The Wilson Wealth Show

Ep 31: Is the Great Resignation Real?

Episode 31 – The Wilson Wealth Show

The Great Resignation with Guest Bryan Woodward

 

Summary:

Have you heard about The Great Resignation? Are you feeling its effects? The Bureau of Labor statistics reports that as of November 2021 some 4.5 million Americans had quit their jobs – a trend that doesn’t seem to be letting up. It could be attributable to a number of things, but the consensus is that pandemic is the spark that ignited a lot of long-simmering kindling. This episode of “The Wilson Wealth Show” breaks down the factors driving people to reconsider their jobs – or whether they should be working at all.

 

Co-hosts Maurice, Ciera and Ablavi welcome Bryan Woodward, who provides his take on the role technology has played in reshaping today’s economy and workplace. Together they are sharing their observations about everything from the staffing shortages we’re all seeing at places like Starbucks to the ongoing housing market madness which – depending on whether you’re selling or buying – has made real estate either incredibly lucrative or completely out of reach. Other factors inspiring people to make a wholesale change? Burnout on the job is No. 1, according to research. Quitting is also more of an option both because jobs are plentiful, greener pastures abundant and for many the stock market has made their retirement nest egg fat enough to offer options.

 

Pandemic forced many Americans to take a breath and consider: Is this the life I want? Current economic conditions are inspiring in many people a desire to freelance, start up a business or take some other kind of entrepreneurial plunge. Others are saying “See ya” to employers who aren’t willing to embrace remote work and flex-time. How long The Great Resignation continues and which demographics it ultimately will best serve remains to be seen, but all the co-hosts agree that there is a very intentional shift going on as people figure out what they can do to enjoy quality of life and a sense of satisfaction in addition to income. “For many people it’s a realization that they hate working the way they work,” says Maurice. “They want to do it on their own terms now – and they can!”

 

We hope you enjoy this episode and will continue to join us for more in the year ahead. Please click here to listen to previous shows recorded in 2021!

 

 

Key Quotes:

 

“The same way that it’s a seller’s market in real estate I think in the job market folks that are professionals, have a degree or a specialized expertise, are seeing their wages go up tremendously.” (Bryan)

 

“If you can go to another organization and get a 20% or 30% pay increase, how long would that take you in your current position? There’s a lot of people are trading up!” (Bryan)

 

“Americans’ approach to work is really intense and stressful. It’s a cultural thing and because of the pandemic … people had time to reflect on, ‘Is this what I want for the rest of my life?’ ” (Ablavi)

 

“Because we don’t really study history … we don’t really understand work conditions. And U.S. businesses are task masters and will drive you into the ground if given a chance.” (Maurice)

 

“For many people it’s a realization that they hate working the way they work. They want to do it on their own terms now – and they can!” (Maurice)

 

“The country has proven that it can be just as – if not more – productive (to work) from home. So what sense would it make to do what we were doing five years ago? The organizations that don’t get that are going to be at a disadvantage in the job market.” (Ablavi)

 

“Diversity is on the rise … It’s good for business and good for our country overall. It’s just going to make us better and more innovative.” (Bryan)

 

“For entrepreneurs and new business owners coming on the scene there are a lot of tools and resources available now to support them.” (Bryan)

 

“If you aren’t making money, you’ve got to go back to work. No matter your plan. That’s critical in life, so it’s advantageous to plan.” (Ablavi)

 

“Everyone now has to adapt to this new normal and whoever does it the best is going to be rewarded. So overall, collectively, it’s a great thing.” (Bryan)

 

“With this turning point, inflection point, paradigm shift – whatever you want to call it – I’m optimistic that we can move the football forward and get to something that’s better for everybody involved.” (Maurice)

 

 

What We Covered:

00:00 – What exactly is The Great Resignation and is it real? The answer is: Yes!

01:20 – The panelists weigh in on the evidence they’ve seen of large numbers of workers quitting their jobs and likely drivers of the trend, including:

• A hyper sellers’ market among mid-range homes ($600k or less).
• Early retirements as a result of burnout – in part because the market has been so strong that some clients are making more money off their investments than their day jobs.
• Well-compensated people resigning to move to greener pastures.
• People who have accumulated nest eggs and/or are dual-earning are taking a break.

05:28 – Ciera shares recent research that indicates that burn-out is the No. 1 reason people are resigning, which mirrors an Indeed survey that found 27% of people struggle to unplug from work and 2/3s of professionals believe the pandemic has only intensified the problem.

07:04 – Ablavi recalls with fondness how appealing and evenly paced adulthood looked from her little girl’s vantage point years ago. Meanwhile, today’s workplace is hyper-stressful and loyalty is not repaid by employers, who take advantage of people to the point of burnout.

09:35 – Pandemic forced people to take a beat and consider a) Is this the life I want? and b) Now that we’ve seen that we can work from home, are there other opportunities out there?

11:00 – Maurice uses his own experience as a springboard to reflect on Corporate America and the pull to escape cubicles in favor of independent pursuits – which is more doable than ever in today’s remote and gig economy.

13:50 – Over the past two years corporations have been forced to experiment with remote technology and flexibility. Going into a physical office has drawbacks that employers are reconsidering in light of productivity, which has not dropped off during pandemic.

15:20 – The double-edged sword for workers: Data suggest that many people who work at home wind up blurring the lines and taking over personal space, mentally and physically.

17:50 – We’re not going backwards and the hosts agree remote options for workers are going to be standard going forward and those companies that don’t adopt at least a hybrid model will lose out in the job market. Valuing employees and providing flexibility are non-negotiable.

22:00 – Marcus offers some historical perspective, including the fact that Labor has often splintered as the result of those in power, who are skilled at locating potential divisions and exploiting them for their own purposes.       

25:00 – Bryan shares data from a Salesforce.com study that suggest people – including those who have participated in The Great Resignation – are thinking creatively and innovating entrepreneurial ventures independently. Freelancing has seen a surge!

26:47 – The No. 2 reason people are quitting their jobs: They’ve had it with the lack of respect, inclusivity and equity. They are not only quitting but, in some cases, suing for discriminatory practices. It constitutes a major workplace culture shift.

29:27 – The hosts consider what the future might hold for entrepreneurs, who are bringing energy and opportunity to the economy. Technology has lowered the barrier of entry, but will these ventures be sustainable in the long term? At some point, it may not be as economically feasible to up and leave a job.

32:00 – Maurice weighs in on the DEI issue and demographic trends he sees in his own community and clientele. American corporate culture – and society at large – are being pushed to give up business as usual, a development he believes is here to stay.

34:25 – Where we are now: Is it progress? Is it positive?

• Ablavi believes it’s all good – so long as those who leave their jobs have a financial plan and a point of entry back into the workforce should that become necessary.
• Maurice sees a mixed picture. Making meaningful changes to workplace conditions is overdue, but he is concerned with how the economy and businesses will absorb service personnel shortages and the supply crunch.
• Bryan cites Covid19 as a historical watershed moment that has precipitated change. With it comes pluses and minuses, but he believes in the aggregate the system needed re-examination and reinvention.

38:38 – Ciera wraps up the episode with some optimistic observations about how the American workplace will eventually be remade in a better image. It’s just a matter of navigating the growing pains between here and there!

 

 

Connect with the Wilson Wealth Show Team:

Website | Facebook | LinkedIn | Instagram

 

Ep 30: More Money, More Taxes with Ashlee Brooks

Guest: Ashlee Brooks, Owner, Brooks & Associates Tax Consulting 

 

Summary:

When it comes to taxes, alas, it’s never too soon to get started. Which is why this episode of The Wilson Wealth Show is focused on helping you get ahead of the curve with leading-edge advice from tax expert Ashlee Brooks. As the owner of Brooks & Associates Tax Consulting, she’s dedicated not only to preparing filings but also educating her clients about the role smart tax strategy plays in building wealth and a worry-free retirement.

 

This conversation covers a range of topics relevant for business owners trying to decide whether or when to convert to S corp status, including potential write-offs. Ashlee also makes the case for investing early and at the maximum possible in retirement vehicles, protecting and growing dollars that would otherwise wind up going to the IRS. She and Maurice get specific about investment decisions that will monetize your hard-earned income well into the future. New cars and fancy houses are great, but if you want to build transgenerational wealth, your financial plan has to include an element of savvy tax strategy. This episode of Wilson Wealth breaks down exactly why – and how to get started!

 

You can reach out to Ashlee at her website or via @LinkedIn and @Insta.

 

We hope you enjoyed this episode and will continue to join us for more lively conversations planned for the year ahead. Please click here to listen to previous shows recorded in 2021!

Key Quotes:

 

“It’s all about buying low and hoping if (the market) goes lower you have more capital to deploy at those prices.” (Maurice)

 

“When I’m speaking with a client, we’re not just preparing a tax return one time a year. We’re reviewing the tax return, looking line by line to understand their income, how it’s calculated and the tax liability.” (Ashlee)

 

“I’m really big on education to help people to be proactive because … tax returns are a key way of getting closer to (financial) goals.” (Ashlee)

 

“The average person doesn’t understand a balance sheet, but the biggest component is net worth. Whether it’s your net worth personally or the net worth of your business, that tells what type of ownership you have.” (Ashlee)

 

“If your net profit is $30k or more, that is the ideal time where you would want to look at being elected as an S corp.” (Ashlee)

 

“The biggest key to being an S corp from an LLC standpoint is that the money you’re paying yourself gets a bit of a write-off and that’s a huge way to save on taxes.” (Ashlee)

“(LLCs and S corps) may not be beneficial for everybody. They can put a lot of people in a hole or put them in a position to be audited.” (Ashlee)

 

“If you can put money into a 401k, an IRA, one of those vehicles to save you on taxes, why would you not do that? Why would you rather pay the IRS thousands of dollars when you could have put that money into your retirement and reduce your tax liability?” (Ashlee)

 

“The mindset has to shift in terms of how we think about spending money … Would you rather pay your future self or the IRS?” (Ashlee)

 

“Investments are how you monetize a lifetime worth of work. It’s your exit strategy … You may have the cars and houses and bank account, but is anything growing when you stop working?” (Maurice)

 

 

What We Covered:

2:30 – Intros

3:33 – In the current market climate, there are stock and retirement investment opportunities to consider in terms of improving your tax basis.

4:46 – Ashlee talks about tax education and her role in helping clients understand how to plan for and build transgenerational wealth. 

6:30 – Ashlee a recent presentation she gave about requirements for self-employed individuals seeking to purchase a home.

7:53 – It’s not generally within the realm of financial advisors’ expertise, but nonetheless very important to have an accurate base financial statement at the ready (for retirement planning or to secure a loan, for instance). That’s where tax planning experts like Ashlee come in!

12:38 – Ashlee shares the ins and outs of S corps. Who needs them and why? What’s the difference between an LLC and a “C” corporation?

14:45 – There are benefits to consider when deciding when/whether to become an S corp:

• You can start paying yourself as a W-2 employee and secure a write-off on the salary.
• You can offer yourself a bonus that will be taxed at a more favorable rate.

16:45 – Ashlee and Maurice break down the potential tax savings associated with converting to an LLC, including a significant reduction in onerous self-employment taxes for things like social security and Medicare.

20:30 – Timing is everything. Ashlee helps clients figure out not only whether to convert to an LLC but also determine when it makes sense in light of compliance, filing requirements and other variables.

23:20 – No matter your background, your status, your class, Ashlee believes it’s critical that you understand how taxes work. Not every detail, but at least the basics and some strategies to protect your best interests as you grow your money.

25:15 – Ashlee breaks down the basics on various retirement investment vehicles (SEP IRA and solo 401k). It’s a win-win: Reduce tax burden and invest in retirement. It’s a matter of mindset!

30:10 – Time flies. Even if you’re relatively young, it’s never too soon to take advantage of retirement investing and the tax benefits it confers.

34:10 – In combination with sound investments, smart tax strategy plays a huge role in overall wealth building.

 

 

Connect with the Wilson Wealth Show Team:

Website | Facebook | LinkedIn | Instagram

Ep 29: Reflections and Resolutions

Heading into the new year, The Wilson Wealth Show team focuses on reflections, resolutions and understanding the big picture. Intentionality takes center stage as Ablavi, Marcus and Maurice discuss their plans for 2022 and the discipline they’re bringing in pursuit of opportunity on the horizon. The co-hosts take a look at where we’ve been and where we’re likely headed, given historical economic, geopolitical, technological and cultural cycles. They’re excited!

 

Pandemic is also front-and-center on this episode: The many impacts of coronavirus not only in terms of disruption and loss of loved ones, but also because of the shifts that have occurred as a result. People no longer feel chained to dead-end jobs or cubicle commutes, which Maurice believes will have profound long-term impacts on family life and the economy. The co-hosts discuss trends in real estate in their respective markets in the “New New South” and what it means for the Black middle and working class.

 

Advisors at Wilson Wealth clearly see a rising level of interest among clients, who are exploring investment vehicles that might previously have seemed out of reach. The goal is to guide people at all ages and stages of life through landmines on the way to prosperity. Tune in to get oriented for 2022 and also hear about evergreen podcasts from 2021 (links below) that – if you haven’t heard them already – you won’t want to miss!

 

We hope you enjoyed this episode and will continue to join us for more in the year ahead. Please click here to listen to previous shows recorded in 2021!

 

 

Key Quotes:

“Like with a lot of stuff in our community, we touch stuff and make it cool and I feel like we’ve brought the idea of making money into the mainstream.” (Marcus)

“I like setting a (New Year’s) word versus a goal because then it’s something you can keep at and keep at doing.” (Maurice)

“In broad strokes you have nanotechnology, artificial intelligence, cryptocurrency, metaverse, all the sustainability initiatives – all of that is pushing and shifting our economy.” (Maurice)

“The coronavirus removed the muzzle that people had on in terms of complaining about their jobs and seeking different alternatives ... People are realizing the freedoms of not having to go into a cubicle every day.” (Maurice)

“Any time you have great change you have a lot of problems that need to be solved, and those solutions are profitable and that leads to a great stock market.” (Maurice)

“It’s going to come down to the have’s and the have-not’s … At the end of the day you just really have to have your money right to make certain moves. Period.” (Ablavi)

“It isn’t fair but if your income isn’t at a certain place, unfortunately you’re going to be adversely impacted. That’s just how it works.” (Ablavi)

“The Fed’s going to do what the Fed’s going to do, but if the economy is going to expand, it will expand. I’m really excited.” (Maurice)

 

What We Covered:

0:00 - Intros

1:00 – Sharing reflections on 2021, including cultural shifts that are fostering candid conversations about money.

3:20 – Last year saw clients opening up to things they previously thought were for “other people,” like investing in Bitcoin or other lesser-known market vehicles.

5:20 – About resolutions and what they look like, year over year. Intentionality is the mantra for Marcus, which Maurice reveals is coincidentally a huge goal within his household as well.

8:00 – About keeping 2022 resolutions going beyond the Q1 “gym effect,” in which enthusiasm for diet and exercise goals drops off a few months into the new year.

9:08 – The panel reflects on some of their favorite podcast episodes* of 2021, including:

• "The Value of Time"
• "The Value of HBCUs"
• "Trapped By Success"
• "Dating & Money"
• "Maternity & Money"
• "Women in Business"

*Available on iTunes, Podbean, Google Podcast and @ www.wilsonwealth.com

13:33 – Looking ahead to the coming year’s forecast, Maurice uses historical references to understand where we are geo-politically, economically and technologically.

16:21 – Pandemic has had tremendous impacts on our culture around work and alternatives to being chained to a cubicle and unhappy work conditions.

16:55 – Marcus shares thoughts on stock market volatility. There are uncertainties that could impact the overall economy, but he doesn’t see this as a reason to shy away from long-term investments that pay off over time.

18:47 – Ablavi takes a look at the real estate market and upcoming Federal Reserve interest rate changes as well as inventory and points of entry. Marcus also reports huge demand in Nashville pushing per-square-foot pricing and whether that growth is sustainable. Maurice sees a steady trajectory as the “New New South” builds out.

23:45 – Some historic perspective. Maurice recalls the arc of the “new black middle class” in Atlanta dating to the 80s, its flowering over time and replication in Nashville’s more recent boom. Charlotte doesn’t quite yet have the same mix of culture and vibrancy, but “hope springs eternal.”

25:08 – The Fed: It’s always front-and-center for investors and can do no right, especially when it comes to increasing interest rates. But Maurice notes the anomaly that black families have historically improved their financial picture during periods of overall rate tightening.

27:45 – The hosts pause to share their excitement about what lays ahead both for the podcast and Wilson Wealth’s clients moving into 2022.

 

 

Connect with the Wilson Wealth Show Team:

Website: www.wilsonwealth.com

Facebook: Wilson Wealth | Facebook

Maurice:  https://www.linkedin.com/company/wilsonwealth/ 

Wilson Wealth @Wilson Wealth (@wilsonwealth) • Instagram photos and videos 

 

 

Ep 28: How to Build a Billion Dollar Roth IRA

In today's episode of the Wilson Wealth show, we are talking about Roth IRAs and the people who beat the system and made billions off them. The most famous example of this is Peter Theil. Peter Theil is the co-founder of PayPal, however he is most known for his five-billion-dollar Roth Individual Retirement Account balance. Join us as we discuss ethical dilemmas, congressional responses and how the average person can make significant money through these investment vehicles as well. 

 

Please visit us at www.wilsonwealth.com, on Instagram and Twitter @wilsonwealth and on Facebook www.facebook.com/wilsonwealth for more information about us and the company. 

 

Quotes 

“Peter has congress second guessing the tax policies of these investment vehicles. Massachusetts Democratic Representative Richard Neal, who chairs the House Ways and means Committee, has requested a proposal to “stop IRAs from being exploited” -Ciera 

“The outrage should be targeted at the politicians that protect these loopholes not the people who jump through them.” -Maurice 

“These are tools to help you build wealth in the stock market.  Tools get misused all the time.  Using these accounts for retirement is a misuse.” -Maurice 

Ep 27: Freedom and Success with Derrick Salter

On this week's episode of the Wilson Wealth Show, we interview successful entrepreneur and friend of the show Derrick Salter. Derrick Gives us a tell- all about his journey from a successful and beloved school principal to a very successful entrepreneur running his own real estate business and living life on his own terms. We were most interested in Derricks speedy success, in just under five years he’s gone from five investment properties to over 40 with more on the way. Tune in to find out what he has to say about his success and what it took for him to get to where he is today. To find out more about us and the company, please visit us at www.wilsonwealth.com, on Instagram and Twitter @wilsonwealth and on Facebook www.facebook.com/wilsonwealth. 

 

Quotes

Most people can’t do what I do. - Derrick Salter

I listened to my wife and she said you’re actually losing money going to that job everyday. - Derrick Salter

Having passion alone doesn't necessarily mean you're going to be successful.  - Maurice Wilson

I just did it instead of just talking about it. - Derrick Salter

All my friends started making money. - Derrick Salter

I wish I would have bought more real estate earlier on.  - Derrick Salter

In order to help somebody else you got to help yourself first. - Derrick Salter

You have to have luck.  - Derrick Salter

Doing it and not talking about has been the biggest key to my success. - Derrick Salter

 

For more information about us and the company, visit us at www.wilsonwealth.com, on Instagram and Twitter @wilsonwealth and on Facebook www.facebook.com/wilsonwealth.

Ep 26: Freedom and Success with Chef Lisa Brooks

In today’s podcast, Maurice sit down with business owner, Lisa Brooks, to discuss how she left corporate America to start a successful company that has taken her from local celebrity to feature chef on The Tamron Hall Show.

 

Quotes

Everything great in life happens on the other side of fear. – Lisa Brooks

 

You’re never too old to change the direction of your life.  I did so at 40.  The best decision I ever made. – Lisa Brooks

 

I’m the happiest I’ve ever been.  I’m the most secure I’ve ever been financially, and I wouldn’t trade the experience for the world. – Lisa Brooks

 

For more information about us and the company, visit us at www.wilsonwealth.com, on Instagram and Twitter @wilsonwealth and on Facebook www.facebook.com/wilsonwealth.

 

Ep 25: Will the Housing Market Crash

In today's episode of the Wilson Wealth Show, we dive into the insanity that is the current housing market. This year has broken every record imaginable in the selling and buying market, creating what many experts are theorizing is a bubble reminiscent of the 2007 crash. In part one of this two-part series, we are deep diving into all the arguments theorizing another historic crash in the market, and giving our predictions based on our research and opinions. Next week, in part two, we will be looking into other sources saying otherwise and why. So tune in and find out what the housing market means for you and your future home.  

For more information about us and the company, visit us at www.wilsonwealth.com, on Instagram and Twitter @wilsonwealth and on Facebook www.facebook.com/wilsonwealth.  

 

Quotes  

“The housing market is seeing all-time record-breaking statistics across the board. Home prices: record high. Inventory: record low. Percentage of homes selling above asking price: record high. Average time on market: record low.” -Ciera 

 

“Literally builders can’t build new homes fast enough and it’s getting to the point, where some aren’t even paying real estate agents or if they are they are lowering their commission, because there is so much demand. It comes down to supply and demand. When demand is high, prices go up.” -Ablavi 

 

“The bubble occurs when hype and reality create a virtuous buying cycle that keeps the prices of an asset rising until eventually all the buyers dry up (for a host of different reasons) and the cycle unwinds, or the bubble bursts.” -Maurice 

Ep 24: Should you Care about the Biden Marriage Tax

On this episode the Wilson Wealth Show, Ciera and Maurice discuss the Biden Marriage Tax.  

Please visit us at www.wilsonwealth.com, on Instagram and Twitter @wilsonwealth and on Facebook www.facebook.com/wilsonwealth for more information about us and the company, we’ll see you guys next week on the Wilson Wealth Show.

Ep 23 - The Wedding Hustle Pt 2

Today's podcast starts off our new series on the American wedding industry, today we are talking about The Wedding Hustle: How America’s Wedding Industry Gets Rich. The wedding industry is seeing a huge boom after COVID-19 canceled so many weddings back in 2020. With everyone trying to have the perfect wedding on a budget, don’t let the wedding industry take advantage of you!

 

Listen in as Ciera, Maurice, and Ablavi give their controversial opinions about wedding culture and the industry it fuels. 

 

Please visit us at www.wilsonwealth.com, on Instagram and Twitter @wilsonwealth and on Facebook www.facebook.com/wilsonwealth for more information about us and the company, we’ll see you guys next week on the Wilson Wealth Show.

 

Quotes

“If you’re in the wedding industry, you’re robbing people.” - Ciera McCosh

 

“Vendors charge more for the same services if they know the event they are catering is a wedding.” - Ciera

 

“Those who aren't getting married should not be inflicting pressure on those who are.” - Ablavi

Ep 22: The Wedding Hustle

Today's podcast starts off our new series on the American wedding industry, today we are talking about The Wedding Hustle:  How America’s Wedding Industry Gets Rich. The wedding industry is seeing a huge boom after COVID-19 canceled so many weddings back in 2020. With everyone trying to have the perfect wedding on a budget, don’t let the wedding industry take advantage of you!

Listen in as Ciera, Maurice, and Ablavi give their controversial opinions about wedding culture and the industry it fuels. And tune in next week for part two! Please visit us at www.wilsonwealth.com, on Instagram and Twitter @wilsonwealth and on Facebook www.facebook.com/wilsonwealth for more information about us and the company, we’ll see you guys next week on the Wilson Wealth Show. 

 

Quotes 

“If you’re in the wedding industry, you’re robbing people.” - Ciera McCosh 

 “Vendors charge more for the same services if they know the event they are catering is a wedding.” - Ciera 

 “Those who aren't getting married should not be inflicting pressure on those who are.” - Ablavi