The Responsible Podcast: Recent Episodes
Stanley J. Targosz III
Understand your financial foundations, how to get started, how to adapt when life happens, how to identify bad practices both in your industry and in your personal economy.
Stanley discusses why you need to ask yourself one simple question: Who is on my team? Most people do not even know that there’s a team they should be building, let alone know who they have already hired to be on that team. With your team, there are proper times to utilize certain members and know hot to use them. The value of a Quarterback on any football team is immeasurable as they control the flow and success of the offense. Having a dedicated QB for your team is vital.
In today’s episode, Stanley discusses the idea of the “family farm” getting lost in the woods. We want to share an idea of how to bring back the ability to build upon a foundation for generations. (The way families did so for most of human history.) This allows us to keep what we work hard for and transfer it to the next generation, instead of Uncle Sam. Creating and engaging in a legacy building conversation is life changing… and well overdue.
Stanley describes breaking down traditional retirement planning and finding the flaws to help us in our preparation. This allows for us to succeed and not simply “settle” for lesser than planning. Simple things like “Actual vs Average RoR”, Inflation, Lifestyle in Retirement, Unfunded Future Healthcare Costs, Taxes, and more, are covered by Stanley in this episode. This is the conversation everyone should be having with those on their financial team.
Stanley discusses the nature of a stop & start pattern, the impact it has on your emotional energy and the prohibited opportunities in our future. Keeping momentum throughout our earning careers is vital to our lifestyle and needs. This will have a 6-figure impact on our future and a 5-figure impact on our income.
Stanley talks about tough conversations to have, not only for students, but as a family. College is not just a parent or just a student problem to solve. To find the right solution for your situation, it requires a family solution. We break down the basics for this robust conversation and how to get the ball rolling so you may have the best conversation and solve the most expensive season of most families lives.
Stanley discusses yet another unconscious, unspoken choice available to you: Would you rather retire at two-thirds of your income? Or, would you rather retire at two-thirds of your tax bracket? This thought process has a larger impact than traditional retirement planning that focuses on “retiring at two-thirds of your income to be in a lower tax bracket”. Why? Because traditional planning eliminates key tools to make a lower tax bracket dream a reality. This subtle change has a huge impact on your quality of life during retirement.
Today, we are keeping it simple. Stanley discusses the porous holes in our lives that need to be filled to help us become wealthy. “U” Understanding & University. Constant understanding, constant learning will impact the way we live, who we become, and the wealth we are looking to build.
In today’s episode, Stanley walks through your preferences when it comes to traditional planning. Investment Funds, Internal Savings, or Bank Savings (a.k.a. IF, IS or BS).
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Investment Funds: IF it is there when you need it, you are pleasantly surprised.
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Bank Savings: Barely keeping up with inflation, limited in selection.
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Internal Savings: Something that IS going to happen. The only option with guarantees and predictability that sets the foundation for the rest of the picture work better and more efficiently.
Stanley discusses how we manage the extremes life has to offer in a calendar year and throughout our lifetimes. This allows us to maintain control and calmness. From yearend and seasonal events to those “once in a lifetime” opportunities that appear every six months, preparation and discipline is key. This will help us maintain our lifestyle and enjoyment of every moment with confidence and security.
In this episode, Stanley discusses the many different stages of life, the lifestyle sacrifices many believe is necessary, and how to utilize a true financial foundation. To get the most out of life you need to be beholden to your debts at all times, dependent upon luck going your way when investing and saving, and flying by the seat of your pants for big expenses like buying a house, paying for college, or funding your retirement... right? Not even close. Stanley walks through the responsible way to have fun today and tomorrow while building toward the future. It doesn't have to be an either/or situation.
"You're not the same broke college kid eating ramen noodles every meal to save a dollar. Live your life the way you want to."
- Nicholas P. Stevens, Co-Founder of The Responsible Brand© & The Responsible Network©
Stanley walks through situations that are a part of everyday life, life events.
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Debt: this is part of the growing phase of life and when managed well and used with intentionality, can propel you forward.
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Growing, either individually or with a family, is a life event that asks you to determine your absolute needs, figure out who is on your team, and set your financial and lifestyle goals in place.
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Understanding your Cash Flow Management at each stage of life and how it interacts with your Responsible Solution.
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“Big Ticket” items, such as paying for college (your children’s or your own), buying a home, new car, and saving for retirement are larger expenses that need to be built into your financial foundation.
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Enjoying life with financial responsibility allows you to take your vacations, build memories, and live the lifestyle you desire at any budgeting level.
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Leaving a legacy, not just of wealth, but of knowledge. There is more to ‘money management’ than the dollar. There is more to leaving a legacy to your family than a check.
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Lastly, financial stability isa the foundation of it all!
Stanley discusses the many options available to all consumers (you!) and which are best suited to your goals. Is a 401(k) my best option? How about a Roth? Stanley also covers which strategies, the timing to implement those strategies, and how they must be well-balanced. Is one solution good for everyone? Maybe for some, but not for everyone.
Stanley walks through a general overview of the B.A.S.I.C.S. and how traditional planning methods focus on interest rates and balance regarding traditional debt. What traditional planning fails to encompass is the rest of your personal economy, how everything functions with the cash flow at hand and the lifestyle goals you have. When you plan using a “Supercharged Savings Strategy”, you can put yourself in a position to accomplish more than one thing at a time and doing it holistically. Debt can be part of life for a season or a reason, but it is not the solution for everything all the time. The speaking figures have not delivered a solution that is realistic for the majority and does not account for when life happens. Guilt is not a solution and diets can only work on sunny days. Cash Flow Management and discipline is the key. Every dollar has a job, every dollar works as hard as you.
Stanley details why the ‘student loan problem’ in the United States is actually a family problem. Parents are at as much, if not more, risk than our student population. Is paying ‘cash for college’ the solution? (Ideally but not realistic for 90% of the population.) Instead, we should know exactly what we are up against and have a plan entering this distribution stage of our lives. The debt was created out of a desire for education. Using that same drive and passion, we need to own our part, be responsible with our resources, seek information outside of tradition, and rely on ourselves alone to pay it back. This can either be a speed bump along the way, an investment in yourself, or a tumor that impacts us the rest of our lives. It all depends on how you plan for it and having the discipline to follow up on your plan. First step? Understand the rules, timing (payoff schedule and potential earnings), and how to manage it in bite-sized pieces.
Stanley discusses the difference between ‘Life Insurance’ & ‘Death Insurance’. How we use it determines how we acquire it. Wealthy people use these same tools but how are they using it differently than us? Stanley also discusses why it is a foundational piece to our custom solutions for many as well as what we use when it doesn’t fit. Life insurance, when designed properly, checks many boxes we need and some we did not even know we needed.
Stanley discusses “Responsible Fun”. What is a transfer and how do you make it work for you or against you? How does it impact your lifestyle? Do you like to let your money work for other before it works for you? Cash Flow Management for both short-term and long-term goals allow for better health and mental stability. When we are able to pair this with a plan for tomorrow, you get the best of both worlds. Lifestyle and Goal Planning. Do not lose your youth planning for a tomorrow at the sacrifice of today, and do not live for today arriving at tomorrow broke, upset and unprepared.
Stanley discusses a wide variety of topics that we will be digging into further in future episodes. In the years following college, those who graduated and those who paid for it, will begin a new journey. The education seems to stop in a lot of ways, while we embark on new adventures. However, financial education was never there to begin with. As we enter the earning years of our careers, the learning years cannot be behind us. Financial education for the next phase of life is the most important lesson we learn and pass on to our loved ones. By sharing how money works and showing them how to have control, be prepared, and enjoy it along the way, life’s unexpectedness does not seem nearly as daunting.
Stanley walks through the modern approach to a industry standard that has failed more people than it has helped. How many people are self-insured by the time they pass away? It’s possible (and true) that the idea is on track but the premise is off-base. Why risk your savings if you are just getting started? The wealthy can afford the risk and invest the rest. Can you? Most likely no, not yet at least. The modern approach to successful planning that will help us achieve success for the next phase of our financial life.
Stanley discusses how those with true wealth think and act opposite of what the average American is told and educated to do. Through this episode you will hear how to begin applying some of the wealthy family techniques to your daily life. It all starts with a change to your thought process, not a new purchase. This is known as ‘The 5 Boxes’ as you will see in The Responsible Brand©’s other media outlets.
What does it mean when we say “insured”? Why is this important and what are we insuring? Why leverage someone else for life’s unknowns. Stanley discusses why life insurance is a good starting point while walking through a few other options as well. Options such as a Certificate of Deposit, Stocks, & Self-Insurance. Taking you from getting started to understanding the lost opportunity cost and everywhere in between, Stanley explains the difference between Life Insurance and Death Insurance.
Stanley walks through how we typically take an emotional stance toward divulging important financial information. We tend to feel a deeper intimacy in this regard.
Stanley discusses why it is so important to have a conversation with a trusted partner. This allows us to face the problems of today, eliminate them tomorrow and have a foundation for the future.
Stanley discusses how to take action now and feel confident that you are on the right track: where you're at in the next phase of your financial journey, how to trust the plan and the professionals on your team.
We don't trust ourselves when a medical crisis is at hand, right? We trust our licensed physicians, our doctors. Stanley walks through this parallel and how we lack the same urgency to a financial crisis that we have during a medical issue.
Stanley walks through how simplifying your outlook, realizing your true priorities and how your personal economy functions is the starting point to an appropriate financial foundation.
Stanley makes a point of changing what traditional thinking imparts in us, by putting our needs, our goals, first and foremost.
Stanley walks through important questions you need to ask yourself at each turn through your financial life. These questions will go against social norms and traditional thinking, putting you in a position to thrive, not just survive.
Stanley discusses the bad practices, lack of relationship and customization that has lead to the same problems across generations. Listen to unveil The Enemy We All Face when it comes to building wealth, enjoying lifestyles, and truly planning for your future.
We are excited to share with you information cultivated from across multiple industries by their respective leaders to help you create a new financial foundation. Welcome to The Responsible Podcast.