Aiming for Financial Success

In this episode of the How to Win podcast, hosts Kyrk Davis and Rick Gregory discuss how to embrace changes and overcome anxiety in both personal life and finances. They emphasize the importance of mentors, the significance of early planning, tackling fears related to finances, and adapting to changes in the economic environment. 

Kyrk Davis is a Registered Representative offering Securities through The O.N. Equity Sales Company, Member FINRA/SIPC, One Financial Way Cincinnati, Ohio 45242 (513) 794-6794. Kyrk Davis is an Investment Advisor Representative offering Investment Advisory services through O.N. Investment Management Company. Estate planning services provided in conjunction with your licensed legal professional.

Chapters

• 1:45 Discussing New Experiences
• 3:49 Managing Financial Anxiety
• 8:40 Embracing Change and Final Thoughts

Transcript

0:02

Welcome to the How to Win podcast. I'm Kyrk Davis. And I'm Rick Gregory. Want to know how to win in life and in your finances? Then you're in the right place. On this podcast, we'll be talking about everyday topics and how they relate to your overall financial picture. All right. Welcome back to another episode of the How to Win podcast. I'm here today with Rick Gregory. How's it going, Rick? It's going good, Kyrk. Things are, things are going really good. Things are changing and I think that's kinda what we're gonna talk about a little bit today, about doing new things in your life and you know, whether it involves, you know, personal things, financial things, or world things. We're gonna open a can of worms. That's true. So while we're, while I'm looking at it here, I just wanna let everybody know that as it sits, I am at the top of the, the Master's leaderboard right now. Well, I just see a Kyrk at the top of the leaderboard. That doesn't surprise me if anybody's ever played golf with Kyrk. He probably could be at the top of the master's leader board, but we're sitting here in the office, so he might be embellishing just a little. Oh, that must, sorry, that was Chris Kyrk. Oh, Chris Kyrk. Okay. Okay. Well, I'm picking Ludwig Berg or Oberg, however you say that. He finished second last year. I am picking anybody but Rory, anybody but Rory. Rory is the darling of the PGA tour and the face of the PGA tour. Just like Kyrk is the face of family financial partners. I feel bad for us. So let's talk about some stuff that involves doing something out of your comfort zone or something new. So. My good friend Kyrk and I went to Crossville, Tennessee last weekend and shot in a sporting glaze tournament. If you don't know what that is, it's kinda like golf with a shotgun. You shoot at little clay targets it, keep score. It's a little competitive. You can't win a million dollars doing it. We, we wouldn't. Even if you could, but that's beside the point. So let's talk about new things. Kyrk, how's this new shotgun thing working out for you? Shooting sporting clays. Yeah, well, it's a, it's a, it's a new old, or it's a new spin on an old thing for, for me. So I grew up traveling around the country shooting shooting skeet tournaments, which is, which is similar, just a, a slightly different, different game. So I had a, I had a background in it that then head and shot and, you know, a decade plus. And over the past several years had been kind of dipping my, my toe in just a bit with some, you know, league shooting and just recreational shooting here and there. I got the, I got the bug again to, to actually compete. So this was the first actual real tournament that, that I've been to. So it was definitely a different experience than the club shoots and some of the local the local circuits. Okay. So was there any trepidation or any fear involved in doing this, even though you'd done it before and it, but it's something completely different? You know, I mean, you're still shooting at little orange things, but it's a little different. Yeah, I wouldn't, I wouldn't I wouldn't necessarily call it fear maybe a little bit of anxiety.'cause the, you know, the rules are completely different from, from skeet to sporting clays. The rules are even somewhat different in how they're enforced from a a local, you know, fun tournament to an actual serious tournament. So not being a hundred percent you know, up to date on all those rules or all those, those customs there. It did leave a, a little bit of anxiety of not wanting to do something stupid. I kind of felt like I kind of felt like happy Gilmore in the first tee of the, the Waterbury open. So here we are at this tournament, you know, in Crossville t and we had a good time. It was actually a pretty good time, but, you know, so there was a little anxiety, not necessarily fear or whatever. So obviously we're in the financial industry, so how can we equate that to what's happening in the financial it like. Somebody that may have a little bit of anxiety opening their first IRA. Yeah. Well, I think it's normal to have some fear or some anxiety when, whenever you do something new especially if it's something you care about or if it's something that, that, that's important to you. So I, I hear a lot of times from people that maybe have never invested before there's, there's a lot of misconceptions out there about, you know, the, the stock market being gambling. And, and it couldn't be, you know, that couldn't be any further from the, from the truth. So, yeah, there's a lot of, a lot of connections there. Just, Hey, we're doing something new, or we're doing something that's gonna cost us some, some money. It's gonna cost us some time. And it is important to us in the, the long run, so wanting to make sure that we do all the steps correctly so we get the, you know, the best possible outcome. That's, that's normal and that's, you know, inherently gonna come with some anxiety and some, some fears. Well, I, I think the only time you should be fearful as far as your investing is if you're getting your investment advice from your best friend. Yeah. Yeah. I mean, I mean, I'm not saying that they're not your friend and they don't like you or whatever, but I mean, I don't think that'd be, that would be something that would make me fearful. Yeah. Well, I think, I think the, the best way to kind of get over that anxiety and get over that fear and have a smooth transition into, you know, being completely green to something, to being, you know, competent and confident in it, and then being a, a pro in it, is to talk to the right people and have the right mentors around you that actually. Know what they're doing from both a, you know, educational point of view as well as just an experience point of view. So, you know, I had, going into shooting terms, I had a little bit of a, of a background from 20 plus years ago. Yeah. But when you're a kid, you're not scared of anything. Yeah. But, but, but like, but like I said, I mean, those sporting plays is a completely different, completely different game with a completely different set of, you know, rules and customs and, and etiquettes there, so going into that, there was a little bit, like I said, there was a little bit of, of anxiety around it, but also going into it with kind of Rick being my, my mentor there who's been on the, the circuit for, I dunno how many years you've been shooting tournaments, still probably, probably six or seven years, you know, shooting bigger tournaments. Yeah. So going, going into it with somebody that has the, the actual experience to make sure you don't do anything, you know, too stupid you know, makes, makes that transition a little bit easier if I would've gone into it. Completely by myself driving down there not knowing more than a, than a handful of, of people that I just know from, you know, local shoots, it would've been a lot more intimidating. So having that, that good mentor I think made the, made the transition easier. And same thing with your finances. Finding the right people that can, can walk with you, mentor you, make sure you don't make any, you know. Major mistakes. I mean, of course there's gonna be some hiccups along the way but generally trying to try to guide you around those makes all the difference. Well, so one thing that I always think about and, and this is funny for, you know, when I worked at Toyota, you know, everybody's like, oh, you got your 401k, you know, put this in there and get the match or whatever. And I didn't know a darn thing about it. And. I put my money in there thinking, Hey, it'll be okay.'cause they told you, you know, if you put X amount of dollars in there when you retire, you'll have plenty. And then, you know, two thirds of the way along my journey, I consulted with an expert and then I realized how much I didn't know. You know? So I wasn't scared until I found out what I didn't know. Yeah. You know, so I, I'm sure that a lot of people are scared. Of what they don't know, but that's what we're here for. Yeah. You know, you call us and you know, you're like, Hey, you know I'm on this path. I think I'm gonna have enough money to retire. Yeah. I, I would say half of our clients are kind of in that boat. They, they've maybe at the midpoint in their career, they have listened to advice from friends. They've, you know, done their own research and most of the time they've made a, a lot of really good process or progress and are in a pretty good. Place. But you don't know what you don't know. So oftentimes we'll have people come in with a lot of confidence and they, they come in wanting just a, a checkup, make sure, you know, there's no big holes that they're, they're missing. And inevitably we find some and we're able to go and plug those holes and make sure that those holes don't don't sink the ship down the down the road. And whether they work with us in just that planning aspect or whether they work with us in the investment management side of things too we offer, we offer a lot of value and. Everybody walks away knowing more than when they, they came in, or at least having the, you know, some extra confidence in what they have been doing is, is correct. I'll tell you what scares me is that guy on tv, that financial guy Kramer or something that yells or whatever, what they got. We're not gonna yell at you. Yeah, I was gonna say like, who in the heck would listen to? But anyway, that's another story. But, so I'm getting ready to delve into something maybe. So I've got a little envious with Kyrk, 'cause Kyrk got a couple of acres, several down in Richmond. So I've always kind of wanted to be able to, you know, have a couple acres too, and my girls and, and, and my wife kind of has. So now we're looking at purchasing a farm. Selling our house and purchasing a farm. Well, it's not a farm, it's 15 acres, you know, but it's got a horse barn and the girls have horses and everything. So. That brought on a lot of anxiety, you know, because I'm comfortable now, you know, everything's going along. I know how things are gonna be, you know, I, you know, everything's good. So the comfort level that you have alleviate some of your fear, but to improve, don't you have to get out of that comfort zone? Yeah, I mean, growth doesn't come from just sitting, sitting stagnant in the, you know, in what you, in what you know. So, yeah, I had, I had some of those same fears kind of moving out from, we were just in a suburban neighborhood with a house 10 feet to, to either side of us. Yeah. Yeah. And kids running down the street 24 hours a, a day. And now we're, we're out kind, I, I don't wanna say remote, but you know, we don't have we have one neighbor that's 500 yards away, and then the next per closest person's probably half a mile away from, from there. Yeah. And I like it. It's nice. I, I just drove there last Friday and it took. It's cool. Where Kyrk lives is, is really cool. I like it. And I think, I think Hannah, his wife likes it too. But here's here, here's one thing that, that everybody should think about. There's going to be change in everything you do. Change in your financial life is probably one of the most important things. Am I wrong? No, not at the, not at all. Yeah, because you know, like you said, you could be going along thinking you're doing good and you know. You, you know, everybody's telling you, oh yeah, you're doing great, you're doing this, whatever, but do you really know if you're doing good or not? And that's what we're here for. And it doesn't cost anything for you to come and sit down and talk with us. No, no. We offer a, we offer a free consultation to, to anybody that wants to just come in you know, test drive our services and kind of see what you, you know, what our thoughts are on what you got going on. And see where we can, we can help you with. So here's something too that brings it up along that the how regular life is things. So we were gonna have a guest on our podcast today. Mm-hmm. And, the, the guy's a really nice guy. He's a physician's assistant, but he's been having some health problems, and he's a relatively young man. Mm-hmm. So that's another fear that can pop up, and that's something that we kind of discuss. Mm-hmm. You know, as we're, you know, going through all your financial stuff. Like, Hey, you know, when you retire, you're gonna have insurance. You know, it's just gonna be a burden on your retirement, you know, cover some of those things, Kyrk. Yeah. Well, you know, you, you, you can't, you can't plan for, for everything or you can't predict everything I should, I should say. But what we do know is the earlier we start the planning process and the earlier we start preparing it's gonna set us up for success. Whether it's at a traditional retirement age or maybe we're for forced to retire early because we have some health issues. Either way, never or it's never a bad thing to kind of start making tho those preparations and not be scared. Yeah. And not be, not be scared. That way you can make your. Your decisions in the future from a kind of a position of power instead of just being reactionary to, to what life throws at you. So yeah, we'll look at, you know, in general, the younger you, you come into us, you know, things are gonna be easier. You know, we don't have any of the, the really the messes to, to clean up. So when you, you come to us and you're maybe in your twenties or early thirties, most of it's gonna be, Hey, let's clean up some, some student loans that we have. Let's make sure we are. You know, making wise decisions about, you know, what, what kind of house we're buying if we, if we wanna buy a house, and let's start building emergency fund and saving and investing into our retirement accounts in a, you know, a, a reasonable reasonable level. That's all pretty, pretty simple stuff as you get older, maybe in your forties, early fifties. If we haven't made those good decisions when we're early now, it's now we have to work a little bit harder to play, to play catch up. It's never too late to, you know, to start. So if you're, if you're kind of sitting there a little bit later in life and you feel like you're behind, that's okay. We can make the, the best of the situation that we, that we have. But yeah, so planning for not only having enough money in retirement but planning on making sure we have enough money, you know, from, from day to day perspective in the, in the emergency fund to handle any of those things that, that come up. Making sure that we have enough, enough insurance and the proper types of insurance. So when those bad days happen. You're, you're protected from like a property and casualty point of view as well as just a, like a life insurance, you know, point of view for the, you know, the, the worst case scenarios. Then as we approach retirement, we'll look at, you know, healthcare, that's gonna be one of the, the biggest expenses for, for most retirees. So having a plan as, as to how we're going to actually pay for, for that healthcare and. You know, the, the, the best way to pay for healthcare is to not need it. Yeah. That, that's the truth. Yeah. And and that's not something we can always, always impact, but taking care of yourself, you know, today, physically, you know, going to the gym and eating you know acceptable diet you know, don't wanna say it's perfect, but, you know, doing those things to take care of yourself is, you know, significantly gonna reduce the, the amount of healthcare you need in the future. And significantly re you know. Reduce the, the strain on your budget from that? Well, I had a meat omelet and some wheat toast and water and coffee this morning for breakfast. I had, so does that qualify me for, you know, being a little bit healthy? I mean, you got your protein in today. Yeah, I did. That's true. You're, you're doing better than I am right now. I'm on my so it's 10 56. I'm on my third cup of coffee and I had a like a pack of trail mix for, for, for breakfast. Well, you know, sometimes you have to improvise. So everybody's probably scared right now with what's going on with the economy and the markets and in the world in general. Mm-hmm. You know, are those things that we talk about when you come in? I mean, do we discuss those things with people? Yeah, I mean, it, it certainly, it certainly is a scary time. I don't care, you know, who you are, who you voted for. You know, we're in a, a period of, of change right now and we don't know what the future exactly is gonna hold. So there, so it's normal to have some, some fears for that. Yeah, we'll, we'll talk about those things, but a lot of times I look at that as, you know, this is a, a short term issue here. If we, if we build a proper plan, we're looking at, you know, how is this plan gonna work over, you know, 10, 20, 30 years and, and beyond there? And the reality is that what happens in 2025 or 2026, will it have some impact? Sure. Is it going to, is, is this year or next year either gonna make or break your retirement? No, with proper planning it should, yeah, with proper planning. No, it, it shouldn't. It, but it, but it does, you know, definitely bring up those, bring up those doubts. Yeah. It brings up some, it brings up some doubts. Just like when you have really good years in the, in the market and, you know, everything's on a, on a run, it can make you a little bit overconfident sometimes and, and let you, you know, slack off and it's like, well, my, my portfolio is averaging 25% over the past two years. Maybe I don't need to save as much. Yeah. So yeah, let's not put in as much Yeah. Which is always a bad idea. Yeah. So, so it, it works on, it works both ways. But that's why I always try to, you know, we will certainly address the, you know, the flavor of the, the day. But more importantly, we'll spend most of our time figuring out how our, our portfolio and our strategies and our plans are going to, to work over the long, the long term, because that's frankly what matters the most. Well, so, so if you have. You know, worries, like everybody does a little anxiety, you know, a little fear about everything that goes on in your life. I mean, you know, you could, you could, you could have fear about, you know, starting an exercise program or starting a diet or, you know having children or whatever. You know, it range with anything. But, you know, if you come and see us, we'll at least alleviate some of those financial fears in, in our little sphere. You know, the things with your 401k or your IRA or whatever, you know, we, we can help. You know, you can let us worry about that more than you have to worry about it. Exactly. Exactly. And, and just having the, just having the, the kind of, the solid base of, I know exactly where I'm at right now. I think, I think that takes away most of the, most of the fears. Yeah. I would rather it's gonna help, you know, I would, even if it's in a bad situation, I would rather, I would rather know like where I, where I stand than constantly have these kind of questions in the, in the back of my head. Well, it's kinda like you know, if you clean your shotgun quite a bit, you know it's not gonna fail, you know? In theory. Yeah, in theory, yeah. Pretty. Unless you don't put it back together. Right. Yeah. I'm pretty rough on things though. But, but you know, so, so basically that's what we're doing is we're just kind of, kind of cutting things off at the pass and alleviating some of those things and trying to set you up for success. So is there anything else, Kyrk, that you think we need to talk about as far as, you know, things to worry about? You know, there, there's always gonna be something to, to worry about and, you know, with with modern news and, and social media and everything that's gonna be in our face, you know, just that much, that much more. What I always try to remind everybody, and I've had this conversation countless times over the past, you know, couple, couple weeks here is, is control what you can control and. Try to, try to ignore the, the rest. Easier said than done sometimes, but if we focus on the things that we can actually impact and taking those right steps, the rest of it, you know, tends to, tends to work out in our favor more often than not. Well, I think that's a good place to end. I think, you know, if we, we we're gonna take control of our little podcast here and close this thing out and like I said, call us if you have any questions. It doesn't cost anything to call us to come and see us. You know, and sit down and talk and maybe we can help, you know, with starting something new. You know what I'm saying? If you're not saving now, maybe we can help you get started and alleviate those fears. And if you're already doing it and you got some, give us a yell. That's what we do every day and we enjoy what we do. Close it out, Kyrk. Well, once again, thank you guys for, for listening in. If there's any, any topics that you want us to discuss, as always give us a call or send us an email. Let us, let us know what that topic is and we'll try to work it into the schedule here. And tune back in next next month. Thanks for listening to the How to Win Podcast. We hope you enjoyed the episode, and if you did, be sure to follow us on your favorite podcast platform so you'll never miss an episode. If you have questions about your finances, visit our website@familyfinancialpartners.com or give us a call at two one nine one zero zero. Six.