In this episode, Stacy sits down with Phillip Ramsey and Bryan Dewhurst, who are the co-founders of Uncommon Wealth Partners. They are financial planners that think differently about money and provide clients with information beyond retirement planning by helping them define goals, implement plans, and create wealth. The three discuss how you can better invest in yourself, your business, and maybe, even crypto.
Hollywood Branded Refresher Episodes
Check out some of the past episodes we’ve covered on this topic:
- EP 247: Obtaining Corporate Credit to Grow Your Business with Andrew Rey | Flow Business Funding
- EP 242: How To Win The Content War By Pulling Instead Of Pushing with Lou Carlozo | Carma Productions
- EP 210: The Importance of Developing A Systemized Process with Alison Vidotto | Push! Business Training and Mentoring Group
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- How Cryptocurrency is Changing Business with Jamar James
- Top Brand Partnerships For Goosebumps 2: Haunted Halloween
- How to Market a New Travel Business with Yann Barbarroux
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Welcome to Marketing Mistakes (And How To Avoid Them). I’m Stacy Jones, the founder of influencer marketing and branded content agency, Hollywood Branded. This podcast provides brand marketers a learning platform for top experts to share their insights and knowledge on topics which make a direct impact on your business today. While it is impossible to be well versed on every topic and strategy that can improve bottom line results, my goal is to help you avoid making costly mistakes of time, energy or money, whether you’re doing a DIY approach or hiring an expert to help. Let’s begin today’s discussion.Intro (00:31):
Welcome to Marketing Mistakes (And How To Avoid Them). Here’s your host, Stacy Jones.Stacy Jones (00:35):
Welcome to Marketing Mistakes (And How To Avoid Them). I’m Stacy Jones, and I’m so happy to be here with you all today. I want to give a very warm welcome to Philip Ramsey and Bryan Dewhurst. Phillip and Bryan are the co-founders of Uncommon Wealth Partners. They’re financial planners that think very differently about money and provide clients with information beyond retirement planning by helping them define goals, implement plans, create wealth and ultimately, secure that highly sought commodity of freedom of time by closely working with their clients to discover what they actually want their money to do for them.
I’ve worked with them both to help map out Hollywood Branded’s and my own family’s future, and I can personally attest that they have some really unique approaches on how you can better safeguard and invest in both yourself and your business, including leveraging crypto assets. They are not your dry and boring parents’ financial planners by any means. Plus, they’re genuinely nice and fun to work with, as you’re about to learn for yourself. Today, Phillip and Bryan will be sharing their advice on how to invest in yourself and your business, where you need to shore up debts and leverage the dollars you do have to work better for your own future success.
We’ll learn what works from Phillip and Bryan’s perspective, what should be avoided, and how some people just miss that mark. Phillip, Bryan, welcome. So happy to have you here today.Phillip Ramsey (01:56):
Wow, that was quite the introduction. Thank you.Bryan Dewhurst (01:59):
Thank you so much.
Phillip Ramsey (02:01):
We need to clone that and put that for every time we walk out on the stage. I just feel like that’s important. And the voice.
Stacy Jones (02:07):
You need to like fanfare with it like, “Who-hoo.”
Phillip Ramsey (02:08):
Oh yeah, for sure. A slow clap would be really appreciated, but the voice was amazing.
Bryan Dewhurst (02:14):
We need to change the intro to our podcast using that.
Phillip Ramsey (02:17):
The voice was amazing. Great job.
Stacy Jones (02:19):
Well, let’s start off today, and since there’s two of you, I’m going to combine it, whichever wants to go first, but how did y’all come up and start this business together? How do you know each other and how did you become not just friends, but business partners?
Phillip Ramsey (02:34):
That’s great. I’ll let Bryan go. I’m usually the one who jumps on and says something first, so I’m going to change it up a little bit, let Bryan do this one.
Bryan Dewhurst (02:44):
We met through church, we were actually trying to just have breakfast with a bunch of entrepreneurs and figure things out, different types of investments. And that’s actually how we met. I try to tell stories and I leave out probably too many facts, but I was in the business, Phillip was in the business. We had talked about him coming to work where I was at, but I really wasn’t in a position to stake him or put food on the table, so to speak. So he went with a different company. And then, I don’t know, it was like five or six months later, we were at coffee and we got through the obligatory like, “Oh yeah, everything’s great.” And it’s like, “I’m on monster.com.” And I was like, “So am I. I think we could do this together better because we’re calling on a lot of the same people.”
Phillip’s obviously the personable one, the people person, if you’ve met both or spent time with both of us, and I’m the numbers guy. And so it was a really good team. And so yeah, that’s what we decided to do and we’ve been together ever since. You have anything to add there?
Phillip Ramsey (03:52):
Yeah. I would say that financial advising, financial services, I’ve never met somebody that I actually want to talk to. They always want to take my money from me and ultimately keep me in the position that I was in because I have no money to actually do something different. And so when I got into this industry, I was like, “There’s got to be a better way.” And the company that I was with was only teaching me how to sit down with my family and friends, try to ask them what they’re saving a month, kill one of them off, make them cry, and sell them life insurance. And I was like, “There’s got to be a better way.” And that’s when Bryan and I met. And the first time we met was that investment club. And I remember thinking that Bryan inherently thought differently and quickly about money.
And so that really stood out to me. And so he and I had coffee and the rest was history. I said, “You teach me the ways that how to help people make money, and then together we’ll do this together.” It’s a powerful thing having a partnership, because Bryan and I both have very different personalities. And so all of our clients get to have the benefit of both of us looking at it in a different way. And so now, we get to sit down with people and ask them really what’s important to them. Because it’s not just trying to amass as much money as you possibly can get, at the end of the day, well, what are you going to do with the money once you get there?
And so it’s the, what are you going to do with the money once that gets there? Is really what we call your passion. And trying to get you to those ends and those means, I would say that we are like your worthy advisor to the unadvisable, where we really try to help people start a business or invest in something that they’ve always wanted to invest in and then help them make that more efficient to make them more money. Because inherently, you know who you are and your personality, and that’s a way better investment than putting your money in the market and hoping it goes up or down.
And so together, we’ve built this Uncommon Wealth Partners, and we get to help people every day in that means. I’ve never looked back, and can’t tell you how many times people have cried in front of us because we’re just finally unlocking what their true value is that they want to the world with. So long answer to a very short question, but that’s it.
Stacy Jones (06:02):
Well, I can get why people might cry because money is something that, first of all, it’s very private, we don’t talk about it as a society. You share with it internally, you don’t talk necessarily with friends, you whisper about how much money you might actually be making. And certainly, no one’s like, “I’m a great saver.” That’s not the first top of mind.
Phillip Ramsey (06:25):
Right. Good point.
Stacy Jones (06:28):
On working with us, at least, you make it really easy to break down those barriers and look at it from less of a, “Wow, what did you do? You are really not that smart,” to, “Okay, well, what can we do with this and how can we move forward where you can actually amass more benefits from your dollars?”
Phillip Ramsey (06:51):
Absolutely. It’s just, what are the obstacles in front of us? And we all have those. And there’s some shame that I think comes with a lot of financial places of like, “I wish I was at a different place.” But it doesn’t really help you gain traction where you want to go. Let’s just talk about it, it doesn’t matter what it is, let’s just put it down on a piece of paper. And what we’ve found is, when people start monetizing what they really want, it gets tangible to them. “Wait a second, you’re telling me it’s going to cost this, this, and that, and my risks are this, that, and the other? I’m okay with it.” And I would say doing that with a husband and wife or a partnership, a team, is really powerful because then each person has a safe place to talk about their fears and talk about what is scary to them or whatever they have to talk about.
But having a safe place to really digest what’s going on and what their plan is to move forward, it’s so encouraging to get people unified, shoulder to shoulder is what we call it, going towards the same goal. And when you get there, it doesn’t matter what the history was, we’re going to get there. So yeah, absolutely. It’s a really fun place to be in. And Bryan does a great job, I always tell people. The more information you can get Bryan, the better your plan will be, because we can just make it more customized. “Hey, this is what’s happening. This is the assets that you have to work with. Maybe if we look at these assets in a different way, maybe it’ll help you achieve your goals way faster than you ever even dreamed.”
And thinking about it in an uncommon way is powerful because just a lot of advisors are just trying to think of, “How much assets do I have to manage for you?” Instead of like, “No, no, no, what if we took that asset and used it to further your goals right now?” Super encouraging and beneficial.
Stacy Jones (08:42):
How do you start the conversation? I know how we started conversations, but how do you start working with a client? What is the first thing? Is it you give them this financial dashboard that you’ve built together, that Bryan is so good at doing, I know, or are there certain questions? How do you dig in and figure out where someone’s at?
Phillip Ramsey (09:04):
Bryan Dewhurst (09:05):
Well, I think obviously that starts with Phillip does a great job building trust with people and getting them to open up and talk about what they really want in life. And a lot of the things that people share with us, or I would typically say one to three year things when you look at traditional financial planning, it seems like 20, 30-year type things, and so there’s an incongruence there for a lot of people. And a lot of our clients share that sentiment of like, “This is so refreshing because we get to talk about what we actually want to do right now, not 20, 30 years from now.”
And I think post COVID, that’s even more so on the forefront right now because we’ve all got a glimpse of how good we’ve maybe had it and how short life can be, and so I think it’s important to have goals and feel like you’re moving towards those goals in the short term. And if we can do that, over the long term will take care of itself with the correct planning. So I hope that answers your question.
Phillip Ramsey (10:04):
Yeah. I would say the first thing we do is just do a 15-minute consultation or just like a get-to-know-you meeting, as we say. Because we do know that our philosophy is a little different, and sometimes people just aren’t there yet. And I’ll say that our favorite clients to work with are the clients that know what they want and have a timeline of when they want it, because now they’ve just defined their success. Now I feel like I’m ready to enter in with them, versus the family or the individual who’s like, “I don’t really know what I want.” Well, we’re not going to be a good fit, because the last thing I want to do is try to put your money into an investment, even a retirement account, that’s going to put your money in prison. I feel like that’s the worst decision to make when somebody’s like, “I don’t know what I want.”
So our first consultation is like, “Hey, are we a good fit?” And it really doesn’t have a lot to do with money, it’s more about getting people excited again, getting people to think like they’re in high school where they think that their life is going to be roses and sunshine and something that they’re really good at. That’s our first call, “Hey, is this a good fit? Do you know what you want moving forward?” And then we talked through like, “Okay, this is how we work with individuals and how we can walk side by side with you moving forward.” So that’s the way we start with them.
Stacy Jones (11:20):
And I have a feeling that most of the people that you’re working with tend to be a little older because that’s when you’re all of a sudden like, “Hmm, maybe I really don’t know what I’m doing and I could actually use some advice.” But what’s the optimal age that someone should be coming to you guys?
Phillip Ramsey (11:37):
Great question. As soon as you know what you want. As soon as you know what you want and you’re ready to do whatever it takes to get there. And you’re ready to look at your situation in a different perspective. But yeah, we do have a lot of people, all ages that come to us and be like… At first, it’s just talking through, and then all of a sudden in the meeting, they’re like, “You want to know what I really want?” And we’re all ears. Now we’re talking.
Bryan Dewhurst (12:03):
We’ve been talking for 45 minutes.
Phillip Ramsey (12:05):
Yeah. And that’s when we can really start seeing people start getting excited and start talking excited and move faster and they blah, blah, blah. Anyway, a lot of times, that meeting will go longer than 15 minutes. And at the end I’ll ask them like, “Hey, how long have you been meeting?” And a lot of times they’ll be like, “I don’t know, like 10 minutes.” No, it’s been 45, because you’re finally excited about what you’re talking about. And that to me is super encouraging no matter what age you are. You can be 15, you can be 60, you can be 75, 80. I don’t care. Let’s get you on this excitement motivated trajectory where you and the loved ones around you are like ready to rock.
Stacy Jones (12:44):
Well, that’s a credit to you guys both too though, because you are able to get people to be relaxed and you’re fun to work with. So it’s not like you’re sitting there scared in your seat going, “Both of these guys are about to know the truth. My cover is blown.”
Phillip Ramsey (13:00):
You’re right. It’s just a little bit of like dirty laundry. Like, “Oh, they’re going to look at my dirty laundry.” I had a good friend that reached out to me, and asking a good friend to help you with finances when you actually have shame and guilt about it, there’s a whole another level. So I really appreciated it. He was sitting down, he was talking about their situation. And you could just see dread and sadness on him and his wife’s face. And at the end, they talked about a student loan debt that they had. And at the end, he’s like, “The only thing we’ve done right is we have this Roth IRA for $11,000.” And he was clinging on that thing like a life raft.
And I remember Bryan looked at him, he’s like, “All right, we’ll take you on as a client, but you need to cash out your Roth IRA.” And they were like, “I’m sorry, what?” And in that, we took that $11,000 and we were very strategic. And now he has an amazing successful business, and he’s quit his job that he was going to quit in 10 years in I think 18 months, only because we just looked a little different and we heard his goals, we knew what the risks and rewards were and both him and his wife were okay with doing that after we walked through that. But a lot of times, if you looked at these sacred cows, they don’t amass to as much as you think they would be in retirement.
So looking at them at a different light, in a different scope. Now, this isn’t always the case, but a lot of times, that’s someplace we’ll look at. It’s an asset that you can use right now to help you achieve the things you want to achieve. Obviously, that’s not every time, but it’s a fun story to talk about.
Stacy Jones (14:34):
Well, I think it’s easy. I should have bought a house in my early 30s at the latest. Living in LA, I’m like, “I can’t do this, and I’m single, well, this is never going to happen.” Because I always thought about it. As my husband, Ian, always says, he’s like, “You thought about it that you had to buy the million dollar house, that you needed to actually have the money to do that.” And without being versed and understanding, like I had plenty of money to be able to buy a house, and I gave up years of being able to actually capitalize on that because I didn’t have someone to turn to and get that insight from and find out that living in the land of expensive LA is still doable for people.
Bryan Dewhurst (15:11):
Phillip Ramsey (15:12):
So shout out to Ian, because he’s just amazing. Can we just address it? He’s amazing. And a lot of times, people just don’t know their options. So we really do feel like our job is to give you all the options and not sell you on either one of them, but just do a good job of educating and let you decide what you want to do. And we’re agnostic, do you love debt? Do you hate debt? Are you a Dave Ramsier? We’re super agnostic. What do you want? And what can we do to further that as fast as we can? Our motto is, without a proper vision or a clear vision, it’s never bad to pay off debt, but if you do have a specific vision and a dream, maybe it does make sense to go after that a little faster than paying off your $300,000 student loan bill. It’s a different way we look at things.
Stacy Jones (16:07):
Well, I grew up very old school. I had parents who also didn’t think I could afford a house. And at the same time, they never owed money. I grew up where you pay your credit card at the end of the month, you keep money in the bank account, you put money in retirement, and that’s what’s important. You don’t leverage yourself, you don’t extend yourself, you don’t go into debt. Debt is a bad, bad, bad word.
Phillip Ramsey (16:31):
Stacy Jones (16:31):
There’s a lot of people like that out there, like me who grew up that way and have really had to have a mindset change because with my business even, starting off as a business, I was lucky. I was able to found it, fund it and run it myself without ever taking investments in. But 14 years ago, where could I be today if I had actually thought about going into debt and leveraging things? So people need help and insights.
Phillip Ramsey (16:58):
Bryan Dewhurst (17:00):
Yeah. I think to piggyback on what we were talking about earlier and what you’re saying there, the role I think we play a lot of times is like cheerleader, because you’ll talk to your family about things business wise or risk wise, and if they’re wired that way, it can be a really dead end? And like you said, you’re not going to go to talk about some of these things with your friends, and so who do you talk about this stuff with? And so I think that’s a big role that we play, is we get to share in your dream and cheer you on and say, “Yeah, why wouldn’t you do that?” Inherently, people know the right answer, it’s just scary to do it when the people around you aren’t cheering you on saying, “Yeah, you can do that”-
Stacy Jones (17:41):
They’re giving you more doubt. They’re casting more doubt to you saying, “No, don’t do that. That’s scary.”
Phillip Ramsey (17:48):
And for them, it might the right answer, “Don’t do that,” because they don’t have the mindset for it, but maybe you do. And maybe you have the appetite towards doing that. So yeah, that never really deters us other than… I think a big thing is, where’s your spouse in this? Are they on board or off board? And if they’re off board, that’s an immediate like, “Okay, we need to circle the bandwagon. We shouldn’t move forward unless everybody is on board.” Because this is what I always say, if my wife’s with me, the whole world can be against me and I can conquer the world. But if my wife’s against me and the whole world is with me, my world is upside down. And so making sure that your spouse is supportive of what that looks like.
And even put parameters on it, maybe they have a threshold, “Hey, maybe we pay off this debt first, then I’d would be okay with you doing this,” or, “Okay, I’m ready to invest this amount of money, but if it ever gets further then I really want to… ” And so just to have those tap out points established before we move forward is really freeing.
Stacy Jones (18:48):
Yeah. With my husband and I, with Ian and I, I like having more savings, I like having that. That’s something that’s important to me. So we know that we have to have a certain threshold in the bank just for me to feel safe. And that’s important in relationships know to know.
Phillip Ramsey (19:03):
Yep. And you don’t want an advisor saying like, “Well, that needs to be lower.” No, it could be millions of dollars, that’s my zero. That’s what we call it. If it ever gets under that, I’m going to freak out. As advisors, we need to take heed to that, listen to that and do a plan accordingly.
Bryan Dewhurst (19:19):
Sorry, I just think this is an important point, because a lot of times, our couples that we work with, the spouses have different risk tolerances. I think that’s by design. If you have both people that want to put the foot on the gas, it could be a pretty crazy ride. And so I think that is a big part of it. And listening to both spouses where they not only feel heard, but it’s part of the plan to manage towards that, I think it’s really important. And then invariably, it gives the one who wants to take more risk the latitude to move forward because typically, it’s like a pushing, pulling type thing. So anyway, so it’s fun to work through that with people.
Stacy Jones (20:01):
So when you’re working through with people, you come up with lots of different ways that they can plan their future. What are some of the more innovative options that you bring to the table that are not your traditional Roth IRA?
Phillip Ramsey (20:15):
Oh baby, oh baby. Bryan, you got this, big dog.
Bryan Dewhurst (20:18):
Well, I think the thing that we try to highlight in the book and podcast, not to shameless plug, but it’s really just the seven sources of residual income of really trying to dial down at the core, that everything pretty much falls underneath one of those seven. We don’t tell people you need to do all seven, by any means. But invariably, the people that we meet with, they see a point across a bridge that they want to get to. It’s pretty clear to them, they see it, they can touch it, they can taste it, they just can’t get over there for whatever reason, something’s blocking them.
And so we just try to help them unlock that path of, what’s stopping you from getting over there? Most of the time, it’s like, “I want to do something off the beaten path, it’s outside of like stocks and bonds,” because you can do that so easily now. It’s, “I want to start a business or I want to do real estate. I want some of, the buzzword is passive income or residual income. We’re framing it more as like passion income. How do I monetize what I’m good at and what I like to do? Well, they don’t teach you that in school. And so that’s what I’d say is what we deal with the most, is, how do we organize your capital to you support jumping, so to speak, and taking that leap of faith so that you see your parachute open or your wings spread open.
I love that talk by, I can’t remember, I think it’s Steve Harvey where he’s between taping the shows, of like, “You’ve got to jump.” It’s one of my favorite videos on YouTube. But a lot of times, people have that thing and we’re just helping them as their copilot flush that out and then, how do you do it? How did you take the next steps?
Stacy Jones (22:02):
So there’s seven things. What are the seven things?
Bryan Dewhurst (22:06):
Sure. So the first one is banking. You need to have a banking system. I think that’s more important now than ever. Before, you used to be able to just leave your money in the bank and make five to 6%. Now when we’re on these 0% interest rates, you’re not getting any return on your savings or banking system. And so we show people how to set up their, we call it uncommon banking, where you can leverage life insurance overfunded, get the advantages of the tax protection it guarantees, all that different type of stuff. But then we show people, especially business owners, how to actually leverage against it and create a cashflow system that produces a non-taxable income for you into the future.
Number two is real estate. That could be commercial, could be Airbnb, could be traditional rentals. There’s so many different facets to real estate. Number three is investments, typically stocks, bonds, mutual funds, ETFs, the traditional world, so to speak, which we do a lot of, we’re fully licensed in that capacity. And then the fourth one is business, so like what you and Ian are doing with Hollywood Branded, more traditional brick and mortar type businesses. Number five is what we call subscription model and affiliates, a sub category of business, so to speak. So looking at the affiliate world subscription model world. Number six is royalties or intellectual property. So you’re in Hollywood obviously, movies and music and lots of different things from there too.
Anyways, just protecting and how to leverage our intellectual property, books, so to speak. And then the last one is controversial with Phillip and I, but it’s network marketing, which is under pretty big attack from the federal government as a business model. So it may be the six sources very soon.
Stacy Jones (23:56):
All the multilevel tiered out there is not happening anymore, it’s coming down?
Bryan Dewhurst (24:01):
Yeah. There’s a lot of scrutiny on it. And I think there’s been a lot of companies that have done it well, and there’s been a lot that haven’t. And so it’s under a lot of fire with the federal government.
Stacy Jones (24:13):
And of those six or seven, depending on the networking, what do you think is the most fundamental of that? If you had to start with one, where do you start? Is it just thinking that you’d start at since you have set as one, or?
Bryan Dewhurst (24:31):
We all have to bank, money in, money out until we graduate as we call it pass away, but I think the tip of the spear for us with a lot of the clients we work with is the business. The business is what allows you to build wealth. The average business owner should be building wealth almost five different ways at the same time, and that’s the business. Your home, as you already talked about, you can build equity in your home, especially on the coast. The power and leverage of real estate out can be really big if you hit the trends the right way. And then banking is the third, and then typically, commercial real estate, investing in the footprint that your business needs to grow and thrive and be successful at.
And I think that movie, the founder on Ray Kroc at McDonald’s was a great highlight of the power of real estate, and that’s actually what allowed him to get away from the McDonald’s brothers and have the success that he did. And then five typically the more traditional route is the retirement plan and getting your employees like employee benefit, getting them saving for retirement, but then also allowing you to put away a large sum of money from the profits of your business. So those five, we call it five-star wealth is the five main ways a business owner can build wealth at the same time. And so I think to us, the business is the tip of the spear.
Stacy Jones (25:53):
And I’m going to sound like this broken horse right now because I’m going to bring up banking again, but here’s a question for you. There are so many new financial institutions and banks that are out there, it’s no longer Citibank, Wells Fargo, Chase. Now, you have all of these digital platforms. You have a lot of different financial platforms that aren’t truly banks, but they’re entities of banks and they’re setting it up for that. Are those as good to go into versus your traditional? Do they offer better benefits now, since I think a lot of them look at interest rates and ways that they can leverage lifestyle? What’s happening in the world of banking?
Bryan Dewhurst (26:31):
The world of banking, I don’t want to get off a rabbit hole here because-
Phillip Ramsey (26:35):
He will. He will pretty quick.
Stacy Jones (26:36):
We will keep it short. Don’t worry.
Bryan Dewhurst (26:40):
Yeah. About 30,000 foot view and this may sound crazy, but the whole world of banking to me is up in the air right now. COVID really I think pulled the veil off for a lot of people of how our banking system works, because if you really think about it, you really don’t understand it, and no one really teaches you about it either. But the fact that they were able to print like $6 trillion in one year, it was like, “Wait, what? You can just come up with all this money?” And now not to get political, but Joe Biden’s advocating for a $6 trillion budget this year. That’s just a ton of money. And so currency changes every 40 to 50 years. If you go back to the founding of our country, it was gold and silver, then silver got pulled out.
Some of the laws changed in the 1800s, then we had taxation in 1913. We had the federal reserve system installed in 1913 where the government gave up the right to mint coins and currency. And now the federal reserve system has been running for about 108 years. And the value of our dollar in that 108 years has gone down 99%. So the dollar used to be $20 to an ounce of gold, now one ounce of gold is about $1,750. So that’s where I’m getting the 99%. So when you look too, is the Fed is suppressing interest rates, meaning they’re buying new treasuries and forcing interest rates down, that’s why real estate is doing so well.
The banks are in a really precarious position because the Fed is stepping into their markets. We’re seeing that a lot, we’re in the Midwest, and so the federal lending is going direct to the farmers. So the farmers aren’t necessarily going into their local bank to get these loans, they’re going to federal lending sources. And so we’re shifting and we have the adoption now of crypto, and Bitcoin, and Ethereum, and all these coins, and crypto banks. And it’s really cool what you’re able to do with some of that stuff and the blockchain technology. And so I think you’re seeing that, just what I think the internet did to the media companies and to information in the ’90s and early 2000s, I think that’s where we’re at in banking with crypto. So it should be interesting to watch. I’ll stop there.
Stacy Jones (28:57):
Well, with that, that word of crypto is that term that you just brought up, I will say I never expected that I’d be talking to my financial advisors and having them say, “Oh yeah, you should totally invest in crypto. Oh, how can you leverage that?” Because we have a lot of crypto clients and platforms that we work with. And so that was a really novel approach. And so that’s why I know you’re not your traditional like parents financial planners, because I can’t even imagine them going down that path and saying that.
Phillip Ramsey (29:28):
And you have to do it without a risk tolerance. It seems to be pretty up and down right now. And so to make sure that you can handle, there’s maybe a small portion, but something probably should be in there and you might not have to not need to understand everything, but you need to have advisors that do, and know maybe a portion, maybe 5% of a portfolio might be allocated towards crypto currency. And honestly, I’ve been the guy who’s like, “I don’t know, man. I don’t know.” And so Bryan did the analysis and said, “Listen, 5% or 3% of our client’s portfolios, let’s say it goes puff, gone, oh boy, that’s gone down three or 5%, whatever that allocation is. But if it goes up, it can actually help a lot.”
And so the benefits are outweighing the risk and he won me over and I was like, “Okay.” And it’s been the right move just to understand it. And our clients have benefited from it because they don’t need to know the ins and outs of it. It’s just like, “Hey, let me know.” And so that’s been helpful. Just understanding of the way Bryan does, has really benefited people just to talk through it, “Hey, I got a couple of questions, what about this? Or what about that?” And Bryan can answer it, I sure can’t.
Stacy Jones (30:40):
We touched on this a moment ago, you guys wrote a book, you have a podcast, what is this book that you wrote so that all of our listeners can go out and run under Amazon and purchase that etc?
Phillip Ramsey (30:53):
At the end of the day, we understand that Bryan and Philip can not go conquer the world with uncommon wealth, but we do think that the philosophy, it’s bigger than us. And so how are we going to get this message out to people? And we decided writing a book would probably be a pretty good start. And so the book is basically, do you align with the philosophy. The philosophy is this, this is why we’ve come to this philosophy, and then we break up into four phases as we call it. The first phase is, do you align with it? And if you do, basically, what’s the number that you need to come in every month for you to live comfortably? Once you know that number, and a lot of people can’t even get to that.
Like, “I don’t ever want to do a budget. I don’t know what my number is.” Then it’s a pretty good indication you shouldn’t come down this uncommon path because it’s going to get harder. And so that’s a very quick barrier to entry for us, do you even know what number you need every month to come in? The second thing is like, what is your capital that you need? Because a lot of times, great ideas fail because they just don’t have any security. So we call that a capital fund. And then the third phase is what are you passionate about that we can invest in? And let’s make a customized plan to try to get you to invest your hard earned dollars into this thing that you’re passionate about to try to replace what you needed in phase one, that monthly income.
And once you’ve done that, you’ve invested in something you’re passionate about and it’s kicking off enough income to cover your monthly expenses, you go into now phase four, which is time freedom. Now, you have the freedom to go do what you want. That being said, you liked what you did and you did it because you loved it, and so you go back into phase three with this attitude of like, “I can do it better,” or, “I actually thought I was going to love it, and I did love this component, but I sure as heaven didn’t love this component.” What are things that you can do to make your life even easier and maybe invest in other people to do the things that they’re good at to help you thrive and impact more people?
And so it’s this constant back and forth until you really are at this point where you’re like, “I don’t need any more money. I’m now at this point where I’m ready to do something different.” Then our job, our kind of employer at the end, we’re just really trying to get into like, “Go impact somebody else with this. Go try to take somebody under your wing and help them down this uncommon path.” So that’s basically the book, you don’t need to buy it now. I basically told you, but throughout the whole book-
Bryan Dewhurst (33:21):
Don’t edit that one thing.
Phillip Ramsey (33:22):
Oh yeah, go ahead.
Bryan Dewhurst (33:23):
Well, the philosophy, I think, and we haven’t said this on this podcast, but the subtitle of the book is You Are Your Best Asset. And I think a lot of times, our schooling system and college system option is to go get a job and work for somebody else. And I think that’s great, but we’re trying to champion the people that have ideas and they’ve maybe tried the corporate world and it’s not working for them, and just trying to give them baseline to figure this out. And I just saw a statistic that 38% of small businesses were closed in the last 18 months. And when you look in like 1900, 1910, it was like 80 or 90% of the country was self-employed or business owners. Now, it’s less than 10%.
And so I think now more than ever we’re at a point in history with the internet, with the crypto, things are changing rapidly and there’s a time and a place to go out and stake your claim again and start something new and start something that you can control and live life more on your terms. And I think that’s shifting. And so we want to be the champion of that and cheerleader of that. And that’s, I think, at the higher level what the book is about,
Stacy Jones (34:35):
Well, that’s your gig economy, and that even goes back to the days of the gold rush. Everyone’s always been looking for how you can go out, stake your claim, and make your fortune. So that hasn’t changed too much over these years.
Phillip Ramsey (34:48):
And you’ve seen a lot in this COVID where people would look at us like, “Well, I have the most secure job working at this big company.” And then what they came out of it realizing like, “Wait a second, I’m just a number that they can me pretty quick. Maybe it is, maybe I am my best asset here. And maybe if I control my own ship… ” And so throughout the book, we give everyone a tool, and it’s a one-page document because we don’t feel like it should be hard, but that you can put your goals and your dreams, your assets, your liabilities, and it can just be on one piece of paper. And so you can see it, like, “Hey, here’s my one three, and five-year goals. Here’s what my net worth needs to be when I’ve hit this point where I’ve had enough money so I can maybe,” what we call retire, have time freedom.
Stacy Jones (35:33):
Isn’t that money? It’s not just endless, you don’t just keep on working, just keep on piling in, piling in, and piling in, and you never stop, you just keep going. That’s not it?
Phillip Ramsey (35:42):
It’s a fool’s errand. Yeah, you’re going to burn out. So what is the end point? What’s the Angelo, the light at the end of the tunnel for people? And then we just help them just work through that. And people can do that for free right now on our website and so we wanted to try to give, one, people some examples and stories of people who are actually doing this, and we’ve seen people fail. And what they’ve found is that they were more excited after they fail and they learn more and they were even more successful at the end because they understood, they learned something while they were, “Hey, this didn’t go as according to plan, so this is what we did and changed it.” You’re very nimble when you’re investing in yourself and you can change things quickly.
When the market goes south on you, what’d you learn? Like, “Well, nothing.” So this is something that people really are starting to catch a lot of fire and it’s getting a lot of momentum and we’re excited to lead.
Stacy Jones (36:36):
We have the subtitle, what’s the name of the book?
Phillip Ramsey (36:40):
It’s Uncommon Wealth: You are your best asset.
Stacy Jones (36:43):
Okay. There you go. And you want to find that, I’m assuming it’s on Amazon or no?
Phillip Ramsey (36:49):
Oh yeah, totally on Amazon.
Stacy Jones (36:51):
Everything’s on Amazon, right?
Phillip Ramsey (36:52):
Bryan Dewhurst (36:53):
Phillip Ramsey (36:55):
Yep. All of that. We haven’t done an audio book, which Bryan’s super excited about doing that.
Bryan Dewhurst (36:59):
I want to try it, but we’ll see.
Stacy Jones (37:00):
Yeah. You should totally try it, and you have to do it. You all will be great with it and you won’t be the voice that talks like this.
Phillip Ramsey (37:07):
You can go to our website, www.uncommonwealth.com. And then also we have a podcast, it’s called The Uncommon Life Project. And what we try to do is highlight people who are doing what they love to do. And I love telling the story about the 74-year-old artists. She’s a watercolor. She’s amazing. And I ask her like, “Nadine, how do you get paid to draw?” She’s like, “Oh, Phillip, I just love what I do and people keep paying me.” And so it’s this mindset that like, “I’m just going to keep doing what I love to do and keep paid.” So we try to do this podcast to highlight people who are in their like sweet spot, and every day they get to wake up and do what they love to do, and they never want to stop and they keep getting paid for it.
So that’s our podcast. We try to give tips as well to do that. So that’s the show.
Bryan Dewhurst (37:56):
And you have graced our microphone as well. So thank you for being in our podcast.
Stacy Jones (38:02):
Bryan Dewhurst (38:02):
Stacy Jones (38:03):
Well, it’s easy. To me, work is never been work, that’s most tasks in my life. Cleaning my garage is work, but most of the things I’ve gone out to do, I get charged by it. And so I’m lucky in that way that I get charged by it and I find ways to make money from it. And I’m pretty sure that if you just go that way and you head that direction and just have faith, it all works out at the end. And I still have to remember that when you have the big, bad voice in your head saying you are screwed, that you’re not.
Bryan Dewhurst (38:37):
Your tasks is hard. It is hard. The uncommon path is not easy and you don’t want to come across like it’s sunshine and rainbows because it’s hard. But I think most of the people would attest, they wouldn’t change it either. And what it does for their mindset and their character, it strengthens them. And so we’re just having a blast with it, and we’ve had a tremendous last two to three years even amidst all the challenges just because we get to share so many people journey and their hard work and their faith and perseverance. And it’s just been a strong encouragement to us to stay the course.
Stacy Jones (39:19):
Are there any mistakes that you typically see your clients making?
Bryan Dewhurst (39:25):
I wouldn’t say our clients because we’re pretty frank, if we tell them we think they shouldn’t do that, we’re not perfect either, but I think for me the big one is just diversifying too quickly. I was just listening to a podcast the other day from pretty successful business owners and they were saying the same thing. When people are making good money one way and then they want to totally pivot and do something that they’ve never done before and think it’s going to go the exact same way, there are a few people in the world that have been able to do that, but I think you don’t hear the thousands and thousands that fail that didn’t.
Stacy Jones (40:01):
Well, they didn’t get to experience the failure along the way that they needed to do.
Phillip Ramsey (40:06):
Yeah. They found it pretty quick.
Bryan Dewhurst (40:11):
If we were to write a second book, which I’d like to write, I think our books could be like a three-part series. The title of the second book that I want to write is, Don’t Diversify, Double Down. And not to say you shouldn’t diversify at all, but it’s more for that once you find that thing that you’re truly into, you’re truly passionate about, and it gets that charge like you’re talking about, how do you double down on that and how do you stay in your lane? And I think the other wisdom principle being from the Midwest is just harvesting. We see these farmers plant this massive fields of crops, we have tons of crops in California too. And so there’s something to be said for harvesting and doing the hard work and then actually getting a harvest.
And so I think those would be my two wisdom principles, so to speak of don’t pivot too soon, or don’t think you’re the jack of all trades.
Stacy Jones (41:02):
What about you Philip? Anything to add to that?
Phillip Ramsey (41:04):
Yeah. I would say, have your spouse be your barometer. If your spouse is like, “Don’t do it,” you need to really either communicate more effectively or change the course, because they’re seeing something in you like, “This isn’t good.” And that to us is just like, “Let’s don’t go against that. It’s going to be a rough road.” So I would say that. And I think too, just investing, to Bryan’s point, investing in things you don’t really know about, it really does take mind off of what you are good at. And so to keep yourself focused and maybe even having something that’s like an offshoot of what you do is fine, but something that’s totally different might not be the best decision that we’ve seen.
Stacy Jones (41:50):
Perfect. So for our listeners, again, they can find you guys at uncommonwealth.com, and they’ll be in the show notes. They can go and find everything they want to know about your book as well there, as well as on Amazon, they can also explore your podcast because you guys are super personable, and I know the podcast from being on it is great. What else do we want to let people know how they can get in contact with you?
Phillip Ramsey (42:19):
I can’t think of anything else, but this is what I’ll say, I hope this is encouraging to those people out there. Let this be something that is banging in your ears, don’t let the Jumanji drum beat die inside of you. Whatever you have to unlock, it’s important, and the world needs your uncommon, as we say. And so, whether you call us or not, whether you call Stacy, just do it, or if you’ve already done it, keep going and impact others because there’s a lot of people that are watching you from afar or maybe just your own family and they want you to succeed, and they need you to succeed. So I think that’s my only last like hurrah of, man, we need you to stay the course. And if you need an encouragement, reach out to a friend, to us, to Stacy, whoever, and let us encourage you because what you’re doing is important.
Stacy Jones (43:14):
Bryan, any other notes of advice to throw in there?
Bryan Dewhurst (43:18):
No, I just echo that. I think now, it’s like when is the best time to plant a tree? Well, 10 years ago, and then today. So I think it’s just a matter of, like I said, post COVID right now, I think there’s never been a better time to try that thing, that burning desire and fan the flame, so to speak. And we’d love to help in any way that we can.
Stacy Jones (43:40):
Well, no one, and it’s something that I hear on a daily basis actually from our team of lots of 20 something-year-olds who are fairly fresh out of college or a few years in, they weren’t taught this. They keep on saying, “No one taught me this. No one taught me that.” Money is one of those things that no one taught any of us, we’re just supposed to succeed, and pick yourself up by the seat of your pants and succeed. But we don’t have a map. And it’s nice having advisors that you can lean into and find out that you’re not alone or that you’re not nutso and kooky for thinking one thing versus the other, or you’re not taking a big risk versus your parents saying that you are.
So, it is good. And I do wish that I had found you guys or someone else that fit that mold decades ago, not when I was in my 40s. So thank you guys for that, first of all. And then for all of our listeners, find someone, find that go-to to get advice. It really will help you.
Bryan Dewhurst (44:43):
Yeah. For sure
Phillip Ramsey (44:44):
Stacy Jones (44:46):
Well, Bryan, Philip, thank you so much for sharing your insights and your wisdom with us today, truly do appreciate it.
Bryan Dewhurst (44:53):
Phillip Ramsey (44:53):
Absolutely. Thanks for having us on.
Stacy Jones (44:55):
Of course. It’s fun. I told you it’ll be fun.
Phillip Ramsey (44:58):
Stacy Jones (44:58):
Phillip Ramsey (44:59):
Sure, it was.
Stacy Jones (45:01):
For all our listeners, Thank you for tuning in to Marketing Mistakes (And How To Avoid Them). I look forward to chatting with you this next week. And until then, have a great day. Bye y’all.
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