LET’S GET UP TO BUSINESS

Micheal Clark of Let’s Talk Future Radio

Micheal Clark of Let's Talk Future Radio

Making sure your company is on the right financial footing is one of the basics that many entrepreneurs miss. In this week’s episode, Jordan sits down with Michael Clark of Let’s Talk Future Radio to discuss some of the tips that the smart business owner should use to ensure they have the stability for success.

Michael Clark is a Certified Financial Planner working with businesses and individuals across Central Florida. In his own words:

I have a mission that drives everything I do: Everyone deserves the truth about money, and armed with the truth anyone can achieve financial success.
But time and time again I see the same things happening. People fail to get educated and miss opportunities, or they know what to do but fail to take action.
I always strive to take the complex subject of retirement and make it easily understood by all. That’s why I’ve made it my mission to help Floridians learn the truth about money and inspire them to take action.

Whether you’ve just started your company, or have been running it for years and need some new ideas, we can offer you insight and a new way to look at the problems you’re having.

Episode 36: Setting Your Company Up for Financial Success with Micheal Clark – Full Transcript

Micheal Clark 0:00
Really getting focused and fine tuning what you want, what products and services do you not want to do because you’re not good at it. And just having that understanding of why you can’t be good at everything, and you need to focus on one area. And I think that was kind of a turning point in my career in terms of going to the next level.

Narrator 0:22
Picture a world where costs are down, profits are up, and customers are clamoring at your door you’re listening to let’s get up to business from Jordan love. Our interviews with business owners, service providers and area experts can teach you how to create a world of success and profitability. If you’re looking for an attorney to assist in your business formation, employment agreements, or other legal business needs, contact Jordan law at 407 90655 to nine. You can also reach us on the web at Jordan law fl.com. Jordan law, we protect you and your business.

Jordan Ostroff 1:22
Hello and welcome to Let’s get up to business with Jordan law. Joining me today is Michael Clark from kiron. Partners. Mike, can you introduce yourself to us?

Micheal Clark 1:29
Yeah, sounds good. Well, thanks for having me on the show. There’s Michael Clark. We have a financial planning practice over in College Park, and then also have a weekly radio show on news 96 five, which is an extension of the financial planning practice. Oh, that’s awesome. When’s the radio show on? So the radio show is live every Sunday from 9am to 10am. It’s heard live on news 96.5 w dvo. Shows called let’s talk future. It’s a call in radio show. People can call in and basically get free financial advice can be anything From 401k Social Security, hey, what’s the choppy market doing? We get basically any type of question relating to $1 sign Live on the Air and you got to answer it live. So it’s keeps us on our toes for sure. And then the financial planning practices in College Park we clear through Raymond James. And we’re the only Raymond James branch in College Park. And then about four of us actually live in College Park. So it’s really convenient.

Jordan Ostroff 2:29
Gotcha. So we did send you some of the questions beforehand, and no one’s gonna call in for this. I’ll make sure I get some curveballs here and there. There you go. So what what’s your origin story? You know what led you to become a financial advisor?

Micheal Clark 2:40
Yeah. So it was goes back to UCF. And I had been born and raised in Central Florida, so born in Winter Park hospital, so I have not gone too far from my roots, but went to UCF and was interning for Raymond James basically just asked the branch manager down a couple blocks from here. In downtown Orlando, hey, do you ever do internships? And I thought he would say no or he would kind of brushed me off. But he was like, Yeah, we do. And then one thing led to another. I interned with Raymond James, my final two years of college at UCF, studying finance. And then right out of college had a job in financial planning. Obviously, didn’t know what I was doing back then, but went through Raymond James training, and then that was about 1112 years ago at this point. And it was just an internship, but I’ve always been a passionate about investments. It’s always been like an interest, stock market, how you make money. That’s always been an interest of mine. So I just kind of naturally led finance degree to an internship and then I was like, hey, this, this is the career for me. I know

Jordan Ostroff 3:46
you’re also a heck of a juggler, too.

Micheal Clark 3:49
Thank you. Yeah. So yeah, I learned how to juggle in the first grade. And I yeah, it’s been a hobby and a unique, unique thing ever since.

Jordan Ostroff 3:58
And you also got the opportunity to juggle at the Dr. Philip center right?

Micheal Clark 4:00
I did. Yeah. That was part of Patrick cuccia. For those of you that don’t know what Patrick, which is you give a presentation, you it’s a PowerPoint presentation. And it runs on automatic your slides transition automatically, every 20 seconds. Can’t do anything to control the timing or anything like that. I did one of those on juggling. So I had the PowerPoint running behind me. And then I gave juggling demonstration from scarves to balls all the way to knives live on stage.

Jordan Ostroff 4:31
No flaming chainsaws or anything

Micheal Clark 4:33
now they wouldn’t let me do actually I can do fire but they know that was too risky for the doctor Philips.

Jordan Ostroff 4:39
They did let you bring a bunch of knives in though apparently right did

Micheal Clark 4:42
yeah. And that was hilarious because I had to go through like security. And it was in the back. But I still went through security and the guy looks in my bag. And it kind of gives me this weird look. And I was like oh, I’m a performer. I’m one of the performers tonight is like, okay, I walked away and I was like, Well, what was the point of security

Jordan Ostroff 5:00
You know, we get quite a bit of those cases where people bring knives and guns and I think the I’m presenting on the plane. Yeah. So Alright, so before we get too deep into it if if anybody’s listening to this, he wants to reach out to you what’s the best contact info for them?

Micheal Clark 5:14
I would say my radio website, it’s let’s talk future calm. that’s by far the best way there’s an info section about me. And then you can also submit a question that potentially could be read on the air if you want. But that’s a that’s a good way to contact me. It’s let’s talk future.com or you can always go to our Facebook page, just search. Let’s talk future right on Facebook.

Jordan Ostroff 5:35
And no, no apostrophe or anything right now, no apostrophe and just

straight through. Let’s talk future.

Alright, so I always like to get everybody to be a little vulnerable here. So let’s start here. What’s the greatest flaw or mistake that you’ve made and how did it help you get to where you are today?

Micheal Clark 5:51
Yeah, I would say not being targeted enough or thinking that you have to do every single product and everything under the sun for financial advice. And I had that as like a philosophy early on, oh, I want to do everything I want to be an expert in every area, and whatever, whatever you need Michael can do. And I realized that I was kind of bouncing off the walls wasn’t an expert in one thing and marketing was a mass and it was just it was just hard, and it wasn’t the business that I wanted. And so really getting focused and fine tuning what you want, what products and services do you not want to do, because you’re not good at it. And just having that understanding of why you can’t be good at everything. And you need to focus on one area. And I think that was kind of a turning point in my career in terms of going to the next level. I focused strictly on retirement planning now I do very little insurance and very little that that type of work. I we don’t do any banking, don’t do any insurance. Really strictly retirement planning, taking 401k rollovers and turning them into a lifetime of income. We always say in the financial planning practice and also on the radio, we help you take a lifetime of savings and turn it into a lifetime of income called retirement. And that’s really where I focus the majority of my time and effort on. And I would say, just having enough guts to say, Oh, I’m not going to do it, term life insurance policy, or I’m not going to write a disability insurance policy. Because obviously, you miss out on revenue, and it helps people and so all the things that you got into the business to do to help people with their finances, take complex situations and really complex subjects and make them digestible and understandable for the average person. You’re kind of saying, Well, I’m not going to do that with certain products or certain services. So I would say that was one of the harder transitions or harder things that I had to let go of.

Jordan Ostroff 7:58
Well, it’s interesting you mentioned that because we use that The old Matt Maxim. You know, niches are where you get riches, which then cracks me up as a criminal defense attorney that it’s the exact same diction is the snitches get stitches? Yeah. One good one bad. Yeah, there you go. I know you talk a little bit how you got into the industry. So let’s just jump ahead to what what sets you apart from your competitors. I mean, I know you’ve got the focus on it. Most financial people are going to do everything. But even more than that, you know, what sets kiron partners? What sets Michael Clark apart from your average financial advisor?

Micheal Clark 8:29
Yeah, so I would say a couple things. And one of them would be our team. So we employ about 10 advisors and then 10 people that support us. So there’s about 10 people in or 20 people total and that College Park location. And I would say that’s a big thing that sets us apart because I use this example all the time, but at&t, Paul wood does a lot of work. He’s one of my partners is one of the 10 advisors. He does a lot of work with at&t rollovers and employees. And in fact, he even teaches classes for at&t is hired to go in and teach with the retirement benefit to the employees. Well, if I was just by myself, and I had either a call coming to the radio station or a client that maybe referred me to an at&t employee, I would be not as sharp as I am today because I can go on to Paul and say, hey, how how, what are the details on this pension? Again, what what have you done in this situation? Hey, this person’s getting divorced from that at&t plan, how you split up the assets, who’s your contact. So having a specialized person that you can go to on a team has really been a huge benefit to us as an office. Because again, if you’re not picking on this type of person, but if it’s one advisor with an assistant, you don’t have that same capability or that same the same possibilities to help the client out. And we do that across the board. I mean, I use that, you know, at&t was example I just used but we have somebody that they’re working Forbes for Disney. So same thing if we ever need anything on the Disney plan, we can get information about it because Sid knows that inside and out. I do a lot on the corporate retirement plan. So the smaller business owner 401k side of things, I’ll either help them set up a retirement plan, like a 401k 403 be profit sharing plan or cash balance plan. And then we have a lot of other people that do other things, like insurance, like budgeting, like financial planning. So there’s a lot of specialized people inside the practice. That makes us a little bit different. One of those people is Greg, and Greg focuses on Medicare. And we weren’t planning for health insurance and retirement. And we were just kind of saying, oh, it’ll be five grand a year. That’s what we have budgeted your 401k. And your investments can supply that. And then Social Security is kicking in, you’re going to be good, but we kind of left it up to the person figure out well, how do I Get a Medicare policy. So now we have Greg in the office, and Greg’s one of those advisors, and he just does Medicare. So again, going back to that advisor that has one assistant, and they’re just working together, they don’t have that same capability to say, oh, let me introduce you to Greg, because you’re transitioning from, you know, all work to no work. And we need to help supplement that advice with helping you on the Medicare, the health insurance side, which again, that’s not something that I do or we do. But we realized early on that, hey, this probably isn’t in the clients best interest. Let’s help them out here and at least provide a resource to help them transition from Group Health to Medicare. And so that’s where Greg came in. So again, I would say that team approach is one thing that sets us apart, and then just each advisor being focused on their key area. that’s helped not only attract clients, but that’s also helped us attract others. advisors, because again, that person that’s working in that office by themself with an assistant, well, we bring a lot to the table to say, hey, come partner with us. There’s economies of scale, and you get all the things I just discussed. So again, it’s helped from a recruiting standpoint, but it’s also helped from the overall client experience and ultimately giving good advice to people.

Jordan Ostroff 12:23
But I know also, with you guys being backed by Raymond James, there are certain different programs, plans, funds that you all are are able to use because I know you guys have quite a lot of assets under management, right?

Micheal Clark 12:36
Yeah. So it’s one good thing about Raymond James is that there are not Raymond James products that we have to do. We’re independent. So we can basically build a portfolio using anything out there. Vanguard, fidelity, individual stocks, individual bonds, I mean, the sky’s literally the limit. It’s not like we have to sell XYZ mutual fund and I have to tell you how great it is. That’s that’s not the model at all. I wouldn’t say that that makes us unique, though, because there’s a bunch of independent offices out there that can do what I just said. It is about the relationship, and it’s about ultimately what the team is bringing to the table. But yeah, we’re backed by Raymond James ram Jam’s headquartered in St. Pete, which is a little different than maybe some of the bigger wire houses or a lot of the financial planning practices that are attached to big banks that might be headquartered in New York. We were headquartered here in Florida, little stereotypical here, but because people retire to Florida, and so we do retirement planning, and that’s why Raymond James has such a big presence here in Florida. Again, stereotypical, but people retire to Florida, they need help with this stuff. And that’s what the form firm was founded on.

Jordan Ostroff 13:51
So, you know, most of our podcast listeners are going to be, you know, small business small to medium sized business owners. I know you’d mentioned kind of quickly some of the different retirement plans. Can you kind of go through those a little bit more detail for us? Yeah, sure.

Micheal Clark 14:03
So anybody looking to set up a retirement plan? A couple of things to think through the one, how much do you want to save? How much do you want to set aside for retirement? I think a lot of times with retirement planning we have just like any industry, and just like, chances are if you’re a business owner, you have a bunch of terms and terminology and your business. It’s the same in our world. We have so many acronyms and so many different ways to accomplish the same goal. That I feel like a lot of times people come into setting up a retirement plan or even thinking about retirement plan with a lot of intimidation, because they think they should know more than they do. And they’re almost afraid to ask questions about it. But figuring out how much you and maybe your spouse want to set aside for retirement, can then help back you into the plan. has an IRA looks and feels different than a simple IRA. There’s 401k profit sharing plans and then cash balance. That’s basically the order an IRA would be about six grand per year. So if you want to save six grand a year, it’s about the easiest, most cost effective way to use an IRA. Now all the way in the other end of the spectrum, we have a cash balance plan that can be attached to a 401k. And again, you don’t need to know any of these terms, just your advisor will know them, you can save over 100 grand in that scenario. Now, if that’s not your goal, well, then there’s no sense in going through all that headache and all the hassle and the cost of setting up a plan that can allow you to save that much, if that’s not the goal, because complexity and costs go up pretty dramatically. And as you move through all those terms I just named so you don’t want to necessarily say hey, give me the Ferrari, and you’re never going to go over 100 miles per hour. You want to use you know if it’s gonna be Hey, you know what, I’m just gonna 25 miles per hour, let’s do that knows cost effective manner. And again, every business is different. I have people on every cent every single one of those terms I just mentioned, we have somebody in that it’s a perfect fit for their business. I had

Jordan Ostroff 16:13
a had a client who rented an Aston Martin and gave almost that exact same line to the police officer rented this car, would you expect me to knock over this feed in it? So what is so I mean, obviously, we’ve got the ability to save more costs more, it’s more complex. But are there any other differences, pros and cons, you know, for business owners to think about? Because, you know, most of the time we want to kind of go in having some idea of what’s going on and then let the expert get us, you know, the rest of the way?

Micheal Clark 16:42
Yeah, so I would say a couple different things and think about, you know, obviously your savings rate or us setting side aside money for retirement is obviously our focus, but it might be about the employees. So hey, I want to attract employees more than a 401k Ira retirement a group retirement plans The way to do that, I want to retain employees. That’s another big goal, hey, I want to retain employees, will certain plans allow you to have what’s called vesting schedules, meaning in order for the employee to take the money that you give them, they need to be with you a certain amount of time. That’s called vesting. So if that’s important than a certain plan is going to fit because like an IRA and a couple of the other ones, couple of those other terms, they don’t allow what’s called vesting, meaning you can’t say, Hey, I’m gonna give you 1000 bucks, but you need to be employed in three years. Otherwise, you’re going to forfeit that thousand dollars. There’s only a couple of plans that allow you to do that. So figuring out what is the primary goal is it for you to save as much money as possible? Is it to attract and retain employees? What is it and a lot of times, candidly, most of the time, it’s a combination of all of that, hey, I want to attract and retain my top talent. I need a savings vehicle because I’ve been dumping all my money into this business for so long. And I feel behind because my entire net worth is tied to this business. So I’m very concentrated over here. And I’m looking for a way to catch up on the 401k. And also diversify some of my wealth. Because again, if something happens over here, you know, I know my business inside and out. But if something happens with my industry, that can affect me. And so again, it’s all about what is the primary objective, and then you can back into the appropriate plan. Because again, an IRA is about $6,000 savings rate, simple IRA, you’re going up to about 14,000. And then for one K’s with match, we’re going to get you in that light, I would say mid 30s to maybe 55,000, somewhere around there. And then the next level ups that hundred thousand and above that’s complicated stuff. We’re dealing with multiple plans and a lot of cases. So again, you don’t want to I would say that’s like the Ferrari. So Figuring out, hey, what is the goal? Is the owner? Is it employees? How long do we have to save? What are the demographics of the company look like, you know, what’s the I would say long term viability of the company, its cash flow, good. Those are all kind of things to look at in terms of figuring out, which plans best for a company. And I will say that it’s a lot easier to go up all those terms I said, so meaning starting off small, and then working your way up. Because I think it’s a little naive to think that all right, I have not been saving for retirement for 10 years. And now I’m going to start saving 50 grand next year for retirement. That’s probably a little unrealistic. Let’s kind of stair step into this. Let’s get a little bit more comfortable with saving, maybe let’s start off at 1000 bucks a month, and then see how that goes. And then try to double up the following year. Because again, you don’t want to set yourself up for failure. Either. You want your goals to be realistic, and you want it to be something that’s going to be attainable. Something you can actually see through the next maybe 510 15 years and a lot of cases.

Jordan Ostroff 20:05
So when you, I guess, are most of your clients coming to you all to set this up? or most of your clients coming to you all to manage it or get a second opinion or they want to switch? Do you all? I mean,

Micheal Clark 20:19
how does that work? So it’s, it’s a combination of all of that. A lot of times I’ll have a business owner come to me and say, Hey, things are going really well. I’d like to start a retirement plan, okay. And then I go over some options. And I say, All right, here’s, you know, one through five where either you’re going to land, a lot of it is also optimizing existing plans. Hey, we set up a plan five years ago, and nobody’s looked at it. Or Oh, I know I haven’t heard from my advisor in a while they retired, they moved, whatever. Can you take a look at that and can you help me because we haven’t adjusted the investments we haven’t adjusted the match. I’m not even sure if this is the right plan. So I do a lot of work from from that angle to to say, all right, well, these five investments need to be switched out, there’s cheaper, better options. Here’s what they look like. And then hey, let’s kind of fine tune the match formula. Because right now you’re giving everybody the same rate. Have you thought about doing it this way? And so again, a lot of times, it’s just optimizing the existing plan. Because unfortunately, a lot of times people set up a plan, and then they kind of be like, Alright, check. I got a 401k. I’m good. And then time goes on. They employ a lot more people. Maybe they merged with another company. They have three locations now. And they haven’t looked at the 401k. like, Whoa, it’s kind of a key part of the Ben benefit package, you should probably take a look at it. Is this still fitting your needs? So obviously, if your advisor retires or moves away, you know, you want to have the plan looked at relatively quickly. What about Tommy said timeline wise? They haven’t looked at it in a while. What is their key timeframe? That you should get it checked every three years, every five years. It depends. I mean, what’s the Yeah, I would say if you haven’t seen your advisor in a couple of years, that’s pretty ridiculous because you’re paying your advisor inside the 401k plan. Okay, you have a usually an advisory fee built in, that someone is getting. The other point that I always make, and we’ll kind of pick on them. I mean, I do both these plans, but well, they’re the two most popular will say fidelity and Vanguard, I always say, you know, fidelity is never going to call you and say hey, Vanguard will do it for cheaper. That’s never going to happen, that fidelity is never going to calling them do that. However, if an advisor can easily run a little simple side by side comparison, hey, here’s your cost and performance with fidelity. And here’s what it would look like with Vanguard, john Hancock, nationwide ADP paychecks, and you can just run a little spreadsheet and see, you know what, yeah, the costs are good and performance is good. But again, fidelities never going to call you and say, Oh, the competition will do it for cheaper and better. So it behooves you to either have an advisor do it or you go out and do it. Because again, your employees are counting on you to do that, because there’s a better, cheaper option. You owe that to your employees to give them that.

Jordan Ostroff 23:14
Are there any other events, life changes, things that happen that would cause you to say that every business owner, if this happened, should go see their advisor immediately?

Micheal Clark 23:26
Well, I mean, I would say any key life changes, not so much strictly for the retirement plan, but just Yes, in general. So death, divorce, or maybe a child reaching the age of 18 are the three that I use all the time. And the reason I say that all the time, because that should cue you to update your beneficiaries, or at least review the state plan to say, all right, Kathy reached the age of 18. We need to change something, but it might be no we’re going to leave everything the exact same. Death and divorce, same thing, obviously not pleasant things in your family. But again, that should cue you to take a look at not only the beneficiaries on the 401k, but also on your other investment accounts. If you have those with an advisor, or if you do them online, it should still cue you to check them and update the beneficiary. Also, it makes some sense to look at Oh, do we add my wife to payroll? Do I add my 19 year old college kid to payroll just to kind of look at those and see if maybe there’s a savings opportunity to maybe set up the 19 year old with a say a Roth 401k early on, and really set that kid up for success for retirement. Not that hard The earlier you save I think we all know that the earlier and the more you save early on the easier retirement planning is but again just take having that conversation looking at I’m gonna have a yesterday for crying out loud with somebody Hey, I’m thinking Shall I had my wife to payroll? What are the ramifications? What are the good What are the bad with it? And the retirement benefits, obviously a key component of it, because this person was over 50. So if you put her on payroll, say at 30 grand, we could put away 25,000 in the 401k, cuz she’s over the age of 50. And so you’d only pay taxes on the five grand of W two income. So there’s certain strategies that you can do. And that might be right, it might not be right, depending on your, you know, employee based circumstances and how much you already have. But it’s an easy way to play catch up if you need to.

Jordan Ostroff 25:33
Let me just jump in with a pro tip there. But please, please, please tell your child you’re doing that. So and, you know, six or seven years down the road when they’re going to law school and applying to be a member of the bar and they have to put all of their previous jobs. They know to put the you know, the family business that you represented a couple students in school that had to go through that process, Florida Bar and it was, it was an easy resolution, but it was a problem you’d rather not have. Right? So you know, pro tip if you put your kids on the payroll, make sure they’re aware of it so they can let other people know. So when it comes to these plans that you know, you’re reviewing that are coming over from another advisor who retired, who quit, who wasn’t, you know, providing the same services, as you all, what are some of the biggest mistakes that you see in these other plans or that you see these other business owners making,

Micheal Clark 26:18
I would say not working with somebody local. I mean, there’s hundreds of financial advisors around here. And it’s so much easier to work with somebody local, just because they can stop by they can meet with you, they can meet with your employees. It’s a lot, I think, better relationship. If you can talk to somebody face to face, especially on something like this. That’s extremely complex. There’s a lot of moving parts. There’s a whole lot of terms. So I think having that face to face interaction on this is key. And so working with somebody local, that’s been a big, a big sticking point, I would say because all of our businesses here in the Orlando area. So I don’t you know, it’s not like you’re going to call me and I’m going to be on a flight to Tennessee to go see a client. That’s not our model. I would also say, not doing education. So we do a lot of education, women, radio shows a good example of that. That’s just one thing we do. But we are passionate about educating people, when I would say, educated people make better decisions. very obvious statement. But it is incredibly true with retirement planning. Because if you take a distribution at age 45, there’s light, there’s everlasting consequences for that. If you take Social Security incorrectly, that really shouldn’t take Social Security 62 the longest you can delay it is age 70. And every month you delay it, you get a higher monthly check. And that’s an irreversible decision. So again, it can be a matter of being successful for retirement or not. So again, that’s why we spend so much time to educate hating people. And we do that in the group setting to 401k. Or we’ll do a group meeting and then break off into individual appointments to make sure they’re understanding the benefit. And also give them the opportunity to ask a financial advisor questions. Because a lot of people people listening to this may have access to a financial advisor, but a lot of people don’t. So again, if the 401k or that company benefit, can provide financial advice, even somebody that’s just going to take 10 minutes with somebody and answer some simple questions. It’s simple for the advisor. It can be a key key difference. So that’s why we spend so much time on that education from

Jordan Ostroff 28:39
well the other thing for us is obviously we always like using local you people not only for what you mentioned, but also have a better chance of getting you know referrals or better connections with people or sure whatnot, you know, you never know your, your local financial advisors on the rotary board there. They sit on some city board or something along those lines. It’s you know, you get better connections that way. Yeah. So you talked about, you know, you talked a little bit about the retirement stuff. You talked about kind of the planning stuff for it. I mean, what some other information that, you know, you don’t think a business owner knows that they should when it comes to the financial side of running a business, investing in retirement for themselves? I mean, what what other information can we get to them? That’s going to be key?

Micheal Clark 29:21
Yeah, I mean, I would say, providing information to your employees. Seems like an easy step. The reason I bring that up is because when you look at like studies on what employees are worried about, and what stresses people out, what causes divorce, a lot of times we see money as the number one thing. And so again, if you can be a resource or you can provide some insight and some help in that area, that can be a key to, again, attracting and retaining those employees. So that education front again, it goes back to that education, educating people to help them make better decisions with retirement and money can then lead to a less, I would say stressed employee. Because again, that’s what people argue about marriages. That’s what stresses people out. It’s crazy. When you look at a lot of the stats out there on people living paycheck to paycheck. I’ve seen a bunch of studies on could the average American come up with $1,000 if something bad happened, and it’s alarmingly high. And if you’re a business owner, these are the people you’re employing.

Jordan Ostroff 30:29
And so alarmingly high. How many can’t come up with it?

Micheal Clark 30:31
Correct? Yeah, yeah, that’s how I met. Yeah, it’s alarming, alarming there. Hi, how many people and the reason that it’s so detrimental is because then you’re having to tap into your 401k. Maybe if you’ve set up a 529, which is a college savings plan, you’re having to access that money. Maybe you’re set up with some sort of life insurance policy that now you’re having to take money out of. So again, it’s it’s kind of blowing up or messing up your long term goals. It’s people that were going to be set up nicely. Oh, I set up a plan at age 25. And I was doing really well. And then life happened. And I had to take that 401k distribution. I hear that all the time. You know, I always say don’t buy a boat, or don’t get a tattoo with the 401k. Right? Both unfortunately, real examples. So via jetski.

Jordan Ostroff 31:22
See, we know we might end up with, you know, the parents spent all this time saving and stuff lined up, and then you know, the kid goes out and gets drunk and kill somebody with their car. And then, you know, obviously, they care about their child and then, you know, liquidate the liquidate the retirement plan to make sure they’re okay. That’s a good attorney. But yeah, it’s rough. Yeah. Um, so let me let me circle back with this so people don’t have to rewind. So now that you’ve kind of given people something to understand, for business owner that realizes, you know, there’s something they need to do they want to reach out to you for more information. Can you give us the contact info again?

Micheal Clark 31:56
Yeah, so a couple different things. One from our website. What stock future.com. So I have a weekly radio show. So that’s a great way to, I would say contact me. But it’s also a good way to get to know me. Because this is obviously a very personalized business, there’s a lot of trust that has to be built. And that takes more than listening to me once on a podcast that I get that. So that’s why the radio show is so powerful. And if you contact me, I also do a lot of events. So one of those events would be social security. So I have a partnership with a Winter Park library. And I do workshops for Social Security, and they invite library patrons. There’s sometimes when a park community, you know the patrons for the library, and then also, people that live around the Winter Park area, come to hear me speak, I invite the radio and also invite clients that are nearing age 62 to learn about social security. So if you reach out to me, I can set you up to get invited to those workshops. It’s totally free. And again, it goes back to that Education focus. And I think that’s a really good, easy way to get to know us can listen to us on the radio and come to an event. And then if you ever want a second opinion on either what you’re doing on the group retirement plan, so for that business owner that has a 401k. Or if you have questions on dollars, you have set aside for retirement already. that’s those are the two areas of business that we do. And again, it’s dollars set aside for retirement, either in individual accounts or in group retirement plans, because there’s so many similarities between the two of them. And again, Social Security comes on Apply a lot of different aspects of taking that lifetime of savings and turning into a lifetime of income called retirement. A lot goes into it.

Jordan Ostroff 33:45
So for somebody who’s you know, not in the area or something along those lines, what’s a good resource for them to start to kind of understand this, I mean, should they just try to find it in financial advisor near them to get some information? Is there a website or a book that you recommend?

Micheal Clark 34:00
Yeah, so I’m a big fan of Dave Ramsey. Okay. And Ramsey has a radio show. And he also has a class called Financial Peace University. A couple members of our office are part of his basically referral program. So if you call into his radio show, and you want to work with an advisor, they’ll refer you to somebody local guys, a couple people on in our office, they get those referrals. And so we’re big Dave Ramsey fan. And he does a workshop called Financial Peace University. It’s about an eight week course. And so I recommend that a lot of times I recommend that for two different reasons. One people coming right out of college, and it’s a great way to learn about debt. It’s a great way to learn about starting to save for retirement. So it’s really good for people coming out of college. And then the second time I recommend it is when you get married. So it’s a great way for a couple to get off the ground running and really get on the same page with finances. So again, we go back to that You know, the top reason for divorce finance. And so again, if you can learn about it, and you can figure it out ahead of time, by taking just a simple like eight week course, I think that really sets yourself up for for success and really, hopefully tries to get away from the, you know, statistical average of divorce.

Jordan Ostroff 35:20
Alright, so, uh, anything else you wanna make sure we cover before we get to our our last little bit?

Micheal Clark 35:27
Now, you know, I’m a big fan of internships to go back to like to the beginning. And, you know, so for the business owners out there and I mean, obviously talked a lot about setting up a retirement plan on the merits of that on a group level. But I’m also a big fan of having interns in the office, because, you know, let them my success. I’m very thankful for that, that I’ve had that opportunity. And so we always have interns in our office, and I see a huge benefit to having college kids in the office and help you they oversee bring new ideas and obviously you’re you’re helping them figure out is this the career for them? You know, whatever the industry is, and I’ve had a bunch of interns that said Actually you know what? I don’t want to do that I thought I did but sometimes it’s more

Jordan Ostroff 36:17
rewarding to know what you don’t want to do yeah

Micheal Clark 36:19
yeah this I’m a little bit more I want to do more corporate work you know, I want to go work for Darden Disney lucky I’d rather do corporate finance. Cool. I mean, I’m glad I could be a help. Yeah, so

Jordan Ostroff 36:30
yeah. All right. So we’re we’re reaching the end here Mr. Clark. I’m going to end this with the the same thing that we had everyone on and don’t worry take all the time. You need to think about it. We can edit it out any dead time afterwards. What is the one piece professional advice that you want to give that can be about your industry? It can be just general advice. What’s that one thing if nobody takes anything else away from this that you want them to know?

Micheal Clark 36:54
So I would say be a lifetime learner minute took me a while Time to figure that out. But it’s one of those things that you’re like your parents say, Oh, you should read, you should do all this stuff. And then you don’t do anything for a really long time until later in your life. You’re like, you know what my dad was right? I should, I should have done this for a really long time.

Jordan Ostroff 37:17
So the old with youth is wasted on the younger. Yeah.

Micheal Clark 37:22
So I would say learning. I’m a big fan of audible. So I really like audible books on tape, basically, from Amazon. I tried to do one book a month. And so been doing that about a year and a half now. So I’m about through 18 or so. I know some listeners are like, holy cow, that’s that’s a ton about buck a month, geez. And then on the other side of it, it’s like, geez, you’re only reading one book a month. That’s, I’m doing like one a week killing you. But again, whatever, wherever you are in life, wherever you you know, and again, when you look at stats on reading, it’s pretty low. Sure. I’m thrilled with my my goal of one book a month. But again, I realized that for some people that’s really low and for some that’s really high. But again, I’m big fan of audible. If you haven’t checked it out, I highly encourage you to check it out auto auto books, audiobooks, and listen to when your car wasn’t going on walks, Ron’s whatever it may be. It’s a very, I would say helpful source to improve your knowledge base, regardless of industry.

Jordan Ostroff 38:22
I had a buddy of mine, he and his wife to the New Year’s resolution of book a week. All right, so they were do 50 books over the year and so by the end of it, I think she’d read 48 had gone through about two books. So you know, you’re one a month you you’d be laughing a couple times over there.

Micheal Clark 38:35
Yeah, there you go.

Jordan Ostroff 38:36
Alright, so let’s talk future calm. We’ve got 96 five Sunday mornings. Exactly.

Micheal Clark 38:40
Alright, cool. Thanks a lot. This was blast.

Jordan Ostroff 38:45
Thank you very much for being here.

Narrator 38:49
You’ve been listening to let’s get up to business from Jordan. We hope you’ve enjoyed the podcast and would consider sharing the show We would also love an honest five star review through iTunes, Spotify, Stitcher, or whatever pod catcher you use. If you are interested in being a guest on the podcast, please contact producer Mark through email at mark at Jordan law f l.com. Use this subject line podcast guests in your email. Thank you. We look forward to speaking to you again soon.

Transcribed by https://otter.ai

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