[00:00:00] Speaker A: In this episode, I bring my good friend Eric Garcia on the podcast as we talk about the most common mistakes we see our clients make. Let's get started. Let's get some money from New Money, New Problems. It's the New Money New Problems podcast. A show for successful professionals searching for the tools they need to navigate financial opportunities and obstacles they've never seen.
Negotiating compensation, Purchasing your first investment property. Helping your family with money. The highs and lows of, uh, entrepreneurship. New Money brings new problems that require new solutions. Join us as we work through them together.
I'm Brenton Harrison and this is the New Money New Problems podcast.
Hello, my name is Brenton Harrison of New Money, New Problems and your host for the New Money New Problems podcast. We are recording live at the Connected conference for osaic and I have a good friend with me, Eric Garcia. Eric is another financial advisor and also another podcast host of Stuff About Money they didn't teach you in school. So we are going to put a link to that podcast in the show notes. It is a great podcast that you will love. Uh, very conversational and obviously talks about stuff that we all need to know financially. So we were having a conversation, we did a panel together earlier this week and we thought that it would be great to hop in the podcast booth and share some war stories about things that we see most commonly with our clients. So Eric, thanks for being on the podcast. Tell us a little bit more about your firm as well.
[00:01:31] Speaker B: Yeah, man. Um, Eric Garcia, I'm down in New Orleans, Louisiana. You know where that's at, right?
[00:01:36] Speaker A: Exactly.
[00:01:37] Speaker B: So I've been in the, in the financial space for, for 20 plus years. Been podcasting for the past four shows. Stuff about money they didn't teach you in school. It's me about business partners, Xavier angel, where we talk about, um, stuff about money they didn't teach you in school, right? No one teaches you about money in school. We have a lot of business owner clients. Our topics tend to, tend to, uh, uh, lean towards some issues that business owners, 35 to 55 year old accumulators, you know, issues that they'd want to learn. Our firm in New Orleans, Plan wisely Wealth advisors. We, we work with a lot of business owners and help them diversify their wealth outside of, uh, their business, man. I'm excited to talk about some of the mistakes that we see clients make.
[00:02:13] Speaker A: For sure, for sure. You ready to go ahead and get into it?
[00:02:15] Speaker B: Let's do it.
[00:02:15] Speaker A: All right.
[00:02:16] Speaker B: All right, Brent, I'm going to go ahead and kick off, uh, Our common mistakes that we see clients make, um, and I think it's really relevant right now over the past few years in the stock market, they make emotional decisions as it relates to their investments. And I think that anytime you put, uh, an emotion in front of any decision, especially financial decisions, oftentimes it leads to a poor decision. Now, let me, let me, let me explain. I don't think emotions are bad. I think emotions are, uh, they warn us to certain things, right? And the two strongest ones we see in the financial space are greed and fear. Greed and fear. And those two, if you're making an investment decision and greed or fear stands between you and the decision you're going to make, it's probably a bad decision. Emotions make terrible advisors.
[00:03:10] Speaker A: Tell me an example of how each one of those plays out. Like greed, fear.
[00:03:15] Speaker B: So, perfect example. Was it back in August, August 5th or August 8th, there was a market took a big dive, remember? And, uh, everyone's like, oh, my gosh. I'm sure you may have gotten some calls from quite a few calls. I get a call from a client, younger client, maybe mid to late 40s. And I was actually on vacation, and I hate when I'm on vacation and the market does poorly because I know that I'm going to have to, to field some flying calls. You just have to do it. So he calls me. He's like, hey, man, um, what are we gonna do? I'm like, what do you mean, what are we gonna do? He goes, you saw the market. The market opened down.
It's crashing. Like, are we going to go to cash? And I'm like, why would we go to cash? He goes, because the market's dropping and, man, I don't want to lose portfolio value. So we talked a little bit about it. He's like, okay, okay, I, I get it. I mean, I told him we're not going to do anything. And no sooner than I said, we're not going to do anything, he says, hey, I have a little extra cash on the sidelines. I'm going to go and buy some stuff that dropped. And in that conversation, in a span of five minutes, he went from fearful to greed. Right? I'm afraid my, my, I'm gonna lose money in the market. I have extra cash. I'm gonna go buy some stuff that's down because I want to make money.
[00:04:31] Speaker A: Right?
[00:04:32] Speaker B: That's what I'm talking about.
[00:04:32] Speaker A: Okay, yeah, okay, I got one. I'll piggyback off of, uh, the market conversation. And, you know, before we even go off of that there's a term associated with like, kind of that appetite for risk that we've talked about. Like, share some about, uh, how you would process someone's aggressiveness. Conservativeness. How would you process that?
[00:04:51] Speaker B: What would you like? The risk tolerance. Is that what you're talking about? Yeah. So we love talking about risk. The industry loves talking about risk tolerance. We can't make a recommendation without assessing someone's risk tolerance. But the problem with risk tolerance for me is risk tolerance is nothing more than an emotion. Right. How many of your clients, when the market is doing well, have a high tolerance for risk? Even your conservative, quote, unquote conservative clients, they all want to participate, right? When the market's doing bad, your quote, unquote risky clients don't want to lose money.
And risk tolerance asks questions. That's assessing someone's emotions, uh, the emotions that are attached to risk in the moment. So I like to talk about risk capacity. Like, what's my capacity for risk? I am a. I don't like to lose money. I am naturally a conservative investor. But I'm young, I've got some liquidity. I've got a high capacity for risk. So my portfolio looks a little bit more aggressive for somebody with my quote unquote, um, I'm, um, doing air quotes. Y'all can't see them as an audio show, but quote unquote, um, risk tolerance. Right? So we talk a lot about capacity for risk.
[00:05:56] Speaker A: You know, my piggyback on that. When you talk about the investments that people have in their portfolios, and you and I have talked about this, I think that, as you said, people, they act counter to what they say they feel as an investor. And I will come across people who are so conservative and they're so afraid of the market that they'll be in their 40s before they invest in anything outside their 401k. But something spurs them getting the investment bug, right? They talked to some friend who got rich off of, you know, company xyz. And instead of, like, tiptoeing into the market and doing, like, index funds and ETFs, this person who has never invested in the market to that point in time goes straight to single stocks.
[00:06:38] Speaker B: Greed.
[00:06:39] Speaker A: Greed.
[00:06:39] Speaker B: Greed, Right. Emotion. Greed got in the way of them making a decision.
[00:06:42] Speaker A: You've gone from thinking that the market is the biggest, baddest, most dangerous thing in the world to all of a sudden thinking that, like, you know for sure what the growth prospects of Apple, uh, are for the next year and a half. So, like, it's crazy. When I see people open up non qualified, non retirement investment accounts where they can choose their own investments, index funds, etf, all these wildly diversified things that they could have done, and you go look in their portfolio and it's two or three stocks and you ask them, what do you know about this? Oh, you know, feel like that new iPhone is going to be great. That's not enough.
[00:07:16] Speaker B: Yeah, yeah. Uh, but here, but here's the thing. Our job as financial planners, I always say the market's going to reward people who stay invested.
[00:07:22] Speaker A: Right.
[00:07:23] Speaker B: So our job as financial planners is to keep our clients invested regardless of their, their risk tolerance or their risk capacity. So we have to build portfolios that are going to encourage them to stay invested. I remember back in the 80s, my dad went back to school to, uh, finish his college degree. He was taking a class in investments. And this was right around the time Chrysler was in bankruptcy. And he goes up to the professor and says, hey, I'm going to buy some Chrysler shares. And the guy's like, you're crazy. The company's in bankruptcy. They went and hired Leica Coco designed the minivan. And then, you know, the company turned around. And I always remember that story. My dad would say, that smart investment guy talked me out of making a lot of money and it stuck with me. And I never want to be the guy who prevents a client from following some like, you know, wild hair because they, you know, they want to invest in this startup company. So what we do is we encourage our clients who want to take a little bit more risk like that, we, we have them create what I call an arcade account. Right.
[00:08:20] Speaker A: I love that.
[00:08:21] Speaker B: Like you're you, you grow up, you go to the arcade, you get some tokens, you go in, you play some video games, you win some, you win some tickets, and you might leave with like a big stuffed animal, you might leave with nothing. But you always leave with an experience. I had fun. Right, Right. Uh, you scratch that itch. So what I have found is giving those clients an outlet for those one off stock purchases to let us manage the money that they're going to need in 20, 30 years. It allows me to keep them invested. That's what they hired me for.
[00:08:48] Speaker A: I like it. That play money, if you, if you come back with nothing, you know, you kind of already assume that that was part of the risk.
[00:08:54] Speaker B: That's all right. Yeah.
[00:08:55] Speaker A: Well, tell me what's next?
[00:08:56] Speaker B: Oh, next. All right, um, so this is the, uh, two kind of separate problems, but it's the same coin. There's Two sides of the same coin. They either have too much liquidity or not enough liquidity. And liquidity I'm talking about, let's talk about cash. So specifically. So they have too much cash on the sidelines or they don't have enough cash on the sidelines.
[00:09:16] Speaker A: Okay. Is it, give me an example of, uh, if, if in either scenario, what's the recommendation? Right. Like does it play into that risk tolerance? How do you typically go about pulling them out of that situation?
[00:09:28] Speaker B: Yeah. So depending on which, which problem that they have. Right. So the younger clients who have a lot of risk capacities and they're sitting in too much cash. The, the problem is we, based off of history, we know that the stock market's going to perform long term, that if they want to increase their wealth, if they want to grow wealth, they're not going to do it in cash. I know cash has led the market for, you know, the past 10 years. Right. It's better to sit in cash and sit in the stock market. But if you're a 30, 40 year investor, sitting cash is, you're, you're losing wealth.
[00:10:00] Speaker A: Yeah. Purchasing power.
[00:10:01] Speaker B: You ton of purchasing power. Right. Um, so on the, on the flip side, it's the person who has no liquidity, they might be a real estate investor or they might be a small business owner and 100% of their liquidity is tied up in there. They might have a high net worth, but they have no liquidity. There's no margin for error. And both of those are mistakes because it introduces a lot of risk into their portfolio.
[00:10:27] Speaker A: You mentioned real estate investors. So, uh, again I'm going to, I'm going to follow the thread.
[00:10:32] Speaker B: Mhm.
[00:10:32] Speaker A: Because one of mine that I wrote down, we both took notes before this conversation, is assuming that passive investments are actually passive investments. Um, there is. And I have another one that I'll talk about how many people build wealth. But it is so common that I come across a client where they feel like they're not doing enough, especially if they feel like they got started late and they're like, oh, I want to open up a business. But the most common one is I want to buy some real estate. You know, something that's making money for me, that's working for me while I'm not working. And all I answer is like, have you, have you ever owned real estate? Because like, that's not how it works. You know, like if the toilet breaks, you know, there's something that's going on with the tenant. If somebody has to be evicted, you Won't say that it's passive income then. So you're either managing it yourself, which isn't passive at all, or you're eating into some of your gangs, uh, by having a manager. You know, a lot of times people go into these things and they have this expectation that it's going to make them money immediately. And even when it comes to purchasing investment real estate, because I encourage people to do it, but I encourage them to go into it with the mindset that either you want to make money from it now, which means you have to work at it now, or you're comfortable making money from it later, which means you're going to pay for some help and you're not going to make any money from it now. But they're very rarely, especially in a hot market, is that perfect combination of making me money now and not having to involve any work most of the time it's if you want any margin on this property, it's because you're doing the work yourself. And if you don't want to do that work yourself, you got to hire somebody, which means you're profiting on a, uh, future sale. It's not something that's making you stepping on toes, man.
[00:12:15] Speaker B: Real estate people talking, talking, talking real estate with, talking like that with real estate people is almost like talking politics. And in religion sometimes it is.
[00:12:24] Speaker A: You know, I was, I have a, I have an out. So I'm the son of a realtor, right? So I'm like, hey man, I, uh, have some experience in this and I've done it, you know. Also I have been the person who went and bought the property that needed some work and tried to do it myself and realized you had to hire someone else to do it. And like it was either a lot of work or I was, it wasn't making me any money. Matter of fact, there would be some years where it was costing me money. And I eventually sold that property, oddly enough. I sold it to my mother and I got a decent cash out then. But it taught me a lot about myself in terms of what type of investor am I. And I'm just not the type of person who can take on those types of projects. I don't have the temperament for it.
[00:13:03] Speaker B: So tied kind of to that, and I didn't write this one down, but it reminded me of a mistake, is that people, uh, don't attach purpose to their investments, right? You talked about am I going to make money now or make money later, right? That's like me buying a high growth stock, right? It's a capital appreciation play, I expect. I don't expect to make any money today to sell it. Or is it a cash flow play? I'm going to buy a stock that's paying a good dividend because I want that cash flow. Right, Right. So when you attach purpose to an investment, then you can say, okay, this is a capital appreciation play, so I'm okay forfeiting cash flow today. Or this is a cash flow play, so I'm not so much concerned about a future sale. Or I'm not so much concerned about this particular real estate or this particular stock that I own. Appreciating in value as quickly as a high growth stock because it's a cash flow plan.
[00:13:58] Speaker A: Yeah, so that reminds me of, uh, there's this, there's this deep dish place that used to be in Nashville. I'm not the biggest deep dish fan, but, uh, when you talk about, like, investing in something and understanding how it works and like, setting your expectations appropriately. Went to get this, uh, this meal for like a birthday dinner or something. I didn't want deep dish pizza, so they asked me what I want. I see this, like, salmon dish, like salmon and roasted vegetables. So I order it. It was the nastiest thing I've, like, ever eaten that they could call fish. So the waiter who it kind of like, tried to encourage me not to get it, but I just ignored them. They come up and they're asking, uh, how I like it. And I'm like, yeah. And they're like, tastes like salmon in a pizza joint. And I'm like, yeah, it does. Like, I came into this place and like, I have, like, the wrong expectation for what I'm gonna get out of this process. And I'm paying my, you know, paying for my mistakes.
[00:14:52] Speaker B: Unrelated to that. I remember as a kid I had Monk and my aunt were in town and. And we're going to dinner. It was me and my parents monkey, like, where do you want to go dinner? And like, I loved hamburgers, so I want to go eat hamburger. And we ended up at a Chinese restaurant, and I did not like Chinese food.
[00:15:05] Speaker A: Okay.
[00:15:05] Speaker B: And they're like, well, they have hamburger on the menu. Man, it was the worst hamburger ever.
[00:15:12] Speaker A: This is the New Money, New Problems podcast, a show for successful professionals searching for the tools they need to navigate financial opportunities and obstacles they've never seen. We'll be right back.
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[00:16:20] Speaker B: So, mistake number whatever we're on, don't order salmon from a pizza joint or a hamburger from a Chinese restaurant. What's the next mistake?
[00:16:26] Speaker A: So I like the term that you use. Like it's two sides of the same coin, either going too big or too small on your home purchase. And uh, it really depends on the person who's in the scenario. So I come across people who are in what I call slotted industries. Right. You know, it could be a government worker, it could be an educator where it's like, you know, there's these tiers of income and based on the tier in which you're in, like that's what it's going to be. You're not going to have some teacher that's out there at the same level as another teacher making five times more than them. Right. And there may be cost of living increases along the way, but for the most part this is kind of the range in which you'll be. And inevitably I'll find someone who's looking for a house and they'll get approved for a certain amount and they try to borrow the maximum amount for which they're. Yeah. And all of a sudden you're immediately house poor and you're in this situation where it's like, yeah, I'm in the home, I can pay my mortgage, but if something happens to the floors, if I need to repaint the walls, if something breaks, I need an H VAC unit. I can't pay for any of it.
[00:17:28] Speaker B: Yeah.
[00:17:29] Speaker A: And ah, for that person, I'll have to tell them, hey, it might mean you moving farther out, it might mean you having a smaller house. But I promise you, you will appreciate being in a house that you can afford more than being like slightly closer to town in a house that like all you can do is afford to pay the mortgage.
[00:17:45] Speaker B: Yeah.
[00:17:45] Speaker A: So for that person, I tell them, like, don't go too big.
The other side of that is I come across industries where like your income potential is exponential. Right. You have like that 35 year old client who's already like director of something is on the SVP track and they get approved for a house and maybe they already have, you know, a town home or maybe they're renting and they'll say, well, I don't want my payment to be more than $200 more than my rent. I'm like, dude, you can get that house now and pay a little more than you want to pay now, but have your housing costs fixed and ah, 3, 4 pay increases down the line. You're not having to go look for another property and your income has doubled or tripled. Or you can continue this process of like stair stepping yourself up into houses and you're just going to be moving every four to five years and hoping that that home increased in value. And now you can't do the first time home buyer program. You got to put at least 10 or 20% down. So instead of getting on that cycle, I'll tell people who are just like showing true growth prospects, go a little bigger, fix your housing costs maybe for two or three years. It's not the greatest, but if you're in a house that you truly enjoy and don't have to leave down the line, you'll appreciate, man, my mortgage is the same it's been for the past 10 years.
[00:19:04] Speaker B: Yeah. I mean you just put the personal back in personal finance.
[00:19:07] Speaker A: Yeah.
[00:19:08] Speaker B: Right. Like you gave advice very specific to someone's situation.
[00:19:12] Speaker A: Exactly right.
[00:19:14] Speaker B: Um, so this is kind of a little higher level mistake that people make. And this is what I find often. I think this is where us as financial planners have a ton of value in clients lives is um, clients don't have what I call a statement of financial purpose where they haven't thought through their money values. Right. What I hear often are people saying, um, I wish I would have known what I know today 20 years ago. Or man, I don't know where all my money's going or man, I really want to do this stuff. And they can never do this stuff that they really want to do because they haven't thought through why is money important to them.
[00:19:49] Speaker A: Yeah.
[00:19:49] Speaker B: So, so taking the time to thoughtfully um, understand what that purpose is. Now this is different than goals. Right. As financial advisors we talk a lot about our clients meeting certain goals. My problem with goals is they're binary.
[00:20:03] Speaker A: Right.
[00:20:03] Speaker B: I want to get out of debt. I know you do a lot of debt planning with, with, with high, um, high income earners. Right. Okay, so now you're out of debt. Now what do you start using your credit card Again, do you go back into debt? Right? It's I want to lose 30 pounds, I lose 30 pounds, what do I go eat beer and deep dish pizza, uh, again, and get back unhealthy. So this, this idea of purpose is more of like, what do I believe about money? So rather than, you know, then my purpose being to get out of debt, I want to spend within my means, I want to save, I want to spend 10% less than what I earn, right? So this idea of, and it gets deeper, you know, as you touch to your clients values. But the idea is let's not just set a goal for something you want to accomplish, but let's set a lifestyle. It's a direction that you're always working towards.
[00:20:50] Speaker A: So you're coming across. Because that's not a, that's not a typical thought process. So if you come across a client and you're asking these questions and they are giving you the, I want to pay off my credit card debt. Like how, uh, do you encourage them to think a little deeper? I think a little further into what the next phase looks like, Man, I.
[00:21:06] Speaker B: Think you just ask questions. I don't think you talk about the next phase. You don't talk about debt, you don't talk about savings, you just talk about what's important to them. But you hear them say, man, you know, like, I'm the first one in my, in my family to go to college. You know, I grew up, I grew up poor and I don't want my kids to grow up poor. Well, they're, they're, they're giving you really important clues, right? So, so, okay, now we need to build wealth, we need to build legacy. They want to take care of their kids. Maybe college is important. You know, they want to fund college, they want to break up. You know, the one, one client told me, and he was very succinct, I want to break the cycle of poverty in my family. So now we're sitting through, looking at his stuff and he's got, uh, uh, you know, he wants to buy a particular type of vehicle and he says, can I afford it? I'm like, you're asking the wrong question. I was like, yeah, you can afford it. You're saving $5,000 a month. The car is going to cost you, let's say 2000amonth. We kind of ran some, some rough numbers. Um, the question is, should you buy it? Does it align with what you want to do? And we, we talked through it, right? This is the financial planning process. We talked through it in the end, he didn't buy the car, didn't matter that much. It didn't matter that much as much.
[00:22:10] Speaker A: As he thought it meant.
[00:22:11] Speaker B: But here, here's what we talked about. I said, let's save, let's save a quarter million in this particular account and ah, let's have this conversation again. He goes, me, I said, I'm gonna tell you to put 25% down on that car. If you've got a quarter million, are you willing to put 20% down on the car? He goes, yeah, I wouldn't think twice about it, right? Because he's got that, that he's, he's fulfilling that value of what's important to him, right? So I think when, when, when clients have a particular purpose, something that they're, they're, it's always easier to talk about this, like in the health space, right? Like, I don't want to lose weight. I want to be, uh, at 75, I want to be able to throw the football with my grandkids, right? So now the decisions I make aren't going to be, man, I can't have this beer because I need to lose £20. It's. Is having a beer going to impact my ability to play football with my grandkids in 30 years? No, it's not, right? One beer is not going to do that.
[00:23:02] Speaker A: So when we do our planning, one of the things that we do, uh, is we set some time based goals and everybody that we work with, they have no problem doing like the one, the two, the five year. But then I'll ask them, like 15 years down the line, uh, what do you want your finances to look like? And very rarely do people have answers. And part of it is because, you know, we talk about like that purpose, they've never thought about it. I remember a firm that I used to work for, uh, my mentor, um, his wife were in the office and we weren't even talking about finances, we were talking about relationships. And she was like, you know, this is a business, um, thing you can keep in mind as well. But she's like, start how you want to finish. She's like, if you have two men that are trying to date a young lady and one of the men brings for the first year that he's trying to court her, uh, court, you know, I'm aging myself, but court her. He brings her, uh, you know, a dozen roses every single week for the first year. And then you have the second guy who gives her a rose a month. If in year two, the guy who gave a Dozen roses every single week goes down to a rose per month. That woman's gonna be furious. But if the guy who was giving a rose per month just keeps giving a rose per month, they're gonna say, oh, uh, that's consistent, right? Like, start how you want to finish. Don't start some plan of action that doesn't tie into what you want to be doing 10, 15 years from now. And when I think about finances, I'll ask people, you know that 15 year plan? And they haven't thought it through. And in my mind, I'm like, how do you expect to achieve anything if you haven't even asked yourself, what do I want life to look like? Right? So, like, there are some principles that guide how I build my finances. I want to be able at some point to only work three days a week or to be able to take off three months of the year. So everything that I'm doing now has to be guided by that decision so that I'm, like, doing things now that build towards that purpose.
[00:25:04] Speaker B: And as a financial planner, when I know what's important to you, and you come to me and we're talking through something that you want to do, I can, I can turn it back on you and say, hey, Brenton, does that help you get to the goal of working three days a week?
[00:25:16] Speaker A: Yeah.
[00:25:16] Speaker B: Well, no, it doesn't. Then, then don't do that.
[00:25:19] Speaker A: Okay.
[00:25:20] Speaker B: You should do it because it doesn't align with what's important to you. So along those same lines, I think was Merrill lynch, they did a study that said, um, the reason why so many Americans, or so many people in general, have a hard time saving for retirement is because they can't identify with the person that they're going to be 30, 40 years from now. It might as well be them giving money to a stranger. So they started using aging technology.
So let me, uh, age, uh, you so you can see yourself as a, as an older person. And it starts to familiarize yourself with who you're going to be in the future. And it makes it easy for you to save for retirement. Something else that I have found that does that is when you start asking these questions and people are starting able to articulate what they want life to look like. 10, 15, 20. You don't have the specifics, but you're painting a vision. Man, I would love to own a beach house or I would love to travel the world one day, and I would love to have six grandkids. You're connecting themselves with their future self, with their future Self. And it becomes a lot easier to help motivate them to not make some of these mistakes that we're talking about to help them make decisions that are in alignment with something that's important for them in the future.
[00:26:32] Speaker A: For sure. For sure. All right, you got a couple more.
[00:26:34] Speaker B: Let'S, let's do quick, like, like lightning round stuff and then I'm going to ask you a question about, you know, I'll ask it now so you can think about it. What's the biggest mistake financially that you made?
[00:26:45] Speaker A: Okay.
[00:26:45] Speaker B: All right. So I would say a mistake that I find some people make is it almost seems everyone, it almost seems normal to most people to have a car note. Like I'm just gonna perpetually have a car done perpetually like budgeting in 500amonth for the rest of my life. And I think that's a mistake.
[00:27:00] Speaker A: I would, I would counter with. People have the same mistake with credit card debt. Like just the assumption that it's okay to have in, you know, perpetually carry 4 or 5 $6,000 worth of credit card debt.
[00:27:14] Speaker B: Yeah. So. So you're okay paying fifteen hundred dollars a year in.
[00:27:18] Speaker A: Yeah, just credit card fees for this.
[00:27:20] Speaker B: The rest of your life.
[00:27:21] Speaker A: A light bill to them and yeah, there's no sense of urgency to it.
[00:27:24] Speaker B: Yeah. If I gave you an extra fifteen hundred dollars a year, what could you do with it?
[00:27:27] Speaker A: I could do a lot.
[00:27:27] Speaker B: Yeah, they changed their mind real quick. Yeah, they changed their mind real quick. Um, all right, you got your biggest mistake.
[00:27:33] Speaker A: Yeah. Uh, so we actually did an episode on the podcast. I'll link it in the show. Notes to you on, um, the biggest financial mistakes I've ever made. Um, I missed out on a, um, I mean a, a six figure opportunity. Uh, and not like right at $100,000 by. In one of the hottest areas in Nashville, passing on buying a property because I didn't want my mom and dad to co sign on the loan. I was like early 20s, I was like, um, I'm building my own destiny. I don't need any help. And uh, it was this house. They were selling it for $117,000. And now land over there is like 400,000.
[00:28:13] Speaker B: Holy sucks.
[00:28:14] Speaker A: Uh, and the person who bought it tore it down, built two houses on the property and ended selling each house for like $375,000. And I like, I could have had that opportunity. The, the mortgage payment was like 8, 900amonth. But I was like, oh no, I can't have my mom co signing on a loan for me. Uh, biggest mistake I've ever made.
[00:28:34] Speaker B: Okay.
[00:28:35] Speaker A: Yeah. What about you?
[00:28:37] Speaker B: Mine is I try to accumulate too much too. Too soon. Right. We in. In. You might have this issue when you talk to younger clients. Right. They see what they're. They see the lifestyle that they grew up in in their household with their parents, and they go graduate from college, and they want all that immediately. They realize it took their parents 30, 40 years to accumulate or to get what they got.
[00:29:02] Speaker A: Yeah.
[00:29:02] Speaker B: So it's. It's trying to do too much too quick.
[00:29:05] Speaker A: Yeah, I received that.
[00:29:06] Speaker B: Yeah. Well, cool, man. This was fun.
[00:29:08] Speaker A: Yeah, absolutely. We're about to do a round, too.
[00:29:10] Speaker B: Yeah, man, let's do it.
[00:29:12] Speaker A: All right.
Let's get some money from New Money, New Problems. This was the New Money, New Problems podcast, a show for successful professionals searching for the tools they need to navigate financial opportunities and obstacles they've never seen.
