Bautista Planning and Analytics, LLC – Registered Investment Advisor

Tag: Money

  • Money Comes To Me Effortlessly

    In this episode, we discuss the confidence needed to allow money to come to you effortlessly. 

    Full Transcripts

    Hi Everyone, welcome to the You’re Daily Cup of Joe Podcast, with your host Joe Bautista. In this podcast, my goal is to give you quick lessons that you can reflect on in your journal so you can grow yourself physically, mentally, emotionally, and spiritually and have a better career, better relationships, and better personal finances while you enjoy your morning cup of coffee.

    I’m also the author of the book “More You Know, More You Grow: How to Get Better Every Day”. In this book, I wrote down over 30 tips to help you grow in those four cornerstones. I’m also the founder of Grow With Joe, where I combine self-development coaching and financial planning for Latino Professionals.

    At the end of today’s podcast episode, I’m going to give you a prompt question to reflect on in your journal. The idea is to take one to five minutes to reflect on today’s lesson and write a minimum of one paragraph on how you can apply the lesson in your life. You can use an actual journal, a word document like on Google Drive, or your note-taking app like Evernote. The idea is that you’re actually thinking about how to process the information to help you improve your life.

    In today’s episode, we are going to talk about how we should think that money comes to us effortlessly. This goes back to a fixed mindset versus a growth mindset and to the Confucius quote, “The man who says he can’t, and the man that says he can, are both usually right.” If you think getting money is going to be hard, then you’re not going to look for opportunities. All you can have in life is what you see in front of you. But if you believe that money can come to your effortlessly, then you can find the hidden opportunities that lay within your environment.

    You can start to make connections, and it’s these connections that will provide you opportunities. Also, you will start going after those opportunities. If you believe making money outside of your employer is impossible because you tried it twice, then you will just stop trying. For me, I basically have to get ten referrals from clients to make one new client. Because out of those ten referrals, I will talk to half of them, and out of half of them, three will want to do a financial consultation, and 1-2 of these folks will become a client. If I think money is hard to get, I would just call one person, and then from there, I would just stop because my expectation is that I should close every deal.

    We have to realize in life, that no one is batting 100 percent. When it comes to dating, many women would love to date Drake, but even Drake has been put down by the like of Rihanna. Is Drake going to stop doing his thing? Nope, he knows he has more options and he can find another one. But the key thing is that you have to have the mindset that it will come to you effortlessly when you try. Every time I go into a client situation, I believe that I’m going to close that client. I need to have this confidence. But I’m rational and know that I won’t close every deal because I’m not a good fit for everyone.

    And when I get rejected, I have to look at myself and see what I need to improve on. Was I not focused enough on the client’s needs? Did I focus on the things for the client? Was I talking about X because I thought it was important but they really wanted to know about Y? Is it just not a good time for the client to do coaching right now? In my journal, I ask these myself questions like this so I know what is the truth and what is a lie. It’s also important to ask questions to the people I’m interacting with so I know how best to communicate with them and provide a service that they enjoy. At the end of every meeting, I ask my clients, what did they enjoy so I can see what I can double down on and I ask how I can be more helpful to them. Most of the time I don’t get any recommendations for changes, but when I do, I make sure to write that down in my meeting summary notes and do better the next time around.

    But to get to this point, I have to believe that their money is going to come to me effortlessly. And if I get better at coaching clients, it will come a lot more effortlessly. I’ve been doing financial planning for five and a half years now and I just had a meeting yesterday, that I was super proud of. The flow of the meeting was smooth, I was able to answer all the client’s questions and provide them extra insight to make them feel more secure about their financial plan. So if you become so good at your craft that people can’t ignore you, then money will definitely come effortlessly to you.

    This all takes time. For every small win you get, your confidence will get a little bit stronger. I remember when I first started doing financial planning, I was scared of asking for business and for referrals, but I told myself that I need to do these things in order to survive. It was hard in the beginning but it is so much easier now because I have experience and I know what is possible for me. I remember the first time I asked someone for $500 for a financial plan, and they said yes. I was super excited once they left because it opened up my eyes to what was possible. Now if it’s the right client with the right complexity, then I charge $10,000 for a financial plan because I can effortlessly show that we can generate an extra $100,000 in benefit. Each case is different, but I charge what I’m worth and if you do this, then money will come effortlessly to you too.

    That’s it for today’s episode, to summarize it, we need to learn how to make money come to us effortlessly. The first step is having a growth mindset instead of a fixed mindset so you know how to look for opportunities in your environment. For me, it’s when I think of an idea and then I see how I can build that idea. This might require me to learn a new skill or go find a new partnership. If I thought that making money was hard, then I wouldn’t do these things and this is not the right mindset to have if you want more out of your life. The second step is to build up your skills so that you’re so good that people can’t ignore you. And if you can do these two things, then money will go to you more effortlessly than if you didn’t.

    Thanks for listening today! To get a free copy of my Audiobook “More You Know, More You Grow: How to get better every day” just go to my website growwithjoe.me/book and you can download it right there.
    I have a quiz on my website that grades your inner circle, so if you want to find out if your inner circle is an A, B, C, D, or F, you can take that quiz at growwithjoe.me/quiz
    I’m also trying to do a feedback Friday episode, so if you have a question that you would like to have my answer on the air, just e-mail me at friday@growwithjoe.me
    I’m also on Instagram at Grow With Joe and Facebook just look up Grow With Joe
    If you’re on iTunes, don’t forget to give me a five-star rating if you liked this episode and hit the subscribe button as well.
    The greatest compliment you can give me is to share this episode with someone else.
    Thanks for joining me today and remember if you go with Joe, you can grow with Joe, cause Joe knows Dough.
    *Music outro

  • The Blueprint To Become A Millionaire

    In this episode, we discuss the simple strategy of becoming a millionaire. 

    Full Transcript

    Hi Everyone, welcome to the You’re Daily Cup of Joe Podcast, with your host Joe Bautista. In this podcast, my goal is to give you quick lessons on how to grow yourself physically, mentally, emotionally, and spiritually so you can have better careers, better relationships, and better personal finances.
    I’m also the author of the book “More You Know, More You Grow: How to Get Better Every Day”. In this book, I wrote down over 30 tips to help you grow in those four cornerstones. I’m also the founder of Grow With Joe, where I combine self-development coaching and financial planning for Latino Professionals.
    In today’s episode, we’re are going to talk about the blueprint to becoming a millionaire and that is to start saving 20% of your income as fast as you can. There is a book out there called the millionaire next door and the authors studied what caused people to become millionaires and they found out that millionaires saved 20% of their income and they didn’t keep up with the Jones. One reason why I’m moving to Latin America soon is it is so cheap to live there. If I live in Colombia, I can live like a king for about $1,500 a month. I could probably even make it on $1,000 per month.
    I went to Medellin Colombia for a week and I fell in love with the place. The weather was amazing, the food was good, it was cheap, the people were friendly, Spanish improved tremendously there, and they like reggaeton there. I can run my business from there and save a lot of money. I get everything from a big city but at a quarter of the price. This will definitely help me save 20% when I’m in Colombia. So if you want to start saving 20% of your income, you have to be okay with living on 50% of your income since 30% will be dedicated to taxes anyways.
    So if you look at your budget and you realize that you can’t live off of 50% of your income, then you either need to make more money or just accept a lower standard of living. The fastest way though is to accept the lower standard of living. Right now I’m living with my parents until January 2020. I want to save as much money as possible before I head off to Latin America and to keep my expenses low while I start my Grow With Joe business.
    When I was living in DC, it was really easy to live outside your means because it’s such an expensive place to live. Rents were high and entertainment cost could wipe out your monthly budget in one night if you let it. DC is a fun place to live but I believe you can make any place you’re living in, a great place to live but I’m starting my own financial planning business and I don’t have enough revenue to live in a place like DC yet so I moved back to Oregon to live with my parents. I have some clients now. Not enough to live in DC but definitely I have enough to live in Medellin, Colombia.
    If you want your dollars to go even farther, I would recommend you look into creating a career that you can do online. If you’re a computer programmer that can work from home, then I would highly recommend you look into living abroad so you can save a lot of money. This is something that Tim Ferriss wrote about in his book, “The Four Work Week” which is to live abroad so you don’t have to spend so much money. This can be a way to save 20%.
    Now to become a millionaire, it won’t happen overnight, it will come slowly. If you save 20% of your income or more, this is a great strategy for wealth accumulation. When it comes to investing, it takes time, money, and a rate of return. You can’t control the rate of return you get, but you can control how much money you put away and how long you stay invested. A dollar saved in your twenties is like saving forty dollars in your 70s. That’s forty years though and you have to save enough. Most people are not saving enough because they spend their money on other things. If your income is not enough to pay for all of your living expenses, then take a look at the career you’re in or your living choices.
    I know there are circumstances that some people need to take care of that causes them not to save 20% but if you look at the average person, they’re making choices that benefit them the most right now. It’s a lot more fun to spend money now than to wait forty years to get that money back. I would say distract yourself with something that doesn’t cost a lot of money. I spend a lot of time working on my business and I love doing it. It’s easy for me to spend a lot of time on this business and causes me not to spend a lot of time on things that cost money.
    The world is not a fair place if you play by the rules of the majority. If you don’t choose certain things to be important, then you can have more freedom. It when you need to have things certain, then it becomes expensive. You’re a price taker and will take any price that is given. You need to be a price setter and sometimes that requires you not take the deal or find a deal somewhere else. This is what I’m doing and it’s working out for me. I’m so happy now because I’m doing things for me and I’m just following my process.
    If you want to have a higher standard of living, you most likely need to raise your skills in order to get a higher paying job but that could come with trade-offs as well like working for someone that you don’t like or on something that you’re not very passionate on. Or you can just accept a lower standard of living where you’re not getting a new car every other year and not having the finest of everything. It’s like what Ryan Holiday wrote, the two ways to become wealthy is to get everything you want or to be satisfied with everything you have. But to make sure you have a future where don’t have to worry about your standard of living, it’s wise to start saving 20% of your income as fast as you can.
    That’s it for today’s episode, to summarize it, the blueprint to become a millionaire is to save 20% of your income and not to keep up with the Jones. I’ve met people who lived in a place like DC and were saving 20% of their income and they did it because of their lifestyle. They lived in a reasonable place and didn’t spend a lot of money on a car payment and going out. I remember this one guy didn’t drink and just joined a pool league. He was saving so much money. So it’s possible, you just have to make some lifestyle choices. And that is the key, they are choices we make and we choose to live that lifestyle for the most part. You have to realize that a million dollars in retirement will roughly generate $3,300 per month in today’s dollars. So how many millions of dollars will you need in retirement to live? There are some caveats to this claim, but it’s a good benchmark for what you need to up for in retirement.
    To get a free copy of my book “More You Know, More You Grow: How to get better every day” just go to my website growwithjoe.me/book and just pay for shipping and handling.
    I have a quiz on my website that grades your inner circle, so if you want to find out if your inner circle is an A, B, C, D, or F, you can take that quiz at growwithjoe.me/quiz
    I’m also trying to do a feedback Friday episode, so if you have a question that you would like to have my answer on the air, just e-mail me at friday@growwithjoe.me
    I’m also on Instagram at Grow With Joe and Facebook just look up Grow With Joe
    If you’re on ITunes, don’t forget to give me a five-star rating if you liked this episode.
    Thanks for joining me today and remember if you go with Joe, you can grow with Joe, cause Joe knows Dough.
    *Music outro

  • Not Every Dollar Is Created Equally

    In this episode, we discuss the importance of not trading your time for money.

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    Full Transcript

    Hi Everyone, welcome to the You’re Daily Cup of Joe Podcast, with your host Joe Bautista. I’m also the founder of Grow With Joe, where I combine self-development coaching and financial planning. In this podcast, my goal is to give you quick lessons on how to grow yourself physically, mentally, emotionally, and spiritually so you can have better careers, better relationships, and better personal finances.
    I’m also the author of the book “More You Know, More You Grow: How to Get Better Every Day”. In this book, I wrote down over 30 tips to help you grow in those four cornerstones.
    In today’s episode, we’re are going to talk about how not every dollar is created equally. In life, you have to realize that different activities have more value than others. You can work one hour on something and it won’t give you the same payout as if you worked on something else.
    I remember that when I was working as a grocery bagger in high school, I basically made minimum wage which was fine because I didn’t have that many skills and it was my second job. My first job was as a telemarketer and that job was minimum wage as well. I could work 8 hours and make about $50 dollars for that time. Which is was not bad for me because I didn’t know much better.
    Then once I found out that I could start my own business and I could make $500 dollars an hour, it totally changed the way that I looked at trading time for money. Once I was able to convince someone to pay $2000 a year to manage their finances, and the work was much less strenuous than bagging groceries and rounding up grocery carts, I know that I was on the right path. I am able to change that amount because I can show a client that with certain changes with their financial plan, I can generate over a hundred thousand dollars for their retirement accounts. These are projections and not guaranteed but it is much better than whatever they a currently doing for a strategy.
    The last thing I want to do is trade my time for money. There is only so much time in the day, and if someone out there is make $1000 a day with their work, that is much more appealing to me than make $50 dollars a day. If I was making minimum wage, I would have to work more hours than there are in a day, to reach $1000 in a day. So if one person can make a $1000 a day, how can I do that myself?
    That’s why I got into business, because it is the best way to generate wealth the fastest way. You can invest, but that will take decades for that strategy to workout. If I can find the right people to pay me what I’ma worth, then I can make my $1000 a day. I just have to show them that I can provide ten times the value than what I am charging. You can also make it up in volume.
    If you charge $100 for a workshop that you’re an expert on and you have a hundred people in the class for two hours, you literally just made $10,000 for those two hours. There is other work involved, but once you master the skills, you can just repeat that formula to keep making money off your workshops.
    For me, it took me four years to really get a grasp on financial planning and how to demonstrate my value to prospects and once you figure this out, then you don’t have to start trading your time for money. It takes work but to me it’s so much better than having to be somewhere from 9-5. I remember in the Marines and as a Federal Employee, I had to stay at my job because that is what was required. You might be there for forty hours but you really only worked for twenty-hour. The only twenty hours were wasted doing other non-essential stuff.
    When I go to work, I want to work. And when it’s time to rest I want to rest. I don’t want to feel like I’m stuck somewhere just because I have to fulfill my time requirements. I rather learn how to make a full-time salary doing part-time work. This is one of the reasons why I’m working on creating a six-week course for Grow With Joe because I want to make money while I’m asleep or away. People can just come to my website buy my course and I don’t have to be behind a desk to do that. I can be at the gym, reading a book, or hanging out with friends and family.
    There is more work than just building a course and putting it on a website, there is also marketing and branding that you have to work on but if you can master the entire process, then you won’t have to trade your time for money. This is why I work so hard and put in 60 to 70-hour weeks now because I want to have the system in place by the time I start having kids so that I can spend as much time as possible can teaching my kids how to be better basketball players or whatever sport they choose. That is what I desire most, how to spend the most time doing the things I want to do and I know if I trade my time for money, then I can have the lifestyle that I desire.
    Time is the scarcest resource we have and once it’s gone it’s gone forever. So if that is the case, then while am I going to trade my time for money. I want to learn how to work one hour in the future and generate money income than a hundred people working minimum wage jobs. This requires me to work on myself and to study business and success. You have to put in your 10,000 hours to become a master, and if you do that then you can create a system where one hour that you work will be more valuable than your first that you had.
    Thanks for listening today’s episode, to summarize it, understand that not every dollar is created equally and you will realize that you can do things differently to give you the future that you want and remember that the best way to predict the future is to create it yourself. So look at the future you want and go out and create it.
    To get a free copy of my book “More You Know, More You Grow: How to get better every day” just go to my website growwithjoe.me/book and just pay for shipping and handling.
    I have a quiz on my website that grades your inner circle, so if you want to find out if your inner circle is an A, B, C, D, or F, you can take that quiz at growwithjoe.me/quiz
    I’m also trying to do a feedback Friday episode, so if you have a question that you would like to have my answer on the air, just e-mail me at friday@growwithjoe.me
    I’m also on Instagram at Grow With Joe and Facebook just look up Grow With Joe
    If you’re on iTunes, don’t forget to give me a five-star rating if you liked this episode.
    Thanks for joining me today and remember if you go with Joe, you can grow with Joe, cause Joe know Dough.
    *Music outro

  • Financial Questions Latinos Should Know About Their Parents

    Financial Questions Latinos Should Know About Their Parents

    I’ve been doing financial planning for the past four years, and one of the common concerns that Latinos have when they sit down with me is what they should do about their parent’s financial situation. This can be very stressful to deal with, but there are resources out there to help out.

    Below are some essential questions to get answers from your parents about. They might be uncomfortable to ask or know, but they can prevent more significant obstacles down the road.

    How Much Are You Expected To Support Your Parents?

    Photo by Pixabay

    For many of the Latinos that I work with, they have a strong urge to help out their parents. Their parents sacrificed so much to raise them, and now they want to pay it back. This could mean that a parent moves in with them, or it could mean financial support in some other way.

    Now, most of my clients don’t know the full extent of their parent’s financial situation, and this could be a ticking time bomb. If the parents are reluctant to ask for support, this could cause them to accumulate more debt and create a bigger problem. Now, most parents are fine, but I would take some time and talk to your parents and see if they need any assistance.

    For many Latinos born in the 70s, 80s, and 90s, they have the extra responsibility of having to take care of their parents and their children. Grandparents born in the 40s, 50s, and 60s are living longer than ever now due to medical advances, so having a retirement plan was never in really something they thought about. Plus, the financial services industry back then wasn’t tailored for Latinos, but the internet has reduced the difficulty tremendously for Latinos to start investing.

    If you never ask, then there might come a day where you might be dealing with more than you expected. Understanding the numbers and expectations will reduce a lot of that stress in the future.

    How Does Social Security Work?

    For a lot of Latinos, they might only have social security to rely on, and there are a bunch of different rules for how it works. Some could be divorced but still be able to apply for social security based on their ex-spouse’s social security if they meet specific criteria. The same thing applies to widows. There is also a spousal benefit that one can receive if they never worked, but their spouse did. 

    In most cases, folks can start taking social security at age 62 but can delay their benefit until the age of 70 to get a more significant benefit. It all depends on someone’s financial situation and health for when they should elect their benefit. Latinos also need to realize that once they take their benefit, that is the payment they will receive for the rest of their lives in most cases. Social Security can play a significant role in someone’s retirement, and by maximizing its position, it can provide a lot of relief. 

    A great place to start is knowing how much they’re social security benefit is going to be, which can be found at ssa.gov, and a useful calculator is at Bankrate.

    Do They Have a Will, Advance Medical Directive, and Power Of Attorney?

    Photo by Pixabay

    If your parents were to pass away or medically incapable of responding, would this cause financial issues? A Will, Advance Medical Directive, and Power of Attorney are all legal documents that are extremely helpful when something happens to our parents. A Will ensures that assets are passed to the right people without having to go through the courts to determine who gets what and saves people money and time.

    Let’s say one of your parents is medically unconscious and needs someone to pay their rent on their behalf and all of their other bills, then a Power Of Attorney can help. 

    An Advance Medical Directive allows someone to make medical decisions on the person’s behalf. It can be stressful when you have to overcome legal issues while also dealing with a family member’s health. 

    There have been countless cases where these documents were not in place, and it just causes issues for the people who have to deal with it. To make life easier for everyone, make sure your parents have these documents in place. I’m not a lawyer who can draft up these documents, and most financial planners are not capable as well, so make sure you see a legal professional who can help you out. 

    If you feel comfortable doing it yourself, you can also check out an online legal firm like rocketlawyer.com or legalzoom.com. 

    What Is Their Long Term Care Plan?

    When someone retires, there is going to be an 80% chance that they will need some long term care. There is private long term care, and then there is Medicaid, which is a state-run program. If you want more flexibility and control over where you stay, a private plan would be more suitable, but it is going to cost more. 

    To be eligible for Medicaid for long term care, it largely depends on what the state is offering. Some states are better than others, and some states provide different services than others. These services might not be enough for your parents, and it is something that needs to be discussed with your parents on what options they have. 

    A lot of long-term care is provided for free by friends and family and can cause stress since it is unpaid care that the friend or family member is providing. To make sure that long-term care is causing the least amount of friction in everyone’s life, have a plan.

    To get more information about Medicaid, you can visit here. 

    If you want more information on a private plan, you need to see a long term care broker. Now there are different types of financial products that can pay for long-term care, and they all come with their pros and cons. 

    (Grow With Joe, LLC does not participate in the selling of financial products)

    What Is Their Survivorship Plan?

    Is the surviving parent going to continue to live in their current home? If the deceased parent has a higher social security benefit than the surviving parent, did they go to the social security office to increase their benefit? Is the surviving parent’s income in jeopardy?

    To handle these concerns, it might require the parents in the meantime to get some more life insurance or to increase their savings rate if possible. Or it might mean that the surviving parent needs to downsize their home because they won’t be able to take care of it anymore.

    Dealing with a deceased parent can be one of the toughest things that we have to deal with in life, so we don’t want to make it any more complicated than it needs to be.

    By Failing To Prepare, You Are Preparing To Fail

    Photo by Pixabay.

    These questions and more are things we should know about our parents because if we do the work now, it will be a lot less stressful in the future. With the right preparation, you can turn a year-long problem into a five-minute problem, and this is what financial planning is about. The financial planning needs that we have today are way more advanced than it was 10, 20, 30, and 40 years ago. So let’s be better prepared for our parent’s future by making sure they have a plan and a strategy for the future.

    Even though these are questions that we should ask our parents, these are questions that we have answered for ourselves as well. Financial planning takes time and effort. If we wait until the last minute to do something, the number of options that we have gets smaller. With the right plan and execution, a lot of stress can be relieved and give people more peace of mind when things happen.

    If you do financial planning early in life, it also tends to be cheaper in the long run. It can be scary to talk about death, taxes, and financial projections, but a good financial planner will take the stress out of the situation and help coach you towards success.

    Financial planning has become a lot more complicated since we are living longer and have more responsibilities today. If we knew better, we would do better is something that I like to live by, and I hope you’re able to utilize this information to help your family out and live better.

    For More Information

    If you want to start working on these questions for yourself or your parents, schedule a complimentary phone call.

    Learn more about my services and rates.

    Grab a free copy of my self-development book, “More You Know, More You Grow: How To Get Better Every Day.”

    Don’t forget to check out my latest podcast episode of “Your Daily Cup of Joe”

    “Grow With Joe, LLC is registered as an investment adviser in the state of Oregon and is licensed to do business in any state where registered or otherwise exempt from registration. “