Financial Anxiety with Scott Jarred

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welcome lead. This is George G. And the time is right welcome. Today’s guest strong, powerful Scott. Jared Scott, are you ready to do this? Yeah. Let’s let’s, let’s go. Scott is a CFP. He is the CEO of invest and the author of future hack. excited to have you on. Scott, tell us a little about your personal laughs more about your work and why you do what you do.

Scott Jarred 0:36
Yeah, so I live in Indianapolis, I have three kids, and we’re just living a great life by background was basically started with very little of anything grew up very poor on food stamps, and subsidized housing, I had a job when I was 12, delivering paper outs and never looked back since I wanted to not have to feel the financial stress anymore. So today, we created a company that helps people live the life they want, make money work for them. And the idea is to make them worryfree

george grombacher 1:13
No, I certainly appreciate that man. Give a sense of how many Americans are feeling some kind of financial anxiety,

Scott Jarred 1:22
all of them

george grombacher 1:25
100%

Scott Jarred 1:27
If you’re Warren Buffett or your, again, the guides, you know, on the corner, trying to get money, I mean, everybody that I ever met has some point of financial anxiety.

george grombacher 1:39
Why is that? Why why why do we Why do we have such a hard time with money?

Scott Jarred 1:45
Money is it’s the root of everything, right? Like, it gives you the ability to, you know, spend the time with the people you love. It allows you to fulfill a purpose, it allows you to empower others. So it’s always got this thing to like, you know, if I like for instance, if I have too much money, I try to give it to my kids, and it might ruin them because they don’t have like, for me the same upbringing where you had to earn everything. And if you don’t have enough, then you’re spend your whole life fighting for it. So and so it’s like, either you have too much you don’t have enough and, and it’s always that battle. And then you don’t want to, you want it to make a benefit to society. And that’s where the push and pull comes from. And people are always struggling with that, that in their head from the people that I meet on a daily basis.

george grombacher 2:32
Interesting, right? I just had this thought about, about the the three bears or whatever it is with the porch was too hot, and it was too cold. And the searching for the one that was just right.

Scott Jarred 2:46
Exactly. Yeah. Is, is that

george grombacher 2:50
kind of a trick? Are we trying to find just right? Is it even possible to know that,

Scott Jarred 2:57
um, you know, it’s like, I’m a sports guy, you know, I played sports, pretty much ever since I figured out I could write. So, you know, it’s always about, like, understanding that, that, that things are always changing, right? There’s always evolving and moving. So what I found that people that can deal with it, the best are the ones that are being able to work being comfortable. Being being comfortable, while you’re uncomfortable. Like you’re always, you’re always pushing for something or not like so. So the idea is to be comfortable being uncomfortable as you’re moving forward throughout this life. And knowing that everything’s always gonna change, nothing stays static. So you’re gonna have like, we just have this whole COVID thing, right? It’s, that’s a big, like, it just had to adapt to this new world, or whatever it is. And now we have a new new world coming soon. And whatever that looks like. So the ones that are more successful, the ones that are, are able to get out of a funk quicker than others, and then and be so strong in their mind that they’re able to be comfortable. And whatever the environment is the time because that’s just how they’ve been pre wired, the ones that are the most successful that I’ve found. So you’re right, it’s your hot to cold and then day, it’s like, what’s your mind really wants you to be that time?

george grombacher 4:13
Yeah, I think that makes a lot of sense. Yeah, we need to accept that the world is just constantly going to be changing and probably faster. And now that we have so much information, it’s, it seems like things are terrible, even though they’re probably a little bit better than they used to be. I came across the the practice of contentment some years ago. It’s like, okay, how can I be happy with what I have, while still wanting more while while still pushing myself and striving to get better? That sounds kind of like what what, what we’re talking about?

Scott Jarred 4:54
Yeah, I mean, there’s that whole minimalist movement, right, or they contend it like so. You’re, you’re in this thing, like, how do I be content with what that is, and the way I’ve defined it is, you know, that’s not for me to decide that’s for you. So like, whatever that is for you, like, if it is, like, I don’t want to have a car, I don’t want to have to, like, deal with a mortgage and all that stuff. You know, that’s, you know, I’m that people that live in Colorado that live in a van that are absolutely happy, you know, they love what they’re doing their dog, you know, they, they do the rock climbing, and they’re, you know, those things, and, hey, that works for them, you know, so it’s not my job to tell them what is that is, so what we have to do is help them identify clearly what they want. So what’s their why why do they like doing what they’re doing? What are their core values, like, what is it that’s really important to them, then all money is is a resource to allow them to achieve whatever that is. So even if you’re living in a van, you still need gas, you still need to be able to provide food or whatever, so, but their content, like they’re completely happy in that environment, when I meet with them. And I love it, I think it’s awesome, you know, but that’s not you know, that. That’s not like what my wife said, We should do live in a van, even though I could be content doing that might not work. So, but that’s like, that’s their DNA, man, that’s their way they’re wired. And you can’t, the best thing you can do is try to help them understand that identify it, and then help habit how to live the best of whatever that is for them at that time in their life, because it’s probably gonna change, you know, like, I was pretty content and certain things. And now, it’s just kind of changes with, you know, as you grow, and things change. So I like I like that framework that you described,

george grombacher 6:38
we, we certainly go through seasons of life, right, where things were great when I was, you know, 10 years old and 15 to 25. And marry with kids happiness is different. And the things that people want for the families and for themselves is always changing. So I appreciate that. So it’s not your job to decide that for somebody else. It’s, it’s, it’s, well, perhaps it is your job, or you feel like it’s your job to help them start to have that internal conversation to the conversations with their loved ones to get clarity on that.

Scott Jarred 7:09
Right. Yeah, I think is us as practitioners in this field, it’s like, it’s more than just managing an investment portfolio and all that stuff. It’s like, you know, it’s almost like a life Life Coach along the way. And what you got to do is you got to identify clearly what the values are their household, like, what is it that they love? Like, what is the what is the what do they see themselves and 10 2050 years from now, like, that visionary process of being able to design your life, what you want is so powerful. Most people don’t even know how to how to see vision or how to mind map something out or create vision boards and all those things. It’s like, so especially with with you, when you have a husband, a spouse, they both have two different things and, and going that way, but you’re right as as time evolves, that can that dramatically changes. And a lot of times people’s mind, the ones that are really successful, they can see so clearly what they want, but they don’t even, it may not even be something they can even understand. It’s like, they have an idea of what that could be. And then as they get closer, he gets better and better still, like, you know, like Leon Musk says, Hey, me, I want to put a spaceship on Mars like, Okay, I don’t know how to do that. But like, that’s what I’m doing. I’m gonna put them on do that. John F. Kennedy says, Look, we’re going to get to the moon. I don’t really know how to do that. But that’s what we’re going. Right. So like, What is that look like for a household when they identify clearly? How do you help them identify what that looks like for them? And then get back into like, what are the steps they need to do to get there? And but that mindset, that conversation doesn’t really happen, because you’re like you said, you got kids, you’re running around, and by time you get down, you’re like, Hey, I’m 50 years old, what happened? You know, it just flew by like that.

george grombacher 9:01
Is it hard to do that? Is it hard to get clear on this?

Scott Jarred 9:07
It is simple, but hard. Right? So is it? Is it is it hard to sit in silence for a long period of time? Yeah, imagine just sitting there staring at your spouse and our eyes and just for like, long periods of time. Like that would be it’s not hard. But it’s weird, right? It’s like, alright, it’s like, why do people not meditate when I do these things? Because you’re at that you’re in your own thoughts for like, how long right so then people don’t want that or they want to grab their phone. They need constant, you know, absorption. So yeah, it’s it’s a simple hard thing to do.

george grombacher 9:49
It seems to me that well, at least the way that I am. Once I have like a framework for doing something, whatever it is, like I didn’t know how to make eggs at one And now I’m really good at making eggs for my kids, right? And if I don’t know how to go through this, then I just don’t know how to do

Scott Jarred 10:08
it. Right. So what, what I say is, for personal finance, it’s like the ones who have really good personal financial plans have really good habits, the ones that have bad financial plans, they have bad habits. It’s the same thing in business, the ones that are good business, have bad have good habits, and ones that are bad have bad habits. So for a household, like what we’ve spent a lot of time is trying to identify what we would call the rules, what are the rules to how you want to do these things. So like for the eggs, right, you’ve got to set up rules, that’s really that framework of how to make those efficiently and do that. So for me, yeah, I get up every morning, every morning, on the weekends with my daughter’s a, it’s like, it’s Pancake Day, right? So I got the protein pancakes, and I put the extra eggs in an almond milk and have this like set thing to have healthy choice pancakes. But that’s not a set of rules I set for myself, it’s like, look, I don’t want them eating crap, right, I want to have, if we’re gonna have pancakes, they’re gonna be healthy, they’ll be protein packed, they’re gonna have paleo friendly, whatever. So I’m going to give them a good healthy type of pancake versus someone that would maybe get a pancake put butter all over it extra fat syrup, or whatever. So my set of rules are like, we’re gonna do pancakes, but we’re gonna do them this way. Right? For a bigger vision of, hey, I want them to be healthier than not, right, I don’t want them to crash at a certain time, because they have too much sugar in their system, right? So that would be a set of rules of how I want to teach my kids how to eat right? So they can live longer, and all that stuff and teach them that you just can’t do certain things. Because your body is important, right? Your body’s your temple. So that would be a household rule that you are in bed, just like making a healthy eggs were my eggs, right? Because that’s like a different thing. So but that’s exactly I mean, you nailed it. That’s it. But what is it? How do you define it? And then you build that in? And that would be just an example of a household thing, not just like a, like, if you were to build a entire financial plan out of one of the set of rules, how much do you say what do you put it in? What’s your investor DNA? What’s your investor IQ? What’s your investor EQ? Like? How does this all fit into the grand scheme of what you’re trying to build?

george grombacher 12:19
Yeah, I think that that’s awesome. I think it never really made much sense to me, when people would say how you do one thing is, is how you do everything. But when you put it in a context like that, it’s like, okay, obviously, the way that I make eggs is not the way that I’m going to manage my money. But it kind of is, if I have a framework and a process for how I get up in the morning, I also if I can have a framework and a process for how I how I budget in a framework and process processes for how I invest, that would very much served me

Scott Jarred 12:53
very much. Because when times get tough, and things are going the way you plan, that’s when you fall back on this. So like, if you look at Ray Dalio, for instance, he’s one arguably one of the best investors ever. He’s got this book, it’s called Principles, right? He’s got he’s got principles for not only his investment side, but even how to run his companies, how to do everything, you know, like he’s got it laid out very clearly. And all all those principles needs identified has just been his life’s work to this point to say, this is where I am at this point is the principles. And I bet you you get to Warren Buffett, same thing you go to like anyone that’s successful, like Elon Musk, or even like he’s got a set of principles for how he runs like Tesla, and all these different things. So, but like, they’ve identified it, but very rarely do people have a framework like way, a place where they can do that personally, right? They may have it even their business, but like, do people have net worth statements and balance sheets they can see into the future. They know what their cash flows are their business, they have a protection plan that fits with everything that says, look, here’s how, here’s how I want my trust done. Here’s how the rules the trust, here’s how when I make $1, where’s they go? And how’s it bill, here’s how I invest in real estate, here’s I invest back in my business, here are all these frameworks and rules that now I establish, but a lot of times didn’t even know where to start. Because their job is to be a doctor or their job is to be a professional athlete, or their job is to drive a bus, you know, or be a school teacher, they don’t have to even that’s a whole different skill, right? That’s not ever taught in school, you know, personal finance, and any of this stuff is not there. Now, it’s about like history and all these social issues, unless there’s like, they’re not even, they’re not even getting to personal finance and these things that had to be a better mindset and how to do that stuff. It’s not even, it’s not even taught and they don’t even have like a confidence class in school, you know, like on how to build stuff.

george grombacher 14:52
I think that that’s great. And yeah, it’s it’s so true. If I am never able to sort of get mastery over the basic stuff, then I’ll never be able to To focus on and spend time on the more refined things, finance stuff, right?

Scott Jarred 15:07
Yeah. I mean, heck, we both I scfe I think you do, too. It’s like what is you know, we don’t even cover some stuff. And even that, you know, like, it’s just like, just this stuff, like, all I knew is I had the college Hey, man, here’s a credit card, go for it. You know, it’s like, have fun, you know, student loans. Like, you know, I had muscle food, like, what’s a fast food? Like, all the way through? Like, how do I buy a car? I mean, there’s all that stuff and your mortgage, how do I buy a house? Like, it’s crazy? I don’t even this isn’t even in there. And I haven’t. I went to college, I got a I got a master’s in technology, a degree in urban planning and real estate, finance, urban economics, all this crap. And never once did I even know how to do the basics in life. No, that’s crazy. I was like, Well, how do you like, but then it let alone like tying the brain back to what you want. Like, you know, it’s not even. It’s crazy. It’s unbelievable. It’s not even it doesn’t even exist. So that’s, to me. That’s the secret, right?

george grombacher 16:13
Yes, that’s the challenge and the opportunity right there. So we talked about how how everybody has some anxiety around money, whether you’re Warren Buffett, or you’re somebody who’s just getting started, or you’re flat broke? How many people are interested in in spending time on this? And I guess I’ll ask you for sort of your commercial on. If I’m not super interested, I don’t have time to do this. How do I interact with with an advisor like you and a firm like yours?

Scott Jarred 16:46
I would say clients that come in, they’re very interested in this. I mean, you really have a few different types of Peel appeal to do their do it themselves, people that are out there. And for them to do that, like I don’t even know how you. I mean, that better be your full time gig, right? Because I do this all the time. And even keeping my personal stuff in order is I mean, I’ve got a team of seven that helped me with our clients, our direct clients and our family office stuff. And then, and then just my personal stuff that keep that organized. So it’s like, I mean, you got to have a team, like, really, these frameworks and stuff have to work really well. So the people that that like to do that, I think are like when they come in to see me that’s like the furthest from their mind, like they want to be successful. They don’t want to do the work to get there. As far as all that. So that’s why they engage with someone that can be the coordinator, right? Like, like, so for us I look. My job is to help you identify clearly why you do what you do. What do you want to do? Who are the most important people in your life that are gonna help you get there? Like, your banker, your attorney, your CPA, like So who are these people, right? Your business consultants, your your? Me? Who are all these people? And then you get into like, what’s your data? Like? Do you have up to up to date balance sheets and net worth statements and cash flows? And protection? Like Like, how do we organize it? How do you look at things multi dimensionally when you make financial decisions? Do you have those systems in place? Right, so that just even going through those three things, they get very, there’s there’s anxiety that Well, I don’t know who helps me and all this stuff. I don’t even know why I do what I do. I don’t know why I work. I don’t know why I do this stuff. And matter of fact, I’ve never even I mean, know what my personal balance sheet is or net worth. So right there just to have harmony, and peace of mind. You came into the three basics well, so like basic is elite in this space, right? Basic is elite in any space, like Steph Curry is of same moves every day before games, so well that those now are an elite level. But really, there’s only three kinds of dribbles. Right? It’s a crossover between the legs behind the back. So he’s got that down, right and how he doesn’t like it. That’s it, but it looks amazing. He’s doing it, but he’s so based, he has the basic stuff so well. So what I find is people are overwhelmed because there’s, I don’t want people to size me up like I’m behind, I don’t really want to know, I just want to keep working. So there’s that aspect of it. Or, you know, or they don’t know who they can trust, right? Because this is a very personal thing. So then they don’t have they don’t have the data and they have no idea where they’re going exactly and why so becomes daunting, which means I don’t want to cover it I want to move on just do my day job and then it’ll all work down there is typically what I find. So once we add we want to get peace of mind and harmony figured out built around you really as the most important asset, asset, your family and then whatever future you want. Then then you start thinking okay, so what are the rules? Now that I’ve got this, this piece of mine hardware, the rules that I want to live by and how do I want to build this? What’s my investor DNA? What’s my investment IQ? Like how do I do things like what’s my protection philosophy? How do I retain risk of transfer risk. All that stuff like so for me, it’s like how do I guide someone through the framework as you keep saying, it’s like to discover the rules for your money that’s more important than money itself? And then and then from there, then you identify, well, how are we going to execute this? So are we come as like, hey, we’ll we will raise our hand, we can become that like personal CFO for you and help you execute that whole process. Unless you want to do it yourself, or you know, someone else they can do it. And what I find is, there’s very few people that actually can execute on all those areas. These executions key, like if you don’t have someone, so like, if you’re gonna go get an estate plan, done, go the attorney, what are they gonna ask? Well, I need to have all your stuff. Why are you doing this? What are the rules for the trust, like, so we already have that identified. So then go the attorney say, look, here’s how you can do your job in a very big way. Because we’ve helped you execute to this point to get that clear. So you can go to them to do what they can do get what they get the talent is, same thing as like tax planning with the CPA, like same thing we can we can identify that, or, Hey, my cousin wants me to invest in car washes or food chain, like how do I do that? Well, here are the rules. Here’s how you do it, you went by real estate, here are the rules, how much mortgage you get what you know, all those things already set. So now, the personal CFO can execute that on behalf. And then the last thing is like, once once it’s all laid out, and people are starting to move, and to that pattern, they got it all laid out. Now it’s like how do you want to have a growth, mind and mindset and keep accelerating to the next level, and then we repeat cycle. So as we get peace of mind and harmony, and then we start to figure out how we can accelerate and build based off of the premise that, Hey, you’re the most important asset, your family, we protect them. And we got to be future focused, because things can change on us. And how do we keep going? That would be the principles I would say, to help someone through that discovery. And what I find when people come in to meet with me, they want freedom, that’s all they want. And what they want is freedom of their money. They want freedom of their time, so they can spend the time with who they want when they want with their relationships. So who are the T relationships they want to be with? And then what’s their bigger purpose. So if I can give them those four freedoms, and I can use these six principles built around them, their family and their future, I find that we have a better framework platform to allow them to get exactly what they want in this life. That is overwhelming for a lot of people they come in. But now that we’ve laid that out, it’s really this is what we’re gonna do. This is how we get there. This is the path. Now it seems more like it’s a manual process to get to where they are because it’s very complex with all these different things happening. But well, the way I see it, it’s actually very simple. We just got to go through step 123 to get there.

george grombacher 22:53
I love it. Well, sub. Scott, thank you so much for coming on. Where can people learn more about you? How can they engage with you and invest?

Scott Jarred 23:01
Yeah, so we obviously have a website invest.com We can’t spell that we sure can invest. So tie in the SEC. All right. Yeah, that was a bad one. And then the other thing is, you know, there’s, there’s a, there’s a link on there. If you want to get started, you can definitely jump on. So that’s an easy way to and then we’re on like all the other social feeds and stuff to

george grombacher 23:25
have it if you enjoyed this as much as I did. So Scott, your appreciation and share today’s show with a friend who also appreciates good ideas go to invest calm that’s invst.com takes cut up when I was offered to have a conversation, pick up a copy of future hack wherever you buy, find books, and start making basic your elite or don’t make basic Curalate Get your act together. And Scott has the framework to to to help you to do that. Thanks. Good Scott.

Scott Jarred 23:57
Yeah, thanks. Thanks for having me on. It’s it’s been great. And also if you’ve got a future hack, calm or future hack my life.com I think then you get a copy of the book. So it’s on there too. Awesome. So Amazon. Yep, it’s great. So mindset mind over money.

george grombacher 24:12
Beautiful. And until next time, keep fighting the good fight. We’re all in this together.

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