THE JOE SOTO PROJECT- WEALTH REBIRTH: Recent Episodes
Joe Soto
www.joesotoproject.com
Experience l Strength l Hope
About the Author
Joe Soto is a driven Financial Advisor, Educator, and Entrepreneur on a mission to uplift by sharing his Experience, Strength, and Hope...
How do I make the best investment decisions?
This is a question I often get from clients and especially prospects.
Investors should consider the quality of information they receive and the sources.
To invest, you need predictions and forecasts.
To make predictions and forecasts, a financial professional must have multiple sources of information.
The data must be independent and stress tested as new information is revealed.
To tackle this task being good with math is not enough.
We must put the numbers to good use.
Humility is a key component of a good forecaster.
Understanding phycological bias is also critical.
I must plan for both.
In addition, I must pay attention to the wisdom of the crowds as they provide valuable information.
In investing, it is more useful to pay attention to those who disagree with you than those who do.
I continue to seek and study contrarian viewpoints.
If I'm surrounded by like-minded people, I could lose my ability to use my mind.
How do you make investment decisions?
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In investing, biases can manifest in a variety of different forms.
The first step is to recognize that we are all biased and must acknowledge this fact.
As a financial planner, I assume I have a bias.
Typical biases that I solve for are overconfidence, fear of loss, and status quo bias.
There are more, but these are key.
Creating some checkpoints to address the seen and unseen biases is critical.
The best marketers speak to my bias.
If I don't know my own bias, I can't plan for them.
If I can't plan for my own bias, I will likely suffer from them.
What I do is create a decision making matrix. Frame it. And use it.
None of the major wall street firms predicted the financial crisis. Probably, because they suffered from bias blindspot syndrome.
To address biases in business, I must surround myself with people with different opinions than my own.
Tune in today if you want to learn more about bias and investing decisions...
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Inches from gold.
Life has an interesting way of teaching us priceless lessons.
The other day as I attempted to wash my car, I had an interesting reflection about persistence, perseverance, and, ultimately, achievement.
Many times, I've given up on projects probably too soon.
So in today's episode, I will discuss the importance of perseverance as it relates to your goals...
goals
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Taking my goals from me to we...
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Many times when I hear updates on the economy they seem to be a little shortsighted.
In evaluating the economic outlook we must play the short game while keeping the long game in perspective.
Many people don't realize the role Russia plays in the world economy.
There's also the phenomenon of not enough babies being born to sustain economic activity in the future and this has direct implications on the future of globalization.
Join me today as I take a deep dive into this topic…
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Every year I create a 12-month or 18-month plan.
That plan is then driven by mini projects every quarter and followed by a weekly reflection.
One of my mentors used to say you can't hit something you're not aiming for.
Do you believe this is true?
In today's episode, I get personal about my planning process and talk to you about what I do to evaluate my assets and liabilities at the economic and heart levels.
Join me on the inside.
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Where is the thumbs-down button?
We live in a culture of toxic agreeableness
The problem with this formula is that NO is not only an option but necessary.
Imagine if you said YES to every opportunity.
I have often said yes to things that later I regret.
Not saying no creates a ticking time bomb that eventually creates an outburst and a lashing out.
In investing, my work requires that I say no to investment options that don't benefit my clients.
The shiny object syndrome creates wealth destruction, resulting from the inability to say NO.
Saying NO is necessary to achieve any outcome. Saying NO to investing is not an ABSOLUTE need.
I walk away from most investments.
I'm constantly bombarded by the best Wall Street salesmen.
If I can say no, I have a distinct opinion and can't give unbiased advice.
If I can't give unbiased advice, I have become part of the mainstream noise.
Don't underestimate the power of a quality NO.
In what area of your life is the inability to say no interfering with what you want?
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We live in the information age.
And, information could be converted to knowledge.
But, knowledge is not wisdom.
Today, I had a day where nothing went as planned.
Life showed up on life terms.
The reason why I feel this topic is important is because I call myself a believer.
And, then life shows up. And, I want to negotiate the terms with God.
Today, I realize that calling myself a believer and believing are two different things.
And, to believe means to embrace what happens in my life with grace knowing that what happens maybe happens for a Divine reason beyond my control.
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Many people want to know if we are in a recession or going into one and when.
The challenge for most investors is they are looking for an absolute answer in a place with abundant noise.
Wall Street is noisy, and by the time they announce that something is happening by then, it's too late to be proactive about deciding what to do.
In today's episode, I'm going to share with you how I make decisions around key market conditions and how you can use these tools to help protect you and your family.
Join me on the inside...
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You may have heard of the 1% principle.
The one person principle is directly related to wealth.
The problem with the one principle is that it works to create or destroy progress.
Additionally, the principle applies to many other areas of our lives.
Money, health, relationships and even spiritual growth.
Tune in today as we take a deep dive into this powerful concept…
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The word recession easily associated with
FEAR TERROR LOSS DANGER BEWARE
Because of these associations, sessions are responsible for reversible financial mistakes that oftentimes cannot be erased.
What if the word recession was associated with
OPPORTUNITY PROFIT A POSITIVE LIFE-CHANGING EVENT
Did you think people would behave differently when introduced to this term?
What if I told you that over 126 companies, many of which today are in the Fortune 500 were started during the recession?
What do you think when you hear the word recession?
Join me in today's episode as I discuss this topic in detail…
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The way to prepare for the next recession starts with nine dots.
Huh?
That's right, nine dots.
So, how do you connect these nine dots with four consecutive straight lines?
Believe it or not, the answer is the key to preparing for the next recession.
Join me on the inside as I tackle how to solve this puzzle but, most importantly, how this puzzle relates to investing in volatile times and recession preparation...
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What is the Federal Reserve?
Is it Federal?
Most people don't understand how the Fed works and often bet against it.
Interest rates going up, down, or staying flat have financial implications that impact our money.
Many find the ramifications of interest rate policies when it's too late.
In today's episode, we deep dive into the Federal Reserve, what it is, how it works, and how its policies impact the US and the World economy.
Tune in today to find out how to protect you and your money against drastic Federal Reserve changes...
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People on Wall Street build investment models. When I don't use their model they call me a chimpanzee. Don't people "chimps" build these models in the first place? Statisticians and model builders downplay human judgment that is until the model breaks and the human judgment tells them it's time to build a new model. Join me in today's episode as we discuss how to use the right information to make the best possible decisions...
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A client sent me this article a few days ago. What was your immediate reaction when you read this? It's disturbing. I got triggered. Did you? As a financial advisor for 14 years, I have trained myself not to react to these triggers and look at them for what they are. NOISE. Is it right? In my opinion, absolutely not. But, most investors get triggered by political noise and jump to make decisions. In today's episode, I share with you what you can do to protect yourself and your money from political noise and make wise investment decisions. Join me on the inside?
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People on wall street will tell you to follow the models. I believe models have their place, but we are not at a point when PCs will take over humans soon in the investing world. What happened to the models during the financial crisis? Whose running the models on our budget deficit? In today's episode, we take a look at the role of the people vs. algorithms argument and how to evaluate both to make wiser investment decisions?
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Let's put ten people in a room and ask them to come up with a decision.
Person 1 tells person two his decision.
2 tells 3
3 tells 4
And on and on until we get to person 10.
Person 10 now has the information of persons 1-9.
Does that influence his decision?
Multiply this situation by millions, and you have the stock market.
Join me today as we discuss informational cascades and what you can do to use them in your favor...
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We live in the age of information. This is supposed to be a good thing. Unfortunately, many investors don't realize that the market narrative and the thousands of financial opinions influence their mood.
Think about it, how does your mood impact your decisions?
It's hard to analyze your mood.
Join me today as we discuss how to make sense of the current narrative so you can make good decisions in any market environment...
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Stock market noise is responsible for leading investors into costly, often irreversible decisions.
The problem is that most people don't have the time or the know-how to navigate and understand noise and extract valuable information.
In today's episode, I dive deeply into helping you understand noise and how to embrace, utilize, and deploy the noise of the market to your benefit.
Join me on the inside...
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Why is commitment so hard?
Today I shot episode 61 of this new series in the podcast with the Joe Soto Project.
At church over 2 months ago I had a conversation with God and I told him that I would shoot the podcast for 365 days.
It's been a long week. I just finished reflecting on what happened last week and I still need to plan for the week to come.
Part of me says who cares Joe you can just miss a day you don't even know who's listening.
In this space I had a reflection about my relationship with the word BUT and ALMOST.
These two words are responsible for missed opportunities in my life.
And, I pondered, an hour away from midnight debating with my mind I started to recognize a pattern. The stories were different but two ingredients were present in all of the stories.
The ingredients are ALMOST and BUT.
In today's episode I discuss my commitments, the value of reflection and how I plug in these two factors in my future financial and personal plans.
Join me on the inside…
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Why are we so quick to judge?
The vast majority of financial advisors in the industry are not legally obligated to serve your best interest.
Why do people continue to reward this behavior? Are they even aware that this is what they are doing?
We have become conditioned to see the financial services industry in the worst possible way.
This leads to bad judgment calls.
Join me in this episode as we deep dive into some of the conditioning on Wall Street and what you can do to protect your money and your family.
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Why do people freak out during market volatility?
I believe people don't understand volatility and panic.
If we cant, understand something
We cant define it
It's no wonder when we see something we don't understand and can't define show up, we freak out.
Join me in today's episode to understand, define, and use market volatility to your advantage...
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Sure there are many problems on Wall Street.
One of the main issues I see is the lack of clear standards and a set of rules around serving investors.
But, why is it that the bulk of the wealth in this country is invested in firms with advisors that don't have a legal obligation to do right by them?
Where we invest our money feeds the status quo or elevates the standards of the game.
In today's episode, we do a deep dive into what you can do to better understand what system you are rewarding with your money.
Tune in today...
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Wall Street has unclear guidelines and regulations on how to serve clients.
Vague guidelines lead to confused advisors and hurt investors.
If your best interest is not 1st, then what is it?
2nd, 3rd, 4th?
Do they even care?
Most people don't know this is happening on Wall Street, and in today's show, we discuss what you can do to protect yourself and your family...
Join me on the inside!
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Most people are unaware that financial noise makes them bias.
The noise is not the problem.
In todays episode we will discuss how noise leads to investor bias and what you can do about it to protect your loved ones financially...
Join me in the inside.
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𝗛𝗼𝘄 𝗱𝗼 𝘆𝗼𝘂 𝗯𝗮𝗹𝗮𝗻𝗰𝗲 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗽𝗹𝗮𝗻𝗻𝗶𝗻𝗴 𝗮𝗻𝗱 𝗹𝗶𝘃𝗶𝗻𝗴 𝗳𝗼𝗿 𝘁𝗼𝗱𝗮𝘆?
You can have all the money in the world but the value of that money loses significance without peace of mind.
The guilt of past mistakes keeps some investors isolated and stressed.
In today's episode, I will discuss how to find the right balance between planning and living and why for most people this continues to be an elusive target.
Join me on the inside...
https://anchor.fm/joesotoproject/episodes/Episode-55-Too-much-planning-not-enough-living-e1l34fp
peaceofmind #power #financialliteracy #planning
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Episode 54: Are you suffering from financial atrophy?
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Episode 53: I almost died at the shooting range...
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Episode 52: Why do investors continue to make these same mistakes over and over again...
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Episode 51: A lack of honor in financial services...
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Episode 50: Financial education as a second language...
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Episode 49: Why do so many kids destroy their inheritance?
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Episode 48: In the spirit of the 4th of July let's discuss what it means to be an independent fiduciary financial advisor?
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Episode 47: 6 Things you must know about your financial advisor?
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My 4-step process I use to build and manage investment strategies...
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Episode 45 beware of the one trick pony and investing...
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Most people know the need to diversify but don't know what proper diversification looks like.
Unfortunately, one often finds out that the diversification strategy is broken when it's too late.
Join me today as we discuss two unknown obstacles destroying your diversification strategy.
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…A simple 4 step process from wishful thinking to wealth creation.
If it's not in writing it's a wish…
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Episode 42: A hidden lesson from Pope Francis on the secret to economic prosperity...
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4 HURDLES TO FINANCIAL FREEDOM
Most people don't know what they want financially.
When you don't know what you want it's difficult to plan for the obstacles that you will encounter.
To overcome the obstacles we must study our attitudes and behaviors and it's impossible to do this when you don't have a map of where you are going.
Join me in today's episode as we discuss this topic in detail …
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Do you think the 1% are smarter or more creative than you?
There is a direct connection between creativity and financial freedom.
So, why is it that you've never heard this concept in school?
Simple, they don't teach it.
In today's episode, we will discuss the role creativity plays in wealth creation.
You don't want to miss this one...
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How volatile are the Bitcoin markets really?
Like traditional markets, Bitcoin has a scarcity of knowledge about disciplined investing?
Investors enter the digital asset space without a plan. And they don't have a strategy. Therefore, they go into investing with unrealistic expectations.
Do you have a plan for market volatility?
Join me I'm today's episode as we unpack this powerful topic...
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The recent sell-off of digital assets is the tip of the iceberg. To understand the sell-off in digital assets you must first understand the current rules and regulations that govern investing. When the rules are blurry we end up with a prohibition-like environment and characters like Al Capone. I have a bombshell I'm dropping in today's episode. You don't want to miss this one...
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Are you an investor in digital assets?
Many investors invest in digital assets and don't understand the implications of taxes.
This can be a costly mistake and can create a nightmare for your CPA. And as you know, CPA nightmares cost money.
Don't get audited by the IRS and listen to today's episode.
Join me today on how you can ensure taxes don't become a problem for you as you invest in digital assets.
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I'm learning about digital assets and taxation
What you don't know will hurt you but can help you if you.
Digital assets are delicate when it comes to taxation and investors are encouraged to consult their tax advisor.
Do you have a tax advisor and wealth management team?
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You don't have to like Bitcoin, but you can't ignore the digital age.
Similarly, you didn't have to be a Netflix subscriber to understand the trend to replace retail store movie rentals.
Heck, you don't even have to like movies.
Let's start with this simple question.
Are digital assets securities?
The US has permissive policies toward digital assets, but the lack of coordinated regulations is causing problems for investors.
Multiple agencies have tendered opinions on digital assets.
Let's take a look at a few of them.
SEC
Treasury
Federal Reserve
Commodities Futures Trades Commission
The IRS
I wonder why governments are concerned about digital assets?
Some governments have adopted bitcoin as tender, but some have adopted restrictive policies.
Many governments have adopted their own CBDC.
A CBDC is a Central Bank Digital Currency.
Like technology and manufacturing policies, countries that have developed friendly policies towards digital assets will reap their rewards.
Who uses coins and paper currencies anymore?
Printing bills and making coins cost governments around the world millions.
Criminals love cash, and criminals can also misuse digital assets. However, criminals hate regulated digital assets.
The digital age is here to stay. Ignoring the trend is like telling people 20 years ago that online banking won't last.
We have no choice but to prepare for the digital asset revolution. At least be informed enough to understand it.
You don't have to like digital assets or invest in them, but you can't ignore the digital age. Therefore, one must understand the space.
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What we can learn about the Bitcoin sell-off and disciplined investing? If we don't learn from history, we will continue to make the same mistakes... What is the story you're telling yourself about this discovery? It's fascinating how the principles of investing in digital and traditional assets continue to be ignored. Buy and hold investors turn into market timers and market timers. And, we know that market timing doesn't work. Therefore the question is, how do you invest for the long term more effectively. When investors have a plan, when they don't become market timers, history becomes an asset, not a liability. And, the disciplined investor often does better than the market timer who got it right in the first place. Successful investing requires discipline. No discipline no reward. So what exactly is a disciplined investor? We news to develop some systems and strategies that can improve your chances of success in any market condition. So, what are these systems? If you use a financial advisor use a fiduciary Create a blueprint or a map you can follow in any situation Rebalance the portfolio in good and bad times Whenever possible and applicable use DCA (Dollar Cost Averaging) Emotions are investors' #1 enemy. The media is enemy #2. Lack of knowledge of industry #3. Ans, last but not least, your advisor could be #4. It's overwhelming, I know. And, for an advisor that cares for his people, it's equally overwhelming. It's to ease some of this frustration the reason I became an educator. So, evaluate these 4 points carefully, and measure your confidence level in each. If you want more details, tune in to today's podcast. I will be unpacking the principles of successful investing in volatile markets. Stocks, bonds, and bitcoin are not the problem. It's the obscure principles and lack of education that continue to hurt investors. I needed the education to navigate the industry as an advisor, and I had to learn from painful experiences. If my experience can alleviate or eliminate one person's pain, my effort is worth it. Be a source of quality transparent education.
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How many clients does your advisor have, and which number are you?
Systems
onboarding process
The financial plan
The intellectual capital/research
The review
The maintenance
If your advisor has hundreds of clients and no process it's impossible to service you.
Ask your advisor how many client's so they have?
And, what process/systems they use to manage all of their clients effectively.
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In today's short episode, we discuss the importance of momentum and consistency in investing...
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Are you wondering what's causing the sell-off in digital assets?
In my studies, I see major institutional firms taking major positions in digital assets while retail investors are forced to navigate the space alone or with the wrong information.
For example, Vanguard, Fidelity, and Blackrock are taking major stakes in digital assets.
Yet, many firms don't allow retail investors to participate in these assets.
Frustrated, I too. I ask myself why?
The industry lacks coordinated regulations.
When regulations are loose, investors are exposed.
When regulations are loose, markets may be manipulated.
When markets get manipulated, people get hurt.
I don't want you to get hurt.
Many of my attorney friends tell me there are two legal systems.
There are also two market systems.
Institutional and Retail.
Access to information and proper representation is key in both worlds.
Here is what I suggest. Don't navigate digital assets alone. You wouldn't represent yourself in court, would you?
I do what I do because I know what I know. And what I know needs to be shared. Plus, I love helping people.
My goal with podcasts is simple.
Learn and share.
It's what I am committed to.
In the end, it's between my Higher Power and me, anyway.
They say you can't keep that which you don't give away, and I am giving away my knowledge to you.
Maybe I'm crazy. But, If I can help one person, it would be all worth it.
I was put on this earth to help, and I am good at it and enjoy it.
Join me in today's podcast as I dive into Bitcoin, regulation, and market manipulation.
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Levis Strauss did not have a closed mind.
In the 1800s during the San Francisco gold rush, Levis Strauss figured out that most people failed at finding gold. He didn't become obsessed with gold.
He saw the trend and was willing to explore it.
He went to San Francisco. He didn't talk about going to San Francisco.
Instead on focusing on he capitalized on the trend.
What does this have to do with wealth management?
EVERYTHING
Tune in to todays episode. Let's connect the dots and grow shall we?
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Most people overemphasize their investments and neglect the custodians.
Most people don't understand the importance of a custodian in their investment decisions.
Choosing the wrong custodian can turn a great investment into the worst decision.
Understanding custodians, their roles, and security features are critical when investing in any asset, especially in digital assets.
Before you buy a house, you may want to inspect the safety of the neighborhood.
Before you evaluate investment opportunities, assess your custodian.
Tune in to today's podcast if you want to understand the role of custodians in yeh safety of your money.
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Many people think that being certified in the Blockchain and Digital Assets means it's time to start investing. There is so much misinformation in my industry. Some of the misinformation leads to ignorance and some to misunderstanding. This is not people's fault. After all, people understand the difference between a doctors advice and the pharmacist. Unfortunately, people can't connect the dots between a financial advisor and investment products. Join us today as I share with you what I plan to do with the Blockchain and digital assets now that I'm certified.
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Is it too late to participate in digital assets?
I'm afraid many people invest for the future looking at the past
WHY
Looking at what an investment did in the past is a major flaw in luring the wrong investors into digital assets.
These same people are the ones that make the headlines and lost their shirt.
Digital assets are not a casino yet many so called investors are nothing more than speculators
Most people follow the retail news feed and ignore the institutional flows of information and money.
Not having a discipline investment approach is a sure way to lose your shirt in digital assets and any other investment
Always ask yourself what does this company do and what problems do they solve.
Invest in systems and companies that you believe in and understand.
Most people are busy and regardless of how smart you are unless you're retired and are watching your own money 24/7 you'll likely need some help
Hire a financial advisor who is a fiduciary.
A fiduciary is someone who has a legal obligation to put your interest first.
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Jamie Dimon warns of a financial hurricane coming and what does this mean for you, your money, and your family…
Traditional mentors don't work in non-traditional environments.
Mentors who fail to adapt to the times should be evaluated and replaced.
I find that the financial services industry and some of it's head honchos have been wrong about digital assets, Bitcoin, and many economic predictions.
I am a JP Morgan brat I've met and followed Jamie Dimon for years. Jamie hates Bitcoin and at the same time JP Morgan created the JPM coin (Digital Asset).
Describe the single word feelings that arise for you when you tell yourself that story?
JPM had many departments at times the different departments contradict each other.
These contradictions often confuse clients.
And, some of these contradictions come directly from the CEO.
Take for example this comment he made about a major financial hurricane coming.
Do you think that this is what financial advisors, the private bank, and the asset management division is telling their clients.
Hypocrisy
The market is the loudest voice.
A political or corporate figure that serves shareholder always has a conflict of interest when speaking to non shareholders.
Water down public opinions from public figures.
They don't know you and because they don't know you they don't care about you.
Listening to public figures, especially ones who have conflicts of interest can cost you.
Listening to people who don't know you or have an obligation to you is like trusting webMD over your own doctor
If you let it, the rampant opinions of attractive characters will sway you.
Who remembers Cramer telling people to double up on financial stocks that failed right before the financial crisis.
It's on YouTube people…
And, yes this guy still has a show and is still telling people to buy stocks and probably still doesn't know who you are.
Public opinions are filtered and controlled.
Information in this sense is monopolized and it's hard to get different points of view from the centralized consensus.
CENTRALIZED OPINION
The centralized bobbleheads usually know nothing about you.
Don't listen to people who don't know you or have an obligation to look out for you.
By the way, this includes me.
This is why I always say at the beginning of every episode to consult your own advisor and conduct your own due diligence.
Unless you're my client I don't know you.
THEY DON'T KNOW YOU
Find a fiduciary and develop a relationship
A fiduciary has a legal obligation to get you to where you are going.
There able few fiduciaries in our business
And lots of stories and excuses for this tragedy.
Don't settle find a fiduciary because they have a legal obligation to lookout for you.
A LEGAL OBLIGATION
Build a written financial plan
I know I sound like a broken record.
But you wouldn't go on vacation without a travel plan.
You would jump on a plane that doesn't have your destination as priority.
IT'S ABOUT YOU PERIOD
Listen to the icons but don't buy their plan build your own.
Jamie Dimon doesn't know you. Warren Buffett doesn't know you.
Hire a fiduciary, build a plan around you and be cautious of the mainstream rhetoric.
It is almost always centralized and wrong.
Wrong in the sense that it's a medical opinion from a doctor who doesn't even know you exist.
Leadership in Wall street can have many opinions during the course of a market cycle.
Remember, unless you're spending time with these people discussing your plan their opinions are worth LESS.
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What are NFT's and why should investor's pay attention?
Do your kids play video games or navigate online?
Let's start with the relationship between Metaverse and the Blockchain.
Tokens are byproducts of the Blockchain and the digital age. The space is growing rapidly and token utilization expands to commerce.
Want to join the Metaverse you'll likely need some tokens.
The world of the Metaverse seems foreign for many and most people don't understand it.
Kids play games online, we navigate our lives via our phone, we consume content online. Tokens are in a sense the digital currency of the future necessary to navigate the online world.
We are distinct and unique individuals.
To demonstrate our customized experience online tokens give us an opportunity to do just that.
But, tokens also have commercial and business use.
Therefore tokens like NFT's should be studied. From an investor perspective tokens provide an endless potential of broader diversification.
Diversification beyond traditional asset classes.
This is where things get complicated. Where there is noise there is bound to be criminals mixed in with opportunity.
Tokens are another opportunity of the digital space. And, the space is growing rapidly. Like all investments, due diligence needs to be at the top of the list before you decide to participate.
I'm focused on the commercial use of NFT's and how this transcends into commerce.
As a financial planner I want to study the space and see how it can benefit my clients.
Like all investments my suggestion is simple measure two or three times cut once.
Therefore, trust but verify. Repeat the process.
The future generation is online therefore the future consumer will interact with online commerce in a different way.
If the future of commerce is online we need to understand the Blockchain and tokens.
The news headlines make a mockery of the commercial utilization of tokens.
It's not about NFT's or buying digital kitties. It's about understanding how the future consumer will navigate the online world and spend their money.
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These countries have made Bitcoin their central currency and how the US and others are working on their own CBDC.
CBDC's are the ultimate seal of approval of Bitcoin and other digital assets
The truth must come out and I need to prepare myself and my clients for what's to come...
People have no idea what a CBDC is.
A CBDC is a central bank digital currency.
There are many countries who have adopted Bitcoin as their own digital currency or are currently working on developing their own CBDC including the US.
The first step is to recognize the movement here and why it's happening.
Last, we must understand what are the implications of this trend to our money and the way we do business.
I don't believe Bitcoin will replace the dollar.
I do believe the US will develop their own central bank digital currency soon.
If and when this does happen its an implied endorsement of the Blockchain and digital assets.
Once the space is endorsed and regulated this can be a game changer for Bitcoin and other digital assets.
I'm asking people to wake up and pay attention to the direction of where things are going.
The implications can be rewarding or damaging depending on which side you are on.
Fear is not knowing what's going on when it is going on.
I don't want you to be fearful. I want you to be informed.
Learning the rules of the game before you're forced to play in the game is the best way to enjoy the game.
Never play a game you don't know the rules to.
Playing a game for which you don't know the rules is almost always a bad idea and leads to a costly learning curve.
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Can Bitcoin Replace the US Dollar?
We must first start with what is the definition of money and does Bitcoin meet this definition?
To understand if Bitcoin is a viable replacement for money one must understand the definition of money and test it to see it meets the definition.
Many people don't know the reason why Bitcoin was created.
Bitcoin was created as a result of the financial crisis of 2008-2009. It was created with the goal in place to replace fiat currency.
Millions of people believe that Bitcoin is a viable alternative for a storehold of wealth.
But the question is does Bitcoin meet the definition of money?
What is the definition of money?
Does it meet these three characteristics?
Store of value Unit of account Medium of exchange
Investors should ask what is their logic for investing in digital assets.
They should ask if they seek a substitute for money or do they seek to diversify their portfolio by adding Bitcoin as an investment.
Decide if your going to use one approach or both.
The approach determines the type of digital asset you should invest or store your wealth in.
The money test is not the only test people should do.
They should also know if Bitcoin meets the currency test.
They should understand what the asset does for their diversification needs.
Is adding Bitcoin improving diversification by producing better risk adjusted returns?
In a simplified way, digital assets can be seen as an asset class or as an alternative storehold of wealth.
These two approaches require different implementation strategies and financial planning approaches.
Regardless of which approach you you still need proper financial planning and risk management strategies.
It's fascinating that by just looking at the definition of money it appears that Bitcoin meets the definition.
Acceptability is still a challenge for Bitcoin but the store of value seems to be appealing due to the logistics of supply and demand.
Bitcoin and digital assets are fascinating. Can Bitcoin replace fiat currency? I don't know. But it is possible when you focus on the definition of money and the fact that we are moving towards a fully integrated digital world.
Last, it's hard to argue against the money supply and demand issues that many governments place on their central currencies.
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In today's episode, we discuss how the blockchain works. How it works in relation to Bitcoin. And, you need to understand this dynamic so you can become an informed investor. Join me today as we break this down in way we can all understand.
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Many people discard bitcoin as a fad yet it appears that this opinion is reserved for the retail sector of investing.
Institutions and major corporations are some of the key participants in Bitcoin.
I had to look outside of my traditional learning channels to obtain information about digital assets.
Financial advisors and retail investors want and need quality information in digital assets.
If the institutions that help people invest are investing in bitcoin one must wonder why is financial education so limited in this space for advisors and consumers.
The digital asset space is revolutionary and becoming a major player in the investing landscape.
Investors must be aware that uncoordinated regulations make this asset class a confusing forest of unqualified opinions.
Therefore, until regulations become more mainstream and education and training more widely accessible for the financial advisor workforce investors should proceed with extreme caution.
Thoughts:
Let's start with transaction volume. Bitcoin processes an annually 1.3 trillion transactions a year compared to 600 million for PayPal and 200 Million for Discover.
On Market Cap: the market cap of Bitcoin is larger than JP Morgan, Home Depot, United Health, and Walt Disney.
Who accepts payments via Bitcoin:
AXA Insurance Company Wharton Business School Charities Non Profits United Wholesale Mortgage The Travala Travel Company Many others… 200 Million people own Bitcoin 24% of American Adults own Bitcoin AMC theaters say that 14% of movie goers pay in Bitcoin
Other interesting points:
Coinbase has more account holders than Charles Schwab
The nation's oldest Bank founded by Alexander Hamilton BNY Mellon now offer custodial services for digital assets.
There are now federally chartered banks with a focus on digital assets.
Fidelity will introduce a bitcoin fund for their 401k participants.
Actions:
The list of institutional participation in Bitcoin is a fact. One must ask what information they have that we don't.
I've learned over the years to follow institutional money because it's usually smart money.
There is major activity and growth in bitcoin and digital assets.
Just because an asset has activity and growth doesn't make it a good investment. Think of the tech bubble in the 2000's. There's no substitute for having a plan and a disciplined Investment approach.
I want to remind investors that before you invest in anything a written financial plan is key.
Bitcoin is fascinating and could end up being a great investment opportunity. But like all opportunities they must be measured and evaluated compared and stress tested in relation to your goals. #Wealth #personaldevelopment #financialliteracy #empower
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One of my biggest concerns about Bitcoin and how education can shift most paradigms.
Bitcoin can be used for illicit activity.
Bitcoin used for Illicit activity was a major obstacle that I had to overcome to become open minded towards the space.
The anonymity component of Bitcoin attracts bad actors to the asset.
From 2014 to 2020 the SEC reported 700 cases of fraud, lack of disclosures, ponzi schemes, and other violations.
Only 2% of these cases were related to cryptocurrencies.
One of the first cases of securities fraud happened with Alexander Hamilton when he issued federal bonds to pay government debt.
It's important to realize that there has been fraud in every asset class (cash, bonds, gold, real estate, and stocks ect)
There is no substitute for due diligence in any asset class. This is the reason why I chose to get certified in the block chain and digital assets.
Before you invest or participate, learn to read the space or hire someone who is qualified to do so.
Most people don't understand the digital asset space and nevermind conducting due diligence.
Knowing how to read doesn't make you smart.
Reading just gives you an opportunity to learn.
Most people don't know how to read or navigate the digital asset space.
It's my fear that uneducated people can get hurt in stocks, bonds, and digital assets.
This is why I created the Joe Soto Project Podcast.
If you don't understand heat it's best to stay out of the kitchen. Even if you know what heat is.
I want people to have the freedom to navigate the digital space with confidence.
Freedom comes from education. No education, no freedom. And, if you don't have the education you should stay out of digital assets.
I feel the financial advice space was created to educate and protect.
You need two clear maps.
A map to navigate the financial advice space and a map to get educated on the asset you wish to invest in.
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How to safeguard your Digital Assets?
Proper storage of digital assets is instrumental in investing in this space.
What is the story you're telling yourself about this discovery?
Digital assets, particularly bitcoins, require proper storage.
Many people don't know the importance of storage when it comes to their digital assets.
If you can safely store your digital assets your understanding and confidence in this space will improve.
Proper storage of anything of value it's instrumental. Think storage of gold.
It's critical to understand where your assets are stored.
Safeguard your private key. Determine if your wallet is hot, cold, or warm. Or if your storage will be maintained via a publicly traded fund.
Anything of value requires proper storage.
Digital assets are no different.
Your time horizon is a key determinant here.
If you're constantly transacting in Bitcoin for example you'll need a hot wallet.
If it's a longer term investment cold wallet may suffice.
Like all investments your investment objectives should drive your decisions.
Think Gold. Many describe Bitcoin as digital gold.
Digital assets like traditional assets require proper storage.
Education is necessary about the proper safekeeping of digital and hard assets.
Digital Asset safekeeping is particularly important because many people are unfamiliar with this space.
Safeguard your private key and understand what type of wallet you own and your investment objectives.
There are many similarities when it comes to investing in digital assets and traditional assets.
Investment objectives, liquidity needs, risk tolerance, and safe keeping are important to all assets.
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Title:
The Blockchain Explained
Date:
Saturday, June 4th 2022
Domain:
BUSINESS
Life lesson:
The blockchain technology is being used by institutions NOW.
Core idea:
I want to explain how blockchain works so one can make sense of its implied economic benefits.
Fact #1:
HIGH RELIANCE ON TRUST
Our current system relies on high levels of trust.
Because of this lack of trust we have created a monetary system that needs verification in every corner.
Fact #2:
TRANPARENCY FACILITATES TRUST
Blockchain technology provides a framework that adds transparency in the digital age.
A system of hash tags creates an open network of information that can be accessed by anyone on demand
Fact #3:
BLOCKCHAINS ARE CUSTOMIZABLE
Blockchains can be public or private
Think of the email system. You have your user name and password to log in (private key) and your email address is your (public key)
Fact #4:
JP MORGAN HAS THEIR OWN DIGITAL COIN
JP Morgan created their own digital coin it's called the JPM coin
The JPM coin has to abide by certain standards to comply with regulations. I feel the lack of coordinated regulation is what is holding back blockchain technology from broad adoption.
Action:
Shoot podcast
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What is the blockchain? How does it work? And, could this technology transform the way we do business forever?
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Ask yourself this question? Does Warren know you? Your financial goals and your needs. What is his risk tolerance? What is yours? All this and more in today's episode.
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You don't want to miss today's episode. We do a deep dive on a real financial plan case study so you can learn about the possibilities of financial planning. Tune in today...
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D14: Digital Asset and Blockchain Certificate is complete so what's next? Tune in today...
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US Government banning digital currencies?
What are you going to title this Discover Stack?
US Government banning digital currencies…
What domain of CORE 4 are you Stacking?
BUSINESS
Who/What are you stacking?
Which government bodies are involved in the regulation of digital assets?
In this moment, what Discovery has Which government bodies are involved in the regulation of digital assets? activated in you?
Are digital assets being ignored by the US Government or are they attempting to regulate them?
What is the story you're telling yourself about this discovery?
Challenge Vs Opportunity
People think that the US government wants nothing to do with digital assets
The US government is proactively taking measures to address the digital asset space
Parading shifts:
What is a security?
What to do?
Know the different governing bodies and their position toward digital assets.
How to evaluate this area:
There are 4 key US Government bodies with opinions on digital assets:
Commodities Futures Trading Commission (CFTC)
Securities Exchange Commission (SEC)
Department of the Treasury
Internal Revenue Service (IRS)
Describe the single word feelings that arise for you when you tell yourself that story?
Learning
Growing
Empower
Teach
Describe the specific thoughts and actions that arise for you when you tell yourself this story?
Thoughts:
Some government agencies are coordinated.
Some agencies do their own thing.
All agencies are aware.
All agencies are responding.
Stepping back from what you have discovered, why has this discovery been extremely positive?
If digital assets are not here to stay why are the major bodies of regulation taking proactive approaches to render regulatory opinions?
Looking at how positive this discovery trigger has been, what is the singular lesson about life you are taking from this Stack?
Follow the money and the regulation.
What Category of life would you like to apply this discover?
BUSINESS
The lesson you learned was to follow the money and the regulation.
How does this lesson apply to your BUSINESS domain?
Continue to monitor developments and coordination between the different government bodies in regard to their positions towards digital assets.
What is the most significant REVELATION, or INSIGHT, that you are leaving this Discover Stack with? Why do you feel that way?
It appears that most US government bodies are taking proactive positions toward regulating digital assets. These government agencies act independently and look for coordinating efforts amongst the different entities. It appears that the US Government is going from a permissive to an encouraging stance toward embracing digital assets.
What immediate actions are you committed to taking leaving this Stack?
shoot podcast
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Do you know the 3 different types of approaches governments worldwide use toward digital assets?
-
There are many countries embracing and rejecting digital assets
-
Put crypto under the right lens
-
Put digital assets in the proper context
-
I'm becoming a certified financial advisor in digital assets and I would say less than 1% of advisors are equipped in this space
When building a portfolio for diversification I look for assets that behave differently.
But, lately, stocks and bonds have sold off together.
This is why I'm studying digital assets because their correlation to traditional assets is intriguing.
I am responsible for my family's finances and the finances of many other families. Therefore, I can't afford to be selfish.
So, I decided to strive to get well educated regarding digital assets in case I need that fire extinguisher in the future.
So, I'm learning about digital assets so I can teach about digital assets.
It's a transition from ignorance to competence.
Governments worldwide are adopting policies toward digital assets.
But, not all countries are friendly toward digital assets.
Therefore, it's important to understand how different countries view digital assets.
If you are ignorant about digital assets is not your fault.
I too was ignorant and I tried to learn and educate myself but kept getting mixed information.
I always study institutional money flows and activity. Many times retail investors are forced to follow institutional money.
Usually, when retail investors follow institutional investors they are late to the party.
Wall Street is late to the party in equipping financial advisor's regarding the topic of digital assets.
Unequipped financial advisors lead to unprepared clients.
Unprepared investors are subject to make costly mistakes.
In a world where diversification is becoming more challenging ignoring digital assets I believe is a big mistake.
The time to learn about digital assets is now.
As a financial advisor, I am in charge of many aspects of a client's financial life.
Risk management
Retirement planning
Investment management
Taxation
Insurance planning
Estate planning
You know I understand the pain of most investors. Investors get bombarded with Investment options. But, financial advisors are gatekeepers because they too get bombarded with Investment options and opportunities to aid their clients.
Therefore, having a fiduciary on your side who is batting for you is instrumental. Due diligence is key.
You must have an open mind and be willing to learn or hire an advisor who is doing a good job of doing this for you.
There are love and hate relationships between different countries regarding digital assets.
The key is understanding how different countries and governments are approaching digital assets and digital currencies.
So here is the first step of what you should do now.
Get educated in the digital asset space or hire someone who is.
My podcast is my contribution to society.
The podcast is free. The information is free. I'm not a theorist I'm a practitioner sharing with you my day-to-day learning.
So what's stopping you from listening today to this free episode?
Think of the cost associated with staying ignorant in this space.
In my show, education will lead to empowerment which makes you a better-informed investor.
It's FREE.
I decided to make my show free.
I share my experience strength and hope from the field.
Ultimately, it's your decision the podcast will go on regardless.
I committed to shooting the podcast for the next 365 days.
They are labeled D1, D2, D3 ...
D= Day
The knowledge compounds.
So go back and listen from D1 and catch up.
Don't think about learning.
Learn.
Don't think about investing and financial planning. Plan and invest.
Listen to today's podcast and go back and catch up on prior episodes.
Leave me your questions
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Most people will fail at investing in digital assets, and this is why?
At this moment, what Discovery has Most people will fail at investing in digital assets, and this is why activated in you?
I will explain why most people fail at investing in digital assets and what to do about it.
What is the story you're telling yourself about this Discovery?
Challenges Vs. Opportunities
You don't understand the space
You have unrealistic expectations
You don't have a disciplined Investment approach
You don't understand the relationship between risk and reward and the process of diversification
A new pair of glasses:
This is another asset class like many others.
The whole is greater than the sum of its parts.
There's a huge difference between speculation and investing.
Don't expect to get much guidance from your financial advisor.
What to do:
Hire a fiduciary
Test your financial advisor's Knowledge
Build a plan
Begin with the end in mind
How to do it?
Understand the digital asset space.
What's the difference between digital assets and currencies?
Set and measure expectations.
Course correct and use volatility as your friend to execute with discipline.
Describe the single word feelings that arise for you when you tell yourself that story?
Knowledgeable
Aware
Prepared
Empowered
Describe the specific thoughts and actions that arise for you when you tell yourself this story?
Thoughts:
Ignorance is costly.
Ignorance is a lack of strategy.
A lack of a system comes from a lack of a plan.
Not having a plan is a recipe for disaster when investing in digital assets.
Actions:
Acquire the Knowledge.
Build a plan.
Consider digital assets in the plan.
Manage the plan.
Stepping back from what you have discovered, why has this Discovery been extremely positive?
Digital assets are here to stay, and having the Knowledge empowers me to guide my clients and use digital assets when necessary.
Looking at how positive this discovery trigger has been, what is the singular lesson about life you are taking from this Stack?
Knowledge empowers.
What Category of life would you like to apply this Discovery?
BUSINESS
The lesson you learned was Knowledge empowers.
How does this lesson apply to your BUSINESS domain?
Evaluate my practice and see how digital assets can add value to my client's portfolios so they can reach their investment objectives.
What is the most significant REVELATION, or INSIGHT, that you are leaving this Discover Stack with? Why do you feel that way?
Learning driven by a higher purpose is fun.
My clients hired me for a reason. However, the trust I had yesterday is no good today and must be earned every day.
What immediate actions are you committed to taking leaving this Stack?
Shoot podcast
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How to invest in digital assets and digital currencies (The Process)
Life lesson:
Follow the money.
Core idea:
I am about 80% through my blockchain and digital assets certificate and I'm learning how to evaluate and deploy digital assets in a client's portfolio.
Fact #1: AN OPEN MIND
Be open-minded to the possibilities of digital assets as an asset class.
We tend to close the door on topics we are uneducated about.
Fact #2: GET A PLAN
Create a plan.
Most people don't have a plan.
Fact #3: DUE DILIGENCE: DO IT OR HIRE FOR IT
Conduct due diligence or hire someone who will.
There are many options available to invest and due diligence is instrumental
Fact #4: EXECUTE OR REDIRECT
Execute the best option for you and your family.
Execute or course correct
Do you have a written financial plan that guides your investment decisions in digital assets?
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Thoughts and prayers for the families in Uvalde Tx.
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Without a system, the outcomes become unpredictable.
Core idea:
To deploy digital assets as part of a diversification strategy requires a process and a system.
Fact #1:
START WITH WHY
Investors start with the why.
What are the objectives?
What are your goals?
What's your time horizon?
What's your risk tolerance?
Fact #2:
THE SYSTEM
Determine the how.
How will you deploy the digital assets?
What's the strategy?
What's the allocation?
What assets will you buy?
Fact #3:
UPKEEP
Who will manage the system?
The system will need to be maintained.
Digital assets will need to complement your overall investment strategy.
The strategy must be disciplined.
The strategy will be automated.
Fact #4:
IN/OUT SYSTEMIC STRATEGIC REBALANCING
Develop a system of entry points, exit points, and rebalancing.
This allows us to create a system of strategic buying and selling.
The system will be nonemotional.
The system aligns with the why.
No speculation unless that is the objective
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Title:
The chaos of investing
Date:
Tuesday, May 24th, 2022
Domain:
BUSINESS
Life lesson:
You get what you pay for.
Core idea:
I am concerned that people may not invest because of the complexity of choosing what and where to invest and deciding to do nothing or make irreversible mistakes.
Fact #1:
WHICH WAY DO I GO?
Discuss why investors are confused with too many investment options
Too many places to invest
Too many investment tools
This leads to chaos and complexity.
People settle for an inferior offering because researching the investment landscape is too complicated.
Obstacle:
Settling for the least expensive option.
Strike:
Get help from an advisor who has a legal obligation to educate you on the industry to hit quarterly revenue targets for their company.
Fact #2:
THE PITCH: LOW-COST ELITE VALUE=LIE
Explain why the bill for cheap always comes later.
Nutrition is a good example.
One fast-food meal a day may seem insignificant.
But, one fast-food meal a day over 365 days will lead to consequences.
It was just one meal a day. Cheap and convenient.
You have to miss work and risk damaging your credit due to medical bills and mounting debt.
Obstacle:
The sales pitches for cheap are getting better and better.
Strike:
Remember: Cost is the absence of value. Don't expect high value if you are paying the bottom dollar.
Fact #3:
MEASURE TWICE, CUT ONCE
Don't buy the prescription without going through the exams.
Here is where the cheap and free firms thrive.
They get you in with the low-cost cheap option.
They make you pay dearly for the free entrance.
It's similar to the gambler who said he got a free buffet at a casino and lost 5k gambling.
Obstacle:
Falling for the price comparison game and entering into a destructive arrangement.
Strike:
Remember what's at stake. Don't discount your financial security and your future. Hire right the first time.
Fact #4:
CAN'T SEE THE FOREST FOR THE TREES
Shoot for a win/win relationship
Remember, businesses have expenses
Trying to discount your financial advisor is like negotiating with an anesthesiologist to lower your fees.
It's not a good idea.
If you want a good product/service and receive a good product or service and want that company to stay around, you will have to pay what they are worth.
Obstacle:
The forest is an investor's financial security/goals. The tree is the cost.
Strike:
Failing to see the advisor-client relationship as a relationship.
Revelation:
Cost is a problem in the absence of value. Advisors will go above and beyond for those who value their work.
Action:
shoot podcast
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Title:
Are you aware of the possibilities of digital assets in the real world and what they can mean for your investment strategy?
Core idea:
Digital assets are slowly transforming the way we do business and this has investment strategy implications.
Fact #1:
ITS A FAD SAYS THE MACHINE
Wall Street keeps dismissing the digital asset movement as a fad.
This is a mistake
It reminds me of what people said of the internet
And online shopping
And online banking
And many other things
Fact #2:
THE MASSES AND OBJECTIVITY
Proactive wealth managers have a hand on the pulse of Wall Street but dance to the drum of objectivity
I must be objectivity
I've drank the Kool-aid and got sick before
I must study this space and become informed to help my clients make informed decisions
I've studied the masses for years and I've learned that often they are wrong
Fact #3:
STUDY THE MASSES
See what everyone is doing and ask lots of questions
The masses are often wrong
Wall Street leads the masses
CNBC caters to the masses
I study the masses
Fact #4:
STOP REFLECT ACT
Trust but verify and act swiftly
Acting doesn't mean investing
It starts with curiosity
Then information
The taking that information ans making informed decisions
Life lesson:
It's not about understanding the next stock pick it's desire to understand and prepare for what's to come
Apply:
How comfortable are you in understanding digital assets?
How comfortable is your financial advisor?
How do you think this impacts your investment strategy?
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Title:
What if you could invest without high pressure sales tactics?
Date:
Sunday, May 22nd 2022
Domain:
BUSINESS
Life lesson:
Separate the sales pitch from the knowledge.
Core idea:
Wall Street has in many ways isolated itself from everyday people.
Fact #1:
SHINE THE LIGHT
Recognize the disturbances in the investing game and industry.
There are many issues.
There are many products.
There are too many salespeople and not enough educators.
The system trains sales people and not enough educators.
Obstacle: Treat this issue like an illness so companies have no choice but to pivot.
Strike:
As distasteful as it may be, I must continue speaking and shining light on the shortcomings of my industry.
Fact #2:
THE WIN
Speak about the benefits of investing and the resources available to help everyday people.
Speaking only of the problems doesn't help.
I must speak to the benefits too.
Investing is a powerful tool to help people accomplish their financial destiny.
Without investing its nearly impossible to reach your financial goals.
Obstacle:
I can't give specific advice.
I don't know every listener's specific situation.
Try to keep it general and avoid the perception of self promotion.
Strike:
Discuss the general benefits and possibilities of investing. Maybe give some success stories from the management of my practice.
Fact #3:
THE RIGHT MESSAGE FOR THE RIGHT PEOPLE
The media is polarized when it comes to investing in education. It splits people into two categories: the rich and the poor.
Most people I meet are neither billionaires or poor.
So the messaging of the media is once again misdirected.
Most people fall in the middle.
And, these people are usually the ones that are misdirected.
Obstacle:
My message can fall on deaf ears if I don't explain the breakdown of the different types of people who use financial services.
Strike:
I need to remind people who I am speaking to when I'm educating.
Fact #4:
BE DIRECT TELL THE TRUTH
Help people understand their situation so they can hire the right help for their specific needs.
This is a major problem in Wall Street.
The idea that one firm can be everything to everyone is flawed.
This is deceiving.
Different people need different solutions.
Obstacle:
People become magnetized to the status quo.
There is nothing wrong with the status quo if you're in the right place.
But the status quo can be very destructive if you're in the wrong place.
The industry balks at people who educate people about educating themselves.
Strike:
Be direct and tell it like it is. This is the only way to the truth.
Revelation:
Sales pitches hurt financial literacy. The best sales come from an educator who empowers people to make informed decisions.
Action:
Shoot podcast
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Title:
In today's episode we will discuss wall street, digital assets, and your money
Date:
Saturday, May 21st 2022
Domain:
BUSINESS
Life lesson:
Know what I don't know because what I don't know can hurt me/us.
My clients put me on this seat. I must do the work required of the seat.
Regardless of what the industry says...
Core idea:
People have been asking about digital assets and the financial service services industry position is to stick their heads in the sand and discard the idea.
Fact #1:
HEAD IN SAND
The industry is creating an unprepared advisor workforce to deal with the digital asset space.
I'm an advisor and I know this.
Sticking our heads in the sand is not a good strategy.
I feel an obligation to grow with the times.
It's time.
Fact #2:
LION NOT SHEEP
I must study my industry and lead it not be led by it.
Don't drink the kool-aid straight up.
Drinking the kool-aid straight up has consequences.
I am a leader and know how to follow.
I work for my clients not the industry and I can never lose sight of this.
Fact #3:
BE PROACTIVE
I must be proactive about my education.
The time to prepare for the storm is before the storm hits.
The dollar is under pressure.
The world is changing.
I must take a step back and ask where the puck is going from here.
Fact #4:
LEARN + EXECUTE
I will execute ideas that are meaningful and applicable to protect my clients.
Knowledge without action is waste.
Just because I'm learning about digital assets doesn't mean I will recommend digital assets.
The key here is to understand the space well enough to analyze it and help clients make good decisions.
We lead, we don't follow.
This motto has served me well over the years.
Action:
shoot podcast
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Tired of seeing your 401k turn into a 201k...
Friday, May 20th 2022
Domain:
BUSINESS
Life lesson:
God grant me the SERENITY to ACCEPT the things I can not change COURAGE to change the things I can and the WISDOM to know the difference.
Core idea:
Who's selling in this market causing this volatility?
And where is the money going?
Fact #1:
PCP
PCP-Pause Breath Proceed
They want us to do something
Noise brings distress
Noise makes us proceed under duress which almost always brings pain
Fact #2:
SHORT TERM AND LONG TERM MONEY
Separate short term money from long-term money
My mother taught me those who play because of need lose by obligation
Fact #3:
Manage the team that manages your investments, not the investments
Build a team
Don't try to go at it on your own.
Don't be your own attorney
Don't be your own doctor
Don't be your own pharmacist
Or Therapist
Fact #4:
MISTAKES l PAY l COURSE CORRECT
Expect to pay and expect to make mistakes
Don't beat yourself if you make mistakes
Mistakes will happen.
Work the team
Like a football coach, if a player is not doing their job, study the problem and do an analysis
Course correction when necessary
Action:
Shoot podcast
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𝗜𝗻 𝘁𝗼𝗱𝗮𝘆'𝘀 𝗲𝗽𝗶𝘀𝗼𝗱𝗲: 𝗜𝘀 𝘆𝗼𝘂𝗿 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗮𝗱𝘃𝗶𝘀𝗼𝗿 𝘄𝗼𝗿𝗸𝗶𝗻𝗴 𝗮𝗴𝗮𝗶𝗻𝘀𝘁 𝘆𝗼𝘂?
Date:
Thursday, May 19th 2022
Domain:
BUSINESS
Life lesson:
There are many great advisors out there but investors need to look past the marketing and focus on the systems
Core idea:
Context it's incredibly important for investors. Understanding the systems will give you better understanding of the results.
Fact #1: THE LIST
Before hiring a financial advisor you should have a list of questions prepared.
The questions need to be specific.
The questions need to be tailored around your needs.
The questions are designed to weed out advisors that work in broken systems.
Broken systems are those that don't put the clients interest first.
Fact #2: TWO MASTERS
Investors need to understand l their organization systems and where the financial advisor sits in that process.
You can't serve two masters.
Conflicts arrive when there are two masters.
Most systems are geared towards serving two masters.
Many sales pitches are created to create the illusion that the client comes first.
Fact #3: PART OF SYSTEM OR SYSTEM CREATOR
How many clients does the financial advisor serve?
No systems many clients it's a recipe for disaster.
Being a nice guy is not enough.
Being a friend of a friend is no enough.
Investors should know that the system promotes advisors that acclimate to corporate systems not system creators.
Fact #4: NOT FIRST COULD MEAN LAST
Investors should know that systems are one of advisor's biggest challenges.
A system will force an advisor to comply or create their own system.
An advisor that complies to a mixture of current systems is common.
What you don't want is an advisor that puts corporate goals above your own.
Navigating the industry is difficult to decipher because of marketing.
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Title:
Most fail at investing and this industry secret is the reason...
Date:
Wednesday, May 18th 2022
Domain:
BUSINESS
Life lesson:
If I want to keep it I must give it away. Share the knowledge help many.
Core idea:
I want to provide a guide that anyone can use to put into context the idea of a financial plan...
Fact #1:
THE PROBLEM
We discuss the problem clearly. If you don't know an enemy exist how can you prepare or have an opportunity to influence them to become a friend
Fact #2:
THE SOLUTION
We will discuss why this problem is important and what to do about it.
Just talking about the problem is not going to help people.
Fact #3:
THE HOW
Discuss implementation the how to fight back
The industry doesn't demand a plan.
People fall into the comparison game.
It's not their fault.
We are conditioned to think in comparative measures to others.
We can't succeed comparing ourselves to others.
We need to compare ourselves to ourselves.
Fact #4:
RECAP SOLUTION
Give a recap of the why and the how with simple steps of implementation
This is a simple concept I know most people don't practice.
80% of wealthy individual I meet don't have a plan or have a plan that places them in the plans of some financial institution.
The idea here is to provide a framework for planning anyone can start implementing today.
Action:
Shoot podcast
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The importance of a plan and the dangers of the past and future outlook
Joe Soto | May 17th 2022
What domain of CORE 4 are you Stacking?
BUSINESS
Who/What are you stacking?
Planning Past Performance and Future outlook
In this moment, what Discovery has Planning Past Performance and Future outlook activated in you?
Most people don't understand the value of a financial plan and the importance of using a captain that is a fiduciary
What is the story you're telling yourself about this discovery?
The Titanic was regarded as unsinkable until it sank. Having a plan evaluates the past, projections of the future, and imminent actions we should be evaluating today.
Describe the single word feelings that arise for you when you tell yourself that story?
Awake Aware Conscious Ready
Describe the specific thoughts and actions that arise for you when you tell yourself this story?
Thoughts:
The plan is the mission The strategy are the tactics derived from the mission In developing a mission and vision statement we should be able to study the past and from the mission develop a vision of where we want to be in the future Last, informed action is what drives us forward towards our goals
Action:
Talk about this in today's podcast Talk about how in good times a plan becomes less desirable Talk about the importance of having a plan in good and bad times
Stepping back from what you have discovered, why has this discovery been extremely positive?
A plan provides peace of mind and purpose during sunny and stormy weather
Looking at how positive this discovery trigger has been, what is the singular lesson about life you are taking from this Stack?
The plan drives the quarterly and weekly actions. Without a plan you will be lost in the short term noise of good/bad returns
What Category of life would you like to apply this discover?
Business
The lesson you learned was:
The plan drives the quarterly and weekly actions. Without a plan you will be lost in the short term noise of good/bad returns
How does this lesson apply to your BUSINESS domain?
Discuss this topic in today's podcast
What is the most significant REVELATION, or INSIGHT, that you are leaving this Discover Stack with? Why do you feel that way?
I'm happy I've adopted a planning approach because it helps me and my clients sleep at night.
No plan no peace no peace means disturbance and most people don't make good decisions while disturbed.
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I was at church this weekend and was touched deeply. I've been trying to figure out how to package financial literacy with a specific target market in mind. The revelation was that I need to get this out to everyone not just a select few. I'm ready and excited. If you have any questions please shoot me an email at joe@joesotoproject.com or leave me a voice memo here. Your question may be the topic of our next show. So, I'm making a commitment to shoot an episode for the next 365 days. Let's do this...
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The narratives about wealthy people must change. I've helped many clients over my career, and not all of them were wealthy.
After all, it was because of a wealthy client that I ended up in this industry. He wrote a letter to the CEO of JP Morgan, and I gave opportunity.
My initial mentors in the industry disturbed me. They spoke negatively about their clients behind closed doors. It's like they resented their wealth. They talked down on wealthy individuals and labeled them as greedy and shrewd. When in fact, it was they who were guilty and shrewd.
In fact, these individuals told me that I wasn't cut out for the industry. They told me I would fail. They said you don't have what it takes.
Today, I'm grateful for these naysayers because they taught me two valuable lessons. First, don't let anyone ever tell you what you can and cant not do. Second, the narratives people have about the wealthy are broken.
How can we possibly learn and serve the wealthy if we criticize them? I've seen the tax returns. They pay their fair share, they provide jobs, they do in their community. They give of their time and money.
Are there bad rich people out there. I'm sure I just haven't had too many crosses my path. And, when I do, I am happy to walk away.
If you are wealthy, don't let guilt and shame direct your financial decisions. It's an art to protect your wealth and relationships.
The best way to do this is to apply the fiduciary mindset to life and business.
-
What is in it for you?
-
What's in it for them?
-
Are there any conflicts of interest?
Have you ever felt guilt and shame in dealing with money and relationships? I hope this message provides value so you can continue to protect and grow your wealth and relationships.
Get the mp3/transcript free here:
https://joesotoproject.com/dont-let-guilt-and-shame-stop-you/
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In today's show where we will cover the relationship between failure and wealth.
Many people have an unhealthy relationship with failure, which robs them of their ability to learn from it and pursue their God-given destiny. On the contrary, failure is just another opportunity to try again with a different strategy.
When clients do not have a plan, it's very easy to feel like you failed. People fall into the trap of thinking that they do not have enough or are too late to the financial planning game.
Wall Street capitalize is on this uncertainty and promote a narrative of fear and greed the lures people into the shiny object syndrome of taking the wrong actions. So, for example, they buy when they should sell and sell when they should buy.
I've learned early in my career from mentors that to be an elite financial advisor, I had to become proficient at creating written financial plans. A written financial plan is a blueprint for a client providing insights that lead to certainty and improve the likelihood of making the right decisions.
So my question for you is, what's your strategy? Do you currently have a blueprint or a map? And, is your guide looking out for your best interest?
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I just got back from a trip to Mexico, and it opened my eyes to some of the issues that we face here in this country.
This country is far from perfect we have a lot of issues that we need to work through, but a simple glimpse outside of our borders makes it very clear that this is still one of the best places to live in the world
In many places in the world, you can't just want to do something. It's simply not enough, as many of these countries deal with massive corruption
My heart aches for the people in Cuba, Venezuela, and Mexico. These humans face massive hurdles to be able to make their dreams or reality.
The main lesson I want you to take away from this video is that you are truly blessed just by having your feet planted on this soil. If you live in this country, you can dream and create.
We must embrace an attitude of gratitude, and we are blessed to be living in this country
So, my friends, I'll leave you with this are you grateful for living in this country, and how are you exemplifying this gratitude.
Don't let the naysayers weigh you down. You're standing on a great opportunity.
www.joesotoproject.com
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Expansión una forma de reconstruir hacia adelante ...
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Expansion a way to rebuild forward...
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¿Los demás son libres de expresar lo que está contigo? ¿Se siente a menudo incomprendido o siente la necesidad de sentirse comprendido? En este episodio, discutiré el papel del silencio en la comunicación. No se trata solo de estar callado. Discutimos la empatía y el silencio y las estrategias para conversaciones más gratificantes tanto en los negocios como con nuestra familia. Sintonice hoy ...
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when it comes to communication do you gonin a box or do you over communicate? Do you feel free to express what is without posturing? Are others free to express what is with you? Do you often feel misunderstood or feel the need to feel understood? In this episode, I will discuss the role of silence in communication. Its not just about being quiet. We discuss empathy and silence and the strategies to more rewarding conversations in both business and with our family. Tune in today...
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2020 trajo muchos desafíos. Uno de los desafíos que discutimos hoy es la capacidad de estar de acuerdo en estar en desacuerdo. El desacuerdo debe celebrarse para que nuestra sociedad evolucione. Nuestra evolución como humanos depende de un sano desacuerdo. Sintonice hoy mientras discutimos este gran tema ...
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2020 brought is many challenges. One of the challenges we discuss today is ability to agree to disagree. Disagreement needs to be celebrated for our society to evolve. Our evolution as humans depends on healthy disagreement. Tune in today as we discuss this great topic...
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En este episodio discutimos cómo la sociedad nos condiciona para enfocarnos en nuestras debilidades. Esto daña todos los aspectos de nuestras vidas. Sintonice hoy para obtener más información sobre lo que puede hacer al respecto para darle la vuelta a esta ecuación ...
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In this episode we discuss how society conditions us to focus on our weaknesses. This damages every aspect of our lives. Tune in today to learn more about what you can do about it to flip this equation on its head...
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Muchos asesores financieros toman pedidos. Siento que cuando sucede, los asesores dejan el papel de asesores y se convierten en vendedores. Acesores que solo dicen si, pero el síndrome de la gente sí no solo se aplica al asesoramiento financiero, sino que también se aplica a otras áreas de nuestra vida. Entonces, en este episodio discutiremos el riesgo inherente de rodearnos SOLAMENTE de personas que están de acuerdo con nosotros ...
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Many financial advisors are order takers. I feel when you happens advisors leave the role of advisor and become a salesperson. A yes men but the Yes men syndrome doesn't just apply to financial advice it also applies to other areas of our life. So, in this episode we will discuss the inherent risk of surrounding ourselves with ONLY people that agree with us...
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Cuando las personas piensan en el interés compuesto, piensan en el dinero en el episodio de hoy, vamos a discutir la idea de la posibilidad de que el interés compuesto sea un fenómeno que funciona en todos los aspectos de nuestras vidas, únete a nosotros hoy a medida que profundizamos en este tema. .
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When people think about compound interest they think about money in today's episode we're going to discuss the idea of the possibility that compound interest is a phenomenon that works in all aspects of our lives join us today as we dive deeper into this topic...
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En el episodio de hoy discutiremos los dos ingredientes clave para un plan financiero exitoso. La lógica y la emoción pueden construir o destruir su libertad financiera. Sintonice hoy mientras profundizamos en este tema ...
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In today's episode we will discuss the two key ingredients to a successful financial plan. logic and emotion can build or destroy your financial freedom. tune in today as we dive deeper into this topic
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En este episodio hablaremos sobre el resentimiento por qué es importante y qué puede hacer con nuestra capacidad de vivir nuestra mejor vida. ¿Tiene actualmente un resentimiento hacia alguien? Si es así, es posible que desee sintonizar ...
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In this episode we will talk about resentment why it matters and what it can do to our ability to live our best life. Do you currently have a resentment towards anyone? If so you may want to tune in...
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En el programa de hoy exploramos la posibilidad de vivir una vida por diseño o una vida accidental. Realmente es una elección. Pero, ¿cómo podemos aprovechar esta oportunidad? Sintonice hoy mientras nos sumergimos en este tema tan importante ...
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In today's show we explore the possibility of living a life by design or an accidental life? It is really a choice. But, how can we capitalize on this opportunity? Tune in today as we dive into this very important topic...
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We've all seen it before the documentary illustrating some cult led by some savior inspired by God. It's hit social media and it could be coming after our loved ones. The pitch has God inside the marketing message. So, join me today. We're going to talk about the role of social media and the elder/financial abuse and what you can do to protect yourself and your loved ones...l
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Todos lo hemos visto antes del documental que ilustra un culto dirigido por algún salvador inspirado por Dios. Ha llegado a las redes sociales y podría venir después de nuestros seres queridos. El terreno de juego tiene a Dios dentro del mensaje de marketing. Entonces, únete a mí hoy. Vamos a hablar sobre el papel de las redes sociales y el abuso financiero / de los ancianos y lo que puede hacer para protegerse a sí mismo y a sus seres queridos ...
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Como planificador financiero, mi trabajo consiste en analizar el panorama general. Mucha gente confunde a los asesores financieros con personas que solo negocian en el mercado de valores, esto es lamentable. Muchos de mis clientes y prospectos me preguntan hoy si es un buen momento para comprar o vender bienes raíces. En este episodio, profundizamos en cómo tomar estas decisiones para que pueda obtener lo que desea para usted y su familia ...
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As a financial planner my job is to take a look at the big picture. Many people mistake financial advisors as folks that only deal in the stock market this is unfortunate. Many of my clients and prospects are asking me today if this is a good time to buy or sell real estate? In this episode we dive deep into how to make these decisions so you can get what you want for you and your family...
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De rico a quebrado y en quiebra a rico Como asesor financiero en ejercicio, he visto algunas cosas en mi carrera. Quizás una de las razones por las que hago lo que hago es educar y capacitar a las personas para que aprendan sobre los peligros del dinero. El dinero es un juego multidimensional. Si juega el juego del dinero de una manera unidimensional o bidimensional, no podrá conservarlo ni crearlo. ¿Qué significa esto? Sintonice hoy mientras profundizamos en este tema extremadamente valioso. Créame, no querrá perderse este. Comparto con ustedes ideas íntimas sobre lo que he aprendido al ayudar a las familias ricas ...
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From Rich To Broke and Broke To Rich
As a practicing financial advisor, I've seen a few things in my career. Perhaps one of the reasons I do what I do is to educate and empower people to learn about the dangers of money. Money is a multi dimensional game. If you play the game of money in a one dimensional or two dimensional way you will not be able to keep it or create it. What does this mean? Tune in today as we dive deep into this extremely valuable topic. Trust me you don't want to miss this one. I share with you intimate insights about what I've learned helping wealthy families...
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Are you aware when you're unaware? In this topic we discuss why a financial plan is crucial in gaining Awarness about your own financial situation. When we become unaware we project into the past or the future which robs us from our ability to live in the moment. Tune in today...
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¿Estás consciente cuando no estás consciente? En este tema discutimos por qué un plan financiero es crucial para obtener conocimiento sobre su propia situación financiera. Cuando nos volvemos inconscientes, proyectamos hacia el pasado o el futuro, lo que nos roba la capacidad de vivir el momento. Sintonice hoy ...
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Una de las partes que menos me gusta de mi negocio es lidiar con emergencias no planificadas, enfermedades críticas y muerte. En este episodio hablamos sobre situaciones de la vida relacional que he encontrado en mi práctica y lo que puedes aprender de ellas. Sintonice hoy ...p
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One of my least favorite parts of my business is dealing with unplanned emergencies, critical illness, and death. In this episode we discuss, rela life situations I've encountered in my practice and what you can learn from them. Tune in today...
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La vida no solo nos coloca donde pertenecemos. Debemos encontrar un camino. Demasiadas personas terminan en un trabajo que no quieren, molestas, enojadas porque no pueden entusiasmarse con lo que hacen para ganarse la vida. Hoy, tocaremos qué hacer cuando no estás haciendo lo que amas. Únete a mí hoy
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Life doesn't just put us where we belong. We must find a way. Too many people end up and a rat race, upset, angry because they can't excited about what they do for a living. Today, we will touch on what to do when you're not doing what you love? Join me today
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How many times do we get off to a rough start in our day? It seems like we are in a funk and can't shake it. Well, this simple startegy will work wonders in your life.
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¿Cuántas veces empezamos mal el día? Parece que estamos deprimidos y no podemos evitarlo. Bueno, esta simple estrategia hará maravillas en tu vida.
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So we've discussed so far the opinions of those people who don't matter, the opinions of the people who do matter, and in today's episode we will discuss how do you utilize these opinions to get what you want...
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Así que hemos discutido hasta ahora las opiniones de aquellas personas que no importan, las opiniones de las personas que sí importan, y en el episodio de hoy discutiremos cómo se utilizan estas opiniones para conseguir lo que quieres ...
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Continuamos la discusión sobre opiniones y comentarios. Hoy, discutimos los comentarios que realmente importan.
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We continue the discussion on opinions and feedback. Today, we discuss the feedback that really matters... Tune in Today
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En este episodio discutimos cómo las opiniones y la percepción de los demás a menudo interfieren en nuestra capacidad para obtener lo que queremos. Conéctese hoy para obtener información valiosa sobre este tema.
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In today's episode we will be discussing how we allow the opinions and perceptions of others to influence our path. We discussed the implications of this and how it can impact so many areas of our lives. Tune in today.
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¿Estás ocupado durante la semana? ¿Cómo gestiona la vida familiar y empresarial? Es una locura, lo sé. Luché con esto de vez en cuando, pero encontré un enfoque único que me ha ayudado a encontrar un equilibrio más cercano entre el éxito y la plenitud. Sintonice hoy mientras comparto este regalo con usted.
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Are you busy during the week? How do you manage the family and business life? It's crazy I know. I struggled with this on and off but I found a unique approach that has helped me find a closer balance between success and fullfilment. Tune in today as I share this gift with you.
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Mi mami siempre me mencionaba sobre la ley del cangrejo. Dos pasos para adelante y tres para atrás. En el show de hoy vamos a platicar sobre el crecimiento, como lograrlo, y más importante como mantenerlo. Los veo adentro del show....
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In this episode we discuss strategies to accelerate and retain your growth. Many people are stuck wanting to do something and others are stuck in doing too many things with lackluster results. Tune in today as we discuss real life examples of my own experience, strength, and hope regarding this topic... Tune in today.
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Why are you beating yourself about what happened yesterday? In this episode we discuss two of the worst emotions an human being can process and what you can do about it. Tune in today. Go to the link in the bio to get your LIMITED TIME ONLY : Virtual Insights Newsletter 100% FREE
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Don't rely on others until you know this ….
I recently reallocated millions of dollars on behalf of my clients.
Knowledge (why and what) and Leverage (How) It would be a daunting task to rebalance millions of dollars if I didn't know what I was doing.
Before you can leverage the how I must know the what and why of of things.
In what area of your business or life are you leveraging your time or money but lack an understanding of the what and why?
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The impostor in me is the death of me…
Have you ever had a dream you put on hold because someone told you that you had the wrong dream?
I have.
And, when we buy others plans for us we become impostors in our own lives. This can cost us money and most importantly time we can never get back.
Tune in to today's episode as we discuss the importance of following your heart to get what YOU want...
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FOR EDUCATIONAL PURPOSES ONLY
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For Full Post including shareable quotes and video please visit the full blog post here:
www.joesotoproject.com/episode-40-my-4-step-system-to-ensure-proper-diversification-in-volatile-times
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HAVE YOU EVER EVALUATED THE RELATIONSHIP BETWEEN EGO AND MONEY?
Joe Soto here fiduciary financial advisor and founder of the financial literacy company, the Joe Soto Project.
My goal is to help you understand money to make better decisions for yourself and your loved ones.
I am working in my off time on an online course to teach families the fundamentals of financial planning and improve financial literacy in society.
In researching this reality, I found that the bulk majority of Americans live paycheck to paycheck. I ran into this realization that the ego is a primary culprit.
I can relate. I wouldn't say I like the word ego. I wouldn't say I like the idea that I could be egotistical.
Ego is a human condition that we all have. For me, it makes me anxious physically. When I let my ego win, I often feel remorse and regret. I become full of guilt and shame; I am not a very good husband, father, or financial advisor. Yes, the ego can impact your money.
Here is what I've discovered working with wealthy families for over 12 years.
The perspective of wealth in the US stands distorted.
Based on my research and experience, people label wealthy individuals with a negative connotation
The majority of the wealthy people I've encountered are incredibly open-minded and acknowledge the value of the perspective of others. (They wouldn't be sitting in front of me if they didn't)
To change your financial situation, it helps to look at your stories of wealth.
My clients are often people with wealth and questions. They are aware of what they don't know, and they come to me for clarity.
I've developed a proprietary wealth management process that helps clients gain clarity.
But, to gain clarity, a person must first acknowledge their mental blank spots.
Here are some myths about investing:
If you invest, you'll always get a great return.
Investing is a tool for the rich.
To get help, I need to be a multi-millionaire.
Investing is easy.
Here are the trends I see in the business.
Investing is available to anyone with a phone.
Many people call themselves a financial advisor but don't have your best interest in mind.
The fiduciary advice space is growing but not fast enough
There is an ongoing battle in wall street about the fiduciary standard (a fiduciary has a legal obligation to do what's I'm your best interest)
The odds are that as you consume this message that you either don't have a financial advisor or you are working with a non-fiduciary advisor.
The solution is to get a second opinion. I don't charge for this service, and you may schedule a complimentary call with the link below.
https://calendly.com/askjoesoto/45-minute-complimentary-financial-plan-strategy-session
He is some suggestions of dos and don'ts:
Do:
Get a written financial plan
Understand the difference between a broker and fiduciary
Understand that investing is complex, and most people can't do it on their own and be successful in long-term
Get a second opinion if you are working with a non-fiduciary advisor
Don't:
Don't settle for the status quo
Don't assume a big name firm is going to save you.
Don't let your ego close your mind to a new perspective
Don't assume what your neighbor/friend is doing is what's best for you.
To gain the clarity you need for you, the first thing you must do becomes willing to get a second opinion. I am eager to do a complimentary session for you at no cost.
Use the link below, and I look forward to speaking with you soon.
I honor you for being here and making an investment in your financial perspective.
I look forward to connecting with you in my next message.
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Joe Soto here, today’s topic is what do you want? Why this is so important is because I often see people that come into my office. Most of the time, when I meet people that come into my office, it’s because they had a negative experience. And one of the first things that I talk to my clients about when I sit down with them, I take them through my financial planning process, where we create customized, financial plans for every single person.
And then people look at me, and I get all sorts of answers.
Quite frankly, when people come to me, some people come with a well-defined answer.
Some people come in, and they have no idea what it is that they actually want.
As individual investors, you need to have an understanding of what it is exactly that you want to accomplish with your money.
A small number of the financial advisor population, less than two percent of all financial advisors are called fiduciaries.
Financial advisors are great; you need them just like you need a doctor.
You need to find a new financial advisor, but first, do some homework to understand what you want first.
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Joe Soto here! So I want to talk about the idea of gratitude. Recently, I did an 18-month outlook across the different spheres of my life. I uncovered that I don't have a problem sharing gratitude with other people. I don't have a problem telling my clients, my spouse, and my kids; “thank you guys, I appreciate you, I love you.” I recognize “I am awesome in these categories because I've done A, B, and C.”
My coach said “if you want to climb the summit, you must stop and evaluate the things that you’ve done that are worthy of recognition.”
For example, one of the big ones that I've done in the last couple of years is when I moved from JP Morgan over to Sun Trust.
And when I got there the situation was not at all what I expected, because what they wanted me to do is they want to be the compromise on some of my principles at the expense of my clients so I can get ahead.
When my clients said; “we got your back. If you open up your own firm, we're coming with you.” My heart was filled with so much gratitude for my clients.
The key lesson today is to start documenting your thoughts. I want you to write 10 things that you're grateful for about you.
Gratitude is an inside out job.
You cannot create prosperity and abundance if you 1st don't have the seed of prosperity and abundance in your heart.
So it starts with you.
If I don't appreciate things that are awesome about me, how in the world is it going to be 2nd nature for me to see gratitude in my outside world?
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Joe Soto here, I recently had a discussion about the virus and everything going on right now. So for today, I want to share with you 4 things that I'm thinking about on behalf of my clients.
So let's get on with the topic of the day; “what am I concerned about on behalf of my clients?”
The 1st thing is our relationship with China! China is intertwined in the global commerce economy of the majority of the world. If you look at what percentage of the products in the world come from China, then you’ll know it’s a special relationship.
The second thing is; “The US elections!” But one thing that you can know for sure is that we are going to have a ton of noise and a ton of volatility as a result of these elections.
The third thing is “the cascading effects of covid-19.” So they keep talking about what is happening with the virus right now, as a financial planner, I'm trying to see what happened because of Covid.
The last point; “The 18 month outlook” via a variety of mechanisms, that's going to be basically the benchmarks on a quarterly basis that I set up to navigate these waters.
There's noise and fear, there's also opportunity. Every time there's noise and fear, there's also opportunity. So it’s super important in this environment, that there's a set of rules and blueprints that are designed as a guidance system.
Tips to wrap up:
You must find professional help i.e. a fiduciary.
You need a blueprint, i.e. written financial plan.
This is the value of having a written financial plan, because we don't want to build a plan based on scarcity mentality, but an abundant base mentality.
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DO YOU HAVE A WRITTEN FINANCIAL PLAN? Joe Soto here! I've met different types of clients, who have had both a positive and a negative experience investing.
What happens is when individuals need help and they go to a major firm, oftentimes they find a salesperson, and what ends ups getting bad prescription. And then come to me and say “Joe, I thought I had a conservative account and the bottom blew out, I'm confused, can you help me?”
So when you walk into Wall Street, do not expect Wall Street to do a diagnostic test on you to look out for your wellbeing.
Question: “Do you currently have a written financial plan? Do you know how much risk you're taking for the return that you’re getting?”
Think of this; “Would you hire a c.p.a. whose job was to make more money for the i.r.s?” In other to be safe:
Demand a written financial plan- have it somewhere in your volt or your will, your state planning documents, your POA. Make sure that it's accessible for you and your family.
Make sure that the advisor that you’re working with a fiduciary adviser.
Knowledge is power, but it only converts into actual power if you take action. You have to know how to ask the right questions.
If you follow those 2 tips that I gave you today, you will be in a position where you are going to use Wall Street and you won't allow Wall Street to use you.
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Joe Soto here! The topic of today is the most important question that you have to ask your financial professional. Are you a fiduciary?
Now why is that relevant to you? To educate you and empower you, so that you understand the rules of the game before you get into the game. That you trust but that you verify.
So I have one takeaway, if you are working with a financial advisor, I want you to educate yourself on what exactly a fiduciary is.
I’ll throw a little extra piece of information in there, less than 2 percent of all the financial advisors in the industry are fiduciary.
Why is it that less than 2 percent of the financial advisors have a legal obligation to do what's in the best interest of the client? Ask you financial advisor “Are you a fiduciary?”
The next one, if they tell you that they are fiduciary, get it in writing.
I have fiduciary oath on the wall in my office that I freely will provide to a client, a sign oath with a fiduciary commitment.
So what I want you to take away is this one key piece of information,
These, my friends can save you hundreds of thousands of dollars in legal fees, expenses, conflicts of interest, headaches, inadequate advice, problems, disillusionment.
From an investment vehicle standpoint Wall Street is a great tool. It's one of the best tools to create wealth. So I want you to take advantage of the tool, I want you to use the tool, don't allow the tool to use you.
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Joe Soto here! Do you have a 401k or own stocks or bonds? And you’re wondering where to invest it in these uncertain times?
I want to share the fundamentals principles to some of the basic investment vehicles that are out there. Oftentimes people invest money in vehicles, and don't understand what it is that they own.
Stocks, Bonds, ETF, and Mutual Funds cover a big chunk of the Market.
A Stock represents equity, ownership in a company. Sometimes institutions buy huge blocks of Stocks in companies, and become decision makers in the company because they're a large shareholder.
Bonds tend are considered much safer investments than stocks. If the company doesn't go bankrupt you get your principle back at the end of the term and usually pay you interest payments. If the company ever became broke, and liquidate assets, you may get some of your money back because you’re a creditor.
Mutual Funds are designed to help individual investors avoid disaster, it allows investors not to make speculative decisions because they’re more diversified. A challenge is it's gotten convoluted because of its cost and fees.
Exchange Traded Funds (ETF): Like Mutual Funds, you don't necessarily own the individual Stocks or Bonds; you own a share of the fund. ETF follows the exchange, and is also more tax efficient.
Do's & don'ts: 1. Don't allow the complexity to not allow you to invest. The Stocks Market from inception has yielded an Average ROR/ROI between 9%-10%. 2. Don't assume that big name firms have the best vehicles.
- Work with the fiduciary financial advisor, because they’re legally obliged to have your best interest financially.
If you feel confused about what you're doing, create a custom written Financial Plan. I recommend that you demand this from the professional that you're working with.
FOR EDUCATIONAL PURPOSES ONLY
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Joe Soto here! “Have you ever thought about hiring a financial advisor and where to find one?
There are so many options like the Chase Bank, Wells Fargo's, etc. People wonder what's the difference between these firms?
I hear the same stories like “I signed up for this, they over promised and under delivered.”
My firm turns the cards on Wall Street, I use Wall Street to serve as custodians to protect my client's assets, and they do a service for me, and I pay them they don't pay me. Thus, I’m considered “a fiduciary advisor,” because we do what’s in your best interest. It difficult to fight the system when the system is writing the check.
So why is it that not everybody works as a fiduciary? A lot of financial advisors are afraid to come on the fiduciary side. And, I can't blame them. It's the road less traveled.
Why do clients get taken advantage of? They assume because somebody looks affluent or works for a big name corporation, they must be great at what they do.
So when you're looking for help of a financial advisor, it's important to understand the regulatory bodies that supervise financial advisors, such as FINRA or the SEC.
A Non-fiduciary advisor sells products often doesn’t put the client first. They are usually regulated by a combination of FINRA and the SEC. Many advisors wear multiple hats few can call themselves fiduciaries.
Common mistakes investors make when hiring a financial advisor are:
-
Whenever a friend recommends them an advisor, they automatically assume that that person is competent and trustworthy.
-
Not doing their due diligence.
FINRA and SEC have a website to check if that person has a history of complaints, lawsuits, etc., often it will be documented in there.
A good financial advisor is like a good doctor. Anyone can invest, it takes skill, practice, knowledge to build a financial plan. If I had to take an educated guess, 90 percent of the people that are investors today don't know what you learned in today's show. I So take advantage of it.
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Ever wondered what's going to happen post Covid-19? So today, I'm going to share with you the key concerns.
“Concerns- the virus is still here, no cure, no vaccine, no treatment, and this disease is highly infectious.”
Election year presents a unique challenge to the stock market, because it usually adds volatility to it.
Trade negotiations between the United States and China impact the world, as they are intertwined with the entire global commerce.
Coronavirus accounts for over 120000 deaths in the US, and if another country creates vaccines first, it’s going to be a challenge; because we don’t have the infrastructure to develop enough vaccines for everyone.
Out of 110,000,000 people who had debt issues, 25% added to their debts, 40% of the US population lives paycheck to paycheck. People are going back to work to pay off debt. The unemployment rate is 23.9% according to Fortune!
41 % of people are struggling to pay rent and mortgage. 43% of people are considering selling their homes and moving. A large influx of sellers at one time could destabilize the real estate market.
Fishermen are throwing back 30% of their catch, dairy companies are pouring their milk away, and produce companies are throwing away produce.
People are not paying sales tax and property taxes, and states tax revenues are affected. For example, Pennsylvania’s gas tax revenue is down 30%.
Research says 937 public colleges are in bad financial health. Also, the number of foreign students is down, either because of immigration policies or travel phobia.
With the stock market going on a decline, so are pensions. Annuities are down 25% due lower interest rates. The stock market fell 35% when the coronavirus problem was accepted..
So learn to diversify, rebalance, and keep a long term view, and use low-cost tax-efficient investment vehicles. We’ve been through a lot in this country. Dont bet against the US economy long term. “This too shall pass.”
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Joe Soto here, the founder of the Joe Soto project, have you ever questioned whether your financial advisor was looking out for your interest? Today, we’re going to answer this question.
Which product do you think Sam’s Club makes more money off? Do you think they make more money off of selling the name brand products they sell like Ralph Lauren, or do you think they're better off selling Sam’s home brand polo shirt? Well, they are always going to make the most money based on the proprietary products that they sell.
And there are a lot of companies that get into a lot of trouble and issues when they sit there and try to push their advisors towards a certain product or service because it’s the home brand. So, one of the things that you should talk to your financial advisor about is, who is on your team, who helps you, who does your marketing, who does your compliance? Are your products proprietary or do you have an open platform?
A lot of people say they want to get empowered, a lot of people say they want to learn, a lot of people say they want to elevate their finances, but very few people take the time to do the research. I want you to go and ask these specific questions; it is going to make you a better investor. I honor you for taking the time to elevate your financial IQ. Thank you for joining us today.
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Joe Soto here with the Joe Soto project. Today, we're going to talk about “What exactly it takes to become a financial adviser.”
If you're somebody looking at getting into the industry, or if you're an investor, wouldn't you want to know the barrier of entry, the qualifications, and the processes? What are the educational requirements? How do you know that the person that you're dealing with has the actual tools or licenses required?
If you're a financial adviser, you need to start educating your clients on your licenses, your pedigree, your background, what it is that you know how to do, and what you did to get there, and what these licenses cover.
When you educate your clients, and you explain to them your business model, explain other people's business model, you build trust, and build a great loyal client base.
If you're a client, what I want you to do is I want you to start having the conversation about qualifications, build a trustworthy relationship, and don't just trust somebody based on likability.
For either party, it is imperative to make sure that you conduct your due diligence, and that you understand the qualifications or the needs of advisors or clients that you're dealing with.
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Joe Soto here, founder of the Joe Soto Project, I am going to talk to you about something that is important for anyone who has investments or who is thinking about investing and wants to maybe hire some help to open up an investment account.
One of the biggest misconceptions is that all financial advisors are created equal. When you're talking to a real financial adviser/planner; they're going to spend a lot of time trying to get to know you as a human being and make you feel at ease. It is important to receive empathy from your Financial Adviser.
Another misconception is that all Financial Advisers are trustworthy, it’s so important that you do your research, it is advisable to use Google and search for BrokerCheck to do research as many issues can be avoided if you follow this step because if you're dealing with somebody who is a crook, it's often going to show up in their background.
Don't ever do anything that does not feel right when it comes to financial decisions.
The point is that you want to understand at a high level what a financial advisor and the rules of the industry so that you have a good understanding of who you're dealing with.
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Gold nuggets dropped on this one. If youre a financial advisors or you're a person attempting to navigate the financial services industry looking for help then this episode is for you. Tune in today.
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In todays episode we discuss some of the challenges professionals face in the relationship business. How do you serve your clients interst while meeting your goals ans your companies demands. Tune in today.
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In this episode we dive in on the importance of having a target client and we discuss a simple three step process on how to execute the strategy.
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One of the biggest mistakes I made when I got into the wall street boat was not understanding this formula
I allowed others to dictate my fishing pole, tackle, and my bait
It was not cool or exciting not knowing what could possibly get stuck on my pole
Some don't make it people literally die from pulling in the wrong fish
The price to pay on the wall street boat was simple just bring in the fish and keep casting
That's what keeps the boat moving
But what moves you should have little to do with what loves the boat
Learn to use the boat for your benefit
After spending over a decade working for some of the largest wall street firms I've seen people build great business and I've seen people self destruct
I know how helpless one can feel when the industry or company demands one thing and you envision another
Many lose their vision and settle
I almost settled
You don't have to settle
Get my free ebook to learn more
https://linktr.ee/ClientLoyaltySecrets
financialplanner #financialadvisor #financialplanning #financialindependence #financialservices #financialadvisorlife #financialmarkets #financialconsultant #insurancebroker #lifeinsuranceagent #insurance #financialadvisory #financialadvisors #financialadvisortips #financialadvisorccoach #wallstreetjournal
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Become present and aware of who you serve. Presence is one of the most important gifts you can give your clients and prospects.
For more valuable insights click on the link below
https://linktr.ee/ClientLoyaltySecrets
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🚀🚀🚀In this episode we talked about the idea of looking at clients for who they are as people and not as widgets and this is the path to client loyalty🎯🎯🎯
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In this episode we talk about the idea of where we gather information from and how it's so important to learn from the doers.
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Many financial advisors today are afraid to talk to clients about Solutions because they feel guilty due to the current crisis. In this episode I provide an alternative solution.
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In this episode we discuss the benefits of adopting a role model mindset for financial advisors...
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In this episode we discuss how to manage the demands of your company and incorporate your own directives
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In this episode we talk about the idea of financial advisors often overestimating what they can do in a year and under estimating what they can do in 10 years. In other words, financial advisors miss the forest for the trees so we talk about how to create a plan for your career, your clients, and your business. Make sure that you tune in today...
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Tune in today as I've discussed some of the key findings and questions that I received during a fireside chat with some small business specialist around the Corona virus and what to do on a proactive basis to thrive through this environment...
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No transparency=No Loyalty
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In this episode we discuss how many advisors don't have a plan for their career, their clients, or their business.... Why it's important and what they can do about it.
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Tune In Today...
Financial Advisors Get Your Free Ebook:
https://www.clientloyaltysecrets.com/freebook
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Linkedin: https://www.linkedin.com/in/josephvalentinosoto/
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Tune in today...Its going to be a spicy one.
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- Problems Financial Advisors Face In Volatile Markets
- Possibilities Financial Advisors Can Take Advantage In Volatile Markets
- Principles/Mindsets Advisors should embrace In Volatile Markets
- Production Strategies That Financial Advisors Must Execute To Win In Volatile Markets
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I was listening to a book this morning and it made think of a few things.
Most advisors get into the business for the right reasons and than have a psyche change. They become bipolar by the system they live in.
My advice is don't lose your identity.
Instead remind yourself who your real boss is and do something for them today.
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I've been studying this idea of client behavior and consumer loyalty towards their financial advisor.
I uncovered one of financial advisors biggest challenges is they have no identity. They move with the flavor of the day and whatever their for or boss says. The issue is that you don't need your boss to have a set of principles.
So, find your north star ask yourself what are your principles and develop an agenda around that.
If you don't have an agenda they will sell you a scrip. And that script may not be what you want.
So, do you have a frame for what you are going to talk about? Do you know what you stand for?
Tune in Today...
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What happened:I was listening to a leadership podcast. I've been studying leadership accidentally for over 20 years.
Why is it relevant: Financial advisors are reluctant to get real with their clients and this is a problem.
Lesson I picked up from this: Get real with your clients as soon as you can. This is how you will connect with them in a meaningful way.
CTA: On a scale from 1-10 how real are your conversations with your clients?
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What does it mean to be an expert in an industry? Does being an expert come with a responsibility? In this episode we discuss challenges financial advisors face as industry experts and what they can do to mitigate conflicts. The financial industry has so many dimensions. On one end, it's a tool that people can use to reach their goals and on the other hand people get hurt. I believe we must redefine what it means to be an expert. Don't wait for your boss to tell you to do this. Just do it for you and start today...Join me on today's episode "So, you think your an expert..."
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Joe Soto is a Licensed Financial Coach, Fiduciary Financial Adviser, and Air Force Veteran whose integrity, tenacity, and work ethic have all earned him a reputation as a strategic leader. Ultimately, his vision is to impart people with the knowledge they need to make informed financial decisions.
Over the course of a decade, Joe has garnered a wealth of experience in the financial space with an unblemished track record. Throughout that time, his continual success led to him ranking in the top 10% of Financial Advisors statewide at JP Morgan, in the top 10% of Emerging Financial Advisors at Suntrust, and as the #1 Financial Planner statewide with JP Morgan.
In addition to his extensive expertise and unwavering passion for financial mentorship, Joe obtained a Bachelor of Business Administration degree in Marketing. He also holds numerous Investment Licenses and a Financial Planning Certificate from NYU.
When he isn’t running his educational company, you can find this driven entrepreneur coaching soccer or spending quality time with his beautiful wife and their identical twin girls. He is also a night owl and lifelong learner.
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Joe Soto is a Licensed Financial Coach, Fiduciary Financial Adviser, and Air Force Veteran whose integrity, tenacity, and work ethic have all earned him a reputation as a strategic leader. Ultimately, his vision is to impart people with the knowledge they need to make informed financial decisions.
Over the course of a decade, Joe has garnered a wealth of experience in the financial space with an unblemished track record. Throughout that time, his continual success led to him ranking in the top 10% of Financial Advisors statewide at JP Morgan, in the top 10% of Emerging Financial Advisors at Suntrust, and as the #1 Financial Planner statewide with JP Morgan.
In addition to his extensive expertise and unwavering passion for financial mentorship, Joe obtained a Bachelor of Business Administration degree in Marketing. He also holds numerous Investment Licenses and a Financial Planning Certificate from NYU.
When he isn’t running his educational company, you can find this driven entrepreneur coaching soccer or spending quality time with his beautiful wife and their identical twin girls. He is also a night owl and lifelong learner.
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EMAIL ME AT JOE@JOESOTOPROJECT.COM AND I WILL SEND YOU A PDF OF THE GOAL SETTING SYSTEM I USE FOR THE LAST 10 YEARS
Joe Soto is a driven Finance Educator & Entrepreneur on a mission to instill people with the tools needed to pave their way to financial stability & prosperity.
Welcome to The Joe Soto Project- Financial Education with a Twist
Lets get after it...
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www.joesotoproject.com
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IG #thejoesotoproject
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Joe Soto is a driven Finance Educator & Entrepreneur on a mission to instill people with the tools needed to pave their way to financial stability & prosperity.
Welcome to The Joe Soto Project- Financial Education with a Twist
Lets get after it...
Follow me:
www.joesotoproject.com
Facebook @thejoesotoproject
IG #thejoesotoproject
Send in a voice message: https://anchor.fm/joesotoproject/message
Joe Soto is a driven Finance Educator & Entrepreneur on a mission to instill people with the tools needed to pave their way to financial stability & prosperity.
Welcome to The Joe Soto Project- Financial Education with a Twist
Lets get after it...
Follow me:
www.joesotoproject.com
Facebook @thejoesotoproject
IG #thejoesotoproject
Send in a voice message: https://anchor.fm/joesotoproject/message
- What brought about the idea of The Joe Soto Project Financial Education With A Twist Podcast?
- How will this podcast help you?
- What did I learn on my journey to this point?
- How can you apply the knowledge?
- Take action...
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