Sharing Prosperity Economics – Episode 090

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[00:01] Welcome to the Prosperity Podcast, fresh alternative personal finance talk for independent thinkers who prosper outside of Wall Street. Here’s your host, bestselling author, Kim D.H. Butler and No BS Money Guy, Todd Strobel. Hey everybody, welcome to another edition of the Prosperity Podcast. This is No BS Money Guy, Todd Strobel. Once again, we are fortunate enough to have my co-host and bestselling financial author, Kim Butler, with us today. And we’re actually reaching out to our listener base because we had a conversation with a listener who said, hey, I want to share your material with friends and things like that, but I’m not sure exactly how to do it. So we thought, wow, what an interesting thing to do would be to talk about how

[00:53] you help spread the message of prosperity economics, because it’s a subject that’s near and dear to all of our hearts. So welcome, Kim, how are you? Very fine, Todd. Thank you much. And this is such a fun discussion because you and I have worked for literally the last 25 plus years in knowing how to share this information. And my gosh, have we had the failures over and over and over, especially in our early days, trying to share with clients this alternative viewpoint, this different perspective than the typical financial planning that’s out there, not just about the products, but also about the strategies, which are things that we do. And so we’ll have a fun discussion today about sharing and some questions that

[01:42] you can ask, because what I’ve finally learned and believe me, I am not a natural questioner, but what I finally learned that is that asking questions enables me to share the best, the most effective way in a way that people are open-minded to that and willing to listen and then willing to take action because just listening or reading or watching is good. I mean, that’s the beginning, but we’ve got to be taking action. You have to actually do something with the items that you’re learning. Completely agree. And I would say rule number one is, is you don’t have to know their personal finances in order to refer them and would encourage you to probably not collect too much personal information, wouldn’t you?

[02:33] Yes, absolutely. And that’s an interesting thing too. From a client standpoint, we’ve learned over time that while we absolutely have to get some basic information, and all of our listeners know this if they’ve ever met with us, dates of birth, state of residence, income, net worth, just some general numbers, we don’t need to know where they spend every penny. And I think a lot of people do not want to meet with a financial advisor because they’re afraid that their monthly cashflow is going to get poured over with a fine tooth comb. That’s not fun for anybody. It’s not fun for the advisor and it’s not fun for the client. Now there can be some good to that and I know some advisors that are fabulous

[03:14] at it, but for me personally, I’m a really big picture thinker and I have trouble giving my own bookkeeper enough detail to get our books balanced and our checkbooks in order and our Visa card statements identified, et cetera, et cetera. So I know how valuable it can be, but yet I also know how hard it is. And so I think it’s awesome for people to know that they don’t have to share every penny. We just have to have some general knowledge of their situation. But that’s, we have to have it, not you as a listener, referring somebody else in. And so the very, you said rule number one, I’m going to add question number one, and that is where do you store your cash? Because every single person, no matter what their situation is, has a place

[04:03] that they are storing cash or that they want to start to store cash because they want to build up a savings account for emergency opportunity money. And so many times people do not have a good answer for that. And it’s because they don’t know about whole life insurance. Now, if you immediately launch into a discussion about whole life insurance, I can guarantee you, unless they’ve been prepped, they’re going to be turned off. So sometimes you just need to be patient with the information, but that’s a great question to begin with. Where do you store your cash? Absolutely. And the emphasis needs to be on not what do you have or where do you have it? But how do you think? I mean, that’s much more important to us is the mindset at this point than

[04:48] it is knowing exactly where the cash is or exactly how much the cash is. Um, it’s that conversation that opens up the doorway of, wow, is there an alternative, something I don’t know about? And if there’s something that I don’t know about it, why would I not want to be educated on it? Absolutely. So that could be rule number two is mindset and how critical it is. And then the, the corollary question number two is what or who, excuse me. So the corollary question number two is who do you know that wants to learn because learning and having an open mind and being willing to learn and being interested in learning and having a growth mindset is the mindset that we’re looking for. We can help those people.

[05:44] When somebody is stuck in a fixed mindset about their money, like, I don’t have enough, I’m done, or I have plenty, I’m done, or I already know everything there is to know, I’m done. That’s a lot harder of a person for us to help. Yeah. And I think, you know, more and more these days we’re seeing that fixed mindset where people are not flexible and we know one or two things are going to happen. Number one, they’re going to be probably too aggressive when it comes to the market, which really puts their principle at risk, or two, they’re going to be so conservative that they’re not keeping up with inflation, which means those spendable dollars when they need them the most are going to fail them.

[06:31] Very true. So let’s recap. We had rule number one, which I’m forgetting already. Tell me, do you remember what that was? We don’t care what you have. We don’t care what you have. We care what you know. And the corollary question is where do you store your cash? And then rule number two is the mindset. And the corollary question was who do you know that wants to learn? And then let’s come up with a couple more rules or guidelines, if you will, for sharing the information about the prosperity economics movement. Well, I would say that, you know, now that we have the podcast to the point that we have it now, that it makes it very easy to refer somebody to a podcast. People seem to be very, the resistance is very low to, you know,

[07:27] download a 10 minute podcast and go on a run or jump on a treadmill or, you know, the next time you’re driving to your job or something, I would say, you know, rather than trying to get into those conversations yourself, if you can use those tools that we already have out there, it takes the pressure off of you and makes it easier on them. Absolutely. One of the guys in my strategic coach group in Atlanta shared something with me that I loved. And that is that podcast listeners are growth mindset oriented, whereas radio show listeners tend to be fixed mindset oriented. And so I thought about that a little bit more. To me, the reason people listen to podcasts is they do want to learn. Oftentimes, the reason people listen to radio is they want to have their own

[08:22] ideas confirmed. And so that’s a huge distinction. And I don’t know that in conversation you could identify a person as one way or another, but I bet you could if you thought about it. And like you said, sharing a podcast or if you’re an email person, just forwarding the link to our weekly newsletter, it’s called Prosperity on Purpose, and we’d love it if you forward it and copy to us. But even if you don’t want to copy us, you can just forward it. And that, of course, has a link to all the podcasts or at least the current ones that we’re profiling, which then they can go to the blog and find the rest of them has a link to an article. And I think that’s another important distinction is some people will

[09:06] listen, some people will read, and most people will prefer one method of learning over the other. I know I’m a reader. I will read anything anybody sends to me. And thankfully, I can read very quickly. And so I’m able to get a lot of reading done. I’m much, much slower to want to listen. And then I’m even more slow if somebody sends me a video. I mean, I know people learn by video and we’re going to work really hard this year to provide everybody that’s benefiting from our message more video. We’ve got some really exciting things coming up. But if you can forward to somebody both the opportunity to read, watch and listen, I should say read, watch or listen, then they get to learn the information

[09:54] in the way or the style that works best for them. And so the forwarding of our Prosperity on Purpose newsletter, which you get in your email every single week. And if you don’t, please join our list, which you can do at partners4prosperity.com. And you can sign up for that Prosperity on Purpose newsletter by signing up for the Prosperity Accelerator pack, which has a bunch of autoresponders in it. So you get a bunch of information right away, and then you’ll get the weekly newsletter as we go forward with those. And we work hard to provide information that people are really looking for so that they can learn. And I would say that our emphasis has always been on education. So, you know, the information that they’re going to receive is

[10:43] going to continue to be of value. How often would you say we reach out and call people and try to make them have an appointment with us? Um, can’t remember last time I did it. So that’s the biggest point is that we’re, you know, we’re out here trying to grow a movement. We’re not a nonprofit organization. Enough people from the movement take action that, you know, it works out really well for us. But honestly, being able to put more and more people on that education list is more important to us than, uh, trying to drive sales appointments. Absolutely. We love to help. We’re happy to answer your questions. You’re welcome to email specific ones in. We love to cover those on the podcast if they’re appropriate and, or give

[11:33] you a personal answer, especially if you give us a little detail, we’re happy to do so. So partners, number four, Prosperity.com. Sign up for Prosperity on Purpose. Ask the questions. Where do you store your cash? Who do you know that wants to learn and keep having fun with the information, don’t you think? Absolutely. This is No BS Money Guy Todd Strobel for the Prosperity Podcast. Once again, thanks so much, Kim Butler and take care of everybody. Thank you for listening to the Prosperity Podcast to take control of your money and have it work for you. Visit us at partnersforprosperity.com. If you liked this episode, make sure you subscribe and leave a review.