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Opening your Financial Closet with Zach Sheets
Episode 916th March 2021 • Addressing the ELEPHANT in the Room® • One Light Ahead®
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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

Transcripts

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.