google-site-verification=U0Q4nUf7gy008G2e6vjitL4htHLAso-Tlnzg4z6xYtI Opening your Financial Closet with Zach Sheets - Addressing the ELEPHANT in the Room®

Episode 9

Opening your Financial Closet with Zach Sheets

Join Coach April and her guest Zach Sheets, a Financial Advisor with Edward Jones, to discuss the ELEPHANT hiding in your financial closet.

ONE LIGHT AHEAD® and Addressing the ELEPHANT in the Room™ does not claim to provide professional financial advice nor guarantee any of the financial information offered in this episode. For more information on Financial Advisors visit Know your financial adviser | Consumer Financial Protection Bureau (consumerfinance.gov)



Get more information from Zach:

Zach Sheets | AAMS®, CRPC®, CRPS®, Financial Advisor

edwardjones.com/zach-sheets

facebook.com/zachsheetsfinancialadvisor

Transcript
Coach April Ballestero:

Just making sure that, uh, well, there we go.

Coach April Ballestero:

We are recording to another episode of addressing the elephant in the

Coach April Ballestero:

room and we created this podcast for those of you who have been listening

Coach April Ballestero:

to us regularly, we thank you.

Coach April Ballestero:

Those of us that are just joining you and joining us, we are, uh, building

Coach April Ballestero:

this community, this platform to take on the difficult subjects to take

Coach April Ballestero:

on the subjects are showing up, but people are uncomfortable talking about.

Coach April Ballestero:

And we're getting deeper and deeper into these subjects.

Coach April Ballestero:

And everybody gets to choose the, our guests are wise and they get

Coach April Ballestero:

to choose our elephant of the day.

Coach April Ballestero:

And let me just give you a couple of introductions and a heads

Coach April Ballestero:

up of how our process works.

Coach April Ballestero:

We record, we upload, and then we have a private platform for all the extras

Coach April Ballestero:

that we'll be sharing in the future.

Coach April Ballestero:

So my name is coach . I am the owner and founder of one light ahead.

Coach April Ballestero:

I am a strategic leadership coach.

Coach April Ballestero:

I help people own their leadership.

Coach April Ballestero:

Determine how to defeat destructive mindsets and align their habits so

Coach April Ballestero:

that they're walking their talk a whole nother conversation there.

Coach April Ballestero:

Right.

Coach April Ballestero:

But ultimately to love what you do again.

Coach April Ballestero:

And we love to attract powerful leaders like my guests today, Mr.

Coach April Ballestero:

Zach sheets, he is a 10 year veteran with Edward Jones and

Coach April Ballestero:

gets to choose the elephant today.

Coach April Ballestero:

So Zach, what's your relevant?

Zach Sheets:

Well, as a financial advisor, we encounter several different elephants.

Zach Sheets:

If you will, uh, whether it's coming into the office itself, how much it

Zach Sheets:

costs, uh, am I able to get started?

Zach Sheets:

But one of the biggest is the, the fear of disclosing your whole

Zach Sheets:

financial history to someone who you may not even know until that day.

Zach Sheets:

You might not know anything about me.

Zach Sheets:

You've walked in the door and now you've got to tell me everything

Zach Sheets:

you've got hidden in your closet.

Coach April Ballestero:

And so it sounds to me like we are going to be discussing

Coach April Ballestero:

opening the door to your financial closet.

Coach April Ballestero:

Is that what I'm hearing you say?

Zach Sheets:

Yes.

Zach Sheets:

That's exactly it.

Zach Sheets:

Being able to tell someone in this case, your financial advisor, everything you've

Zach Sheets:

got going on and be honest about it,

Coach April Ballestero:

you know, there's so many different

Coach April Ballestero:

opportunities we could go here.

Coach April Ballestero:

So let's start, let's contemplate.

Coach April Ballestero:

First of all, you know, What have you discovered, and as you have been obviously

Coach April Ballestero:

10 years at nevermind your own personal journey, what, what's the resistance?

Coach April Ballestero:

How do you see the elephant show up in the room?

Zach Sheets:

Well, you know, at first it's just a reluctance

Zach Sheets:

to, um, tell anything about what you've got going on financially.

Zach Sheets:

Um, Maybe the person's finally made that decision to walk in

Zach Sheets:

the door, which was hard enough.

Zach Sheets:

A lot of people just, you know, knowing the step in is, is tough enough, but then

Zach Sheets:

to get that person to be able to say, you know, here's where I am, or maybe I've got

Zach Sheets:

all this debt that I really never wanted to tell anyone about, uh, or I made these

Zach Sheets:

bad decisions that I'm now stuck with.

Zach Sheets:

Those sorts of things, make it so hard for them to open up from the very start.

Zach Sheets:

So.

Zach Sheets:

Uh, part of the difficulty for me is initially just getting enough

Zach Sheets:

trust with them, that they'll start talking about what their situation is.

Zach Sheets:

And then hopefully as I'm working along with it with them, they realize that

Zach Sheets:

it's not a matter of being judged.

Zach Sheets:

It's not a confrontational sort of thing.

Zach Sheets:

It's just the fact that if I'm going to create an actual plan for them, then

Zach Sheets:

I have to know what the real story is.

Coach April Ballestero:

There's so many things you said there, because

Coach April Ballestero:

I mean, there's a conversation yeah.

Coach April Ballestero:

About when's the right time.

Coach April Ballestero:

When you know, what, how much does a financial advisor need to know?

Coach April Ballestero:

What is a financial closet?

Coach April Ballestero:

What, what, what is comprised and all that.

Coach April Ballestero:

And as you chose the career and you obviously have been in this

Coach April Ballestero:

arena for awhile, what for you personally, what's been the journey.

Coach April Ballestero:

And then what have you watched as you build the clientele to

Coach April Ballestero:

start having those conversations?

Coach April Ballestero:

And I've got a couple of other questions behind that.

Zach Sheets:

Sure.

Zach Sheets:

Well, the biggest thing about those conversations is establishing that

Zach Sheets:

trust that whatever they tell me is never going to go beyond us, then I'm

Zach Sheets:

not making any judgements about them.

Zach Sheets:

You know, quite often someone will, you know, right at the start.

Zach Sheets:

I feel bad that I don't know anything about investing or I've never been in

Zach Sheets:

here or I've never talked to anyone and I let them know that that's not uncommon.

Zach Sheets:

The majority of the American population.

Zach Sheets:

Schools don't teach, uh, there's no education on investments.

Zach Sheets:

There's no education on retirement and you know, maybe that's getting better now, but

Zach Sheets:

for the longest time there was nothing.

Zach Sheets:

So part of the whole thing is to make them comfortable enough to feel like,

Zach Sheets:

okay, I can actually say something without feeling like, Oh man, he's over there

Zach Sheets:

thinking that I am just the biggest loser.

Zach Sheets:

And because people get that feeling automatically when

Zach Sheets:

they have to admit that.

Zach Sheets:

Maybe they didn't do as good as they wanted to do, or maybe they made mistakes

Zach Sheets:

that they don't want to admit to.

Zach Sheets:

But you know, until that trust is there a lot of times people don't tell me

Zach Sheets:

everything and, and sometimes in all honesty, I can be honest and tell you

Zach Sheets:

I've got clients I've had for five, six years, but finally say, Oh yeah,

Zach Sheets:

I've got this other thing over here that I never told you about, you know?

Zach Sheets:

So it does happen.

Zach Sheets:

And sometimes it takes a while.

Coach April Ballestero:

Trex is a process.

Coach April Ballestero:

Right.

Coach April Ballestero:

And, uh, and what made you choose to go down this road to be a financial advisor?

Coach April Ballestero:

What about it, uh, is helps you give people permission to

Coach April Ballestero:

open their financial positive?

Coach April Ballestero:

What have you seen so important about the journey of

Zach Sheets:

that?

Zach Sheets:

Well, the biggest reason why I went this path is, you know, I had been in

Zach Sheets:

the corporate world, uh, I've done that side of things and really wanted to do

Zach Sheets:

something where I actually help people.

Zach Sheets:

And this was an opportunity to do something where my success is

Zach Sheets:

tied to the success of my clients.

Zach Sheets:

If I do a good job for them, they're going to tell their friends, they're

Zach Sheets:

going to tell their family and they're going to want to come to me.

Zach Sheets:

If by the other hand of that, if I do a horrible job, the opposite is true.

Zach Sheets:

So it's imperative on me to be as good as I can doing what I can for them.

Zach Sheets:

And.

Zach Sheets:

You know, the connection that I found once I started doing it, I, you

Zach Sheets:

know, it's fantastic to be invited to weddings, family things, uh, have your

Zach Sheets:

clients show up and bring you things.

Zach Sheets:

And by that same token, being there for them whenever they need you, you know,

Zach Sheets:

and even that means going to funerals and the like, but you know, there is like,

Zach Sheets:

you're almost family with most of them.

Zach Sheets:

Uh, you know, we have a lot of households, but I can tell you that between myself

Zach Sheets:

and my administrator, uh, we can tell you a whole list of things about

Zach Sheets:

every client we have and that personal connection, uh, also makes the trust

Zach Sheets:

that much easier, but it also makes the job that much more rewarding.

Coach April Ballestero:

There's so many things that what I also heard

Coach April Ballestero:

you say is that person is just not a number to, you know, is not a

Coach April Ballestero:

set of, uh, financial, uh, revenue.

Coach April Ballestero:

It is a person that truly you get to watch blossom from the education,

Coach April Ballestero:

from the opportunity, from the growth process and a journey that

Coach April Ballestero:

you've helped create with them.

Zach Sheets:

And absolutely, and one key point of that, that I would tell

Zach Sheets:

anyone, and I tell clients all the time that, you know, whether it's.

Zach Sheets:

20,000 for the person that they only have 20,000 or whether it's 7 million

Zach Sheets:

and they've got another 10 million, it makes no difference because it's

Zach Sheets:

equally important to that person.

Zach Sheets:

Uh, in fact, the 20,000 is more important to that person than the 7 million

Zach Sheets:

that this guy might have with me.

Zach Sheets:

And because of that, it never take any of it lightly.

Zach Sheets:

The smallest account is just as important as the biggest and never

Zach Sheets:

give anyone short shrift to the point.

Zach Sheets:

That they feel like they're not that important because you know,

Zach Sheets:

like I said, you know, for the people who have a smaller amount,

Zach Sheets:

quite often, that's all they have.

Zach Sheets:

So they, they can't afford you to take that lightly.

Zach Sheets:

That's so important to them.

Zach Sheets:

That might be the only thing that saves them from, you know,

Zach Sheets:

living on the street someday.

Coach April Ballestero:

:

There's so many pieces of that.

Coach April Ballestero:

:

And so to go back to that financial posit and, you know, the, as you talked

Coach April Ballestero:

:

about that ability that some of it only gets timely, you know, a little jar

Coach April Ballestero:

:

and there's sometimes open a pathway or the open it up a full, here you go.

Coach April Ballestero:

:

Right.

Coach April Ballestero:

:

Uh, what have you seen is the, uh, the most resistance, um, conversation and,

Coach April Ballestero:

:

uh, and, and, and how do you see it?

Coach April Ballestero:

:

Be observed.

Coach April Ballestero:

:

We've heard about that.

Zach Sheets:

Probably the two most common would be on the one side, not wanting to

Zach Sheets:

disclose all the other money they have, um, or other accounts they have or other

Zach Sheets:

retirement savings, or maybe they think I'm going to be offended because they've

Zach Sheets:

got a retirement account somewhere else.

Zach Sheets:

And they're working with someone else too.

Zach Sheets:

Um, a lot of times.

Zach Sheets:

That extra wealth is what's not told, uh, you know, I don't, I, you know,

Zach Sheets:

I hate to say this, but it's been so many times that someone and, you

Zach Sheets:

know, it gives me a net worth figure.

Zach Sheets:

That's probably less than half of what they actually have,

Zach Sheets:

or maybe even less than that.

Zach Sheets:

Uh, and then as we go along, you know, we find out about more and

Zach Sheets:

eventually find out the whole story.

Zach Sheets:

The other side of it is the person who just doesn't want to talk about.

Zach Sheets:

The mistakes they've made.

Zach Sheets:

Uh, you know, they won't be honest about the debt they have.

Zach Sheets:

Uh, maybe they've got IRS issues.

Zach Sheets:

Maybe they've got credit cards, maybe they've got other

Zach Sheets:

things and the bad part for me.

Zach Sheets:

And something like that is I can't really create a plan.

Zach Sheets:

That's the right plan for them, unless they tell me the truth.

Zach Sheets:

Uh, I.

Zach Sheets:

Fully believed that do the right thing for any client who walks in the store.

Zach Sheets:

And sometimes the right thing is to send them back out the door and tell

Zach Sheets:

them to pay off credit card debt.

Zach Sheets:

You know, we don't have investments that I can say are gonna all the time

Zach Sheets:

do 25%, quite frankly, not that often.

Zach Sheets:

So if they've got all this credit card debt, the best thing they can do for

Zach Sheets:

their financial future is pay it off.

Zach Sheets:

If they're not contributing to their 401k plan and their employers matching.

Zach Sheets:

They're turning away a hundred percent return on their investment.

Zach Sheets:

So again, you know, if that's all the money they have, then do that.

Zach Sheets:

So a lot of it is that, and then the ones who will, who will just right off

Zach Sheets:

the bat say, you know, I want to invest, but I can't, I don't have any money.

Zach Sheets:

And then it's a matter of getting them to open up and honestly, write out a

Zach Sheets:

budget and even journal their expenses to prove to me that is that the truth.

Zach Sheets:

And sometimes it is, but most of the time.

Zach Sheets:

You know, it's a matter of not opening up and saying, yeah, I admitted,

Zach Sheets:

I'm spending $15 a day on lunch.

Zach Sheets:

Cause we go out every day at work and maybe I've got a $10 a day Starbucks habit

Zach Sheets:

and you know, and all these different things that they didn't want to admit to.

Zach Sheets:

But once they're forced to, then it comes out.

Coach April Ballestero:

There's so many things you said there.

Coach April Ballestero:

And what came up for me right away is I taught high school for a year.

Coach April Ballestero:

For real estate.

Coach April Ballestero:

Cause I got my designated subject Prudential for real estate and I had

Coach April Ballestero:

my students for three hours and I would walk them through playing games as well

Coach April Ballestero:

as, um, uh, creating their own business, creating their own balance sheet, doing

Coach April Ballestero:

all kinds of fun stuff, stuff like that.

Coach April Ballestero:

And it, some of the feedback I got from all of those high school

Coach April Ballestero:

students is they didn't teach me this.

Coach April Ballestero:

They didn't teach me how to pay attention to these details, uh, the cashflow

Coach April Ballestero:

game and, uh, what a balance sheet is.

Coach April Ballestero:

I mean, just there's so many pieces.

Coach April Ballestero:

Uh, what you just said, um, how much opportunity there is to be aware and to

Coach April Ballestero:

be conscientious of, I love the awareness of, you know, I've got people that are

Coach April Ballestero:

quite wealthy and they're, they don't want to dispose how well who they are.

Coach April Ballestero:

Right.

Coach April Ballestero:

And that's a whole nother conversation, uh, and that's a protective mode.

Coach April Ballestero:

Right.

Coach April Ballestero:

And then you've got people that are so concerned.

Coach April Ballestero:

Well, Gosh, can I even find, you know, $5 or $10 or a hundred dollars and does

Coach April Ballestero:

it belong on my credit card balance instead of a retirement account?

Coach April Ballestero:

If it's a hundred percent match, it absolutely belongs

Coach April Ballestero:

to my retirement account.

Coach April Ballestero:

Right.

Coach April Ballestero:

And I love that's what the journey is.

Coach April Ballestero:

If you're willing to open up that financial closet and say,

Coach April Ballestero:

this is what's really happening.

Coach April Ballestero:

But one of the things that I wanted to clarify on that is.

Coach April Ballestero:

A lot of times you said people, uh, you asked people to journal

Coach April Ballestero:

what's really happening.

Coach April Ballestero:

And that is one of the most difficult things for anybody to do in any aspect,

Coach April Ballestero:

not just financially is to journal and to assess and to review like one of

Coach April Ballestero:

the things I love to assign as a time study, how do you spend your time?

Coach April Ballestero:

And that is a huge wall of resistance in my world.

Coach April Ballestero:

And yet it's, uh, I'm curious how much walls or resistance you get

Coach April Ballestero:

with that journaling exercise?

Coach April Ballestero:

And what have you discovered to help people through that process?

Zach Sheets:

Well, seeing, you know, the journaling thing has been a huge

Zach Sheets:

success when it comes to the person who's told me that they can't invest, they

Zach Sheets:

don't have any money, they live paycheck to paycheck, all their money's gone.

Zach Sheets:

Uh, it's also something, you know, in my role as.

Zach Sheets:

Uh, chairman of our local habitat, we do that with our new partners

Zach Sheets:

to put them through that, just so they know what their real number is.

Zach Sheets:

But like I said, all too often, when you tell someone, Hey, you're going

Zach Sheets:

to have to write down everything you spend, and then you're going to have

Zach Sheets:

to explain it to me when we review it.

Zach Sheets:

And.

Zach Sheets:

It's amazing when they come back because they're like, and I was about to buy

Zach Sheets:

that, but then I thought, you know, I'm going to have to tell him about that.

Zach Sheets:

And I don't think I really want to tell him about that.

Zach Sheets:

And, uh, it's a great experience.

Zach Sheets:

Now there is resistance and some people are like, well, that's not going to help

Zach Sheets:

because they don't really want to do it.

Zach Sheets:

But what I found is most of the people who end up doing it, find that

Zach Sheets:

there is a whole lot of money that they're throwing out the door either.

Zach Sheets:

They don't spend it because they had the right it down.

Zach Sheets:

Or after they look at it later, they're just like, Oh, what

Zach Sheets:

in the world was I thinking?

Zach Sheets:

And it's such a huge benefit to them.

Zach Sheets:

I mean, it's great to me because I can show them that, you know, no,

Zach Sheets:

there was actually money there that you can invest if you want, but

Zach Sheets:

more so the importance is for them.

Zach Sheets:

And the fact that now they actually have some idea of what

Zach Sheets:

they're doing and they realize how impulsive some of the wives are.

Coach April Ballestero:

Impulsive is such a powerful word word

Coach April Ballestero:

in so many different aspects.

Coach April Ballestero:

Right.

Coach April Ballestero:

And yet, uh, there's also, I mean, for the, on the other side of the equation

Coach April Ballestero:

of the wealthy individuals, uh, they can also be very protective and guarded

Coach April Ballestero:

and, uh, very conscientious, almost too conscientious at times, right?

Zach Sheets:

Oh yeah.

Zach Sheets:

It runs the gamut.

Zach Sheets:

Whether someone has money or not.

Zach Sheets:

I mean, I can talk to you about, you know, a client with $3 million who.

Zach Sheets:

Just won't spend anything unless they have to.

Zach Sheets:

And, and when we talk on a regular basis, am I going to run out of money?

Zach Sheets:

And the reality is that I don't think there's, you know, Ben, but

Zach Sheets:

a couple months in the last few years that the account balance

Zach Sheets:

went down, it goes up every month.

Zach Sheets:

Uh, so, you know, there's a fear that's attached to money and

Zach Sheets:

it's always going to be there.

Zach Sheets:

Uh, you know, and I, and that's, I guess that's natural, but that's also

Zach Sheets:

why you come to a financial advisor.

Zach Sheets:

So you have a second set of eyes.

Zach Sheets:

Someone will watch over things for you.

Zach Sheets:

You know, I, I get the people who want to do it on their own.

Zach Sheets:

And then, and I tell people all the time, if you want to do it on your own,

Zach Sheets:

we'll make sure you're looking at it.

Zach Sheets:

But most people get so busy in their day to day that they don't look.

Coach April Ballestero:

There's so much truth that how often

Coach April Ballestero:

would you recommend looking at it?

Coach April Ballestero:

And then I really want to dig into the final part of that closet that you brought

Coach April Ballestero:

up and, uh, before we start wrapping up.

Coach April Ballestero:

So, uh, how often, if they are, I mean, besides taking the time to write it

Coach April Ballestero:

down, Ruby, your bank statements review all that madness on a regular basis.

Coach April Ballestero:

Uh, what would you recommend if they just to get,

Zach Sheets:

well, you know, if you're not going to come to a financial advisor, Then

Zach Sheets:

you probably need to find a way to review your stuff at least every three months to

Zach Sheets:

make sure, make sure nothing's happened.

Zach Sheets:

Make sure that the world hasn't changed and you've been so busy.

Zach Sheets:

Um, if you come to one of us and certainly, you know, I'm

Zach Sheets:

not everyone's cup of tea.

Zach Sheets:

So find that financial advisor who you connect with, but when

Zach Sheets:

you get in that door, you know, establish how often you want to meet.

Zach Sheets:

I know that every financial advisor is going to want to talk to you at least.

Zach Sheets:

Once a year and more often, especially depending on what you're investing in.

Zach Sheets:

If you have a lot of stocks and individual things like that, you need to look more

Zach Sheets:

often because changes can happen quick.

Zach Sheets:

If you're more like the 401k investor in mutual funds, you need to look at it, but

Zach Sheets:

you're probably not going to make changes nearly as often, but you should rebalance

Zach Sheets:

things and make sure you're still on that track that you set yourself on.

Zach Sheets:

And it doesn't hurt to look.

Zach Sheets:

I mean, You know, set yourself a reminder, pull up the website, look and see, uh,

Zach Sheets:

make sure nothing weird has happened.

Zach Sheets:

You know, a lot of people don't even check their checking accounts and

Zach Sheets:

you know, or credit cards and they could have all kinds of charges and

Zach Sheets:

it might be months before they notice.

Zach Sheets:

So it doesn't hurt to take a couple minutes to look, uh, you know, set

Zach Sheets:

yourself some time while you're at home watching TV log on the computer

Zach Sheets:

and look, you know, uh, what, you know, It's going to be a lot better

Zach Sheets:

than what you don't know, what

Coach April Ballestero:

we measure has ability to add improvement.

Coach April Ballestero:

Right?

Coach April Ballestero:

The more often we measure, the more often we can improve.

Coach April Ballestero:

And

Zach Sheets:

within reason as we tell stock investors, too, if you check

Zach Sheets:

the price on a daily basis, you'll drive yourself crazy because the

Zach Sheets:

market goes up and down all the time.

Zach Sheets:

Now, uh, you're looking for.

Zach Sheets:

Something that is a sign of a bigger move or something that's wrong

Zach Sheets:

with the company or great about the company, not that day to day bouncing

Coach April Ballestero:

and, and there's so many pieces there.

Coach April Ballestero:

So the final part of that elephant of the financial closet, you

Coach April Ballestero:

said the fear behind the money.

Coach April Ballestero:

What have you discovered?

Coach April Ballestero:

How does it come up in conversation?

Coach April Ballestero:

How do you help overcome the resistance?

Coach April Ballestero:

Is there anything that you wanted to address in that particular elephant?

Zach Sheets:

Honestly the truth.

Zach Sheets:

There is, uh, the only way you get past a lot of that fear is knowledge.

Zach Sheets:

Um, as with many of the clients who walk in one of the first things

Zach Sheets:

they're going to say to me is that I know nothing about this.

Zach Sheets:

I don't have one little tiny bit of knowledge, or they'll say, you just do

Zach Sheets:

what you want to do because I trust you.

Zach Sheets:

And of course, I'm still going to explain everything to them and get their approval.

Zach Sheets:

But.

Zach Sheets:

There's so much of that lack of knowledge, which makes fear even worse.

Zach Sheets:

And, you know, you kind of have a couple of different tax.

Zach Sheets:

You have the ones who worry so much about it, that they make themselves miserable.

Zach Sheets:

Uh, they're worried if they're going to have money for their retirement,

Zach Sheets:

they're worried that they're going to be able to do the things they

Zach Sheets:

want to do, worried if they can help with their kids' college education.

Zach Sheets:

Uh, All those worries that come day to day.

Zach Sheets:

And that's probably more so now after what we've seen this last year with,

Zach Sheets:

with COVID and the impacts, how quickly people lost jobs that they thought

Zach Sheets:

were safe, uh, how people lost family members, who weren't sick at all.

Zach Sheets:

Uh, all of that just adds to that fear.

Zach Sheets:

Uh, and that's the fear of the unknown.

Zach Sheets:

You don't know what's coming.

Zach Sheets:

The other side of this group.

Zach Sheets:

Often takes the tack that well, you know, I'll just kind of bury it under

Zach Sheets:

the mattress and forget about it.

Zach Sheets:

Don't want to talk about it.

Zach Sheets:

And you know, their method of dealing with it is avoided.

Zach Sheets:

Now the problem with avoidance is of course, if you're not doing

Zach Sheets:

anything to make it better, it ain't going to get better on itself.

Zach Sheets:

Um, you could hope, uh, but it's not gonna really fix itself.

Zach Sheets:

And if you don't have a plan, well, we all know planning or failure

Zach Sheets:

to plan is planning to fail.

Zach Sheets:

And that's the truth of a retirement plan.

Zach Sheets:

Yeah.

Zach Sheets:

If you're not doing anything, then you're going to be living on social security

Zach Sheets:

and that's all you're going to have.

Zach Sheets:

And, you know, while I'm not going to be that fearmonger and tell anyone

Zach Sheets:

that I think social security is going away, the amount that they pay is not

Zach Sheets:

a great life to live on in retirement.

Zach Sheets:

And, you know, you've got to make sure that you take a proactive

Zach Sheets:

approach to what you want to do in order to be successful in that.

Zach Sheets:

And if you choose that method of, you know, I just don't want to talk about it.

Zach Sheets:

I don't want to deal with it.

Zach Sheets:

Well, yeah, you're going to get what you get and it's not great, you know, and

Zach Sheets:

I kind of like, you know, we run into the same with even, even conversations

Zach Sheets:

about estate planning and the like, some people don't want to talk about death.

Zach Sheets:

They're afraid if they talk about it, it's going to bring it on so

Zach Sheets:

they don't want to talk about it.

Zach Sheets:

But then when something happens, there was no plan and things

Zach Sheets:

are so much harder for everyone.

Coach April Ballestero:

There's so many discussions there.

Coach April Ballestero:

We could just address a few elephants if you were to wrap up Zach.

Coach April Ballestero:

And how would you say what's the first step besides obviously reviewing if

Coach April Ballestero:

they were to consider having support, how would they decide what would be the

Coach April Ballestero:

step they could do today to move forward on addressing their financial closet?

Coach April Ballestero:

Maybe even if it's just opening the door, uh, yet share with us.

Coach April Ballestero:

Uh,

Zach Sheets:

well, simplest and honest is take an honest approach and look

Zach Sheets:

at what you have and make your own assessment of what you're doing.

Zach Sheets:

If you think that that's getting you to where you're going to want to be.

Zach Sheets:

Uh, the other thing, and I honestly believe this, pick up the phone, find a

Zach Sheets:

financial advisor, go in and talk to them.

Zach Sheets:

Even if you decide not to work with them.

Zach Sheets:

At least get that Frank discussion about where you are.

Zach Sheets:

Uh, it doesn't take very long to pull up a picture for us to create

Zach Sheets:

something for you to say, yeah, it looks like you're on the right track.

Zach Sheets:

And it doesn't mean that you're going to sign up with them.

Zach Sheets:

It doesn't mean you're committing to anything, but having that conversation

Zach Sheets:

with someone else to look at what you have gives you that second set of eyes,

Zach Sheets:

it also gives you an honest opinion.

Zach Sheets:

That's unbiased.

Zach Sheets:

Sometimes it's hard for us as individuals to look at our own finances.

Zach Sheets:

And say, what in the world are you doing?

Zach Sheets:

Um, you know, you may be doing a great job, but you may be making

Zach Sheets:

some terrible decisions and you won't call yourself on it.

Coach April Ballestero:

There's so many pieces there and I love the word

Coach April Ballestero:

you used bias because we do have a lot more biases than we recognize.

Coach April Ballestero:

And until we give somebody else permission to see and observe and challenge some of

Coach April Ballestero:

those perceptions, some of those belief systems to verify they're accurate or

Coach April Ballestero:

what the longterm results look like and what other options are available.

Coach April Ballestero:

Because sometimes we get very narrow.

Coach April Ballestero:

Focused and we miss some major opportunities.

Coach April Ballestero:

Right.

Coach April Ballestero:

And we don't know about them again, lack of knowledge.

Coach April Ballestero:

Yeah.

Coach April Ballestero:

Every

Zach Sheets:

individual's different.

Zach Sheets:

Uh, you can have the person who comes in here, who's much harder

Zach Sheets:

on themselves than I would ever be.

Zach Sheets:

The reality is that they're doing a great job, but they think that they're not.

Zach Sheets:

And then we have the other person who, you know, is chosen the, I guess you

Zach Sheets:

want to say the turtle method and they're just hiding from it all and pretending

Zach Sheets:

like the Shell's going to protect them.

Zach Sheets:

And you know, that person might come in here.

Zach Sheets:

And at age 55 and tell me they want to retire in seven years

Zach Sheets:

and they haven't done anything.

Zach Sheets:

And you know, that's no fun for me.

Zach Sheets:

I don't want to ever burst someone's dream, but you know, it's like,

Zach Sheets:

well, the reality is if this is what you want to achieve in seven

Zach Sheets:

years, it's I can't do that for you.

Zach Sheets:

It's not possible.

Zach Sheets:

And that's no fun to tell anyone.

Zach Sheets:

It's no fun to tell someone that the retirement of their dreams

Zach Sheets:

probably isn't going to happen.

Zach Sheets:

By that same token.

Zach Sheets:

I wish I could get to everyone and tell them that, you know, if they start

Zach Sheets:

early, it's the easiest thing in the world that doesn't take much because

Zach Sheets:

time is the ultimate multiplier.

Zach Sheets:

So if someone walks in here at 25 and starts even putting the way a

Zach Sheets:

little chances are, they're going to be in great shape by retirement.

Zach Sheets:

But if they walk in here at 55 and they haven't done anything, it it's hard.

Zach Sheets:

It's really hard.

Coach April Ballestero:

Well, and there's so many pieces of awareness.

Coach April Ballestero:

It doesn't mean that it's not possible.

Coach April Ballestero:

It just means that it may take longer and maybe more aggressive.

Coach April Ballestero:

There's all kinds of pieces of that.

Coach April Ballestero:

So, uh, the exciting thing about that is what I also heard you say is

Coach April Ballestero:

I'm going to be straight out and say that based on what we have, this may

Coach April Ballestero:

not be possible at this timeframe.

Coach April Ballestero:

It doesn't mean that there aren't other options.

Coach April Ballestero:

It means that this is, we need to be realistic as well as conscientious.

Coach April Ballestero:

And that's what I hear throughout our whole conversation today

Coach April Ballestero:

is the willingness to say it's okay to open the closet.

Coach April Ballestero:

It's okay to find somebody that you trust to share that closet with, because

Coach April Ballestero:

keeping it shut is not helping you.

Zach Sheets:

Exactly.

Zach Sheets:

You know, and, and not to put any light on it, but there was a great cartoon

Zach Sheets:

that I once saw, uh, the financial advisers in front of this older, married

Zach Sheets:

couple, and he's going well, you know, it's about time that we face the facts.

Zach Sheets:

The only way we're going to achieve that retirement that you're hoping

Zach Sheets:

for since you're starting now.

Zach Sheets:

Is which one of you is going to be the DRI driver and which one of you is

Zach Sheets:

going to go into the bank with the gun?

Zach Sheets:

Oh, wow.

Coach April Ballestero:

Of course that's the comedy side of it.

Coach April Ballestero:

Right.

Zach Sheets:

But sometimes it is the question and it's just no fun to tell

Zach Sheets:

someone, uh, that you know, that that dream you had is not probably going to

Zach Sheets:

happen unless you want to postpone it.

Zach Sheets:

For quite a while and you're right.

Zach Sheets:

You can always, you know, wait longer.

Zach Sheets:

Maybe you're maybe you thought 62 was that year, but in reality you

Zach Sheets:

might have to wait until 70 now.

Zach Sheets:

Uh, and if that's the case, then it's better.

Zach Sheets:

They hear it from me then, you know, go ahead and retire at 62 and they run

Zach Sheets:

out a movie, I run out of their money by 68 and then what are they gonna do?

Zach Sheets:

Um, you know, and not everyone has any backup plan, you know,

Zach Sheets:

they may not have family.

Zach Sheets:

They may not have kids.

Zach Sheets:

They may not have any of that.

Zach Sheets:

So if the money is gone, then there's no one to help them anymore.

Zach Sheets:

And you certainly don't want, just because you don't want to give someone

Zach Sheets:

bad news, give them the wrong news.

Zach Sheets:

It's no fun to tell someone you can't tell them that I much prefer the guy

Zach Sheets:

who comes in and says, I want to, I want to see if I can retire at 60 and you

Zach Sheets:

run the numbers and you certainly can.

Zach Sheets:

That's much more fun than giving anyone bad news.

Coach April Ballestero:

Oh, there are many of those that are retired much younger

Coach April Ballestero:

and still run multiple revenue streams.

Coach April Ballestero:

Right?

Coach April Ballestero:

So there's all kinds of opportunity.

Coach April Ballestero:

That's just the willingness to be open and transparent and vulnerable with

Coach April Ballestero:

somebody you trust to be allowing that financial closet to have cleaning space.

Coach April Ballestero:

If you will.

Zach Sheets:

Even from what you just said, uh, opening it to yourself to

Zach Sheets:

some people blocked it up and they don't want to mention it to themselves either.

Coach April Ballestero:

So powerful is that, and thank you for the time

Coach April Ballestero:

today to go over the, this amazing elephant in the room, that's real

Coach April Ballestero:

and tangible and opportunity.

Coach April Ballestero:

Everybody needs to address.

Coach April Ballestero:

And Zach, how do people get ahold of you?

Coach April Ballestero:

If they do decide they want to consider a financial advisor.

Coach April Ballestero:

Sure.

Coach April Ballestero:

I'm happy to talk to anybody.

Zach Sheets:

Uh, happy to talk to anybody that can answer questions.

Zach Sheets:

Um, my office phone is (423) 566-4010.

Zach Sheets:

Or you can reach me by email at Zach dot sheets, Z a C H

Zach Sheets:

dot S H E T s@edwardjones.com.

Zach Sheets:

And I'd be happy to at least give you some answers to preliminary questions.

Zach Sheets:

And then, you know, we can see if a meeting's in place or something.

Coach April Ballestero:

And I absolutely love the willingness to answer questions

Coach April Ballestero:

tends to be a resource, to be a vessel.

Coach April Ballestero:

That is absolutely what we do as well.

Coach April Ballestero:

You can go to one letter, head.com.

Coach April Ballestero:

You can reach out to coach april@oneletterhead.com.

Coach April Ballestero:

Those are usually the best ways to reach me and we can, or you can schedule a call

Coach April Ballestero:

right on our website at head.com as well.

Coach April Ballestero:

Thank you everyone.

Coach April Ballestero:

Joining us, we always are appreciate that people are willing to,

Coach April Ballestero:

to take on the tough subjects.

Coach April Ballestero:

Have an amazing day, everyone.

About the Podcast

Show artwork for Addressing the ELEPHANT in the Room®
Addressing the ELEPHANT in the Room®
We discuss hard things to talk about and shed light on difficult subjects.

About your hosts

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April Ballestero

Author, Facilitator, Founder, Consultant, Speaker, and Strategic Leadership Coach guiding light bulb moments. Thankful to be celebrating 10 years of guiding, coaching, and leading industry leaders such as attorneys, coaches, chiropractors, financial planners, the real estate industry, and many other sales and business professionals across the nation. The celebration goes on to include over 20 years of business, professional and personal development which I am so honored to share as a vessel to our clients, coaches, and community.
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Eric Ballestero

Eric Ballestero has worked with Coach April Ballestero since before ONE LIGHT AHEAD®'s inception in 2011 while he was still in school and has continually brought new ideas and a lot of technical help to the team. He produced the first three seasons of Addressing the ELEPHANT in the Room® podcast in addition to being a continual partner of ONE LIGHT AHEAD®.