Rick Hu on Fee-Based Planning, Business-Owner Mindset & Building Midas Wealth

00:00:00: Welcome to Office Hours.

00:00:01: I'm Kuldeep Madan and this is where i sit down with the smartest, most interesting people I know.

00:00:05: today's guest is Rick Huw.

00:00:07: With nearly two decades in the industry on a top one percent production record rick Is known throughout the industry as The Titan.

00:00:14: at twenty five he was the youngest appointed managing director of Northwestern Mutual.

00:00:18: Today He's the founder and CEO of Midas Wealth A financial planning firm also affiliated with NM.

00:00:24: As if that's not enough, Rick is also a global speaker.

00:00:26: A high performance coach influencer and somebody I'm proud to call my friend.

00:00:30: I had the pleasure of meeting with Rick via Forum for Hundred Society of Top Advisors.

00:00:35: since then we've spent tons of hours collaborating workshopping how to make each other businesses in lives better.

00:00:41: Rick is insightful full wisdom for someone so young And frankly he doing all right things building an incredibly impressive business.

00:00:48: I'm excited to get into it with my friend and GET HIM TO TELL YOU ALL THE THINGS YOU WOULDN'T OTHERWISE KNOW ABOUT HIM AND HIS LIFE.

00:00:55: Before we get in all of this, here's our compliance statement... This material does not take into account your particular investment objectives, financial situations or needs and is not intended as recommendations appropriate for you.

00:01:20: You should strongly consider seeking advice from your own investment advisor.

00:01:36: Rick welcome to Office Hours!

00:01:38: Cody thank you for having me.

00:01:40: that introduction just really pulled my heart.

00:01:43: please share it out with my wife And I wish she said the same kind words we just shared.

00:01:47: I'm gonna send a tour.

00:01:48: i'm going tell her start every day.

00:01:49: read this out rick's head will get real big.

00:01:51: he'll get real friendly.

00:01:52: maybe buy more diamonds.

00:01:53: yep Maybe if I could, and I haven't enough.

00:01:57: But yes but thank you for those kind words.

00:01:59: You haven't bought your wife enough diamonds?

00:02:01: I don't know how much we've bought but kidding!

00:02:05: One of my greatest fears is that Your Wife will meet My Wife And they'll become friends.

00:02:08: Then We'll Go Broke.

00:02:10: That was one Of MY Greatest Fears If My Wifes Met Your Wife too.

00:02:13: In reality only ONE of us owns a Cullinan.

00:02:16: Should We Start There?

00:02:16: Can You Tell Me About Your Car?

00:02:21: host your podcast.

00:02:22: So yeah, two years ago I bought a Cullinan.

00:02:26: people asked like why did i buy it?

00:02:28: It wasn't really for me...I bought it from my father.

00:02:31: growing up.

00:02:33: we didn't have much but I remember we would watch TV together and that was kind of like my childhood to my father.

00:02:38: the intimate moments in time he spent with me will be watching tv.

00:02:42: And when you saw people drive a Mercedes they're like oh!

00:02:46: That person is rich and successful.

00:02:48: But when he saw someone drive like a rose voice, a cullinan with the emblem.

00:02:52: He was like oh those are important people.

00:02:55: and I said to my dad as well which one is better?

00:02:59: And he's like.

00:03:00: you know we don't.

00:03:01: We're not that type of people though ever have a cullen in our rose voice or whatever it may be.

00:03:06: and two years ago When my father approached age of retirement and i've always asked him To enjoy life for what every reason he still works Six sometimes seven days a week.

00:03:18: He doesn't know how to stop I wanted to buy his dream car.

00:03:23: Okay, so i was able to bring him To dim some two dinners and i remember i'll never forget When he first sat in the car.

00:03:31: uh And our driver drove him.

00:03:32: Uh, he had.

00:03:33: he had an emotion two emotions one?

00:03:35: He was really upset and angry and like every asian family He's like son you're such a wasteful person You're gonna spend all your money before you make it.

00:03:45: But there was a small glimpse.

00:03:46: I saw a spark on his eyes, he was living the dream that he always wanted when he was young man and That's why we only have one lifetime And I want to remind people, to live their best life.

00:04:00: Since then my father thought it was a waste of money but he called me every once in awhile and said hey do you mind if i take your car for spin send your driver to me?

00:04:07: Sure dad!

00:04:08: So um... It wasn't really from me.

00:04:09: what's for him?

00:04:10: Alright so now we got another fear that our parents will meet and judge us For all the dumb things we buy Which yeah..I'd buy all the same thing.

00:04:18: Tell me more about your amazing or not smart purchases.

00:04:22: Oh oh uh.... I have a Porsche Cayenne Turbo.

00:04:26: Nice!

00:04:27: The car is probably almost two years old now, okay?

00:04:31: I think it has eight thousand miles on it.

00:04:33: my wife drove seventy-five hundred of them driven five hundred.

00:04:36: yeah

00:04:37: i don't drive...I Don't know why own the car

00:04:41: in New York City.

00:04:41: Why would

00:04:42: we did go Rolls Royce shopping?

00:04:44: We tried to Bentley try them all but It's like I don't Drive.

00:04:46: so really care at this point by its My Wife's Car and when were In the car she drives me around because I don' Like driving

00:04:53: Nice.

00:04:53: Same, same but your car is way faster than mine.

00:04:58: Oh when I was younger?

00:04:59: I love to drive fast.

00:05:01: today at a certain age i'm A bit of a wuss.

00:05:05: I stay At the stop sign probably longer Than most and get honked out.

00:05:09: that's why New York City.

00:05:10: I moved To new jersey because new york city drivers are too aggressive especially The ones with the Porsche Cayenne turbo like you.

00:05:15: oh my god it's.

00:05:16: It's a fast car.

00:05:17: its alot Of fun It's not comfortable, that is what I've learned.

00:05:21: My dad was a big Mercedes fan as well and then Porsche was his big one.

00:05:25: he said interesting people have sports cars And so i wanted to sport car.

00:05:30: but you live in New York You can't have real sports car.

00:05:33: So we went with the

00:05:33: SUV

00:05:35: To this day.

00:05:35: it isn my second one.

00:05:37: Its also one of my favorites.

00:05:40: Same here

00:05:41: Same here.

00:05:42: You know, it sounds like we had very similar family backgrounds.

00:05:45: It's just a little bit of an immigrant overlap here.

00:05:46: mindset mentality.

00:05:47: talk to you about your family.

00:05:48: Where'd ya grow up?

00:05:49: I know what's here in New York but sure give me some of that detail.

00:05:52: Sure was born and raised in new york city Brooklyn To be specific And when i meet someone knew they're like brooklyn.

00:05:58: is it dumble?

00:05:59: Is the Williamsburg?

00:06:00: and then i say Flatbush.

00:06:01: Flatbushing, I've never heard of flatbush Brooklyn.

00:06:04: Yeah you've heard it in the rap songs next to projects and that's where i grew up was probably ten minutes away from like Jay-Zs project Born & Raised In Brooklyn New York.

00:06:13: my entire life childhood an upbringing very humbling beginnings My father was a chef my mom is a cashier at supermarket And quote unquote.

00:06:22: we were poor because We Were on food stamps Medicaid and quite frankly growing Up.

00:06:28: I don't think it's a quote-unquote if you're on Medicaid and food stamps like that.

00:06:31: You are for

00:06:31: your poor.

00:06:31: That's right, that's what i said.

00:06:33: we all pour.

00:06:33: um And you know when i was younger?

00:06:37: I didn't know What poor meant and felt until i got older and i realized what poor Was.

00:06:43: uh Like eating mcdonalds was the luxury.

00:06:47: Putting toppings on your pizza was a luxury.

00:06:49: that costs a lot cost a lot.

00:06:51: We would go to Costco if we were okay with paying the annual membership.

00:06:55: And when you're probably like, oh I'm getting a big hot dog or what is it?

00:07:01: The chicken stuff...we were there.

00:07:04: maybe buy a cup of coffee and do you know the napkins they give?

00:07:07: Sorry for ran out because our family was taking a few extra napkins.

00:07:12: just becuase it's available!

00:07:14: So When i say poor in Medicaid And my childhood was really hard.

00:07:23: It's hard, and hard can be subjective for different people.

00:07:27: I didn't see my parents much.

00:07:29: My parents were like most immigrant families.

00:07:31: they would work six seven days a week and For short or long period of time?

00:07:35: I just can't remember it because They say that when life is challenging your memories go to this box.

00:07:41: then you can't Remember.

00:07:43: um...I felt them my parents did love me cuz they were never there.

00:07:47: There was a period of my life where my father had to, quote-unquote make money.

00:07:51: He would move to Georgia he will move to Florida and My parents both moved leaving me at my grandmother's house And I slept on your couch for over a year in third grade.

00:08:02: and That Was my childhood.

00:08:04: it wasn't until i was older but life and phases of rebellion, why don't my parents love me?

00:08:11: Why are they not

00:08:12: here?".

00:08:12: And I realized it wasn't that they didn't care for me.

00:08:15: It was the complete opposite.

00:08:17: but they had to survive and make money!

00:08:21: That's why... My childhood is the best that my parents could have given me.

00:08:27: We're in business what we do so that no one will ever experience my childhood.

00:08:35: What

00:08:38: would your kids say about how you are as a parent?

00:08:41: I hope my kid can say that.

00:08:43: I was present.

00:08:45: That's all like, I don't think My kids understand the difference between Homes brands Anything Like.

00:08:54: do you know how new kids might?

00:08:56: my son is turning nine my twin daughters or seven.

00:08:59: Do you know How children spell love?

00:09:03: now t i m time And unfortunately, I don't know if you felt the same.

00:09:11: But most immigrant families... You know how they believe love is spelt?

00:09:16: Money!

00:09:16: Yeah Like Lunar New Year i'll get red envelopes holidays and nice gifts but none of them mattered.

00:09:24: I just want to spend more time with my parents.

00:09:26: And i have a picture of them and so crumbled, but i remember sleeping in my grandma's couch back then.

00:09:33: there was calling card and i would reload it for five dollars.

00:09:36: My grandma and grandpa were mad at me because they're like why are you wasting money?

00:09:40: So i called my parents and hugged him as a young boy until he was all wrinkly crumbled and he can't see it visually!

00:09:48: And i'll cry sometimes at night wondering how come my parents weren't here... As I got older, I realized they didn't know any better.

00:09:58: Which is why... Man!

00:10:00: We're what?

00:10:00: Five minutes

00:10:01: in?!

00:10:02: This coffee's

00:10:02: kicking-in?!

00:10:05: My parents should've lived a better life when there were new parents.

00:10:10: I should have had a better childhood when i was young boy which is why I do what we do our children can live the great life that deserve because one day will all leave this world.

00:10:23: What are memories you leaving behind?

00:10:25: Yeah, I think that speaks.

00:10:27: You know we've talked a few times you and i about how We are with our families in being present And I didn't know all of That background right?

00:10:36: I Didn't have the context.

00:10:37: so I Think In some Of Our past conversations if you

00:10:40: didn't care enough and thats okay but no

00:10:42: it's a I care It's.

00:10:43: uh.

00:10:45: It's usually takes time to get somebody To kind of unfold and start telling you more and More.

00:10:50: normally there isn't A mic in front of them before they Get There.

00:10:53: But like your style What I've learned about you is the presence, time.

00:10:58: Like it had a gentleman named Mike Book on earlier this week and he said You should be where your feet are.

00:11:05: It's one of his favorite things.

00:11:06: He says that all-time And you're one those guys That i think you just live that way right?

00:11:09: That Is Your Way Of Being...you not The guy ever see holding His phone looking at the text while talking to somebody.

00:11:15: you're always present..I Think you've done that with your family and thats been A big part of our conversation.

00:11:19: Thats kinda why I liked ya.

00:11:20: You were like You were so intense to talk.

00:11:23: I was like, yeah he's definitely not distracted right now Like he is a hundred percent here.

00:11:28: How are you at home?

00:11:28: What do?

00:11:29: what does that time with your family...what is being there mean too?

00:11:32: So who i am Monday through Friday during workdays Is the complete opposite of Whoi Am as father and husband.

00:11:38: Okay..I Do truly believe That society tells us we're all in certain way.

00:11:44: But most successful people have multiple personalities.

00:11:48: They have two.

00:11:50: My parents versus how I treat my children are completely different, right?

00:11:54: Who am to my spouse vs.

00:11:56: who iamtomyteam To my clients or also different?

00:11:59: so the best way to explain it uh...I Am not even a top five importance at home and at home.

00:12:07: What's the ranking?

00:12:08: So it definitely, if you ask my kids is mommy like our nanny or dog and then maybe... It would be me.

00:12:18: Oh!

00:12:19: It's a tie between me and I'm maybe out landscaper because he keeps the flowers.

00:12:23: Same

00:12:23: ranking in home but we don't have a landscape.

00:12:24: so doing great kind

00:12:26: of.

00:12:28: So one thing i've learned whether its through experience are to pee I did not early in my career find the importance of time.

00:12:42: Uh, I'm very intentional.

00:12:44: I do time blocks and love saying no because the yeses that I say are that much more meaningful?

00:12:53: So most people or people pleasers, most people will say yes to things that sometimes they truly want to see us too but mostly at a time day probably are overwhelmed, but they just don't have the heart to tell the truth.

00:13:06: So I always say this, Hopefully one day if they're listening to this podcast or when their old enough my kids and listen his podcast I've met there expectation as a father.

00:13:42: What would your parents say about you parenting style now?

00:13:46: They question why am i not more strict?

00:13:50: okay, they are Interesting didn't expect that.

00:13:53: My parents are extremely traditional very old school but um They'll say Why Am I Not More Strict?

00:14:00: But they're Extremely Proud of my Parenting Style because You know What my how?

00:14:05: My parents raised me was because of in like Chinese culture older generations Versus younger generation.

00:14:13: They'll talk down on you.

00:14:14: Yeah, right now what I've learned through the blessing of my wife teaching Me is to be a great parent.

00:14:21: You don't talk down and your children.

00:14:22: you should talk On the same platform.

00:14:25: Right if you think about it.

00:14:26: as a great Parent you want to raise Your Children To Be Confident Kind And human beings that can hopefully dream big and take over the world.

00:14:36: But we always talk down on them, tell them what they should do who they should be how they should act.

00:14:42: We're controlling them!

00:14:44: I believe this.

00:14:45: Being a parent is one of greatest blessings in life but it's also one of most painful moments.

00:14:50: Allow me to explain A great parent will raise their children so One day not need them.

00:14:57: Okay, not need them.

00:14:57: and when I told you share this moment my wife And i take our five a.m.. Five k walks we talked about is like one day Our three kids won't need us.

00:15:05: that's your greatest gift because You don't want Your children to stay around you forever Because one day When I leave This world?

00:15:11: I Don't Want My Children To Not Know How To Survive In This World.

00:15:16: So Being A parent Is The Greatest Blessing.

00:15:18: but Also It'S Really Difficult Because One Day When My Kids Don'T Need Me I did everything and supposed to do as a parent.

00:15:25: But if they still need me when their twenty, thirty, forty, eighty... ...I think i'll be a little sad.

00:15:32: Uh it's uh- I guess that would the opposite of actually takes you too.. I wrote down this is a direct quote.

00:15:40: This my parents American dream!

00:15:42: I became one who will change our bloodline forever.

00:15:45: That right Right?

00:15:46: You're trying to install something similar into your kids.

00:15:48: Absolutely Um.

00:15:50: And quote that you just shared was the best I could do.

00:15:55: translating it from what my father said to me on a Father's Day in Chinese, uh...that share with The World.

00:16:04: Um..I know if my dad is being honest this lifetime that he's living Is not the life That he expected when i was young boy and there were moments where I thought My life should be like my father because He sort of liked my role model.

00:16:22: I was saved by my wife who reminded me, My best life is the life that I see in dream.

00:16:28: But i believe like most minorities and most older generation they try to achieve one version of legacy or generational wealth Okay?

00:16:39: but most They can't see it ,they don't understand It .They're suffering from a generational curse Just a racial curse.

00:16:46: You can't get to generational wealth if you're full of curse and I'll give you great example.

00:16:50: my father and mother today They're in a different place than life.

00:16:54: they own dozens of real estate property in the tri-state area But there's still working six seven days a week as if they have two.

00:17:02: And it's so sad like, I don't recall many birthdays with my parents when I was a young boy but day i hope They're in their sixties and let's say God willing to have another forty years so a hundred.

00:17:17: Yeah, if you actually count the amount of birthdays Holidays summers they have with your family it's limited.

00:17:26: If you have forty more years to go that's right.

00:17:28: You mightn't have twenty with great mobility Your brain fully intact Twenty-five at most.

00:17:33: sorry those are the ones to enjoy.

00:17:35: Sorry

00:17:36: I lost my dad a few years ago a week before his sixty fifth birthday So he never got to enjoy retirement.

00:17:42: He didn't ever get to understand what that word even meant, like it never happened for him.

00:17:46: He was sick with cancer and worked up until one week prior... ...he worked five-to six days a week!

00:17:51: And they only work five or six because we got them to stop working seven going through chemo.

00:17:56: so I don't know how many people fully understand having our parents get older still choosing to work.

00:18:05: but i think my mom fought me three years straight about retiring.

00:18:09: She's like, but it's not full eligibility.

00:18:11: I'm like who cares?

00:18:13: Who told you- Who cares?

00:18:14: Eligibility is what the number they came up with.

00:18:17: yeah right What does this

00:18:18: mean to you?

00:18:18: why do we care?

00:18:19: Why don't we need money?

00:18:20: there's nothing you need anymore.

00:18:22: You have everything you need in life and you have an unlimited supply of anything more you could need.

00:18:26: Why why don't they ever shift their mindset?

00:18:28: And i think what i hope for my kid Is not thinking Like that.

00:18:32: i think um i Think when you think about uh changing a bloodline.

00:18:36: The change you've made is being a true entrepreneur, thinking outside of that box.

00:18:40: I think you built the very interesting business.

00:18:43: so i want to talk through really just a little bit about how we got started on our journey in getting into this business and things are special because it's what were in but also had more of an unorthodox path into it.

00:18:54: That's right.

00:18:55: So at

00:18:57: twenty one years old right out college uh...I studied finance school was going be investment banker.

00:19:04: That senior year in school, everyone that was in finance said investment banking wasn't ready to go.

00:19:09: Uh...that was in two thousand seven and I was blessed To have interviewed for investment banks And had an opportunity join the investment bank.

00:19:17: Okay But iIwas always taught that uh Always keep your windows of opportunity open.

00:19:22: The last interview Was to be in financial planning For a wealth management firm.

00:19:27: What they said In their interview was Hey!

00:19:28: I know you're interviewing for Investment Banking but are You familiar with similarities With investment banking and Financial Planning?

00:19:34: And I said, not really.

00:19:35: Investment banking helped big corporations make a lot of money but financial planning can help people make a lotta

00:19:40: money.".

00:19:41: Which one do you think have more purpose and passion about?

00:19:43: As I wanna help people that sounds amazing!

00:19:46: Can People Make A Lot Of Money working with a

00:19:48: professional?!

00:19:49: Um...and then he says something to me the managing director who hired me which you may appreciate.

00:19:54: He says um did you know?

00:19:56: in America and specifically resonate with UME Asian people had won highest education Hard working, however highest poverty rate.

00:20:08: Were you aware of that?

00:20:09: And I said no.

00:20:10: and he was like do you think have what it takes to help your

00:20:12: community?".

00:20:14: It just kind of dawned upon me.

00:20:15: That sounds about right.

00:20:16: we were in food stamp medicaid.

00:20:18: my parents are working six seven days a week as if they had too but couldn't enjoy yet.

00:20:24: so i joined this industry.

00:20:27: Joining the industry is extremely challenging introverted, socially awkward.

00:20:35: Don't

00:20:35: seem to have overcome the introversion a

00:20:37: little bit

00:20:37: takes hard work.

00:20:38: after this podcast I might go call in the corner and still be shy and quiet myself but it was really really hard.

00:20:45: But um i don't believe any one of us that are born Have self-defeated thinking.

00:20:51: It's our environment That put us into that position.

00:20:54: So you know first six months?

00:20:55: I struggled put on probation.

00:20:57: Everyone told me I was no good.

00:20:58: my parents said why do you join his industry?

00:21:01: Asian people or most people don't believe financial professionals.

00:21:05: It's all product-based.

00:21:06: we don't need it.

00:21:08: and I actually for a short period of time started believing the naysayers like yeah, Financial products financial instruments financial advice is no good okay?

00:21:18: But it's not true as if every challenging experience to sometimes speak to people hoping they'll listen if their already automatically closed deaf ears.

00:21:30: So it took me a long time To really understood this.

00:21:34: but my first six months I struggled and then finally while was on thirty-day probation, I Realized is not about working hard It's by working smart.

00:21:44: Okay And I realized the reason why failing those for six months wasn't because you and i are no good?

00:21:49: I recalled hearing about your background Transition a few companies until you got to where you are today, correct?

00:21:55: Yep.

00:21:56: And I think the first company You worked at probably could have been as Excited and i'm sure that company wish he were still there.

00:22:03: right yeah every day.

00:22:05: But it was because of the environment.

00:22:07: Right if the plant can't grow Do you blame the plant or do you blame soil, water and sun environment?

00:22:14: I believe it's a ladder.

00:22:15: And those thirty days when i was put on probation to be fired because my peers said that they were no good... ...I started developing skills of talking with myself….

00:22:23: …or hearing things in my head whether its good or bad.. ..I started saying words about affirmation and those thirty-days I survived!

00:22:31: Instead being product based.... ...I became people focused instead of being….

00:22:39: caring more about people and strategies, and educating.

00:22:43: And those thirty days I survived probation in the next six months.

00:22:47: Uh...I went from bottom of my training class to like top three.

00:22:50: second year was number one.

00:22:51: third-year you said earlier i Was a youngest managing director for uh..my broker dealer?

00:22:57: Then You know the rest is history.

00:22:59: and then I built an office.

00:23:00: build a team of five two fifty.

00:23:02: we became number one country.

00:23:06: Hick up in my life where I caught blood because i was working too hard like the generational curse Was still there.

00:23:11: uh and then?

00:23:13: I retired from my previous role named My firm which today is called mitis wealth after my son.

00:23:19: And people always say why did you name your firm After Your Son?

00:23:22: Because sometimes at least back Then not now.

00:23:25: I would see my sons Name on The Wall, and I will remind myself it Will Remind me.

00:23:29: It's Like stop looking At You're Sons Name On A wall go home and play with your son.

00:23:33: oh

00:23:33: so

00:23:33: kind of obvious In hindsight, when you think about it.

00:23:36: You're like how did that take me so long to realize?

00:23:38: That's right.

00:23:38: and then... So eight years ago we created Midas wealth.

00:23:41: at that time I was starting all over.

00:23:43: It was me in the team of two And today were a team of twenty-five.

00:23:47: Like you said earlier We are blessed double recognized by Forbes And uh..we lead our broker dealer many categories as global speaker helping out industry.

00:23:57: I love it!

00:23:58: Its um....I know how successful your are and i'm gonna talk about this.

00:24:01: I know how successfull YOU are too.

00:24:03: We're gonna talk about the business.

00:24:04: I think what you are building with Madis wealth is unique, right?

00:24:08: Thank You we'll come back to that though i want hear about if it's okay With you of course here.

00:24:13: but uh The blood coughing blood seems like something That might be pretty impactful To your life.

00:24:18: yeah What happened?

00:24:25: It was two thousand sixteen.

00:24:30: I Was on stage in front Of fifteen thousand people top of my career as a managing director.

00:24:39: Everything was record breaking, and my wife and I were going to get married in November.

00:24:45: And I would never forget—I felt like I was on the top of the world in my career at that time.

00:24:54: Then in twenty-sexteen we got married.

00:24:56: In twenty-seven we were planning to have our child —and she got pregnant!

00:25:01: But many people don't know when they see me on stage.

00:25:04: ...at that point... They see the ribbons…they see the accolades.

00:25:08: …they see success….They don't see the scars.

00:25:11: That may not be apparent.

00:25:15: I was three hours late on my first date with my wife, those three years...I'm still surprised that she was seeing me for the second day.

00:25:24: Those three years as she was with me?

00:25:27: I don't think it's ever been on time because i always working and remember when we got engaged promise to slow down from work won't work hard.

00:25:37: guess what I lied!

00:25:39: And im NOT a type of person who say ill do something.

00:25:41: And what happened was in twenty seventeen after we got married she had pregnant.

00:25:49: I Developed whether it's a gift or curse of obsession.

00:25:54: I Had Not diagnosed, I definitely had anxiety because I wake up oftentimes most the nights and look at this ceiling Scared.

00:26:01: am i ready to be a father?

00:26:03: Can I raise a family?

00:26:04: Am I going to be like my Father?

00:26:06: that wasn't fully present?

00:26:08: and uh did they exact opposite that I said, it was going to do when I was a little boy.

00:26:13: And that was...I did ex- ...I was working hard and

00:26:15: ever.".

00:26:15: I'll come in the earliest leave the latest.

00:26:17: everyone never forget six months into my wife's pregnancy she had like really swollen feet and She couldn't really walk.

00:26:23: as he said honey You know you're working really hard um..i have a doctor visit.

00:26:30: Fortunately i made every Doctor Visit with her but there were times where Like I had so like say So I rescheduled his client meeting or go To My doctor visit of my wife my pregnant wife.

00:26:38: But I made Everyone and then I just said to our Honey!

00:26:40: I Have to Do I have to work this hard because we've got a baby coming.

00:26:44: And then, I noticed—I saw the sadness in her face but didn't know how to cure it.

00:26:49: so is really sad and I'm ashamed of him.

00:26:52: Not ashamed cause he's an important member our family.

00:26:54: I bought her dog.

00:26:56: Surprised that she was a dog because she wasn't really happy But wanted to fill her void by buying her dog Teddy.

00:27:06: It was like the following month The biggest blessing!

00:27:10: And when I coughed blood at work, I was scared to death.

00:27:12: Oh my God!

00:27:13: Am i gonna die young?

00:27:14: Like unfortunately like some of the...I thought it's main characters in a movie and I said to myself- I may but never forget coming home share with wife hey honey I cough blood.

00:27:27: then she cared about me so much Honey are you

00:27:29: okay?".

00:27:30: And I don't know.

00:27:31: have doctor appointment visit just check out.

00:27:34: Then after she is going be ok But let us have divorce.

00:27:40: And then I don't know how you feel.

00:27:42: Like sometimes, your energy and mine are really

00:27:45: similar.".

00:27:47: What do you mean?

00:27:47: You want to have a divorce like...you promised me less than a year ago when we got married that would be there through dick-and-din!

00:27:57: We live in the high rise of Manhattan where everything materialized on life but never had to work.

00:28:03: Why did she divorce

00:28:04: me?!

00:28:06: She said You gave me all the things that you thought I want.

00:28:11: You never asked me what is it?

00:28:12: I actually won and I married you for you, but your not present.

00:28:17: And if you're gonna die young in our sons not going to know who his father Is let's have a divorce before our son is born because i don't Want To raise Our Children Without A Father.

00:28:27: That'S Not Present.

00:28:30: And then I said to her, you don't understand.

00:28:32: If I didn't work this hard like how do we have all these things?

00:28:34: Then she says something to me that saved my life truly save my life.

00:28:38: She says That's okay.

00:28:40: You're not.

00:28:41: your values Not based on the numbers you having in account.

00:28:45: Your value is not based on your material things of life or success.

00:28:49: Our children just want you.

00:28:52: We'll move home and live at our parents' basement.

00:28:57: Let us raise a family The right way that you promised.

00:29:00: and it was like the following week, like clockwork.

00:29:02: So That moment It was like She saved me.

00:29:07: I did not know i lived most of my life Until until my early thirties with shackles.

00:29:13: I truly believe Most people live life With shackles but they're invisible And their suffering They just can't see it.

00:29:20: she broke My shackles would love?

00:29:23: The best thing the greatest emotion that we will have in life is to overcome fear, overcome scarcity and fill it with abundance is through love.

00:29:33: She shared me the love of me in that moment and none other things my parents taught me were important.

00:29:40: life actually mattered.

00:29:41: so then following week I went into my broker deal and said I retire.

00:29:46: Retire?

00:29:47: That was like career vision.

00:29:48: right everything we're number one country!

00:29:52: I retire.

00:29:53: well what are you gonna do?

00:29:54: I'll start private practice over again Over again after like eleven twelve years.

00:29:58: I don't know if i'm actually good at this anymore.

00:30:01: Would the coach be as good?

00:30:02: As, the player even though it's like phil jackson coaching michael jordan colby bryant to win championships.

00:30:07: now Phil jackson Like i'm gonna play ball myself.

00:30:10: probably people doubted him or not but like i said you Know what.

00:30:14: i'll start over again and doesn't matter any more It doesn't Matter.

00:30:17: yeah What i thought success.

00:30:18: And um We're super blessed because although I lost seventy percent of my revenue and income by retiring, the time I retired within two years we replenished all.

00:30:27: And then following year we were ranked by Forbes recognized by Forbes and had a restless history.

00:30:33: so um My journey in this career is to me nothing less than a miracle uh?

00:30:40: And i felt like it was a blessing through faith and I used to when I was young boy said All I've accomplished is my hard work.

00:30:50: I'm a different man today, all i accomplish Is really through faith and uh...I don't want to take any of My success as my own recognition of glory anymore.

00:30:59: What

00:30:59: does faith mean To you?

00:31:03: And it was like three, four years ago.

00:31:09: My kids were hanging around other kids at the park and there are kids that we're clearly naughty because those kids reminded me as a little boy!

00:31:15: And they where kids who have really good kids...good human beings..and their family.

00:31:20: Not surprise or surprise They were uh....they were kids.

00:31:23: I went to church.

00:31:24: So it's just like four year ago.

00:31:25: i told my wife I said honey let start going Church.

00:31:28: She is like oh my

00:31:29: god!!

00:31:29: I had a dream.

00:31:30: We should go to church too.

00:31:31: My Wife grew up As a Christian, I grew up as a Buddhist and she was like what kind of church you want to go?

00:31:35: To us.

00:31:35: Like the one you went too And last year's yeah i've never understood religion.

00:31:40: and then just in the last four years I started going church whatever night and I truly do believe.

00:31:45: You know Just you and I don't know that statistics is being born.

00:31:50: it's like One in couple hundred trillion chance.

00:31:54: Did you know if we were five meters closer to The Sun or five meters further from the sun why they're burnt to death?

00:32:00: are we free to death?

00:32:02: The fact that we are able to do.

00:32:04: this is a miracle.

00:32:08: So I live a life where I'm truly grateful, just so grateful and I try to share as much of what I have in gratefulness with others.

00:32:23: Okay,

00:32:23: let's go back to the health thing for a second.

00:32:26: How was your health now?

00:32:26: It

00:32:26: is great!

00:32:27: So I wasn't being in little bit of a wuss after seeing few doctors and thought that had something really serious terminal.

00:32:34: apparently i have an ulcer which is pretty serious.

00:32:38: For like thirty-year old or thirty something year old.

00:32:40: Yeah it was like heartburn Ulcer but then took some months of a meprosol.

00:32:47: I'm back in action, right?

00:32:50: I was told by the doctor don't drink black coffee.

00:32:52: Don't do fasting which i thought it like super important.

00:32:55: so that's what it was and then my health is way better.

00:32:59: I am extremely intentional obsessive with my health.

00:33:02: So every few years go see physicians Go to Mayo Clinic Do their executive health check because without our health nothing else.

00:33:09: You said something

00:33:09: about a five K at five AM With your wife.

00:33:12: Yeah yeah we do walks everyday Like, well I want to do it every day.

00:33:18: Most days?

00:33:19: Yeah if its like raining or snowing she's like nope not-

00:33:21: No let's get that said.

00:33:22: nobody wants me walking in the rain.

00:33:23: Uh

00:33:24: i'm okay with it.

00:33:24: actually I find it to be pleasant but yes we when the weather is nice five a.m.. Five K non-negotiable ten thousand steps every single day

00:33:34: just The two of you

00:33:36: Or me by myself.

00:33:37: Okay so what are you doing during this?

00:33:40: You listen to podcasts.

00:33:41: Do uh read book Could

00:33:42: talk?

00:33:43: You talk

00:33:43: to your wife.

00:33:44: Yeah, well wow yeah Well my

00:33:46: wife's gonna kill me for

00:33:47: that.

00:33:47: Oh sure she shouldn't be listening about podcast.

00:33:49: This is

00:33:49: this.

00:33:49: one's not going to go off of you

00:33:51: but hope so I'm gonna

00:33:52: end up on five a.m.. Walks.

00:33:53: yes watch.

00:33:54: well the reason Is uh?

00:33:56: She's extremely busy with our three kids And i'm busy with The companies That we own and run.

00:34:03: But the five am time.

00:34:04: it's So incredibly peaceful The sun is starting to rise, and we're having really deep meaningful conversation.

00:34:12: Like this morning as I was walking with her she started talking about the new book that she's reading And said did you know about Steve Jobs' life?

00:34:25: begged him or asked them to come back.

00:34:27: And that was because most companies fail, because lack of culture, lack of strategy and Steve Jobs were so obsessively focused on.

00:34:34: you knew the destination before anyone saw it.

00:34:37: So every morning when we talk about like how is your day yesterday?

00:34:41: How uh What are you working on?

00:34:43: How can I help you?

00:34:44: but i really do Like when i'm old and someone asks me what was probably The best parts Of our marriage Is our five a.m.. Five k walks And everything else was

00:34:54: really good too, but just it's such a good.

00:34:56: Yeah How long is the five K walk

00:34:58: like?

00:34:58: and if you like now or not.

00:35:00: You don't have to speedwalk It's an hour yeah.

00:35:01: So six AM you get your back.

00:35:03: I'm a morning riser in at six am.

00:35:06: then i go into my peloton bike ride Or do some weightlifting so?

00:35:10: Yes It's not that difficult.

00:35:13: You just have to get used to sleeping early.

00:35:15: No, a five AM-five K walk with my wife would require having that walk be pushed at ten am.

00:35:19: she doesn't believe in.

00:35:22: She hates this whole morning thing.

00:35:23: Yeah like can I have coffee and bed for two hours starting it eight until ten?

00:35:27: And then we go for this walk.

00:35:28: She

00:35:29: definitely will not be pleased listening to his podcast.

00:35:30: But yeah.

00:35:32: So so people are like well almost seven am riser.

00:35:34: i was like than seven am seven k walk Ten am ten

00:35:36: later you got up the longer you look.

00:35:38: oh Then they're like what about one p.m.. One k?

00:35:40: It doesn't work that way.

00:35:41: No, it resets now to thousand steps okay?

00:35:43: That's right you can do a thousand.

00:35:44: there is nothing in there.

00:35:46: You've talked about environment and you just alluded to culture.

00:35:49: little bit.

00:35:50: talk to me About the culture of your company or companies because you just dropped the companies if few minutes ago.

00:35:55: Yeah

00:35:56: so we own a private wealth family office which I'm extremely proud Of.

00:36:00: If you saw eight years ago We're team at three.

00:36:03: Now were a Team of twenty five And next month with two new people starting Twenty seven.

00:36:08: and trust me I don't want to grow the firm this big, i'm not trying to win HR of the year.

00:36:12: It's just that you know.

00:36:14: it's an absolute blessing.

00:36:15: but the amount of demand for what we do is there.

00:36:18: so I have to hire more people to best serve The experience for our clients.

00:36:22: But also I am a global speaker and also high performance business coach whether its for advisors in Our industry or outside Of our industry.

00:36:30: uh...I Also Have A real estate trust arm where We buy Real Estate around the country And then finally Our family has a fund where we invest in private companies, kind of like a VC type of scenario.

00:36:44: But culture.

00:36:47: I think most leaders they don't fully understand culture because their actually building an environment which is a quote and you can lead by example.

00:36:58: You can lead from the front or you could be In-the-back whipping whipping And y'know i hope.

00:37:05: Leaders constantly are striving for self-improvement and development because the enemy of learning is knowing.

00:37:13: And there're too many leaders with two big of an ego, they start learning cause I think that know it all.

00:37:18: but to be a great leader It's really about building a culture That its non-negotiable.

00:37:27: You know being only child people ask like how did you build your firm?

00:37:31: I built it Like.

00:37:32: was family that wish i had growing up?

00:37:36: Now family people like oh, that's kind of cheesy or it's great.

00:37:39: now It's subjective right and I don't say you know We're a family because it's meant to be easy.

00:37:46: In fact my family your family is probably very different.

00:37:49: But the most important part about a family is communication.

00:37:54: as The CEO of the company not everything I say happens.

00:37:58: I have A leadership team member?

00:38:00: Have like board members where I talked to him.

00:38:03: if i get out voted That's cool.

00:38:05: I'm not the smartest person of room in fact, I love hiring people way smarter than me now.

00:38:09: tell them what to do but learn from that.

00:38:11: number two The best gift you could give someone next to Love is a gift of high expectation.

00:38:19: Every incredible team member on my team?

00:38:23: Asked him What are your dreams and what there's their aspiration?

00:38:26: What does their vision in life?

00:38:27: and And I share with them once i know theirs I share with them what mine or our career, our company is looking to do.

00:38:35: And i said if we can do this yours Can also happen and everyone?

00:38:39: I hire.

00:38:40: my wish Is some...I used To be like the youngest in the company.

00:38:44: now i'm Like In The middle pack but there are people quite a bunch that Are older than me and i just hope they all retire With Me and i want to see their kids get married as i hope My teammates See my Kids Get Married and like Our kids play with each other's kids.

00:38:56: so That is the culture i'm building.

00:38:59: But let's talk about Some of Them.

00:39:00: Having a culture of business.

00:39:03: as family how do you deal with people issues?

00:39:06: I mean, you can't fire grandma.

00:39:07: Oh Respectfully there was.

00:39:10: this is being recorded mom.

00:39:11: no Oh, I don't know if i could fight grandma because i never hired grandmother But i fired my mom five years ago.

00:39:17: okay six years ago.

00:39:17: whenever that story sorry mom but um she's

00:39:20: gonna kick your butt.

00:39:21: now i'm tired of turning

00:39:22: when my Mom like you know.

00:39:23: I helped her retire and When she retired?

00:39:25: She was bored at work.

00:39:26: Yeah, she was bored a home.

00:39:28: so then she said uh many years after i hired or she was Like i think i can help you build Your company.

00:39:32: i was like mom.

00:39:33: You gave birth to me.

00:39:34: whatever you say goes And she's like you suck at Chinese and I'm like, I know.

00:39:38: I wish I got better grades in

00:39:39: Chinese.".

00:39:40: She's like,"I want to help you build out the Chinese department translation arm

00:39:44: marketing.".

00:39:46: And she did.

00:39:47: however her impression of building a company was coming every day on lunch time.

00:39:53: that is what she came into but then she would have lunch first off course and leave by two or three p.m.. The reason why it wasn't working.

00:40:03: She's just like the sweetest person in the world.

00:40:05: My mom is hands down, they pitted me into dictionary.

00:40:09: people pleaser.

00:40:10: We parted ways not because she was incredible we part of ways cuz people took advantage over.

00:40:16: So my mom will come in and yeah Because some other people know who it is.

00:40:22: well

00:40:23: after she joined I had to fire so many people because people were disrespecting my mom.

00:40:27: and well, she wasn't my mom.

00:40:29: She was my Chinese marketing specialist.

00:40:30: But what you would do is like probably like those elder Asian moms right?

00:40:35: You come in at noon And then she's like oh there are team members that our working or falling asleep if you buy everyone coffee bagels and dim sum.

00:40:44: and Then like in the beginning it was sweet cuz he just realized how hard i was working How hard other people work but most of the people that we're not working they were the ones We're like just around and available.

00:40:55: So she'll buy them all those things.

00:40:56: And then I thought was sweet until they started giving my mom coffee orders, I don't know how you feel But there were like hey when is Annie coming in?

00:41:04: Yeah, hey Annie I asked for a coffee with no milk.

00:41:08: why does this have milk?

00:41:10: yeah so would all do respect if any of You are people pleasers like my mom.

00:41:15: it's okay if you find joy in other people's happiness, but humbly speaking it is not okay when people take advantage of your view.

00:41:23: So then I just said hey mom and the nicest way...I didn't pip her or went straight to termination But what i just said was like hey Mom You don't need come any more!

00:41:31: I'll still keep your salary and payroll going but literally.. I dont want my moms final years retirement be remembered as a person who has taken coffee for everyone.

00:41:42: My mom Yeah, so that's why we parted.

00:41:46: but the truth is I cannot ever stand people to take advantage of others.

00:41:53: It's like bullying!

00:41:54: Like i felt like people didn't appreciate my mom anymore and was is way too valuable and priceless to me.

00:42:00: To be taking people's coffee order, being yelled at by like a failed rep of imagine a failed advisor telling your mom saying hey you got this coffee order wrong?

00:42:08: I would be like how many dials do we need?

00:42:10: Oh!

00:42:10: You made one-and-a half dial.

00:42:12: go make more dios before even get the chance.

00:42:14: tell my Mom what's right coffee.

00:42:15: or maybe get your own Coffee right

00:42:17: thousand percent with you.

00:42:18: My mom drops lunch off three times a week for

00:42:21: work magic.

00:42:22: start dropping lunch off everyone.

00:42:23: so that's where it.

00:42:25: People will eat my food, because they're like can I have a bite?

00:42:27: This is it smells better than whatever we are eating.

00:42:29: Can i have some and share with you?

00:42:31: know my team whoever wants them for something that's too spicy.

00:42:34: yeah.

00:42:34: so my mom grew up in thailand for some years there was this Thai food she'll make and im like You guys cant handle this but one or two of you can.

00:42:40: And then at certain point They will start asking My Mom For Food She's like I'll be bringing for everybody.

00:42:44: It starts to turn into A fun thing.

00:42:46: But think I did the right way.

00:42:48: I've capped it twice a year.

00:42:50: You could Have My Mom Bring Your Food Anything You Want Whatever You Want.

00:42:52: You Could Call My Mom and Ask But that's outside of, I would never... Yeah.

00:42:56: ...I can't imagine it but what i guess im hearing you say and tell me if Im right is there?

00:43:02: You have some values in your business around how people ought to be treated And you seem think about a version of fairness In the way treating people as important Which probably leads to hiring more high performers More... I don't know If its rank everybody on the spectrum Right?

00:43:21: You know A players of some kind A

00:43:23: player only

00:43:24: Right, so talk to me about a culture of having the right people.

00:43:28: Where do you find them?

00:43:29: How do you train them?

00:43:30: how do you empower them To make great decisions?

00:43:32: sure

00:43:33: say well always remember any leader any person in a role and responsibility of building an organization, hire slowly real slow if necessary.

00:43:42: And fire

00:43:42: quickly.".

00:43:43: I've

00:43:43: screwed that up a lot!

00:43:43: Yes you probably did the opposite right?

00:43:45: You hired quickly and then fired really slowly... Very

00:43:47: slowly i love it's my most frequent mistake.

00:43:50: yes

00:43:50: that's

00:43:51: uh-and make it over and over

00:43:52: adults.

00:43:53: so learn it yeah and over time

00:43:55: asking questions

00:43:56: yes so higher slowly real low fire quickly.

00:43:59: but at our firm people go through five interviews on average, and those can take up to six weeks or two months.

00:44:09: First is resume background experience.

00:44:11: second technical skills.

00:44:13: third giving them case studies and proving it themselves.

00:44:17: fourth culture Culture.

00:44:19: tell me a time this happened in your life and how did you respond?

00:44:23: And then fifth is our leadership team member gets together.

00:44:26: We do a voting scale.

00:44:27: most of the people on our team.

00:44:28: They get an unanimous yes.

00:44:30: If there's like one person that says no we'll talk through why You said No out of like eight leadership team members, and if we can't convince That person they're not coming it because were really really protective culture.

00:44:44: And yeah, we have a ninety day what I call like an apprenticeship because Not everyone.

00:44:50: We date we marry.

00:44:52: But those ninety days is what

00:44:53: temp to perm higher types of sort out but the contractor or something.

00:44:56: Yeah,

00:44:57: they're full-time, but it's just like hey during those ninety Days You're getting to know us as much as we're getting too.

00:45:02: no you and I believe today, unfortunately organizations people are really good at interviewing but they may not be able to follow through in real life like results.

00:45:14: So those ninety days if their able to meet our expectation great my expectations after ninety day's there were tired with me.

00:45:20: But If They Don't Meet Those Ninety Days and sometimes most of the time is because they can't handle The speed.

00:45:26: Because At End Of Day If You And I Were Like Early Career Success Most People Can Be A Part Our Team.

00:45:33: But when they join an organization like mine and yours, we're going a hundred miles per minute.

00:45:39: Their face is getting blown off!

00:45:40: They are like oh my god this isn't... It's interesting that someone at every senior level from the bank joined us?

00:45:47: And you know what I'm saying?

00:45:54: the amount of experience and care we have for our clients.

00:45:58: So if it's not a good fit, that is kind like being in a bad relationship.

00:46:01: you shouldn't be- If your on my team stay with me And I should have to like... Have you impact the rest of the team?

00:46:09: My expectation Is everyone or team are A players and they're not A players yet They will be A player soon.

00:46:15: because A players Get confused working with B players Confused Like hey how come.. How can choose to be a B and NOT an A?

00:46:23: and they cannot stand C players, like...

00:46:27: I feel like i've read this in a book recently.

00:46:28: That's

00:46:28: right!

00:46:29: Where was it?

00:46:29: What is that from?

00:46:30: do you know?

00:46:30: Uh..I'm not sure because there are so many books kind of talk about similar now.

00:46:34: um There's nothing worse than build an organization your size my size And have alot of c-players Because the A player has so much untapped greatness and potential.

00:46:44: but if surrounded by C players They will get discouraged.

00:46:48: Then the company The entire future vision collapses.

00:46:52: As a CEO, as the leader you me and others that may be listening.

00:46:56: It's extremely important because And I spent a lot of money going to conferences i just recently came from another podcast.

00:47:04: but uh Alex Homozi You heard him?

00:47:05: Yeah yeah!

00:47:07: I went to his two-day event.

00:47:08: my wife and I both went Uh...and then I went To His level Two..And I realized something and this is Something That will be

00:47:14: The L three with Him as well?

00:47:16: Uh..Dowl Three After L two and he him and his team might Be Listening.

00:47:19: um it was okay.

00:47:21: O-one was incredible.

00:47:23: O-two, it's okay because those ten hours with nine other business owners and one hour you or me in eight businesses that may not be relevant is actually respectfully a little bit amateur.

00:47:35: the things they shared to me I already knew but there were less than expected.

00:47:41: I did this two years ago when everybody made course today.

00:47:46: then I skipped ahead to L three.

00:47:48: so get a full day with Alex?

00:47:49: That

00:47:50: was amazing.

00:47:50: Okay, cool

00:47:51: guys fucking brilliant.

00:47:52: yeah

00:47:52: he is

00:47:52: the stuff that comes out of him directly.

00:47:54: it's like He looks into your soul and tells you everything even every mistake You made in your business?

00:47:58: Yeah picks a three day.

00:47:59: great his team is good They're not as good as him.

00:48:02: so one to take biggest takeaways Was um do more ads Facebook ads like social media ads.

00:48:08: And I'm like You don't know our industry because you and I have a compliance department.

00:48:12: So we can do those things, but-

00:48:14: We does know the industry cause'I've been there in

00:48:15: it.'.

00:48:15: And then he's invested into somebody business before.

00:48:18: that is like more of their retirement space.

00:48:19: But

00:48:20: yeah

00:48:21: It's bizarre.

00:48:21: they all seem to ads as an answer at everything.

00:48:23: Yeah

00:48:24: ad marketing Yeah.

00:48:25: i think marketing ads brand can solve alot problems Sure!

00:48:28: But may not be right form Because if your business had ten times more volume today will break down.

00:48:37: We already can't handle the volume that comes in.

00:48:38: Exactly, same here!

00:48:39: That's why we went from a team of fifteen last year to now at twenty-five and out twenty seven right?

00:48:44: So it was the same thing.

00:48:45: but what I'll share with you which would be helpful for listeners especially people on business if your revenue is a million or less unfortunately leaders are leadership.

00:48:55: don't know how and where defined make money.

00:48:57: If you're in the revenue of one million to three million, You are saying yes too many things and need start learning to say no.

00:49:04: And understand your hourly rate.

00:49:05: if we were into revenue off three million two ten million you need build systems an infrastructure where kind like UNI or doing this incredible podcast.

00:49:16: I know your team is crushing it.

00:49:17: in office as mine are We don't have to be there physically present all time.

00:49:22: so just about three to ten million.

00:49:23: hiring right people is finding outside talent, so what I would share with you is most firms like your organization and my organization we have a very high level of expectation because our clients are the best of the best.

00:49:39: And they should have higher levels of standard in expectations.

00:49:43: but they can't get that if their hang around CD players.

00:49:47: Of course not.

00:49:50: You just talked about standards a little bit.

00:49:51: Yeah You seem to obviously hold yourself too high-standards.

00:49:54: Your team two high standards.

00:49:57: A lot of this seems to play into your philosophy around organizational development.

00:50:01: Um, where are you learning the stuff from?

00:50:04: I mean being a CEO is... You've only been doing that eight years.

00:50:07: Yeah reading a lot of books um going through many conferences.

00:50:10: uh i have multiple coaches.

00:50:13: Uh in multiple study groups okay and probably in the last eight years invested well over seven figures on my own personal self-learning development journey.

00:50:22: but um i'm always going to be a student like.

00:50:29: Regardless, the reason why you and I are able to grow this speed we're growing is because from outside let's say on a scale of one-to-ten.

00:50:37: I'm sure some of our peers will look at us like ten out of ten!

00:50:40: I literally tell people that i am two out of Ten.

00:50:42: Don't Tell Me I've Arrived It Because That Would Be Really Sad.

00:50:44: If This Version You And I In This Room Is Our Greatest Potential Inversion Unexceptible Unreasonable in My Opinion.

00:50:52: So Im A Two Out Of Ten And Can't Wait To Get Three Or Four Or Ten.

00:50:56: But Like when you say like how am I constantly learning is just being surrounded by great smart people?

00:51:03: Like we have so many incredible talent on our team.

00:51:07: I'm constantly learning from them.

00:51:09: So with the

00:51:09: tone of the coaching, I've never had a coach.

00:51:11: okay i don't know what to even obviously I'd ever played sports as that kid.

00:51:15: my life like I Know.

00:51:17: no I have no concept of this and it came up Maybe a month ago as well.

00:51:21: somebody else suggested it too.

00:51:23: What do you get out of coaching?

00:51:24: Why are you getting coaching?

00:51:25: what does it mean for you and your business?

00:51:27: how is that helping you?

00:51:28: okay, so Coaching can be one of three Okay simple things.

00:51:33: One they could be education to help You with like the things that you don't know.

00:51:37: So they'll fill in the gap avoid Help you avoid the mistakes that you were going to make because they have the experience where they made a mistake.

00:51:45: So, they're going to stop you save your lot of time and help you get into destination way faster.

00:51:50: The second reason why someone would hire coach is simply because great ideas but failing to execute Is not at all useful.

00:52:02: Okay so therefore it's accountability factor.

00:52:06: And then uh...the third Because there are many Reasons why a person hire coach like so I coached.

00:52:13: So many advisors.

00:52:14: Oftentimes, i'm teaching them the art of the business Like language deficiency how to what's to say in these certain scenarios?

00:52:22: They could get To The one-yard line and drop the ball because they said this Incorrectly or they didn't understand that person there sitting across from the table.

00:52:29: now That's the art but then the science Of the businesses.

00:52:32: most advisors.

00:52:33: they were coming into our industry to be an advisor to teach people financial freedom.

00:52:38: But if you ask them, tell me about your HR manual.

00:52:40: Tell me by your org chart?

00:52:41: Tell me what do in this type of entrepreneurial CEO situation.

00:52:45: they don't know and that's why their struggling.

00:52:47: And number three is all the other extra therapy.

00:52:51: They're like saying I don't have a work life balance.

00:52:53: It was hey my wife is on her brink.

00:52:56: We are having our third fight week.

00:52:57: Well thats good!

00:52:58: I almost got divorced.

00:52:59: Let me tell how not to get divorced.

00:53:00: So lets stop doing dis and start doing dis.

00:53:03: There were many reasons.

00:53:06: successful people or our industry, are any industry.

00:53:09: It's a goddamn lonely industry.

00:53:11: Lonely road.

00:53:12: so the higher you climb You're gonna realize there is less and less people.

00:53:15: So having a coach Having someone by your side for each to talk to bounce ideas off of as always incredibly powerful impactful.

00:53:23: I appreciate that.

00:53:24: i think That you were probably one hundred percent correct?

00:53:27: I'm still going to learn The hard way And eventually have To get myself A Coach.

00:53:32: I'm curious.

00:53:33: You also mentioned some of the other people around you that you've learned from, so obviously mentorship—that your receiving is a big part in life?

00:53:39: Who are these mentors and what's one of those lessons out there for you to get out of it today?

00:53:45: Do we still have things going on here tonight?

00:53:47: I do!

00:53:47: So...I am in three global study groups.

00:53:52: Global?

00:53:52: Like they're

00:53:53: all over the

00:53:53: world?!

00:53:53: Yeah…so

00:53:54: uh….I spoke at MDRT and you were an MDR team member top-of-the-table.

00:54:01: And yeah, I have a top of table global study group.

00:54:04: So i'm talking to advisors in australia and ireland In the uk and asia and we're always bouncing ideas sharing because quite frankly although We're different countries different continents when our lives are not that much different.

00:54:17: Yeah um II.

00:54:20: Previously I worked with the number one.

00:54:22: I don't know if it's okay To say companies sure but I've worked With The Number One New York Life Advisor

00:54:27: Okay?

00:54:27: And previously I've Worked With The No.

00:54:29: One Prudential Advisor.

00:54:31: Amazing right and I know you really

00:54:33: talented people.

00:54:33: Really like, Like i didn't just work with the number one in my broker dealer?

00:54:36: I worked With Number One In Every Other Company And Every Under Industry.

00:54:40: I want to be this number-one.

00:54:41: Yeah Well You're Number-One At Your Broker Dealer Right Uh and then uh.

00:54:44: And Then I also Worked With RIAs Like Just Spreading It Out.

00:54:50: So it's An Unlimited Opportunity To Learn.

00:54:54: We Went To You Know You And I Have Been To Aleksha Mosey.

00:54:56: There Are So Many Different Conferences That You Can Probably Share And just read a lot of great books because some of the smartest minds unfortunately are no longer in this earth.

00:55:04: They're dead, but their books are still here.

00:55:06: So as I'm reading and learning like wow This is amazing.

00:55:09: so that's how you constantly continue to learn.

00:55:11: and one of the best Some of the Best teachers In my life and i say this if she watches not trying earn brownie points Is my wife?

00:55:19: Because She's A complete opposite Of me.

00:55:22: so she reads these Books That i would never Read Right Different and she would just share me ideas.

00:55:29: I'm like, oh wow that's great.

00:55:30: And i take notes during our five a.m.. Five k walk right there you go.

00:55:32: Let's start today and if you know who teaches me a lot.

00:55:36: Our children okay?

00:55:37: And I can't say this enough uh...I Know as a parent some of you may think This is cheesy or maybe helpful.

00:55:44: um When we have our children were always taught That We Have to raise them.

00:55:47: but what If our Children was put in his world To remind us how to live?

00:55:52: Because most

00:55:52: are Like What the conversations You're having with your

00:55:54: parents?

00:55:54: yep Because one thing that I love when I watch my children is play.

00:56:00: Most adults stop understanding what plays.

00:56:03: Yeah, but nothing not a thing.

00:56:05: it's not acceptable It's unreasonable right?

00:56:07: imagine you and our playing here like people are shut down.

00:56:10: But basically with this

00:56:11: is for me at this point yeah sure sure

00:56:13: same but um Like when I see my kids How in where they find joy?

00:56:17: Yes still learn from my Children.

00:56:20: So I always teach my kids this, which my parents did not teach me to.

00:56:24: My parent's valued peoples...my parents will look at people.

00:56:28: unfortunately It is a very sad way but most of the time they do it like oh!

00:56:32: The car that you have and house or watch whatever they have They judge as a very unfortunate materialistic world we live in And say

00:56:40: Oh!!

00:56:40: They are more successful.

00:56:41: so We respect them.

00:56:42: I teach my kid This You're Not Better Than Anyone But You Are Just As Great As Everyone.

00:56:49: You treat the janitor with as much respect, but why can't you be the trillionaire Elon Musk hypothetically?

00:56:57: Why can't your be as great a Elon musk.

00:56:59: But you better treat the Janitor with respect.

00:57:01: I'll tell you why I'm not Mathematically monetary as successful as Elon Musk by guaranteeing there's something that I have this better than Elon Musk and That probably.

00:57:12: so wait i'm probably not better than him in math.

00:57:16: I'm pretty sure i'm better at being Chinese than Elon.

00:57:18: Ah, there you go!

00:57:18: Now if he beats me in being Chinese... ...I have nothing else to say and I hope that you're better at beating him..

00:57:23: I am more Indian then he can ever be.

00:57:25: so okay we've got something to beat Elon Musk.

00:57:27: So like if we are beating Elon musk as something find your superpower whatever it is And find out untapped potential.

00:57:33: Let's get back into play.

00:57:36: How do you embody the concept of Play now?

00:57:39: Do You do It Better Than Elon?

00:57:40: Well What's fun?

00:57:42: for me is not fun.

00:57:43: For most people okay, and what do

00:57:44: you do from fun?

00:57:47: What?

00:57:47: I can't even say it here.

00:57:48: No no I will see how sure but most people won't find to be fun.

00:57:51: on my fortieth birthday i worked out for three straight hours Like like like what like?

00:57:57: You can't pee me to work up or two hours all my birthday.

00:57:59: My wife said what are ya want?

00:58:01: so uh i did a hour i think like i did like A ten K run.

00:58:07: Then I did a like or I did the fifteen mile bike ride and then I did an hour of weight training And then I went with my personal trainer coach, and it does some MMA sparring.

00:58:15: that's fun for me But most people are like oh That's not fun.

00:58:18: So my version of fun at most our different?

00:58:20: Um, and then my wife and I went to the spa.

00:58:23: enjoy That's her version of fund.

00:58:24: That's less from me Okay, and than I love food.

00:58:28: I loved traveling so we didn't eat anywhere We want too and then i would come home in depending on my children Temperament and mood I play with my kids.

00:58:37: now some people are like oh, my god.

00:58:39: My kids are too much but My kids often times too much.

00:58:43: But it's like playing with my kid eating good food Working out.

00:58:48: yeah those are fun for me.

00:58:49: And uh-yeah Doesn't sound fun?

00:58:53: no does I?

00:58:55: Again i don't know if you remember this but i've lost over a hundred pounds.

00:58:58: so the Food is my life i love to this day live for food.

00:59:02: i've Lost a hundred nine pounds.

00:59:03: now i lost another pound But I work out seven days a week.

00:59:07: Nice!

00:59:08: From the person that had never been to a gym until last two years, barely missing workouts but competing with somebody in my office right now and there's more people piling-in on who can get more workouts done within month we're gonna go into point where doing two or three of day

00:59:23: nice

00:59:23: yeah you won't do it till think its fun.

00:59:25: so i'm okay.

00:59:26: defining exercise help things as fund along is balanced up some really good food.

00:59:34: So we, I work hard so that can have enough money to go really cool places and eat more fun stuff.

00:59:39: Nice!

00:59:39: And at this point i'd say probably explore hotel gyms because they've done a lot of hotels gyms.

00:59:45: but you know...we talk about play.

00:59:48: is play different than fun?

00:59:51: Play in fun are similar But it's different.

00:59:58: where best way to explain it be too long.

01:00:08: Okay, fun can be longer.

01:00:10: okay interesting yeah

01:00:12: because my version of play uh Because I'm extremely not to sound cheesy efficient optimized Uh i probably do everything you've seen on social media like wake up early Cold plonies, all those things.

01:00:26: Slash the water on your face.

01:00:27: Slashed

01:00:27: the water and put a banana peel in my face now?

01:00:29: Oh man!

01:00:29: I don't do those things.

01:00:30: but...I have-

01:00:31: I make my smoothie in the morning based on your frozen banana recipe.

01:00:34: so yeah literally i told that this is good.

01:00:36: like why do you keep making these if they're healthy?

01:00:40: yes

01:00:41: right The longer we live the better we can perform.

01:00:43: But um..i had over two thousand straight days of working out ever since COVID, I can't stop.

01:00:50: I have this whoop band and you check my track- Yeah?

01:00:52: You got my whoop on too!

01:00:54: I worked out for a four hundred and eighty three days straight.

01:00:57: that's because i got his whoop amp four hundred eighty two days ago.

01:00:59: um...I'm really

01:01:01: gonna check to see how long mine is what it says.

01:01:03: yeah so never looked at that as the stat.

01:01:05: fun for me like making sure I had my sleeps..like my amount of sleep.

01:01:09: ..my health.

01:01:09: ...my stringing....yeah I mean im in a community with twelve like other people and most of them are D-One athletes.

01:01:18: And if they're watching this, I can't believe how many times I win them.

01:01:22: beat them in the number one in a week.

01:01:24: so that's fun right?

01:01:25: Like i'm in a community with d-one athlete.

01:01:28: my strain is higher than theirs.

01:01:29: That's Fun!

01:01:31: But play Is A Little Different Play.

01:01:34: My Wife Will Share This With You.

01:01:37: My Guilty Pleasure.

01:01:39: I Shouldn'T Be Saying This.

01:01:39: Not Many People Know This.

01:01:41: I'M GONNA LOSE FRIENDS AND FAMILY Is Anime?

01:01:44: Hmm is anime and you know, it's like whenever busy week or hard week Or easy we and I sneak out like fifteen minutes.

01:01:52: I watch anime And then if my wife catch me i'm feeling really guilty in shame.

01:01:56: You know what she would say.

01:01:57: why the hell are you watching cartoon?

01:01:59: Oh, no don't disrespect My childhood.

01:02:03: So play as an anime and fun.

01:02:06: all things are productive and enjoyable.

01:02:10: I didn't see anime coming, was not expecting that to be your play thing.

01:02:14: But okay... You wanna go deeper into it?

01:02:16: No let's not go

01:02:17: deeper.

01:02:17: Let us be... I

01:02:18: don't want to know about these friends who are gonna make fun of me!

01:02:20: Are the D-One athletes going to pick on you for this later?

01:02:23: They could but listen.

01:02:25: if i've been in this community with them probably like almost a year now and beat mostly in strength they're not going catch up anyway.

01:02:33: You're not you know, very competitive.

01:02:34: Are you?

01:02:35: I'm not very competitive?

01:02:35: No no Not trying to beat the D-One athletes at their own game.

01:02:38: Okay

01:02:39: now it's just because they trash talk a lot and i try To have humility And not trash talk.

01:02:43: but then It's Just funny in this

01:02:44: category for like you Have to

01:02:45: oh well In This Category goodness Because i'm five foot six and there are Six foot Five and guess what if i'm straining more than them i'm Like hey listen you take A step you probably burn More Than i bear him because i've like you Know Smaller strides.

01:02:58: i think you identify as six five.

01:02:59: so its okay.

01:03:00: yeah

01:03:00: perfectly good.

01:03:01: that way

01:03:03: There's a guy who works for me, he starts every new person.

01:03:06: He starts by introducing himself as the man that identifies his six-four?

01:03:10: Yeah!

01:03:10: He is probably five-six as well.

01:03:12: I'm not at all guys so like i get it but its good

01:03:15: For sure.

01:03:15: Hey

01:03:16: we were talking earlier and you just kind of came back to me But We're talking about You ranking yourself A two out of ten.

01:03:23: Then Earlier we talked About some Of those self limiting beliefs That come in And think you called itself Defeatism.

01:03:29: Yeah.

01:03:29: So I always call it like self-limiting beliefs and how do we overcome those?

01:03:32: And you definitely still have them, We know for a fact that you've got some mommy and daddy issues based on this conversation.

01:03:39: Sure!

01:03:40: We're going to need years of therapy.

01:03:41: It's gonna happen...I haven't been gone for years so i get the same issue How did he ever come there?

01:03:46: There is generational trauma

01:03:47: right?!

01:03:48: How does he ever become one with self limiting belief?

01:03:50: Oh between U & I.. I'm at two out ten in many aspects because I want to be student Have very little limiting belief.

01:04:01: Okay respectfully when I was the conversion to me there's plenty like if I have any more abundance, I might smash through your walls and Like just like try it so like lift this whole building up.

01:04:12: So I don't have many limiting beliefs like I believe at five four six I had my friends would tell you how no ups?

01:04:19: I could dunk a ball If I have to control my Lack of limiting belief.

01:04:24: I might think i could fly and like fly from building to building.

01:04:26: so, I need To calm down sometimes as my wife reminds me.

01:04:29: So I don't have self-defeated thinking limited beliefs mainly due to the fact that When I struggled in My early career?

01:04:38: I had so many Self defeated thinking.

01:04:41: okay The average person things Like national institute of science says average Person has some negative thoughts a minute Hundreds an hour thousands A day And I probably had as much if not more, but today.

01:04:56: I don't have many in it.

01:04:57: whenever I feel like I'm having one.

01:04:59: I try to catch myself and get out of.

01:05:01: that is called basement thoughts.

01:05:03: So if you ever feel like you're trapped in a basement thought trying to climb out visually climbing out of the basement?

01:05:09: But the way to overcome it is words of affirmation as cheesy as this sounds, but um, It's just massive abundance Like constant.

01:05:20: So now that I'm going down my journey of like faith Someone told me recently and i don't know how to pray but, I used to think.

01:05:29: I hear the words That I am saying in my mind And ninety plus percent are always positive?

01:05:36: I Don't think those are my words anymore.

01:05:38: Those are words for God.

01:05:40: Number two if My cup is not filled I can fill a cup Of yours.

01:05:48: It's my responsibility, your responsibility in this lifetime to help as many people as we possibly can.

01:05:54: So why would I ever not enter this world with maximum gratitude and try to fill?

01:06:01: My cup is always overflowing and fill yours up.

01:06:04: so there is no self-defeating thinking yeah There are times when my wife says hey you're wrong And i said i'm wrong more often than not but i don't really stay In those basement thoughts.

01:06:14: here's a video And I can't remember if i sent it to somebody or they send it to me.

01:06:20: Actually, I remember who I sent it too.

01:06:21: uh It said II you look into my cup to see if I have more than you?

01:06:26: I look into your cup to See If You Have Enough.

01:06:28: Right it's a mindset of abundance its mind set Of growth and I know you live that way.

01:06:33: um I Know you.

01:06:35: obviously now I understand you believe in an unlimited potential for yourself.

01:06:39: those around you I think you know potential That becomes realized is success and success Can sometimes be easy to measure and Sometimes it can be hard to kind of confront because you're still in that growth mode.

01:06:52: How do you think about all this?

01:06:53: how, do You really define success for yourself?

01:06:58: Success Can either Be a Journey and path That extremely lonely cuz when you get there you have no one around you And the people that believed In you loved you.

01:07:09: they're nowhere To be found.

01:07:11: or success can be an environment where you uplift and bring everyone around.

01:07:16: You look to the left, looked your right or your family?

01:07:19: Your friends?

01:07:20: Strangers that you can uplift then help them.

01:07:22: so it's a me success is someone asked this question recently do you rather make a billion dollars or do I have to help a billion people?

01:07:31: So easy like put a lie detector in my arm And write hope a billion People.

01:07:36: yeah That's like like.

01:07:37: so I get passionate, think about how many people can help in this lifetime.

01:07:41: And then when my time is up on the world and we may or might not be judged to say How do you hope for your life?

01:07:47: The most that you could possibly have.

01:07:49: Yes!

01:07:51: Without a doubt.

01:07:53: So measurement of success Is did you Cheesy as it sounds?

01:08:00: Did You Help People Uplift Them Better Than When You've Met Them?

01:08:04: And i always think about Russell Wilson when he won the Super Bowl Championship.

01:08:08: Why Not Me?

01:08:10: Why not me?

01:08:11: and I always say to my kids this word yet like my son He's in Muay Thai or at my daughters aren't gymnastics.

01:08:18: They're like, oh, I'm not good at this And I finish off.

01:08:22: yet We can be as big a dream is we can when you weren't your current place?

01:08:29: II also know your background story.

01:08:31: You were struggling on one point for two but now you're speaking on stages everyone wants listen to because I truly believe we got to where we are because we work unreasonably hard, it would be unreasonable not to be where you're.

01:08:50: But now that we are here, We have a gift and responsibility to uplift others like our gift talent whether its earned or given deserved...I believe if i can't help as many people in my lifetime please whoever is just take away from me Make me deaf, make me blind.

01:09:10: Make me a mute.

01:09:11: I just...make be non-existent.

01:09:14: but if i can help that's why what do on social media is because there so much scarcity fear mongering all those negativity.

01:09:25: during covid the world was full of

01:09:27: heat

01:09:28: division and thats like bless people as well.

01:09:33: you said something really interesting.

01:09:34: bring it together with where your going right now.

01:09:37: Your daughter said to you I'm not good at this and use it yet

01:09:40: that's right okay.

01:09:42: I remember when i first came across your social media sure content creation, And we were like, this is so cheesy.

01:09:58: It's funny but you know I watched a whole lot.

01:10:01: they probably watch like twenty of your videos.

01:10:02: that was dying laughing and I'm like This Is Hilarious.

01:10:04: You're the only person to have washed them in

01:10:05: The Biggest Fan That Day!

01:10:07: Like it's so much effort goes into some if its really corny Some If Its Really Good And then A Few Months Later I Came Across Like Independently.

01:10:14: It Came Across It On Its Own And I Was Like Okay This Is Evolved Into A New Level.

01:10:19: Your Doing Content Creation In A Business Where It'S Not Normal.

01:10:23: Talk to me about what you're trying to do, where are you going with it?

01:10:26: What's the vision?

01:10:26: is there a vision.

01:10:27: Where do you hope to get out of It?

01:10:30: I started at during COVID because i don't know social media and still Don't Know.

01:10:37: have a Social Media Team that I'm grateful and blessed To Have Help Me.

01:10:42: So um I just During Covid There was A lot Of Heat And Fear.

01:10:48: Sometimes Most People Are Still Seeing That On Their Feed.

01:10:53: You know, I support every community no matter what because i do truly believe Babies are born today or any time.

01:11:02: we're not born with heat in our

01:11:03: head.

01:11:04: Yeah there's no hate.

01:11:05: yeah Because you taught

01:11:05: that right.

01:11:06: this environment thing?

01:11:07: That's the environment they were taught.

01:11:08: cuz babies Apparently i've read it somewhere i think They're just afraid of like loud noises and gasping for if your door big don't Do It.

01:11:16: you have a young baby.

01:11:17: I'm an

01:11:18: eight month old.

01:11:18: Don't do it.

01:11:20: I may or might not have done it.

01:11:21: Don't baby in the air, they're gonna gasp for air.

01:11:22: so-

01:11:23: Oh you always throw it here?

01:11:24: Yeah yeah we are not supposed to

01:11:24: do that!

01:11:26: Love it!

01:11:26: I don't want them in the Air because i'm taller right now.

01:11:29: So no No This is

01:11:30: a...I feel like something my mom would say Yes yes

01:11:33: Or drinking alot of whole milk will make you taller and stronger.

01:11:35: That's

01:11:36: exactly what My Mom would be saying.

01:11:37: I drank so much Whole Milk when I was little boy.

01:11:39: there were shortage Of Milk cause of me And

01:11:41: We're still short.

01:11:42: It didn't work.

01:11:44: So um..so uh I did social media Because during a time of immense sadness.

01:11:51: The year of COVID,

01:11:52: I had

01:11:52: clients pass away and friends passed away at family members passed away And there was so much heat and I wanted to help every community.

01:12:00: but when i looked that our community Asian Community?

01:12:03: I didn't see a role model or figure in New York City.

01:12:07: I'm sure you probably saw it.

01:12:10: There's A lot of Asian Heat.

01:12:13: And, and then that was the year I remember in twenty-twenty we were first recognized by Forbes.

01:12:18: That's like my career goal.

01:12:21: you're born in New York City right?

01:12:22: No it is actually born in Dubai but grew up at

01:12:24: New York.

01:12:24: Okay okay.

01:12:25: so uh...I want to hear about your Dubai story too But being born here in New york.

01:12:28: how old are you in new york?

01:12:30: Labor Day nineteen ninety two.

01:12:32: i was turning five.

01:12:33: Oh he

01:12:33: turned five.

01:12:33: So grown here this his life.

01:12:35: This

01:12:36: is life same..i was born her in nineteen eighty five.

01:12:40: If UNI Made it to Stuyvesant High School.

01:12:43: Yeah, you'd be a proud asian child.

01:12:45: yeah I went to Brooklyn Tech.

01:12:46: My parents still don't forgive me today in my forties But the point is when you and i made.

01:12:51: It's a Forbes right?

01:12:52: You know how like I Know your rank by fours.

01:12:53: I'm ranked by Forbes.

01:12:54: When we made it to Forbes that was like the epitome.

01:12:56: finally I could go back To my parent said do you Forgive Me for not making it to stuyvescent because now up Your son's on Forbes?

01:13:02: Now I didn't do that.

01:13:03: but The Point Is...I felt lonelier than ever And I will never forget my wife's like, congratulations.

01:13:09: My team got me a plaque.

01:13:10: we celebrated it and then they're like why'd you look the way?

01:13:13: You looked very ungrateful.

01:13:15: no i'm grateful but when I turned on my social media feed there was so much damn heat and sadness.

01:13:21: people were attacked meaninglessly and There are people that said all the nastiest things for every community and I just said Why are we in this world of division and heat.

01:13:31: So I then said to my wife and she's like, what are you going do about it?

01:13:34: And i say.

01:13:35: I don't experience racism.

01:13:37: all your

01:13:37: best ideas come out of your life pushing

01:13:39: me or just

01:13:40: stop doing something

01:13:41: in a long island city.

01:13:42: I live in an area in Bergen County New Jersey.

01:13:45: we don't experienced Asian hate because our neighbors are asian

01:13:48: right.

01:13:49: I think eighty seven percent of my building is Chinese.

01:13:51: okay great I'm

01:13:53: the immigrant

01:13:53: minority in my building.

01:13:54: no but hey so we're not experiencing that.

01:13:58: oh No But Then The Real World Does

01:14:01: Yeah, of course.

01:14:02: So then I said to my wife...I feel lonelier than ever and she's like being recognized by Forbes or where we are is not real.

01:14:11: so i'm gonna do social media.

01:14:12: She was like why?

01:14:13: And you know this.

01:14:14: Being on Social Media it extremely challenging It because You're in our license.

01:14:19: everything that we say if were not careful Compliance says oh!

01:14:24: This Is Not Good Band Suspended.

01:14:27: We're Game Over At your stage, my stage.

01:14:31: we don't have to do it.

01:14:32: So I just said i'm gonna do social media because I want to motivate and inspire the world.

01:14:35: that's It.

01:14:36: so if you come on my cheesy channel?

01:14:37: I'm not going to give You financial advice.

01:14:39: I'm Not going to teach out or be a business owner.

01:14:41: Maybe sometimes I'll tell you My personal life story and experience but Just wanna motivate inspired World.

01:14:46: cuz when my kids Your kids grow up I want them To hopefully Still think I'm cheesy Or not cheesy charming.

01:14:52: But they will say hey this content is okay This contents pretty good And you know what They look like us.

01:14:58: They'll look like us because growing up, I did not have Asian role models.

01:15:01: My role models were everyone that did not look like you and me.

01:15:05: so i just want to say maybe it's okay to have an asian role model in society?

01:15:11: So that's why I did social media To inspire help the world.

01:15:15: Because if...I say I got divorced from my social media.. I tell people my struggle.

01:15:19: how many times I failed- I failed more than probably anyone I know including You!

01:15:22: I've been rejected Probably.

01:15:24: like you know, in my twenty years career I've had thirty thousand client meetings.

01:15:29: I'm blessed to have three thousand successful meetings?

01:15:32: I'd been rejected twenty seven thousand times!

01:15:34: Talk about like not feeling this pain.

01:15:37: You got that counted out to the degree of... That's-I don't even know what number.

01:15:42: and no.. I have NOT had that many meetings.

01:15:43: Sure yeah.

01:15:44: I do won't have that many clients.

01:15:46: i might have only tried three thousand times.

01:15:48: Thats' only because your half my age

01:15:50: Yeah.

01:15:50: I don't think of half your age, but you're like secretly old right?

01:15:53: That's what we keep alluding to.

01:15:55: yeah

01:15:56: But so that's it.

01:15:57: sorry no No So that's why uh i do social media to inspire the world.

01:16:03: if The child was poor on medicaid a food stamp can Do It Like.

01:16:09: I would remember my parents Would walk five miles To save A dollar and twenty-five cents the token that we used to pay for a bus, walk five miles to save the dollar twenty-five cents just so that we could buy an extra stalk of broccoli.

01:16:24: If that child can be where I am today and you one can as well?

01:16:28: That's what I hope

01:16:29: it's fair.

01:16:30: um It seems like your are starting have tremendous success.

01:16:34: is a content creator Your successful advisor?

01:16:37: or successes business owner success in a lot off different categories And i always think its interesting to get You know advice from me.

01:16:45: successful person For other people.

01:16:47: So as a successful advisor, what advice would you give to other advisors?

01:16:53: Never give up never give up.

01:16:56: Whether your an advisor or any one.

01:16:59: it's okay to fail.

01:17:01: It's not ok to give up.

01:17:05: Failing and winning is the same path same journey.

01:17:08: Yeah Is the failing the losing that creates the lessons that gets us better and stronger?

01:17:14: being an advisor that's probably watching and listening to be more technical.

01:17:18: You are not an advisor first, you're a business owner ,you're an entrepreneur.

01:17:23: Be extremely disciplined and intentional with your time.

01:17:26: protect your time.

01:17:28: I did not learn this early on in my career because i had mentors That were successful their own way And I know wholeheartedly they didn't try to teach.

01:17:35: train us bad.

01:17:37: They didn't know any better.

01:17:39: But they used to say like help everyone and anyone yeah?

01:17:41: That's not good.

01:17:42: That's terrible.

01:17:43: It's kind of like your daughter goes to a restaurant, my kids go the restaurant and they're like daddy mommy what should we eat?

01:17:47: Eat everything at anything.

01:17:49: That's not good.

01:17:50: that's how it works.

01:17:51: I truly believe in least my philosophy.

01:17:54: A lot of people Should manage their own money But a lot of People should NOT Manage Their Own Money Right.

01:18:00: And The reason why i say this is Like When when I was young boy We had no money.

01:18:07: My grandmother would cut my hair.

01:18:08: Or I'll try come on here and I will have jacked up Hair!

01:18:10: And I lose my friends but At our age.

01:18:13: We shouldn't cut our own hair because the time it takes to cut out here we could hourly rate is way higher.

01:18:18: So I believe a lot of successful people that go on social media or internet, they take advice.

01:18:25: did you know?

01:18:25: I think average American household income like so couples make like sixty three thousand.

01:18:31: really

01:18:32: yeah something That probably even lower.

01:18:35: but We have clients, you have clients that are making seven eight nine figures.

01:18:40: And for entertainment they don't understand the difference between influencers and entertainment and real advice but not just general advice but bespoke advice.

01:18:49: so their taking advise that influencers or unlicensed people giving guess what?

01:18:55: They're doing it themselves.

01:18:58: It's kind of like someone I mean first time when i said hey take this peptide Because they were prescribed.

01:19:07: this or not prescribed is because the other person don't know what?

01:19:10: They don't.

01:19:10: Know you do it the same.

01:19:12: It's like the blind leading to blind.

01:19:14: so To answer when it comes to financial planning I believe Is some people can and should do with themselves.

01:19:24: Some People Can and Should Do it to a certain extent but most people i'm in private wealth You are as well, should Not should not Like.

01:19:33: I could mow my lawn myself But I probably can't mow it as well with my landscaper, right?

01:19:39: And so there are differences.

01:19:41: So sounds like be more intentional... Obviously don't give up but a bit more intentional about the lane that you end up in.

01:19:47: It's early on.

01:19:48: we'll try everything and eventually shift into being some kind of focused advisor.

01:19:52: Yeah

01:19:53: for back to the advisor point.

01:19:54: As an advisor advice i would give is.. I wish did this earlier which I did at second year I wish had done by second week.

01:20:02: hire and associate Think and understand what we do as a business owner, whatever you love doing.

01:20:09: And it's your hourly rate.

01:20:10: keep doing okay?

01:20:11: Whatever You don't Love Doing and It's Below Your hourly Rate.

01:20:15: That'S What I call Torture.

01:20:17: Don'T Do IT!

01:20:18: Whatever YOU HATE doing that's Above Your hourly rate.

01:20:22: You Still have to do until you hire someone smarter than you that LOVE it To DO it for you.

01:20:26: but most advisors are failing because WHATEVER THEY LOVE DOING THAT'S BELOW THEIR OWLLY RATE is distracting them.

01:20:34: The time to the things that don't matter most?

01:20:37: That's right, so I tell advisors all the time hey what is your goal this year?

01:20:41: and then they say uh...to get whatever number they want?

01:20:45: i was like no it would be a better business owner.

01:20:48: So advisors are business owners.

01:20:49: first you have to hire build scale delegate never stop learning constantly know who You should work with and who you shouldn't work.

01:21:03: Don't eat everything on the table, and have a tummy

01:21:05: ache.".

01:21:07: So I guess shift that a little bit right?

01:21:09: A successful advisor can give advice to advisors And part of that advise is be business owner.

01:21:16: As a successful business owner what advice would you give specifically To people are actually starting see themselves as business owners?

01:21:23: Because i think one those things it seems go wrong in this business is people keep thinking of themselves as, oh I got this practice.

01:21:30: And i'm like well we're kind of done with the practicing right?

01:21:32: We are doing it now and you have actually shifted to become a business owner whereas maybe when your an MD probably weren't thinking in that same way

01:21:39: That's Right!

01:21:41: So what does the advice do give to business owners today?

01:21:43: So first for business owners

01:21:44: One getting started.

01:21:45: Yeah so A Business Owner Getting Started Is Saying Well What Is Your Goal right?

01:21:50: We need to know the destination and we need to where we are.

01:21:53: And then, we need reverse engineer gamify steps together there.

01:21:58: but generally what I tell business owners is Tell me about your revenue.

01:22:01: Tell me you're expenses.

01:22:02: Tell Me About Your CAC which i see you giggling be mature man.

01:22:06: it's a client acquisition cost and profit margin Right!

01:22:09: Then tell me about what ratios You doing spending in what department.

01:22:12: What Is Marketing?

01:22:13: What Is Client Appreciation?

01:22:15: What Are Experiences?

01:22:16: All of those things matter.

01:22:18: But really important as a business owner, like what's your vision?

01:22:21: Your goal or dream and who is doing what?

01:22:25: write down all your scopes of responsibility?

01:22:27: I geek out when i think about being a business owners.

01:22:31: how are you optimizing to be efficient?

01:22:33: And here where a lot of business owners fail To become the business owner You must have incredible courage.

01:22:40: What do u like or not?

01:22:41: The ability take risks and critically And speed will either work for you or against the people that are business owners, unable to take risk.

01:22:54: Those people may or might not be good business owners because they have potential to scale and grow but they're a bottleneck stopping themselves.

01:23:01: so then therefore they should hire someone else who manage their businesses like them.

01:23:04: But I recently coached an advisor let's say he is at a million of revenue One point five, which is fifty percent growth and I said to him really simple And I said well.

01:23:17: I looked at his org chart I look that this process and I audited it.

01:23:20: we role-played a lot.

01:23:21: So like what would you do in the scenario?

01:23:23: This scenario and a lot of it wasn't that good But he was recognized amongst his firm as one of top advisors.

01:23:29: so he was in its own way with blinders.

01:23:31: What are you gonna do next?

01:23:34: You're going to just stumble and struggle, not get into the journey.

01:23:46: And he kind of didn't understand.

01:23:47: so I gave him this analogy.

01:23:49: You said that it used be overweight.

01:23:50: right If you knew your were overweight but had to hire a personal trainer Right would you hire the personal trainer after you lose weight or you will hire The Personal Trainer when you still overweight.

01:24:05: you would say, duh hire when I'm still overweight.

01:24:08: So this guy who was coaching says well all hired the key employee When i make more money Right

01:24:15: Which is

01:24:15: dumb.

01:24:16: It's like Well when You Make More Money Then You Hired A Key Employee.

01:24:19: No!

01:24:19: You Need The Key Employees Now To Make More MONEY.

01:24:22: And I Said to Him If Your Goal Is To Go From A Million To One Point Five Million Fifty Percent Growth Rate Than Hire That Person Now Because that person the key to unlock you, get that fifty percent grow.

01:24:32: And let's say a key employee was hundred and fifty thousand dollars.

01:24:35: well if make five hundred thousand can afford hire someone for one hundred and fifteen thousand it is no brainer!

01:24:40: Because of me nudging him coaching him guiding him reminding him he could do this he didn't have made the hire.

01:24:45: so its so important for advisors.

01:24:48: listening remember your business owner first before you are an advisor.

01:24:51: I love it.

01:24:52: um...I think it perfect.

01:24:53: segue..i know i'm hosting event later this year.

01:24:55: Uh, in September we call it my M plus U masterclass.

01:24:59: It's all about business owner planning and what you're just describing right now is literally teaching an owner or operator how to think about their numbers.

01:25:07: had a plan.

01:25:09: I know You're gonna be speaking.

01:25:10: your going to presenting at the event.

01:25:12: tell me uh Tell everybody What are you planning on talking?

01:25:14: About?

01:25:15: i'm going to teach The future of our industry but why it's important?

01:25:19: because everyone's doing that.

01:25:20: Now i'm Going To Teach Something Called Fee-Based Planning Or fee for advice Twenty years ago when I joined this industry, This industry which to me is one of the most noble careers.

01:25:33: If you and i wrote down how many people we help retire?

01:25:36: How many children that we helped them save for college education?

01:25:40: How Many People We Reduce Their Tax Liabilities or Help Them Like Protect their loved ones families And Legacy.

01:25:47: Yeah Too Many To List.

01:25:50: But Unfortunately Twenty Years Ago Our Industry Was Not a Noble Career.

01:25:55: Today, twenty years later today if you and I met a stranger And you told them that your financial advisor they probably still think it's not a noble career.

01:26:04: So what i want to teach is the difference between product focus?

01:26:09: People Focus sales focus an education focus.

01:26:14: our current philosophy of working with clients Is What clients have shared With me.

01:26:20: I wish I learned this in school but there is no product that they said, I wish i learned this risk management product in school or I wish.

01:26:28: I learn the difference between a share c-share or advisory or brokerage and school.

01:26:32: you know what?

01:26:32: They wish they learned at school how to read their tax return.

01:26:35: Yeah You want them to learn.

01:26:36: which they learn is cool How to understand operating agreements entity structure.

01:26:40: as a business owner What do we should be learning school?

01:26:42: how distress test whether there on track off track for retirement.

01:26:45: That's what We teach.

01:26:47: so I will teach the advisors At your conference not only How to be the best possible advisor they can Be?

01:26:55: To make this an incredible noble career, but also most importantly what The clients and consumers are looking for a need because there's two things I truly believe will happen with AI.

01:27:05: majority of the advisors.

01:27:06: our industry would get wiped out if you were transactional.

01:27:10: If your product base we do or hope everyone knows that A client came.

01:27:15: go on AI right now.

01:27:16: And say your product how much again compensate your product that you're recommending?

01:27:21: AI could probably recommend the same thing.

01:27:23: So if your transactional sales base and product based, You're gone whether it's now or in a future but of your education base If your experience space And Your people focus AI can't offer The Same Thing That We Offer.

01:27:38: so thats what I would teach.

01:27:40: It has been amazing.

01:27:42: we are going to get into the wrap up part where we go Into my favorite section the rapid fire and ask A bunch Of Questions Really Quickly.

01:27:47: Go In As Long as You Want Short as you want, I don't mind.

01:28:17: What is your coffee order nowadays?

01:28:21: Black Coffee, with a splash of milk because I think the doctor that says you're gonna have to take more of my prosol if i keep doing black coffee.

01:28:29: How many ulcers have you had?

01:28:31: After that one just one more so

01:28:34: two.

01:28:34: So you've learned You've

01:28:35: gotten better!

01:28:36: But uh...I did have another medical scare.. I think it was in twenty-twenty or twenty three and went to ER at least three times.

01:28:42: Well guess we'll save for next time.

01:28:44: Uh, what's the best place you've ever spent money?

01:28:49: Vacation travels and memories with my family.

01:28:53: Um I traveled... My kids by the time they were in kindergarten been on more international countries than by a time i was thirty.

01:29:03: What one thing he wish would learn ten years earlier?

01:29:07: The value of my time.

01:29:10: How do you value your time today?

01:29:13: It is priceless.

01:29:14: Only spend it right.

01:29:15: people that deserve your time

01:29:17: Love that.

01:29:18: What is the best business book you've read this year?

01:29:20: The ensemble practice.

01:29:22: what's it about?

01:29:23: It's about our industry cheesy enough, but it talks a lot about how to build the advisor Business and future.

01:29:32: That's amazing.

01:29:34: Um, what is the biggest mistake that you made in your career?

01:29:38: hiring too slow Took me two long tire my first person.

01:29:43: It took me two years of hire My First Assistant.

01:29:45: In the last three months.

01:29:49: We hire six people, and it's still too slow.

01:29:52: That's why I have a full-time recruiter on my team now.

01:29:54: Love it!

01:29:55: If you were not in this business what would you be doing?

01:30:00: At five sixths in third grade is still five.

01:30:03: sixth at forty one years old...I want to be an NBA basketball player.

01:30:07: My idol is Shaquille Neal.

01:30:10: He was like Superman.

01:30:12: But

01:30:13: no self-limiting beliefs here.

01:30:14: No self-limited

01:30:15: belief, but after I have no jump shot... ...I've got nothing in basketball.... I'm pretty good at chess.. ..but then i want to be a police officer.

01:30:26: and I wanna be a Police Officer because I truly believe that there's good & bad in this world.

01:30:30: And if you ask me today what do I want?

01:30:33: I want to become President of the United States.

01:30:35: You were born here so you can.

01:30:37: I can't, I don't get to say that.

01:30:38: I wasn't born here!

01:30:39: Oh but

01:30:40: you're your citizen?

01:30:41: You

01:30:41: still cant' be born there.

01:30:42: Yeah Well here's the thing.

01:30:43: if i become president...I'll change the rules so you could be President after me.

01:30:47: It's sequentially- Your older works perfectly.

01:30:49: let me be your VP.

01:30:50: okay

01:30:50: well we yeah what.

01:30:51: I'm your VP..you are my VP.

01:30:52: it doesn't matter in titles.

01:30:54: We just tried to make this country a better place for all.

01:30:56: Thank you.

01:30:57: I appreciate you being here.

01:30:58: Rick.

01:30:58: Any words of wisdom any parting things do want to knowledge or information wanna share?

01:31:02: thank you For having Me Timers Priceless.

01:31:06: I hope everyone lived this best lifetime, and when we leave this world will make it better than We Found It.

01:31:13: And there's a quote i want to share from the movie Troy.

01:31:20: Okay When A Little Boy Asked Achilles How Come You're Facing This Massive Warrior Or Monster?

01:31:28: Achilles Said That'S Why They Will Never Remember Your Name.

01:31:33: Remember your name Make Sure In This Lifetime others remember it

01:31:38: too.

01:31:38: I love

01:31:40: that, thank you very much brother.