Lee Michael Murphy: How to prepare for retirement the right way.

Want The Actionable Take-A-Ways, But Don’t Have The Time To Listen?

Grab the “Action Bullets” Cheat Sheet For This Episode Below

Add Main text for the episode blurb here

Podcast on Itunes:  https://podcasts.apple.com/us/podcast/lee-michael-murphy-how-to-prepare-for-retirement-the/id1532299107?i=1000563933717

If you Enjoyed This Episode, Please Leave Us A Review 🙂
It helps us grow! 

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on reddit
Steve Werner

Steve Werner

Keynote Speaker, Author, 170+ Monetization, Conversion, and One to Many Sales Presentations Worldwide.

If you want to learn about the 5 Webinar Conversion Keys, you can grab my ebook and mini-course “Death To Bad Webinars” for free here: www.deathtobadwebinars.com

If you have a webinar, but it’s not converting the way you want, book your webinar audit here: https://stevenphillipwerner.com/webinar-conversion-audit/

If you want to build a RockStar Webinar from scratch that will covert like wildfire, click here to book your free strategy call: https://StevenPhillipWerner.as.me/WebinarBreakthrough

00:00:04.049 –> 00:00:11.910
Steve Werner: Welcome back to grow your impact income and influence the number one show online helping you reach millions, whether that is reaching millions.

00:00:11.910 –> 00:00:12.660
Steve Werner: From stage.

00:00:12.840 –> 00:00:20.850
Steve Werner: doing a webinar that helps grow your bank account, or just impacting the world around you, that is what we are all about and today.

00:00:21.330 –> 00:00:25.530
Steve Werner: We are going to be talking about the income portion but not in the way that you may be thinking.

00:00:25.830 –> 00:00:31.590
Steve Werner: I am joined by Lee Murphy, who is a fiduciary now, that is not a financial planner.

00:00:31.830 –> 00:00:39.810
Steve Werner: A fiduciary is something completely different if i’ve got your curiosity up that’s good we’re going to dive into that here, in just a second.

00:00:40.020 –> 00:00:57.330
Steve Werner: But he specifically helps people plan for retirement in a way that is easy he’s not somebody who takes a huge percentage or does any of the sleazy tricks, you may have heard about from other retirement planners will put those in quotes Lee love under the show how are you doing today.

00:00:58.890 –> 00:01:04.860
Lee Murphy: i’m an awesome it’s a pleasure to be on your show and i’m excited I hope we can drop some value for your listeners, and hopefully on this episode.

00:01:06.120 –> 00:01:15.690
Steve Werner: awesome the i’m sure people are paying attention because everybody knows that they need to do something so they can retire, but, most people are so confused.

00:01:15.960 –> 00:01:28.290
Steve Werner: What whether they’re in crypto or whether they’re in the market or whether they’re buying real estate, I want to know, though, how did this journey start for you like what really got you passionate about this, where to go where to start.

00:01:29.370 –> 00:01:37.830
Lee Murphy: Well, for me it started at a really young age, I was really blessed in that I had their they had done very well for himself.

00:01:38.760 –> 00:01:50.580
Lee Murphy: He came to the US with anything he was a dishwasher worked in restaurants didn’t really have much money on his family was in China, and he was able to bring them over the US later, but he was very.

00:01:51.720 –> 00:01:56.760
Lee Murphy: He did well enough in his financial journey, where it became a multi millionaire and through that.

00:01:58.110 –> 00:02:11.310
Lee Murphy: I respected the way he lived his life, he in a basically a it wasn’t a mobile home, but it was a home they originally had in cupertino he cut it in three pieces moved it to Morgan Hill, he was very.

00:02:12.690 –> 00:02:28.380
Lee Murphy: He didn’t live a lavish lifestyle, but he cared about what was important, which was when giving back to the Community and growing up, he gave my the ability to go to private school he helped out my mom and dad with you know their first home other things, financially and.

00:02:29.400 –> 00:02:38.670
Lee Murphy: You know, money isn’t the end all be all but it sure helps and it’s an amazing gift when you can give that back to those you care about so he was the reason that I went down this path.

00:02:39.420 –> 00:02:41.580
Steve Werner: that’s awesome I mean, seeing that growing up.

00:02:41.610 –> 00:02:42.330
Lee Murphy: I feel like.

00:02:43.200 –> 00:02:48.390
Steve Werner: I mean, I feel, like so many people We grew up, we were like we were middle class.

00:02:49.110 –> 00:02:56.670
Steve Werner: My parents were decent with money they save some but I didn’t see that kind of thing, especially in today’s world you see so many parents that are paycheck paycheck.

00:02:56.880 –> 00:03:02.760
Steve Werner: don’t have anything in the bank, they would never cut their house into thirds right they’re looking for the way to go, buy a bigger house.

00:03:03.120 –> 00:03:07.950
Steve Werner: And like, how can we make the extra hundred dollars a month payment so very, very different.

00:03:08.160 –> 00:03:09.510
Steve Werner: But very cool way to grow up.

00:03:10.290 –> 00:03:15.990
Lee Murphy: Oh yeah I mean he was such a role model, I mean he was very wealthy, but you would never know.

00:03:16.800 –> 00:03:27.720
Lee Murphy: it’s because you know he he lived in a way that you know he he was kind of a minimalist and a lot of ways, he just average things he just cared about what was important and I I strive to be like that.

00:03:29.460 –> 00:03:33.150
Steve Werner: that’s I mean that is really, really cool one of the things that i’ve noticed.

00:03:33.510 –> 00:03:39.510
Steve Werner: i’ve interviewed more than 250 millionaires now and one of the things i’ve noticed is like.

00:03:40.320 –> 00:03:53.430
Steve Werner: Some of them have really nice things but, more often than not like if you’ve read the millionaire next door like they’re fine just hanging out and like they have one or two things that they really like they might spend money on, but most of them drive an F 150.

00:03:53.640 –> 00:03:59.580
Lee Murphy: More you know Toyota corolla like they’re not out there not driving the flashy lambo they’re not driving you know.

00:04:00.060 –> 00:04:02.250
Steve Werner: The Rolls Royce grant cardone looking at you.

00:04:02.610 –> 00:04:02.970

00:04:04.320 –> 00:04:12.240
Steve Werner: You know they’re just they’re normal people, but they sleep so much better at night because they have stability and ultimate security.

00:04:12.810 –> 00:04:22.020
Lee Murphy: yeah absolutely that’s part of the trick question for most of the people that are out there it’s about trying to quantify the life that you want to live.

00:04:22.500 –> 00:04:35.970
Lee Murphy: free from all this excess of wealth and material stuff excessive wealth of material stuff that’s what holds people back so learning that part early on, or even if you’re later on it’s going to make you so much better moving forward.

00:04:36.840 –> 00:04:48.300
Steve Werner: So talk to me a little bit about what you learned becoming a fiduciary because first off define the difference between a fiduciary and a financial planner for me.

00:04:49.110 –> 00:04:57.060
Lee Murphy: Well, I mean financial planners can be fiduciaries, but when you know, most people talk about being a financial planner it’s basically putting together a financial.

00:04:57.510 –> 00:05:10.200
Lee Murphy: plan does it necessarily mean you always have to act in the best interest of the people you serve no it doesn’t so a fiduciary has a legal obligation to act in they were for their best interest every single time.

00:05:10.770 –> 00:05:20.520
Lee Murphy: And there’s more oversight there’s a lot more rules, but overall it’s best for the client So for me on my journey, I want to figure out what is going to.

00:05:20.820 –> 00:05:25.830
Lee Murphy: be the best for clients, and so I figured you know, going to be a little bit more work to be a fiduciary.

00:05:26.640 –> 00:05:31.230
Lee Murphy: there’s going to be a bit more headaches for dealing with compliance, but it is really important.

00:05:32.220 –> 00:05:38.850
Lee Murphy: Especially after 2008 what happened when they didn’t work with fiduciaries so in the financial advising.

00:05:39.360 –> 00:05:51.090
Lee Murphy: 85% of the industry is full of what we call registered REPS and their main goal is to service the broker dealers that they work for only 15% of the industry actually in that fiduciary status so.

00:05:51.420 –> 00:06:04.290
Lee Murphy: You know who are we who if you’re looking to work with someone from an existing right now existing relationship, make sure you work with a fiduciary moving forward, because they’re the people that are gonna have your best interests at heart.

00:06:04.950 –> 00:06:12.090
Steve Werner: Okay, so hang on a second, I want to unpack that I know the difference, but I can hear people listening be like you’re getting into techno speak I don’t understand.

00:06:12.630 –> 00:06:14.460
Steve Werner: When you’re a REP.

00:06:15.570 –> 00:06:21.210
Steve Werner: You are selling a financial product usually getting paid on Commission and your first.

00:06:22.260 –> 00:06:26.940
Steve Werner: objective is to sell the product for your broker not.

00:06:27.060 –> 00:06:39.420
Steve Werner: You have to put your customer first what you’re saying is a fiduciary their number one thing is to put the customer first, no matter what So how do you get paid that is different from a REP.

00:06:41.130 –> 00:06:48.510
Lee Murphy: I mean it goes based off the intent of what your recommendation is right not really early the compensation compensation can vary.

00:06:49.050 –> 00:06:58.200
Lee Murphy: But it’s all about what man right, so if i’m a registered REP and i’m just recommending financial products, just because a larger commission’s.

00:06:58.590 –> 00:07:13.080
Lee Murphy: They might solve the client situation, but not fully there’s maybe a better alternative you got to go with the better alternative when you’re a fiduciary so the difference it’s not really about the compensation it’s it’s more about the recommendation and how you go about it.

00:07:14.160 –> 00:07:18.000
Steve Werner: awesome okay I love I love the clarity there the.

00:07:19.590 –> 00:07:29.970
Steve Werner: So what did you learn like i’m interested like what you learned becoming a fiduciary like was there any big Aha or like anything that you were like Oh, my goodness, I didn’t know that.

00:07:31.980 –> 00:07:45.660
Lee Murphy: um you know I think the main thing was all the oversight, you know you didn’t realize I didn’t realize how many people would be actually look at every single email that hit my inbox or compliance calling me asking me about or honest between certain people so.

00:07:46.200 –> 00:07:53.190
Lee Murphy: At first it’s kind of like wow This is like there’s seeing what you do, but at the same time is what’s best, for you know the people you work for.

00:07:54.690 –> 00:08:07.410
Lee Murphy: Because you got someone looking over all the recommendations, you make, making sure those recommendations are justified and and, in fact, are the best clients so prior to 2008 you know.

00:08:08.460 –> 00:08:16.680
Lee Murphy: Being a fiduciary was not as popular and you know people got sold a lot of products and investments that really hurt them so.

00:08:17.280 –> 00:08:23.100
Lee Murphy: Moving forward I think you’re going to see a big shift in the financial industry to clean up you know the bad or the wrongs that have been written.

00:08:23.520 –> 00:08:30.750
Lee Murphy: And I think you know if you’re you know looking for something to work with, or even if you want to enter the industry, I think it’s a good flow.

00:08:31.710 –> 00:08:47.040
Lee Murphy: It just puts your mindset in a way that you’re always thinking, the climb, yes, there might be a Commission product out there, or a strategy and a pay to the Bank, a lot or the rap a lot but that’s not what you’re supposed to do it’s I am first always.

00:08:47.970 –> 00:08:55.800
Steve Werner: awesome alright, so I want to get into We talked before the show like you have some specific strategies that are for business owners.

00:08:56.250 –> 00:09:01.650
Steve Werner: Once like first off what’s the biggest mistake that you see people make when it comes to retirement planning.

00:09:02.130 –> 00:09:08.640
Steve Werner: Because you’ve seen a lot of people and you’ve helped a lot of people what’s the biggest mistake that people can fix easily.

00:09:09.420 –> 00:09:12.300
Lee Murphy: Man that’s a that’s a big one.

00:09:14.190 –> 00:09:21.120
Lee Murphy: there’s a ton there’s a ton of mistakes and that’s part of why I like what I do is because it’s so hard to navigate.

00:09:22.620 –> 00:09:34.320
Lee Murphy: To hear constantly on the media, but I would say, you know, to give you a simple answer it’s probably you know being too aggressive or greedy or being.

00:09:34.800 –> 00:09:48.600
Lee Murphy: Too paranoid or too safe that’s probably the best thing you see but there’s so many other things you can fall into all the clickbait online of invest in this, you know by this as it’s going to you know give you 10 X returns there’s all that.

00:09:49.020 –> 00:10:07.170
Lee Murphy: But I think on the 10,000 foot level like what I see most common from people is probably being too greedy or being too safe and then to follow that probably just not taking action, I think a lot of us get paralyzed information that’s out there, so I think that would be another one.

00:10:07.350 –> 00:10:09.090
Lee Murphy: as well, but there’s a lot there’s a lot.

00:10:10.560 –> 00:10:13.440
Steve Werner: Alright, so i’m going to unpack those just a little bit more, so what I.

00:10:13.740 –> 00:10:15.060
Steve Werner: If you could see this on YouTube.

00:10:15.150 –> 00:10:28.140
Steve Werner: being too greedy is over here and being to like scared to take action is over here, so what does being too greedy look like like just jumping at anything trying to only do the the 10 X 200 X.

00:10:28.350 –> 00:10:29.730
Steve Werner: Like what is.

00:10:30.630 –> 00:10:32.010
Lee Murphy: So being too greedy.

00:10:33.060 –> 00:10:42.030
Lee Murphy: Be too greedy involves you or if you’re online and you see a pop up of this person that made a lot of money and it Piques your he might be getting too greedy.

00:10:42.990 –> 00:10:53.160
Lee Murphy: If you start look have you start googling how to make you might be getting too greedy So those are all things that you see from the people there’s constantly trying to pick the next stock.

00:10:53.970 –> 00:10:59.370
Lee Murphy: Although you know stock and trading is held in you know this really.

00:11:00.090 –> 00:11:11.010
Lee Murphy: high regard society, but no one looks at the data behind the outcomes of stock picking into your terrible they you’ll terrible results and same thing with the crypto space.

00:11:11.550 –> 00:11:18.660
Lee Murphy: So I think you know that’s one of the things that shows people being too greedy try to good time and trade all that stuff.

00:11:19.260 –> 00:11:25.350
Lee Murphy: And then, on the other side of it being to save his people, oh no I can’t I can’t invest because I can’t see my money go down.

00:11:25.800 –> 00:11:41.730
Lee Murphy: And unfortunately, you know, to get returned to get reward you have to take a little bit of risk right be nature it’s reasonable so it’s kind of like the venn diagram right, I feel like the best investors they’re not one side or the other they’re just kind of got that sweet spot in between.

00:11:42.630 –> 00:11:50.220
Steve Werner: that’s I mean that’s awesome I can relate, I mean there was a there’s a person that’s in my family that refused to put any money in stocks ever.

00:11:50.970 –> 00:12:06.930
Steve Werner: Because it’s going down and like I sat down and I showed her like your money is losing value due to inflation and she said nope I just like you can’t you can’t convince she legitimately said at the kitchen table you can’t convince me of that the money is in the bank account.

00:12:07.860 –> 00:12:10.260
Steve Werner: yeah like I that’s a tough one.

00:12:10.470 –> 00:12:12.090
Steve Werner: So Okay, we covered too greedy.

00:12:12.450 –> 00:12:13.890
Lee Murphy: recovered to safe.

00:12:14.130 –> 00:12:19.320
Steve Werner: We kind of got that sweet spot in the middle, what I want to ask is like what’s the.

00:12:21.030 –> 00:12:23.940
Steve Werner: So not taking action, I think a lot of people do.

00:12:23.940 –> 00:12:26.880
Steve Werner: This because they say if I put $100 a week away.

00:12:28.230 –> 00:12:33.930
Steve Werner: It at the end of the year i’m going to have $5,000 I could use that money right now.

00:12:34.560 –> 00:12:48.630
Steve Werner: What is their trick that you have to get people to start investing or to start saving like savings rates in America are well right now due to covert it’s actually kind of funny they’re the highest they’ve been in 20 years is what i’ve been told.

00:12:49.200 –> 00:12:50.970
Steve Werner: You might have an argument to that, but.

00:12:51.300 –> 00:12:54.360
Steve Werner: Is there something easy to get people to start taking action.

00:12:55.980 –> 00:13:09.240
Lee Murphy: I mean it’s as simple as setting up you know automatic savings plan, through your bank, I mean I it’s as simple as it sounds it’s one of the most beneficial tools, but also knowing what that number is, you should be saving so i’m a big proponent of the.

00:13:10.470 –> 00:13:15.960
Lee Murphy: Savings which is 50% of the money you bring in that you go to your essentials.

00:13:16.560 –> 00:13:23.520
Lee Murphy: A 30% you go to your Fund money or discretionary and 20% should go to saving and investing I think that’s a.

00:13:23.970 –> 00:13:31.440
Lee Murphy: So, looking at your budget and seeing exactly what that number should be is the starting point, so I think one mistake is people just pick.

00:13:31.980 –> 00:13:34.620
Lee Murphy: This job is going to pick 100 that’s better than nothing.

00:13:35.340 –> 00:13:46.290
Lee Murphy: But you might grow at this pace and you’re not really being disciplined in your financial growth, so I think good the percentage if you are trying to build wealth.

00:13:46.650 –> 00:14:01.560
Lee Murphy: If you’re in retirement recommend for people I work with to try to save 5% of their money but figure what that number is for you and make sure it’s working out like just a number pick the number that fits your financial picture.

00:14:02.370 –> 00:14:08.490
Lee Murphy: And then make a don’t think about it, you need to do it every single month set it up, so you don’t think about that’s where people get.

00:14:09.000 –> 00:14:15.630
Lee Murphy: The best results there’s so many people they’re like oh i’m going to start it next month, you tell you see them 10 years later.

00:14:16.050 –> 00:14:23.820
Lee Murphy: And they haven’t done anything they have nothing to their name it’s always i’m gonna do it i’m going to do it, so that goes back to the whole thing of just not taking action.

00:14:24.540 –> 00:14:40.380
Lee Murphy: Take you have to take action and then after that you know you touched on a little bit edification piece delaying gratification is a another big way that people accumulate wealth, if you can master those two things mentally good place.

00:14:41.190 –> 00:14:45.450
Steve Werner: Well, the I mean you’ve heard of the marshmallow study right i’m sure you’ve heard the marshmallow study.

00:14:46.260 –> 00:14:47.250
Lee Murphy: Wait refresh me on it.

00:14:47.610 –> 00:14:50.010
Steve Werner: Mark OK, so the marshmallow study was the study.

00:14:50.010 –> 00:14:54.060
Steve Werner: That was done, it was done by Harvard Business School and then it was replicated.

00:14:55.110 –> 00:14:59.820
Steve Werner: Or it might have been the other way around, psychologists might have done it first and then it was replicated, but it was started in the.

00:14:59.820 –> 00:15:00.300
Steve Werner: 50s.

00:15:00.840 –> 00:15:05.940
Steve Werner: And they tested these kids in a classroom I think there were third grade is what sticks in my head.

00:15:06.390 –> 00:15:07.170
Steve Werner: And they said.

00:15:08.040 –> 00:15:13.860
Steve Werner: They put a really nice marshmallow in front of the kids and they said, if you can hold out for three minutes.

00:15:13.890 –> 00:15:15.390
Lee Murphy: Oh yes, I have you’ll get.

00:15:15.510 –> 00:15:17.010
Steve Werner: A second marshmallow.

00:15:17.670 –> 00:15:18.090
Lee Murphy: hmm.

00:15:18.120 –> 00:15:20.640
Steve Werner: And then, what was interesting was so about 80%.

00:15:20.910 –> 00:15:23.130
Steve Werner: ate the marshmallow 20% held out.

00:15:23.970 –> 00:15:25.710
Steve Werner: What they did then was they looked at these.

00:15:25.710 –> 00:15:28.650
Steve Werner: People as they aged and they found the people.

00:15:28.950 –> 00:15:36.150
Steve Werner: That had had the discipline to delay gratification for the marshmallow ended up wealthier.

00:15:36.300 –> 00:15:38.370
Steve Werner: happier and married longer.

00:15:39.120 –> 00:15:48.690
Steve Werner: And then Harvard replicated this study in the 90s, so the, and this has been traced back there been a couple books i’ve read two books on on that study and delayed gratification.

00:15:48.990 –> 00:16:00.870
Steve Werner: If there is one trait that you can teach your children to get them the most happiness in life, it is delayed gratification not just when it comes to money when it comes to anything, because what is delayed gratification.

00:16:01.350 –> 00:16:07.200
Steve Werner: i’m going to work harder, knowing that the that i’m not going to get something right now.

00:16:07.500 –> 00:16:13.530
Steve Werner: But instead unfortunately what we’ve seen a lot in American society is the now now generation of.

00:16:14.280 –> 00:16:19.770
Steve Werner: Parents are overwhelmed so they just give their kids whatever they want and they we end up with bratty kids and you get.

00:16:19.800 –> 00:16:22.590
Steve Werner: In that mindset of I get whatever I want right now.

00:16:22.800 –> 00:16:24.690
Steve Werner: Well how’s that going to lead you to a happy life.

00:16:25.290 –> 00:16:33.300
Lee Murphy: hmm yeah no that makes perfect sense and then you know another thing i’ve noticed is you know in society, we have these storylines that.

00:16:34.590 –> 00:16:49.110
Lee Murphy: it’s you know the reason you’re not making is because the other person got Scott, all this money, I mean i’ve worked with hundreds of people right now, at this point like I mean hundreds and hundreds of people, yes, that is out there, but man, it is a it’s a it’s a story that.

00:16:49.590 –> 00:16:50.850
Lee Murphy: Is Glenn o’shea.

00:16:51.240 –> 00:16:58.890
Lee Murphy: it’s basically bullshit like it’s they make that as the excuse me, I have worked with people that are doing very well financially that.

00:16:59.970 –> 00:17:09.570
Lee Murphy: They had they had a tough they didn’t have you know silver spoon in their mouth they do right financial moves and it’s really cool to see so.

00:17:10.260 –> 00:17:18.720
Lee Murphy: You can you can get financial freedom and it comes down to what exactly we’re talking about know be delay instant gratification and do the right things with your money.

00:17:19.410 –> 00:17:20.460
Lee Murphy: Well, I mean, so I.

00:17:20.460 –> 00:17:20.790
Steve Werner: mean.

00:17:21.090 –> 00:17:25.200
Steve Werner: I want to talk to that piece, specifically because you’re talking about saving.

00:17:25.470 –> 00:17:39.780
Steve Werner: I think an automatic savings plan is great, is something that I set up, it goes into a bank account, that is it a separate bank that I do not check that I do not have a visa card, for I do not have a check for like there’s no way I can get to that money, unless I do a wire.

00:17:40.350 –> 00:17:46.230
Steve Werner: And it’s kept like that on purpose and then from that that automatically goes into investments, the.

00:17:46.380 –> 00:17:50.670
Steve Werner: If you’re listening to this, though, and you’re like but i’m maxed out I spend every penny that I make.

00:17:51.030 –> 00:18:03.990
Steve Werner: This is the thing with delayed gratification we we always like we’re like what’s the nicest car can drive what’s the nicest apartment I can afford what’s the biggest them I love going out to eat.

00:18:04.830 –> 00:18:05.790
Lee Murphy: And I will tell you.

00:18:06.390 –> 00:18:14.100
Steve Werner: Like I have, there are people I know here in Austin that are living paycheck to paycheck that are stressed out of their mind about money.

00:18:14.430 –> 00:18:24.570
Steve Werner: We went out to dinner last week that I let them pick the place we went to a $400 steakhouse like I why like sat down, I was like did you guys have like a really good week, did you like the one.

00:18:25.710 –> 00:18:27.510
Steve Werner: in complete transparency.

00:18:27.750 –> 00:18:30.480
Steve Werner: The wife lost her job, a month ago.

00:18:31.110 –> 00:18:38.370
Steve Werner: The husband had, I mean he’s doing okay like he has he has money but they live paycheck i’m like, why are we here.

00:18:38.400 –> 00:18:53.310
Steve Werner: Like but that’s the so if you’re like listening this you’re like but i’m maxed out, you have to learn to spend a little bit less and live a little bit below your means I know that sounds so hard, people are like but here’s the thing it doesn’t get.

00:18:53.430 –> 00:18:54.090
Lee Murphy: easier.

00:18:54.150 –> 00:18:54.990
Steve Werner: I will tell you.

00:18:55.200 –> 00:18:58.710
Steve Werner: Like I I make I make i’m in the top probably.

00:18:59.070 –> 00:19:00.810
Steve Werner: 5% of us.

00:19:01.020 –> 00:19:09.210
Steve Werner: Somewhere in there, I get challenged all the time I had to go buy a new car I could have written a check and bought 100 K car, which is what I want.

00:19:09.960 –> 00:19:10.320
Lee Murphy: Right.

00:19:10.350 –> 00:19:14.730
Steve Werner: yeah when on a Porsche nine three GT RS I know what I want, I have one.

00:19:15.360 –> 00:19:16.380
Steve Werner: right here on my desk.

00:19:17.100 –> 00:19:17.940
Lee Murphy: But until.

00:19:18.870 –> 00:19:20.160
Steve Werner: Until my investment.

00:19:20.550 –> 00:19:21.480
Steve Werner: pays for that.

00:19:21.750 –> 00:19:23.640
Steve Werner: I won’t allow myself to buy it.

00:19:23.850 –> 00:19:43.950
Steve Werner: Because taking money out of what could be an investment to do that is the wrong answer instead I went and bought a brand new car that was $22,000 it’s great transportation I love driving it and it leaves that little edge, because every time I get in i’m like man I wish I had the Porsche.

00:19:44.340 –> 00:19:45.330
Steve Werner: huh well.

00:19:45.480 –> 00:19:56.400
Steve Werner: i’ll get the Porsche when my investments pay out the money, and this is the difference between wealthy and middle class middle class spends every dime they make wealthy.

00:19:56.760 –> 00:20:01.620
Steve Werner: invest every spare penny, they can and i’m like I know there are people out there, I can feel like.

00:20:01.680 –> 00:20:02.760
Steve Werner: People being like but.

00:20:03.150 –> 00:20:06.660
Steve Werner: But I deserve this is the number one story that I hear people that.

00:20:07.020 –> 00:20:07.980
Steve Werner: Have struggles.

00:20:08.250 –> 00:20:09.360
Steve Werner: But I deserve it.

00:20:09.690 –> 00:20:12.030
Lee Murphy: I will say that all the time.

00:20:13.440 –> 00:20:16.890
Steve Werner: say you deserve something a little bit less I deserved at my.

00:20:17.100 –> 00:20:17.550
Lee Murphy: One of my.

00:20:17.880 –> 00:20:25.800
Steve Werner: One of my sisters I deserve to have starbucks every day on the way to work, it makes me smile you tell yourself that story like, if I could.

00:20:26.760 –> 00:20:37.440
Steve Werner: You can change the stories in your head to anything you want I you know what making coffee at home, every day, makes me smile, because I know i’m putting five bucks a day towards my kids college.

00:20:38.640 –> 00:20:42.630
Steve Werner: Exactly, you can tell yourself either story which one does you more good.

00:20:43.200 –> 00:20:45.210
Steve Werner: that’s my question i’ll get off my soapbox.

00:20:45.510 –> 00:20:49.800
Lee Murphy: Now you hit you nailed it man that I only say anymore, and that you that’s exactly it.

00:20:50.880 –> 00:21:00.120
Steve Werner: And it’s it is really interesting to I had so I right now I live in Austin I have a few friends who are from Mexico that are up here.

00:21:01.200 –> 00:21:04.350
Steve Werner: And I will tell you I am blown away.

00:21:06.000 –> 00:21:14.940
Steve Werner: The one girl works as a personal trainer she’s she’s doing all right, she makes like 4050 K drives a brand new beemer that she paid for in cash.

00:21:16.560 –> 00:21:28.140
Steve Werner: because she has the money because she has saved and invested i’m like I was blown away when she told me that and like she’s good with her money like they are they they.

00:21:29.310 –> 00:21:36.930
Steve Werner: Because they came from Mexico somewhere in Mexico, like they have a different outlook Similarly, I mean a little bit your story like.

00:21:37.770 –> 00:21:51.150
Steve Werner: first generation second generation immigrants my hat is off to them, because they look at things differently, and they appreciate it, whereas, unfortunately, you know a lot of a lot of people, not everyone but there’s some entitlement that’s not doing anyone.

00:21:51.180 –> 00:21:51.990
Lee Murphy: yeah absolutely.

00:21:54.120 –> 00:21:55.710
Steve Werner: Anyway, let’s let’s go back.

00:21:55.710 –> 00:21:58.680
Steve Werner: To what do you think are the best investments to make.

00:21:59.040 –> 00:22:03.540
Steve Werner: let’s say they’re like you know what I can put 100 bucks away a week or I can do 20%.

00:22:04.980 –> 00:22:06.690
Steve Werner: What do you think some of the best investments are.

00:22:08.010 –> 00:22:11.430
Lee Murphy: So this is just for everybody, are we talking specifically for like.

00:22:13.050 –> 00:22:15.000
Steve Werner: business owners, because that’s who’s listening.

00:22:16.140 –> 00:22:17.670
Steve Werner: And what makes them different.

00:22:17.790 –> 00:22:19.320
Steve Werner: than a regular investment.

00:22:20.160 –> 00:22:21.270
Lee Murphy: got it okay so.

00:22:22.620 –> 00:22:31.050
Lee Murphy: we’re talking about today, so I have three main things that you need to invest in if you are a business owner, and you know this is something that i’ve seen you know.

00:22:31.470 –> 00:22:37.650
Lee Murphy: My 10 plus building wealth management management and something that i’ve talked with my mentor about.

00:22:38.070 –> 00:22:49.260
Lee Murphy: You always get together and we say what is it that you know these people that are so successful what are being right, so the first one is basically investing business.

00:22:50.130 –> 00:22:58.110
Lee Murphy: All too often, what we see people that are you know small business owners everything all the profits that come in they’re going to spend it.

00:22:58.830 –> 00:23:04.980
Lee Murphy: It might save a little bit, but are they investing back in their business though important.

00:23:05.610 –> 00:23:15.390
Lee Murphy: In part of you know, becoming a successful business, you know, going from being a small business owner to being a very successful business is, you have to think like a big business.

00:23:16.020 –> 00:23:24.510
Lee Murphy: So part of these tips that i’m giving today it’s based on big successful companies and trying to emulate exactly what they’re doing right we don’t.

00:23:25.260 –> 00:23:28.410
Lee Murphy: The blueprints already there you look at these companies have made it.

00:23:28.770 –> 00:23:40.020
Lee Murphy: And you say well that’s how they’ve done it as a small business owner, the rules aren’t that different we can do the same thing, so the is basically your cat backs or investing back into your business that’s after your operations.

00:23:40.920 –> 00:23:58.080
Lee Murphy: After money that gets paid out to shareholders that’s money that goes to like let’s build the future profits from the money that we’re getting so let’s go invest in Steve man he’s gonna make us more profitable right that’s basically you know, an example of capital expenditure.

00:23:59.190 –> 00:24:12.090
Lee Murphy: If you look at the best companies in the world, I mean Amazon, I think, right now, is probably the leader in Cap X, but you look at the other company or less you got Microsoft you got verizon you got Google.

00:24:13.110 –> 00:24:24.360
Lee Murphy: 18 T those are examples of companies as large percentage of the revenues they get back into the business to keep growing and stuff that mentioned just think about all the commercials you see.

00:24:25.050 –> 00:24:30.300
Lee Murphy: they’re not being short sighted they’re in it for the long game, and just as a small business owner, we have to be that way to.

00:24:31.290 –> 00:24:40.140
Steve Werner: that’s I mean that is a great takeaway a lot of people have heard you know, like Amazon never paid any taxes or Amazon wasn’t profitable for their first 25 years.

00:24:40.710 –> 00:24:52.590
Steve Werner: All I still don’t think they’re profitable they might have turned a profit last year, or something I think I heard, but the reason is because they are investing all of their money back in to the business they’re spending all that they make and that’s why they.

00:24:53.160 –> 00:24:57.930
Steve Werner: I mean, they were also in the right place at the right time, they had a lot of things going, but they also invested back in.

00:24:57.930 –> 00:25:01.350
Steve Werner: themselves ilan musk and all the stuff that you on musk has done.

00:25:01.590 –> 00:25:03.810
Steve Werner: He puts tons of money back into himself.

00:25:04.860 –> 00:25:05.640
Steve Werner: Like that’s.

00:25:05.820 –> 00:25:09.390
Steve Werner: that’s a really good point okay tip one tip to.

00:25:10.470 –> 00:25:12.000
Lee Murphy: End going back just not tip one.

00:25:12.030 –> 00:25:18.810
Lee Murphy: off if you don’t know where you started there if you have to think of a number, I always tell you know clients everyone’s different, but you know start with like 10% of.

00:25:19.230 –> 00:25:33.900
Lee Murphy: It comes in, if you’re a small business owner don’t spend it put it back into your business use it with the growth mindset so start with 10% you can be a little bit more a little bit less of a good rough estimate, to start with, so that’s tip one tip to.

00:25:35.700 –> 00:25:39.750
Lee Murphy: Now this is an example of a company i’m talking we’re talking about companies that we want.

00:25:40.770 –> 00:25:43.080
Lee Murphy: let’s start with but that.

00:25:45.270 –> 00:25:56.190
Lee Murphy: Was that mcdonald’s, why are they so successful so Steve i’m going to ask you what’s your guests on you know where do they make most of their money on all they do.

00:25:57.450 –> 00:25:58.470
Steve Werner: They own the real estate.

00:25:58.860 –> 00:26:10.800
Lee Murphy: You got it man you got it so yes mcdonald’s we might think about of them as a food company or a real estate company their CFO admits that you know we’re in the real estate.

00:26:11.880 –> 00:26:18.060
Lee Murphy: Right real estate is fantastic it lets lets you leverage your money grow your money.

00:26:19.140 –> 00:26:25.170
Lee Murphy: And the reason they have the hamburgers it’s just a great source of revenue for the tenants to pay to pay the real estate bills.

00:26:25.620 –> 00:26:26.160

00:26:27.510 –> 00:26:27.840
Lee Murphy: yeah.

00:26:28.380 –> 00:26:36.690
Steve Werner: That, I mean the I knew this answer because I studied mcdonald’s but like if you’re listening to this you’re like hang on I don’t get it so here’s the thing.

00:26:37.170 –> 00:26:55.500
Steve Werner: All mcdonald’s is to illustrate least point mcdonald’s sells hamburgers the same way apartment buildings fill their apartment buildings with tenants all the hamburgers do is pay for the real estate so that it’s breakeven or cash flow positive its cash flow positive that’s awesome.

00:26:57.120 –> 00:27:07.920
Steve Werner: And you’re like How does that work the franchisee the person who bought the mcdonald’s franchise owns the mcdonald’s building and all the employees and the cash flow but mcdonald’s.

00:27:07.980 –> 00:27:10.920
Steve Werner: owns the property and leases it.

00:27:11.430 –> 00:27:12.120

00:27:13.290 –> 00:27:14.370
Steve Werner: The franchisee.

00:27:14.670 –> 00:27:21.840
Steve Werner: Through doing that mcdonald’s is growing, the equity imagine buying a piece of property in downtown Chicago.

00:27:23.250 –> 00:27:26.460
Steve Werner: In 1958 1959.

00:27:27.360 –> 00:27:29.040
Lee Murphy: For $3,000.

00:27:29.250 –> 00:27:32.940
Steve Werner: And that piece of property is now worth.

00:27:33.900 –> 00:27:35.070
Steve Werner: 20 million probably.

00:27:35.190 –> 00:27:36.870
Lee Murphy: easily yeah.

00:27:37.680 –> 00:27:49.380
Steve Werner: And mcdonald’s corporation owns the property, the building is owned by the French each franchisee who has to pay the upkeep has to pay the employees has to do the work.

00:27:50.250 –> 00:27:59.130
Steve Werner: And they’re selling hamburgers and if they make money on hamburgers great it’s pot it’s a great business and they do mcdonald’s to their credit, build a system.

00:27:59.160 –> 00:28:00.210
Lee Murphy: That cash flows.

00:28:00.780 –> 00:28:05.190
Steve Werner: But if it didn’t it wouldn’t matter because mcdonald’s still owns the asset.

00:28:05.310 –> 00:28:06.150
Steve Werner: Of the real estate.

00:28:06.750 –> 00:28:14.970
Lee Murphy: Absolutely absolutely and you know to to go granular about this, a lot of people might say, well, I own my house now.

00:28:16.380 –> 00:28:25.770
Lee Murphy: In the financial world what i’ve seen is there is a lot of financial advisors out there that don’t understand real estate, I tried to.

00:28:26.520 –> 00:28:35.910
Lee Murphy: You know, make myself different in that you know, to really understand like where people grow their wealth and it’s amazing when you see all that’s out there, especially in the Silicon Valley that’s where i’m at.

00:28:36.630 –> 00:28:46.770
Lee Murphy: With all the people that are millionaires a large majority of it comes to the fact that they did state now not just owning a home that’s that’s a good start, so a lot of financial people.

00:28:47.280 –> 00:28:54.990
Lee Murphy: you’re better off investing in the stock market, not just in you know what if you’re if i’ve taken my primary residence versus the market i’m going with the market.

00:28:55.410 –> 00:29:02.970
Lee Murphy: But there’s a bigger picture here being a real estate investor and you know, having other people pay your more and.

00:29:03.300 –> 00:29:11.010
Lee Murphy: that’s a powerful concept, using the ability to leverage the best need to get an asset that’s going to give you a great rate of return.

00:29:11.790 –> 00:29:23.850
Lee Murphy: it’s a big it’s that’s where people miss the picture and so mcdonald’s is a prime example of all that, and so I believe, you know as someone that’s trying to get people, the best advice.

00:29:24.450 –> 00:29:35.520
Lee Murphy: You have to get is becoming a real estate investor in your path, and you know with all these it with business owners diversification is so important and I talked about you know.

00:29:36.600 –> 00:29:38.640
Lee Murphy: Investing back into your business and how important.

00:29:39.870 –> 00:29:49.050
Lee Murphy: But you also have to think about like the chance of failure, for your company, we are realistic I believe it’s after five years about 45% of businesses fail.

00:29:50.340 –> 00:29:53.880
Lee Murphy: And that’s those that’s that’s the reality of the game that we’re in after.

00:29:55.020 –> 00:29:57.180
Lee Murphy: Only 25% will be around.

00:29:58.500 –> 00:30:10.920
Lee Murphy: By diversify into other things that’s that’s your safety blanket right there it’s going to make you more morning and it’s going to diversify all that risk of being in business and real estate to do it.

00:30:12.360 –> 00:30:21.600
Steve Werner: awesome I think that is 100% true and I think people like I business owners are probably like but i’m busy doing business, how do I manage that, like.

00:30:22.110 –> 00:30:32.340
Steve Werner: There what’s really interesting to me right now is there are a lot of vehicles out there that allow you to invest in real estate that are hands off where you’re still going to see a 10 to 15% return.

00:30:33.450 –> 00:30:35.790
Steve Werner: You also get depreciation, which is.

00:30:35.940 –> 00:30:37.860
Steve Werner: Cash flow in reverse, which is great.

00:30:38.100 –> 00:30:40.800
Steve Werner: We won’t get into all of that, on this show, but there.

00:30:40.890 –> 00:30:48.990
Steve Werner: Trust me Leah is 100% correct real estate good place to go all right tip number three give you a drumroll.

00:30:49.710 –> 00:30:55.110
Lee Murphy: So tip number three and let’s see since you did so good on the last minute i’m authority and other ones Steve okay.

00:30:55.380 –> 00:31:02.760
Lee Murphy: Okay, so i’m thinking of another very successful company and part of their business model is they invest in other successful companies.

00:31:03.810 –> 00:31:10.530
Lee Murphy: Can you think of this company and also give you they have the highest stock price that’s out there.

00:31:12.750 –> 00:31:15.510
Steve Werner: The highest Berkshire hathaway.

00:31:15.600 –> 00:31:17.040
Lee Murphy: You got it oh my gosh do you.

00:31:18.120 –> 00:31:28.680
Lee Murphy: Show you’re a smart man, yes, exactly, I think, last time we checked around before and $50,000 for their share but Berkshire hathaway Warren Buffett any time.

00:31:29.370 –> 00:31:34.620
Lee Murphy: If you if you ask anyone who is the man, the person, that is, the sister ever.

00:31:35.430 –> 00:31:41.910
Lee Murphy: 90% of people are going to say Warren Buffett, and with good reason, he has this ability to spot value so.

00:31:42.300 –> 00:31:54.030
Lee Murphy: The third thing is value investing right that’s picking out great companies, we can stocks have great company and we rely on four components in this value in what I call value.

00:31:54.750 –> 00:32:08.490
Lee Murphy: So its size, you look at the price of the company, you look at the profitability and, lastly, you make sure that you’re buying high quality now going over these on a little bit of detail the price.

00:32:09.990 –> 00:32:15.930
Lee Murphy: is based off, you know finding, something that is discounted and has this large ability to appreciate and price.

00:32:17.550 –> 00:32:23.070
Lee Murphy: So sizes another component, you can invest in large companies, but also small companies.

00:32:24.150 –> 00:32:40.440
Lee Murphy: Generally, will be a bit more return, but you want to make sure the profitability is there of each of these events, and all that you’re going to have high quality, so I think one FC is people being very speculative in nature and finding things that have.

00:32:41.730 –> 00:32:44.880
Lee Murphy: and putting their money into it so like with crypto assets.

00:32:46.020 –> 00:32:52.380
Lee Murphy: Small penny stocks or this that the article about the xyz can make it to the moon.

00:32:52.980 –> 00:33:04.260
Lee Murphy: They don’t have these aspects that we’re talking about, so the Prophet those investing value investing I think that’s a very big key to growing your financial picture and so as a business owner.

00:33:04.860 –> 00:33:22.800
Lee Murphy: You know that’s in your your business that that’s number one get real estate and then also investing other great companies oh through you know financial visor setting up your own account but that’s our and my final being well secret for small business owners.

00:33:24.000 –> 00:33:29.370
Steve Werner: Nice alright so i’ve got a question and this I am challenging you but i’m open to have the discussion.

00:33:31.050 –> 00:33:42.930
Steve Werner: One of my mentors who I respect a lot said don’t ever try to pick a stock there’s no reason to go with a index style fund.

00:33:43.170 –> 00:33:52.890
Steve Werner: He was like if you do pick a stock, he was like i’m not I understand you want to pick a few he was like at least 50% of your investment in the market should be index fund.

00:33:53.130 –> 00:33:55.620
Steve Werner: And then he was, like the other ones, he was like.

00:33:55.860 –> 00:34:01.770
Steve Werner: This is how he told me to divide my portfolio which should actually follows years which was 50 3020 he was like you’re young.

00:34:02.550 –> 00:34:19.170
Steve Werner: Young, relatively speaking, 50% should be index funds because it’s always it’s going to it’s going to model, the market performs slightly better to pick a few solid companies and that’s your 30% so I went with tesla apple Amazon.

00:34:20.190 –> 00:34:21.420
Steve Werner: Those are the three that I picked.

00:34:21.660 –> 00:34:22.650
Lee Murphy: And then he was like.

00:34:22.920 –> 00:34:24.120
Steve Werner: 10 to 20%.

00:34:24.450 –> 00:34:25.080
Steve Werner: He was like.

00:34:25.200 –> 00:34:35.790
Steve Werner: that’s your fun money if you lose it it’s going to hurt, but he was like I would I actually went with 10% and I put it in crypto because I was like crypto.

00:34:36.240 –> 00:34:45.420
Steve Werner: crypto is going for the moon right I bought a bitcoin when it was $800 I sold it when it was 20 $800 and thought that I was, I was like man, I did awesome.

00:34:46.050 –> 00:34:46.260

00:34:48.120 –> 00:34:51.810
Steve Werner: Right, I was like Is this any higher than that.

00:34:51.900 –> 00:34:52.860
Lee Murphy: I get the feeling yeah.

00:34:53.820 –> 00:35:05.100
Steve Werner: So the i’m not a big crypto guy by any means um but the so what, what do you feel about index funds versus because what you just laid out this was his argument for it, he said.

00:35:05.640 –> 00:35:15.600
Steve Werner: Where are you best what’s your best skill and I said public speaking, he said what’s your second skill and I said strategy so what’s your third service and sales and he said, none of those.

00:35:15.960 –> 00:35:16.950
Steve Werner: Are stock picking.

00:35:17.280 –> 00:35:26.640
Steve Werner: How long do you think you would have to spend to picking good stock and I said Oh, a lot, he was like Do you understand the market and I I feel like I read, I read.

00:35:27.000 –> 00:35:28.800
Steve Werner: Some stuff about it but he’s like.

00:35:29.370 –> 00:35:44.040
Steve Werner: Do what you’re good at he’s like if you put the 10% of time that you would have to put into picking a stock into your business which one is going to yield better returns, he was like just do that and I was like that’s a hard that’s that was his argument I accepted it.

00:35:44.580 –> 00:35:55.950
Lee Murphy: mm hmm, so I would say that your mentor and going to whole like you know stock picking is not your thing i’ll tell you what people that are in the financial industry stock picking eight their thing either.

00:35:56.880 –> 00:35:59.910
Lee Murphy: That their stats don’t lie man like that, I mean.

00:36:00.090 –> 00:36:13.410
Lee Murphy: You get these people that are from Harvard Yale it smartest minds in the country, and they might do good as the averages come and more years compile and.

00:36:14.520 –> 00:36:26.310
Lee Murphy: Their returns, you know get decimated when compared to the market, so I am kind of right there with you in terms of like stock picking i’m not a big proponent of it, I look at it more as like kind of a.

00:36:27.240 –> 00:36:41.220
Lee Murphy: kind of like a outlet gamble sort of thing you know to maybe you know a little fun with your investing so I tell people that the Max they should do percent in a single company.

00:36:43.140 –> 00:36:48.480
Lee Murphy: 10% I don’t go above that you know, so if you if you look at all your assets, you know, like well I got.

00:36:48.810 –> 00:36:58.470
Lee Murphy: a ton of well one stock, you need to start putting money there you got it you got to start diversifying out because I think 10% is too much so i’m actually more conservative than your mentor.

00:36:59.550 –> 00:37:05.490
Lee Murphy: But I would say, picking good sectors, is what I believe in I think that’s how you do it.

00:37:05.910 –> 00:37:13.800
Lee Murphy: I get if I make my money on a single stock pick it was like the equivalent if I went to the mandalay Bay a good weekend that’s just how I look at it.

00:37:14.790 –> 00:37:31.560
Lee Murphy: People online, you know the stock gurus will tell you, otherwise but look at the data they’re not doing that well, even if the king, I was talking about, you know, Jim Cramer who’s the King of stock look deep into his his history, the man is supposed to be the best.

00:37:32.700 –> 00:37:33.390
Lee Murphy: It sucks.

00:37:33.870 –> 00:37:34.890
Lee Murphy: that’s the truth.

00:37:35.130 –> 00:37:36.540
Lee Murphy: that’s the truth, so they.

00:37:37.740 –> 00:37:47.310
Lee Murphy: A good financial visor is knowing you know or financial professionals, knowing can do, and like I can’t pick stocks better than anyone else you know I mean maybe i’m a little bit of.

00:37:47.790 –> 00:38:03.030
Lee Murphy: i’ll stay away from the crap but but on that, I mean I getting anything else, better so exactly you said, believe in the sector, believe in, you know, the low cost of the funds and you’re gonna that’s going to be a good path.

00:38:05.220 –> 00:38:07.470
Lee Murphy: Also, it all just talking about like what.

00:38:07.560 –> 00:38:12.180
Lee Murphy: Would that, then you can get those and you know indexes and funds and that sort of stuff.

00:38:13.440 –> 00:38:15.090
Steve Werner: that’s awesome I mean the I mean.

00:38:17.400 –> 00:38:24.270
Steve Werner: You shared a wealth of information, you were pretty honest and straightforward, which I greatly appreciate, I have a pretty good nose for bs and.

00:38:24.690 –> 00:38:33.150
Steve Werner: I appreciate your honesty if people wanted to reach out to you how do they work with you like, how does somebody do they sit down, do you have a few discussions.

00:38:33.330 –> 00:38:35.190
Steve Werner: how’s that process look.

00:38:36.660 –> 00:38:39.780
Lee Murphy: I mean it goes back to just figuring out what people want.

00:38:40.560 –> 00:38:50.070
Lee Murphy: Their financial goals that’s that’s how every discussion is if people want to talk about it doesn’t cost anything i’m always I always love hearing about what people are trying to do, financial.

00:38:50.700 –> 00:39:00.270
Lee Murphy: So if you want, you can reach out to me, and you can look at the free COM, that is our podcast so for people that are trying to.

00:39:00.900 –> 00:39:13.890
Lee Murphy: You know, advancing in their career building wealth of learning from successful very successful people I mean we’ve had guys like Steve are on you know I don’t know if you know that guy but he’s absolute.

00:39:14.460 –> 00:39:24.840
Lee Murphy: Just genius to check that check out our podcast you got a long drive and then, if you Google that find me lead Michael Murphy, and you can reach out to me happy to talk with anybody.

00:39:25.770 –> 00:39:32.670
Steve Werner: awesome, so we are going to link his podcast the free retiree show down in the show notes we’re also going to put.

00:39:32.940 –> 00:39:36.240
Steve Werner: Do you want your email in there it’s up to you i’ll put your email, and if you want.

00:39:36.840 –> 00:39:37.890
Lee Murphy: Or you can you can put.

00:39:39.150 –> 00:39:45.750
Lee Murphy: You know just put an admin at the free retiree calm, you know that my my assistants will let me know that you drop us a line.

00:39:46.800 –> 00:39:47.130
Steve Werner: Okay.

00:39:47.370 –> 00:40:00.540
Steve Werner: There we go um that’s will get you in touch with Lee i’ll have a conversation with you it’s free it costs nothing, and it could be one of the smartest decisions that you make, because it gets you started on your retirement goals now.

00:40:01.320 –> 00:40:03.990
Steve Werner: Think about where you’ll be 20 years from now, you know.

00:40:04.080 –> 00:40:18.000
Lee Murphy: Absolutely don’t procrastinate if that’s remember I said, you asked me what the big big mistake was, I think, just procrastinating not taking action that’s where so whatever you do doesn’t need to be me just take action, please.

00:40:19.020 –> 00:40:26.760
Lee Murphy: This job drives me crazy how many people just talk and then they don’t they don’t do anything you know so i’m all about taking action.

00:40:27.900 –> 00:40:37.200
Steve Werner: One of one of my very first college professors told me there’s like ideas I was an art student let’s let’s talk about that as an investment, maybe not.

00:40:37.440 –> 00:40:39.120
Lee Murphy: But he was like ideas.

00:40:39.390 –> 00:40:43.500
Steve Werner: ideas are cheap actions are the only thing that matter.

00:40:43.920 –> 00:40:47.790
Steve Werner: And you can sit here, you can listen to this, you can talk about it, you can say I should I might.

00:40:47.880 –> 00:40:54.570
Steve Werner: I may, I will, but just click down the show notes send them an email it’s not going to hurt you to get on phone call and it probably.

00:40:55.050 –> 00:41:03.240
Steve Werner: will be the best decision you can make because it will lead to you taking action and getting a retirement account setup Lee I want to say thanks for coming on.

00:41:05.250 –> 00:41:11.160
Lee Murphy: it’s amazing being on your podcast and like thank you man, thank you for all the good insight that you listeners.

00:41:12.480 –> 00:41:14.550
Lee Murphy: it’s just a pleasure to be on your podcast.

00:41:15.300 –> 00:41:25.200
Steve Werner: No worries, it is my pleasure to everybody else out there until next time take action make money and change lives and while you’re at it set up retirement account well.

00:41:31.410 –> 00:41:31.740
Lee Murphy: awesome.


Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on reddit