you, share this with someone you care about. Take a step, a little step, one at a time. Hopefully your future self will thank you. This is PSP The Shifts. I'm Ola Mide, and I'll see you. The next time.
speaker-1: To PSP The Shift. I'm your host, Olamidi, and you already know this is where we make money human and relatable. Today's guest is Built Different: a finance professional who can talk about wealth without making you feel like you need a calculator, a dictionary, or a therapist. Alex grew up with limited resources, but his parents gave him one powerful inheritance. The belief that education was the path to building a different life. He made his share of mistakes, learned from those, and built a career by tightening his habits and getting serious about what actually moves you forward. Now he's raising a daughter with comfort, access, and opportunity, while still teaching her to value money, respect effort, and turn off the lights when she leaves a room. Alex understands that financial literacy gaps don't appear out of nowhere. Some communities aren't financially literate because money wasn't accessible, money wasn't explained, or wasn't part of everyday conversation. You can't master a language you were never taught. Today we're unpacking the routines that changed his trajectory, the lessons that shaped him, and the structural reasons. so many communities struggle to speak the language in the first place. Alex, welcome to the shift.
speaker-0: Hi, Ola. Thanks so much for having me.
speaker-1: Let's start at the beginning.
speaker-0: I would say if I could just say one thing before we start, you did point out in my introduction that I've made my fair share of mistakes in my life, and that's true, and none rings louder in my ears right now than some of the hiring decisions I've made in the past. But we're in the
speaker-1: Welcome to the show. The see I told you this is gonna be fun. So let's start at the beginning. The version of you before the degrees, before the career, before the commerce. What was the attitude towards money conversations in your home when you were growing up?
speaker-0: The money conversations in our home were essentially Mom, Dad, can I have ten dollars for this, that, or the other thing? And the answer was no. That was the extent of them. We didn't really have conversations about money because I don't wanna say my parents were living paycheck to paycheck. There were probably about two or three paychecks to paycheck. But wealth was not an issue that we concerned ourselves with and Money was kind of an abstract topic.
speaker-1: So what kind of things did you talk about then at home?
speaker-0: Education. And I mean, whenever we weren't talking about all the things I did wrong and why I'm in trouble, we talked about education. Like I said, we didn't really have any wealth, so investing wasn't really a conversation, but what we did talk about was a path to opportunities. And my parents felt very strongly that that path lied in education.
speaker-1: All right. So yeah, that early environment shapes most things, if not everything, especially how we behave when we finally mature, maybe get a little older, step out of the house, get a little money. In your early career, did money feel like security? Did you feel like status? Or was it basic survival? I make this money, I spend it, I wait for the next one. This was back early in your career.
speaker-0: Yeah, I don't think for me it was any of those things. For me it was independence. And I'll say that because I guess I launched kinda late in life. So I was still living home. I took some time off during my undergrad studies and I went back to college a little later in life. So I I think I finished college. I might have been twenty six or so. So at that point I'm still living at home. So real paychecks were independence. It was an opportunity to move out and establish my own life.
speaker-1: You said you were living at home till later and you had to use the word twenty six. What was that experience like for you?
speaker-0: I don't think I can say that word on the podcast. Like I said before, education has always been a focal point in my household and my life growing up. And without going too far off track, I'll just say I started out in college at an HBCU, Hampton University, as an aviation pilot. I completed the summer term and then one full academic year. After that, I left college and ended up working. Had a few jobs here and there. They were probably some of the worst jobs that exist. And that is advice I would always give to parents who are concerned that their kid wants to take a gap year or leave school for a while. I would tell them don't don't argue, don't fight it, let them do it, but get them the worst job known to man. And they will race back to college. And that's pretty much what happened with me. It wasn't by design, it's just those were the jobs I landed. So I went back to college a little later in life and I did a dual major, finished with honors and started my life.
speaker-1: Fantastic, I guess from mystics to mastery. There's this question that
speaker-0: Can I pause? Are are you suggesting that I've learned to master my mistakes?
speaker-1: You've now mastered life.
speaker-0: okay. That sounds better, thank you.
speaker-1: Have you but have you mastered your mistakes by any chance?
speaker-0: I'm very good at them now. I am very good at making mistakes. I have mastered the art of making mistakes. My wife will confirm that.
speaker-1: So you let home late, you made some mistakes, you fixed them, and you got better, you put your life in order. I'm wondering if this question would apply to you, and tell me if not. Were you one of those who could say, look, when I was in my early twenties or early in my career, I did make financial mistakes? Like there were some things I did with my money or with my paycheck that I shouldn't have. Or are you one of those that say, Look, I kind of realize that I messed up early in life and so I just got it right. Although you already say you're still mastering your mistakes, so I'm not sure where I'm going with it.
speaker-0: I made mistakes with money last week. I mean, so yeah, I definitely made some money mistakes early in life and they continue. The difference is now I'm in a place where I can recover pretty easily. Let me add a little bit of color to that. I think that, or at least my operating philosophy for life is this is the only bite at the apple that I'm gonna get. So I feel like it's important to balance being financially responsible, but also enjoying the ride along the way.
speaker-1: Life is too short is the way you're going with it. I wish I had like a rhyme or a verse to kind of bring it to life, but I'm not very good artistically. So
speaker-0: I
speaker-1: Sorry. I'm telling you guys. Let's now move to I'll call it the middle phase of your life. You then went ahead, started a great career in finance. You ended up studying for the CFA and then you have a CFA charter. So which is fantastic. It is a rigorous exam and it is high quality. I myself am a CFA charter holder. Was that something you wanted to do for mastery? Or was it for credibility or did you just come with the job like this is what you gotta do?
speaker-0: Yep. So I did a traditional Wall Street analyst program when I got out of school and it was just expected. It was a three year analyst program and sitting for the CFA was part of it, plain and simple. I did the first exam and thought I failed it, but it turned out I passed. I did the second exam, felt the same way, had the same result. And when it came time for the third exam I had just gotten accepted into the Warden Graduate School of Business at the University of Pennsylvania. And a money mistake, I did not think that I was going to get accepted the first go around. So I took my bonus money and used it as a down payment for a new BMW sports car on a Friday afternoon and then found out that Monday that I gotten accepted and wow, what am I gonna do now? But it all worked out and my company paid for business school and cost of living style pain. But the point is, I had gotten the acceptance letter while I was studying for CFA level three. So as I look back on it, I don't think I took the studying as seriously. I remember studying poolside in the Caribbean with cocktails, and surprisingly enough, I did not pass level three. And here's a fun fact. Not only I thought I passed, I felt like the person who scored my exam didn't know what they were doing because I clearly had to pass this. I go off to school to start my MBA and I got a letter in the mail saying that there were some problems grading the level three CFA exam the year when I took it. I mean they talked all about the problems and then at the bottom it went on to basically say, But you still failed. And I'm like, Well Did you really need to send this letter to me? Getting back to your question. It was expected as part of this exam, but when I got out of school I did go back and take level three again and pass it that time.
speaker-1: You know, there's always this parallel between professional expertise and real life behavior. For lack of a better word, and with all respect to medical doctors, I'm gonna pick on you because it's just easy to pick on you. So you see a medical doctor who's telling you in the office, you know, you gotta watch your diet, you gotta watch what you eat, and they then drive to the next fast food restaurant and grab the fries and the burger and the soda. In your Universe, where do you see the struggle? Where you're like, man, the struggle is real. I should know this, but I'm doing this.
speaker-0: Yeah, that's fair. I think that I don't quite have the balance right between savings slash investing and consuming. I am glad that there is some balance because like I said, there was no conversation about this growing up. And really, it's a muscle that you have to develop. You you have to cultivate that. And delaying or deferring wants, initially I was something I had no choice. I couldn't get the things I wanted. And eventually got to the point that for the most part I could. But the question remains, should I? But I got to the point that I moved beyond. putting enough aside in my four one K that I at least get the company match. I at least got to the point that I max it out every year. But it's just like the shoe cobblers kids go barefoot, I know, especially with the power of compounding money, that I should be further along than I am right now. So, like I said before, I think it's important to enjoy the ride along the way. I have really been enjoying the ride, probably a little bit too much, but I I certainly do have money set aside and prepared for retirement and was able to fund my daughter's Ivy League education just from cash and all this other stuff. But the fact still remains, as an investment professional, I know that balance between consumption and saving investing is off in my personal life.
speaker-1: Thank you for sharing that. Thank you for being vulnerable. You led me right into my next question, which is so now that you're raising a daughter in a completely different reality, how do you teach discipline, the value of a dollar, grit to a child who who is growing up with financial stability?
speaker-0: I think that's a great question and I think that's a question that has riddled me and a lot of my friends 'cause we're in the same socioeconomic grouping, if you will. I personally don't think you can teach grit. I think life experience teaches grit. I think you can instill a strong work ethic and that's a close cousin to grit, but it's not exactly the same. I've heard some folks that would say, well I'm not going to give my children this, that, the other thing, I'm gonna make them work for everything. And I understand the rationale behind that, but the fact that you as a parent have the ability to provide them, I think you might just be developing some ill will that your children may have towards you as they feel like you make them struggle for things that you could easily provide for them. So the bottom line is I think it's hard to get to a place in life where you are sending your kids to some of the best schools and they're around other kids that come from families with means, but yet your kid is the one with tattered clothes or they can't go to this place or that place for a vacation, et cetera. I think you still want to maintain your confidence. So for me it's been passing down what I know, which is a a a serious focus on education. But also teaching her a work ethic and letting her know that in life no one is coming to save you. They're they're just not. It's up to you. And it wasn't clear to me that she was getting that lesson, but they will surprise you. It seems like nothing is seeping in and then one day it's like, wow. I guess they got all the lessons. And then probably thirty minutes later they'll do something and make you shake your head and say, Nope, they didn't get any of But it's in there. So long story short, I don't think you can teach grit. I think you can teach responsibility, help develop a work ethic. And it's interesting because I have two goddaughters and it's an interesting parallel to see how hard they push at every single thing they do. And my daughter, love her to death. So something she'll push, but That's just not her makeup. And it's the same with many of her friends, but they have resources galore as far as access to the best education and they have networks through their parents, friends, sort of extended networks with doctors and lawyers and dentists and judges and bankers, etcetera. And I look at the juxtaposition and wonder how they all get on in life, call it twenty, thirty years from today.
speaker-1: Hm. First, they'll be alright. Twenty, thirty years from now, hopefully we can look back and figure out, well, are they okay? My gut tells me yes. I think their value system, their priorities, what they consider right and wrong and acceptable could be materially different from today, but I think they'll be alright.
speaker-0: I think so. I think so. Let's be real, twenty, thirty years from today, I am not gonna be able to discern how they're doing in life. I probably won't even be able to discern what I'm eating at that moment. It it'll just be some
speaker-1: Well, health care's improved radically. So if you're not careful, you may live to one hundred and five. Now whether you like it or not, I don't know but
speaker-0: I might live to a hundred and five, but the last forty years are gonna be on a ventilator. So
speaker-1: don't be don't be so morbid. You said enjoy life. Mm-hmm. You I do
speaker-0: You worked with me. I am no stranger to candy bars, cupcakes, ice I mean, let's be real. Pizza, Chinese food, you Like I said, you have to enjoy the ride, Ola.
speaker-1: So that means on this call I should have been asking you about tell us what's going on with your health. What's going on with your diet?
speaker-0: It's different call, my friend. It's a whole different call.
speaker-1: Alright, we'll stick to what you are doing to help the next generation. Give them a leg up. What particular habits or conversation are you intentionally passing down to your daughter that maybe you didn't have or that you had or you're like this yes, this will shall pass across generations. And if at all, if there's anyone that you're like, no, this one no no no, this shall Die with me.
speaker-0: I think that's a great question. Like I said, education has always been sort of a cornerstone of my family culture, so to speak. So of course I've instilled in her the importance of education. She's gone to a great private school from first through twelfth grade and she's at a great college and she really appreciates her education. So that's a good thing. But I've also taught her the importance of money. I think I've only taught her conceptually because I still give her everything she wants. So she knows it's important but she also knows I can just go to dad and get it. But she does have a growing appreciation of it now that she's in her senior year of college and she's seeing that it's been real difficult for some of her friends to land good jobs coming from a great academic backgrounds. Now that she's got her own apartment and her own car, she is concerned about gas and all sorts of I think another lesson that I have taught her, and I'm very curious to see if and how it plays out in her life is she knows a lot more about business than she realizes or maybe she's beginning to realize. So As she was growing up, we would go to Kiwi Yogurt or anywhere. We would talk about the business model. And we'd go to a restaurant and there aren't a lot of tables and chairs in this particular restaurant. And that means they can't seat but so many people in here at one time. So maybe they charge their customers a lot more money to make up for the lack of volume. And we just have these conversations all the time for maybe the last 18 years. So now sometimes she'll talk to me about something that she's just noticed where she went in. They are real legitimate business concepts. And I would teach her about things like moral hazard and prisoner's dilemma and not being a hostage and how to equate that or solve that sort of challenge that we see in the finance world all the time. So she's got all of this information in her well that is sort of secondhand knowledge to her. And the one lesson that I did not carry on is the complete absence of discussion around money.
speaker-1: What do you think keeps underrepresented communities from speaking the language of money fluently? And if I can push you, what's one thing that we can start doing today to encourage better, more open financial conversations?
speaker-0: I think access is the limiting factor in some communities with respect to robust, hardy, full-throated conversations about money. And when I say access, I mean access to money and access to information or knowledge about money. Because it's not really commonsensical. I think in certain communities and I've talked to you about this before, conversations around investing is an abstract topic. I mean, if you don't really have money, nor do you know how to access money, where you're going to get money, than a conversation around what to do, how to invest money. That's all very that's all hypothetical. It's abstract. I think one thing that we can do is we can nurture our children's dreams, encourage them to dream bigger, and help make sure they have the academic resources and backgrounds to strive towards those things. And the money will come. And as the money comes, we desperately need things like this podcast. To help people understand what to do with the money when they have it, because it's critically important. I know a guy, and he is a wealth manager, and he deals with a lot of professional athletes, actors, actresses, singers, etc. And he told me something that was interesting that I had never really thought about. He's got some NFL players, and he's done this analysis that he shares with them because he's trying to get them as soon as they get to the league to start investing. And He shows how the average NFL player, now I'm not talking about the superstar NFL player, but the average NFL player over their lifetime makes less money than a mid-level accountant in company ABC. First of all, their career in the NFL is not very long. True. And they make all of their money in a short period of time. So the taxes are unreal. Whereas the other person makes a modest amount of money spread out over a 30-year career versus a five-year career. So the tax implications are much lower. And when you compare the two, the mid-level accountant is actually ends up doing much better than your typical NFL player. Now again, that does not include the superstar player.
speaker-1: As you were speaking, several lights were coming on and blinking and sirens and I don't think you could have said it any better. When we speak with different demographics, you'll be surprised at just how much this information means to them. Some of them are like, Well, what is HSA? What is who is FICA and why he or she taking my money?
speaker-0: No, my mm.
speaker-1: Then the parents start texting you and calling you because they realize you know what? What do you mean this class is for 70 to 26? It could be for me. And it's like, well, do you know IRA? No. Do you know Roth IRA? No. Are you maxing your stuff? Well, do you have five, two nights? Yeah, I definitely relate to that. And I hope that more of these conversations are being had. Because you also have to be careful about the messenger.
speaker-0: Can I can I say so so so two things.
speaker-1: Please do.
speaker-0: As you were giving examples, you mentioned IRA Roth IR IRA five nine. I was like, yeah, that was a big miss on my part. I did not fund a five twenty nine account for my daughter, which people listening may or may not know is sort of a tax deferred vehicle to fund future college costs for your kid. when I first heard about they were kind of state sponsored and your kid had to go to school in that state. And my kid was a baby, I knew where she's gonna want to go to college. So it's like, all right, I don't need to waste my time with that. Obviously they have changed since they I never went back and visited the five twenty nine. So fast forward, I have been paying for college just out of after tax. paycheck money and trust me the struggle is real. College tuition is no joke. So that was something it just dawned on me when you were talking about some mistakes that you have made or yes, that's probably a pretty big one. Yeah. And you said something else that got me thinking, but I don't remember what it was.
speaker-1: Should we give you like a minute silence for you to remember?
speaker-0: I'll probably go to sleep. No, don't don't do that.
speaker-1: All right. Let's let's move on. But if it comes back to you just just interrupt yeah.
speaker-0: Internet the internet. yeah. I have been looking on the internet to perfect my golf swing for you and I think it's just getting worse and worse. So yeah, it's not helping you with your finance, it's not helping golf swings at all. So yes. Just view that as entertainment. I can't stress that enough. Entertainment only.
speaker-1: Yeah. But unfortunately the kids don't know that. They don't have the capability at that level to filter what's true and what's not. So a lot of work just needs to be done. A lot of work that didn't exist back then, frankly, when we were growing up, now exists for those who are parents now, parenting children in this age and in this era. I'll call them the most empowered generation, but they also face a lot of challenges as a result of what they are able to do. They have AI, they have YouTube but you know their fingertips. But anyway, we will not be able to
speaker-0: Misinformation, disinformation, deep fakes. It's a tough spot now. It's tough.
speaker-1: It is, it is. Wrapping up, if you could give one piece of practical wisdom to someone just starting their career today, what would it be?
speaker-0: I think I would tell folks, and this is something that I try and tell my daughter: do your homework, be prepared, don't be afraid to take calculated risks. Because at the intersectionality of opportunity, calculated risk taking, and preparedness is where true success lies. Find a mentor or two in your firm. 'Cause we know you're not gonna listen to your parents no matter how bright they are or how amazing their career has been. I mean, Charlie Woods won't listen to his father, Tiger Woods, on golf, which is crazy. So find yourself a mentor or two in your firm that have traveled the path already. The last thing I would tell them is start from the end and work backwards. So what I mean by that is think about what do I really want to be, not what I wanna be now or tomorrow or two years from now because it's going to be limited. But what do I want to be ultimately when I'm 50? And then think about what are the skills required to be successful in that thing, whatever it is, and then work backwards as you think about different jobs to take along the way that are going to deliver those skills to you.
speaker-1: Professional.
speaker-0: Don't be afraid to pivot along the way.
speaker-1: You all heard the man? Listen to him. Maybe don't take his golf lessons, but listen.
speaker-0: Listen to me at your peril. Don't take my health advice either.
speaker-1: So no golf advice, no health advice. Or that's yeah. I'm gonna give you some rapid fire questions to good to our guests to get us to know them. I know You already did you already did that yourself.
speaker-0: I already did, I already destroyed it.
speaker-1: So what this is everything on you, sir, okay? Alright, it will be quick. Which one triggers you more? Fridge open or lights left on?
speaker-0: Fridge open.
speaker-1: Are you a
speaker-0: My junk food could go bad.
speaker-1: Okay? Are you a season everything or a follow the recipe cook?
speaker-0: I am pretty much follow the recipe.
speaker-1: I'm surprised. Wings or steak?
speaker-0: Wings or steak? Yeah. s well steak, but it's gotta be the right cut. It needs to be a New York strip or filet mignon, but steak definitely. I actually don't do wings, I don't like them.
speaker-1: Okay, alright. Thank you so much for coming onto the show.
speaker-0: Thanks for having me.
speaker-1: No, thank you for accepting the invite first because you're a busy man and you have a busy life. You work and you're raising a family and you're playing your bad game of golf. So we cannot thank you enough for showing up. Alright, go ahead, say it. Say it.
speaker-0: My golf game's not that bad. It should be much further along, much like my retirement account, but it's not that bad. It's actually a good parallel. It's like a microcosm of one another.
speaker-1: of one another. But seriously speaking, I think this has been a great conversation. You've been very open, you've been very honest and relatable, and this is exactly what the programme is about. So thank you very much to the audience.
speaker-0: Thank you for all that you're doing for the community. Appreciate it.
speaker-1: Thank you, sir. And thank you for hiring me where you did. Thank you. If you enjoyed the conversation with Alex today, if anything spoke to you, if something resonated with you, share this with someone you care about. Take a step, a little step, one at a time. Hopefully your future self will thank you. This is PSP The Shifts. I'm Ola Mide, and I'll see you. The next time.
