The Wilson Wealth Show

Ep 06: Dating and Money Part 1

Show Notes: Money and Dating Part 1

In this week's podcast, we explore the world of money and dating in three big categories:

• millennial and unmarried with guests Ciera and Connor
• late thirties and dating with guests Greg and Toccara;
• and lastly, for our 40+ group and divorced, we have our guest Cassandra.

We asked all our guests a series of questions based on an old client of Maurice’s dating philosophy where he only dated within his credit score to protect himself. This begged the question; "At what point of dating do we ask our significant other their credit score?"

 

What about how much they make?

 

Find out how these different generations tackled the hard questions with their unique perspectives in our first installment of this month's series "What's Love Got To Do With It?".

 

Notable Quotes

    " From the perspective of someone in their 20's, everyone is still figuring things out.  You could meet someone who has no idea what credit is at the same age as someone with fantastic credit, so it can be hard to navigate" - Ciera

 

    "I'm more interested in a person's spending habits rather than their credit, that tells much more about a person than a credit score"- Greg

 

    "I know doctors and Lawyers whose lifestyles don't reflect their salaries, so as long as you're living a comfortable life within your means, I don't care whether you make 30 or 60 grand"- Greg

Connect with the Wilson Wealth Show Team:

Website: https://www.wilsonwealth.com/

Facebook: WilsonWealthFBPage

Instagram:  Wilson Wealth Mgmt Group (@wilsonwealth) • Instagram photos and videos

Maurice @ LinkedIn: https://www.linkedin.com/in/mauricewilson

 

Ep 05: GameStop - The Good, the Bad, and the Ugly

In this episode Maurice and Ciera sit down with special guest, Bryan Woodward to discuss the GameStop incident.

 

Connect with the Wilson Wealth Show Team:

Website: https://www.wilsonwealth.com/

Instagram: Wilson Wealth Mgmt Group (@wilsonwealth) • Instagram photos and videos

Facebook: Wilson Wealth | Facebook

Maurice @ LinkedIn: https://www.linkedin.com/in/mauricewilson

Ep 04: Trapped by Success

Summary:

On this episode of The Wilson Wealth Show, Maurice, Ciera, and Ablavi discuss what it means to be trapped by success; how it happens and how you can escape, sharing real life examples and solutions.  Ciera explains that it is possible to reach financial milestones and still find yourself unfulfilled by the job, the house, the family trips and all the other things that come with success.  She says when this happens, you can begin to feel trapped. This episode focuses on strategies for how you can do what you love and get paid for it.

 

Maurice begins by diving into what causes someone to get trapped. He explains that if you have not established healthy financial milestones throughout your life you may not be equipped to pivot or take a risk when you find yourself in a career you don’t enjoy.  Parental pressure can also be a factor. It’s not unusual for parents to set the focus of a child on the wrong thing and that pressure to make ends meet can easily point them in the wrong direction. The parents might satisfied but in 20 years the child is trapped causing the cycle to repeat generationally.

 

If the goal is to make a living doing what you love than the key to escaping the trap of success is to keep focused on that goal. Maurice has years of experiencing helping clients reach that goal and suggests setting a 5-year window. Take five years to pursue a new direction whole heartedly by making sacrifices and adjusting your retirement timeline accordingly.  After the five years is up assess whether you have attained your goal or return to your original plan having borrowed the five years from your retirement. As Ablavi points out, escaping the trap is rewarding but requires mental fortitude to step into the unknown. 

 

Ciera summarizes by suggesting 3 key takeaways. First, determine if you are trapped by success. Take a long look at your life and what you’re doing and decide if you are happy and proud of what you’re doing. Second, if you discover that you’re not it may be time to look into other options so you can have that fulfillment and escape the trap of success. Finally, and most importantly, create a strategy to get paid doing what you love. Wilson Wealth is experienced and equipped to help with that.  Visit wilsonwealth.com and check out the trapped by success infographic that describes Maurice’s escape plan in greater detail.

 

We hope that you found this episode helpful and we look forward to you joining us again next time!

 

 

Key Quotes:

 “When you are trapped by success you have one of two options. You can remain trapped or you can figure out a strategy to attain the fulfillment you desire.” (Ablavi)

 

“If you’re not making any money as an adult doing what you love you’ve got to figure out a way to pay the bills until what you love starts paying you.”  (Ablavi)

 

 “Vilification of money has been used as a coping mechanism for people to make excuses for not living up to their potential.” (Maurice)

 

“ You have good intentions but at the end of the day you cannot force yourself to be a different person. You are who you are.”  (Ciera)

 

“The escape is actually quite simple, just like the goal of making a living doing what you love.” (Maurice)

 

What We Covered:

1:05 – What does it mean to be trapped by success

5:50 – What causes someone to get trapped

11:49 – Impact of parental pressure

23:55 – The goal: make a living doing what you love

24:22 – How to escape the trap and reach your goal

27:35 – 3 Key Takeaways

 

Connect with the Wilson Wealth Show Team:

Website: https://www.wilsonwealth.com/

Facebook: WilsonWealthFBPage

Maurice @ LinkedIn: https://www.linkedin.com/in/mauricewilson

 

Ep 03: Buying Insurance Young and Building Credit Early

Summary:

On this episode of The Wilson Wealth Show, Maurice, Ciera, and Ablavi discuss the importance of buying life and disability insurance at a young age and talk with special guest Nykea Gray about building credit early. Maurice explains that credit provides you with the ability to buy big ticket assets before you actually have the cash to pay for them and insurance protects your family and your income while you are building wealth. He uses the analogy of guaranteed versus non-guaranteed contracts to describe what it is like to be living with and without life and disability insurance.

 

Ablavi goes on to explain that while it is simple to say that you should buy insurance and build credit early, it is more difficult for individuals and families when economic conditions cause financial strain. She says that she is aware of many families who are having to prioritize day-to-day costs and needs over wealth-building ones due to the pandemic and underemployment. While this is a very real factor, Maurice points out that the less you spend on things like insurance and building credit, the longer it takes to build wealth.

 

Nykea Gray is a credit card and fraud expert who joins us today to share her insights on credit and provide a good tip on setting your kids up for success. While individuals must be 18 years old to qualify for their own credit cards, they are eligible at the age of 12 to be made an authorized user on their parents’ credit cards. Authorized users receive the benefits and drawbacks of the credit history on that particular card, so be sure that the card you choose to add them on has a strong payment history and a low utilization percentage, but this is the best way to establish good credit for them before they are able to do so for themselves. The door swings the other way as well, however, so be careful not to allow that particular credit card to get behind on payments or get too close to maximum utilization.

 

We hope that you found this episode helpful and we look forward to you joining us again next time!

 

Key Quotes:

“These are critical tools that should be addressed at the beginning of our wealth-building journey.” (Maurice)

 

“In the game of life, we all have non-guaranteed contracts when it comes to how long we have to build wealth.” (Maurice)

 

“It is important to know the factors that are included in wealth-building.” (Nykea)

 

“Knowing how to manage and maintain credit at an early age is going to set you up for success.” (Nykea)

 

 

What We Covered:

0:56 – Credit and insurance as wealth-building tools

1:52 – How credit and insurance help you build wealth

4:32 – The less you spend, the longer it will take you to build wealth

6:53 – Our guest, Nykea Gray, shares about how to build credit early

14:56 – Making material cost cuts rather than transactional ones

16:30 – The negatives of adding your teenagers as authorized users on your credit card

 

 

Connect with the Wilson Wealth Show Team:

Website: https://www.wilsonwealth.com/

Facebook: WilsonWealthFBPage

Maurice @ LinkedIn: https://www.linkedin.com/in/mauricewilson

 

 

 

Ep 02: The Value of Eating Well

Summary:

Whether executing your financial life plan or investing in your personal health and well-being, time is an incredibly valuable commodity! This episode of the Wilson Wealth Show builds on a special new year focus on “the value of starting early.” For many of us, 2021 offers a perfect opportunity to establish new habits that -- if adopted now -- will pay off exponentially throughout life. This week Maurice, Ciera and Ablavi take on the all-time classic New Year’s resolution: Getting fit. It’s about the most common of personal goals and one that pays huge dividends, especially if you get started early. But despite best intentions, it can be hard to get started at all. That’s why the team was eager to consult with Gregory Beacham, the inspiring founder of The Touch of Soul holistic practice in Washington, DC. He gets the ball rolling with a creative perspective on health and wellbeing. This is a conversation that will leave you both armed with the latest information and fired up to adopt new lifestyle choices to last a lifetime.

 

Greg is all about sustainability. He recognizes that the key to helping people reach their personal fitness goals is figuring out a balance that will work long-term with their real lives and individual styles. Originally trained as a masseuse, Greg has evolved a 360-degree approach that incorporates a full spectrum of mind-body practices. Hear his thoughts on everything from the benefits of a plant-based diet to the toxic byproducts of stress, strategies for getting kids to embrace vegetables and why salad at the end of a meal is the secret to healthy digestion. Most of all Greg shares with the team his perspective on centering practices, like yoga and Qigong, which he believes set the stage for everything else in life. Although meditation is the go-to most people think of when it comes to spiritual wellness, Greg shares an unexpected variety of ways to get that meditative benefit – even if you’re someone who finds it hard to settle down. He’s got lots of interesting, cutting edge knowledge to share and unusual approaches to establishing life-affirming habits that are easy to sustain. And, as we all know, the sooner we get started the more time there is for benefits to accrue over the long haul. So why not get onboard today?

 

If you’d like to listen to Part 1 of our conversation about “The Value of Starting Early,” in which we focused on building personal wealth, you can listen at: https://www.podbean.com/site/EpisodeDownload/PBF689C9P3REZ

 

 

Key Quotes:

 

“Although I’ve not made the best health decisions in a lot of cases, I do know the right things to do … There are always ways to adjust.” (Ablavi)

 

“Once you get out of college, you’re always focusing on your weight. Your body lies to you for about 25 years, then starts telling you the truth. This is who you really are and it’s here to stay!” (Maurice)

 

“You can’t eat fast food all the time and just expect it to be okay.” (Ciera)

 

“The body shouldn’t be in ketosis. It should be in homeostasis.” (Greg)

 

“You’ve got to enjoy the life you’re living, enjoy the food that you’re eating – but find balance in it.” (Greg)

 

 “Meditation and the mental aspect of health is everything. The body is going to follow the mind.” (Greg)

 

“Journaling is huge. What the hands do the mind sees and the brain remembers. So putting stuff down on paper … is how you can truly process it.” (Greg)

 

 

What We Covered:

1:21 – Building good health is a lot like building financial wealth: The value of starting early.

4:00 – Touching on a few recent fads in working out and the diet piece of the puzzle.

4:58 – Introducing Greg Beacham and his holistic practice.

8:00 – Healthy lifestyles encompass a bunch of components that “makes life worth living.”

10:20 – Why fad diets like keto don’t work and how to embrace foods that will sustain you over the long term, both in terms of enjoyment and nutrition.

16:35 – Gut health and Greg’s take on the value in vitamins.

19:33 – About yoga, Qigong and breath/movement for healing and long-term health.

26:33 – Tips for parents who want to get kids excited about (or at least open to) healthy eating.

30:45 – How to meld a healthy lifestyle with the juggle of daily life.

32:30 – The single most important tip Greg feels he has to offer: Meditation (in one form or another).

34:50 – Greg’s recommendations for staying centered and techniques Ciera and Maurice use.

 

 

Connect with Greg Beacham:

Website: www.thetouchofsoul.com

Instagram: @thetouchofsoul

Facebook: https://www.facebook.com/thetouchofsoul/

Twitter: @thetouchofsoul

 

 

Connect with the Wilson Wealth Show Team:

Website: https://www.wilsonwealth.com/

Facebook: WilsonWealthFBPage

Maurice @ LinkedIn: https://www.linkedin.com/in/mauricewilson

 

 

Ep 01: The Value of Time

Summary:

A new year means a whole new chance to start fresh, and on this episode of The Wilson Wealth Show Maurice and the team talk about the value of starting early, specifically when it comes to money and building wealth. According to a May 2019 study done by BankRate.com, America’s top financial regret is not saving early enough for retirement. Often, by the time it “clicks” with an individual that saving for the future is something he or she should be doing, it’s almost too late to start building the wealth necessary for a financially firm foundation.

Maurice attributes this lack of money-saving initiative to scarcity. Like we saw in 2020, when a product like toilet paper is scarce at the store, we’re compelled to buy it, even if we don’t really need more toilet paper. When the clock starts winding down and we approach retirement age, we begin to start thinking about saving, but in reality, that scarcity mindset should be adopted much earlier in life. Maurice points to life’s three big time windows and how to act accordingly within each to reach your financial goals: 18-25 you’re working on establishing your career, 25-45 is the age where you do the bulk of your earning and saving, and finally, 45-65 is all about balancing the risk of loss with the goal of financial security to set you up after 65. The episode wraps up with this truth: it’s never too late to start saving, but there is value in starting early.

 

Key Quotes:

“The problem is, we don’t actually understand how much time we have to achieve our financial goals. That’s why we don’t start early.”

“No one has a K through 12 milestone, if you will, of getting from broke college graduate to financially secure adult. And I think that is where we drop the ball.”

 

What We Covered:

1:01 — Resolutions for 2021

3:32 — The Value of Starting Early: Money

6:04 — Why it takes so long for starting early with money to “click”

13:12 — Life’s three big time windows and how to act accordingly

15:58 — What happens after 65

 

Connect with the Team:

https://www.wilsonwealth.com

https://www.instagram.com/wilsonwealth

https://www.facebook.com/wilsonwealth