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Bitcoin Isn’t Enough: The Financial Plan You’re Missing! - Mitch Moore
Episode 12611th October 2024 • Business Bitcoinization • Josh Friedeman
00:00:00 00:38:13

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DOWNLOAD YOUR COPY OF THE BITCOIN-FOR-BUSINESS QUICK START GUIDE

This free, 27-page resource includes:

  • Six ways ANY business can benefit from Bitcoin
  • Some of the best Bitcoin-only businesses to partner with
  • Key Bitcoin concepts for people getting started

Mitch Moore, founder of Strong Wealth, discovered his passion for financial planning while studying finance at Indiana University. After working as a high-net-worth specialist at Charles Schwab, Mitch founded Strong Wealth, along with his business partner Jacob, to help families build generational wealth. His firm now serves 40 clients, specializing in wealth management for Bitcoiners, inspired by Bitcoin’s alignment with the values of freedom and financial independence.

🌐 CONNECT WITH MITCH

🌐 CONNECT WITH JOSH

TAKEAWAYS

  • Owning Bitcoin should not be considered the ultimate financial goal; it's a means to achieve broader life objectives.
  • It's crucial for Bitcoin holders to understand the financial implications of their investments beyond mere ownership.
  • Mitch emphasizes that effective financial planning incorporates Bitcoin but also addresses family, generational wealth, and estate planning.
  • Proper estate planning for Bitcoin involves ensuring legal possession and access for heirs when the owner passes away.
  • The financial industry will see significant changes as Bitcoin adoption increases, impacting various roles including traditional financial advisors.
  • Mitch argues that many Bitcoin enthusiasts may overlook essential financial planning aspects in favor of simply accumulating Bitcoin.

SHOW PARTNERS

Mentioned in this episode:

DOWNLOAD YOUR COPY OF THE BITCOIN-FOR-BUSINESS QUICK START GUIDE

Velas Commerce: Biz Tech Meets Bitcoin

Strong Wealth: Wealth Management for Bitcoiners, by Bitcoiners

Transcripts

Mitch Moore:

At the end of the day, I think a lot of bitcoiners are really too close to the picture, and they need to zoom out and realize that owning as much bitcoin as possible is not the end goal.

Mitch Moore:

Bitcoin is actually the means to an end.

Mitch Moore:

And the end that we're trying to accomplish is really the life outcomes that we want to achieve for ourselves and our families.

Mitch Moore:

And so if someone is, you know, 40 years old with, you know, married, you know, three young kids, they want to make sure they can go to christian school, and they, you know, want to take a family vacation twice a year and maybe buy a house in the mountains or whatever to make those memories and retire early.

Mitch Moore:

And, you know, they have these financial goals that substantially impact the fulfillment of their life.

Mitch Moore:

That's what we're trying to achieve.

Mitch Moore:

It's not just own as much bitcoin as possible.

Josh Friedman:

Welcome to the Business Bitcoinization show, the show dedicated to helping you enrich your life and grow your business with bitcoin, the hardest money on planet Earth.

Josh Friedman:

I'm your host, Josh Friedman, and our guest today is Mitch Moore of strong wealth.

Josh Friedman:

We're going to be talking about how buying and holding bitcoin is not a sufficient financial plan, as well as some of the things that Mitch thinks bitcoin will first disrupt when it comes to the financial industry.

Josh Friedman:

We're going to get to our interview with Mitch right after this.

Josh Friedman:

Mitch, welcome to the show.

Mitch Moore:

Excited to be here, Josh.

Mitch Moore:

I think we're going to have a great conversation.

Josh Friedman:

Absolutely.

Josh Friedman:

So I like to start off every single interview with a few questions that help us to get to know you a little bit better and give us some insight for our own lives.

Josh Friedman:

So you ready for these?

Mitch Moore:

Yep.

Josh Friedman:

Question number one is this, when and how did you first learn about bitcoin?

Mitch Moore:

Yeah, so it came up at a few different times in my life.

Mitch Moore:

Initially was actually:

Mitch Moore:

I was in college at the time, and a kid just down from my dorm room was talking about it.

Mitch Moore:

He was talking about how the price was pumping, going crazy, and he was thinking about buying some, you know, with some money he got from his parents or something like that.

Mitch Moore:

And at the time, I was working my way through school, I was studying finance.

Mitch Moore:

So you think I may have, you know, been into it a little bit more than I was, but with my own money, personally, I didn't have any to invest, so I kind of dismissed it.

Mitch Moore:

And, you know, we all probably wish we would have bought bitcoin earlier than we actually did, but, um, you know, there's actually an interesting story, uh, that I love to tell when talking about this is, uh, prvious to starting strong wealth.

Mitch Moore:

You know, my business now, I was working for Charles Schwab, and I was taking a lot of investor support calls.

Mitch Moore:

was from, like, uh, start of:

Mitch Moore:

ing the market crash of March:

Mitch Moore:

You know, we were hitting circuit breakers like crazy.

Mitch Moore:

Um, there was like:

Mitch Moore:

People were waiting hours just to talk to us because they didn't know what was going on.

Mitch Moore:

And there were a lot of trades that people believed they weren't getting filled correctly for.

Mitch Moore:

And so they're calling in about that, whatever.

Mitch Moore:

And so it had been a super long day of work.

Mitch Moore:

I was taking 10 hours of calls at that point in my career, and it was late at night, things were starting to slow back down.

Mitch Moore:

And I got a guy call in, and he was asking me just a couple routine questions.

Mitch Moore:

I can't even remember exactly what they were.

Mitch Moore:

But then he started to talk to me about his personal investment strategy and how buying gold and burying it in his yard and holding some in his house was actually a big part of his wealth accumulation, or maybe protection strategy, we'll say.

Mitch Moore:

And I had gotten a couple of those guys in my time working there.

Mitch Moore:

And so I started just to really brush him off with what he was saying.

Mitch Moore:

Sometimes you can kind of tune people out, let them ramble for a while.

Mitch Moore:

They love talking to the schwab people.

Mitch Moore:

And then he stops and he says, mitch, you seem like a smart guy.

Mitch Moore:

Who knows why?

Mitch Moore:

But he said, you seem like a smart guy.

Mitch Moore:

Did you know that the Federal Reserve is actually not a part of the government at all?

Mitch Moore:

It's actually a private institution.

Mitch Moore:

And at that moment, I just, I realized, I guess, that my education had failed me.

Mitch Moore:

You know, I studied finance.

Mitch Moore:

I was.

Mitch Moore:

I thought I knew more than the guy calling in, for sure.

Mitch Moore:

But he said that to me, and I didn't know that.

Mitch Moore:

And I never.

Mitch Moore:

That has never been said to me before.

Mitch Moore:

So I was like, uh, no, I didn't know that.

Mitch Moore:

And he goes on to tell me a little bit more about it.

Mitch Moore:

And he said, well, there's a book I'd like you to, to read.

Mitch Moore:

And he recommends the creature of Jekyll island.

Mitch Moore:

You've probably heard of it.

Mitch Moore:

And that conversation sat with me.

Mitch Moore:

I didn't necessarily take action on it in any way.

Mitch Moore:

Cause he didn't explain to me the downstream effects of that.

Mitch Moore:

That's just all he said, and kind of left it at that.

Mitch Moore:

And so that was really the first seed planted, I think, of the hidden truths of our financial system that would open people up to bitcoin.

Mitch Moore:

And then from there, bitcoin goes on a bull run.

Mitch Moore:

I'm going to start this business as a financial planner, and I know that I need to understand what bitcoin is to be able to guide our clients well.

Mitch Moore:

And so I start listening to sailor Breedlove safety and on all the podcasts I can find, and it starts to slowly but surely click.

Mitch Moore:

And I wouldn't say it fully set in as to what the problem was and the problem that bitcoin solves until I read the fiat standard and followed through on that guy's advice, reading the creature of Jekyll island.

Mitch Moore:

At that point, the light bulb went on and I was orange peeled from then on.

Josh Friedman:

It's really cool.

Josh Friedman:

I mean, first of all, I'm a Schwab customer, and the customer service has always been excellent.

Josh Friedman:

The people that you're talking to on the other line, they're always great.

Josh Friedman:

So appreciate you for being one of those guys, but it's really cool to think that someone who's talking to you on the other end, talking to customer support on the other end, you know, the customers themselves can actually have a positive influence when it comes to helping people understand what money is and what money isn't.

Josh Friedman:

So as a very interesting anecdote, hopefully it'll be encouraging to other people as they're talking to customers support specialists online in the future.

Mitch Moore:

Yeah, for sure.

Mitch Moore:

Yeah.

Mitch Moore:

The common greeting of that day and that time working there was what the is going on with my account?

Mitch Moore:

You can fill in the blank.

Josh Friedman:

Yeah.

Josh Friedman:

Yeah.

Josh Friedman:

So question number two is, what's an insight or fact about bitcoin that you wish everyone understood?

Mitch Moore:

I wouldn't say it's about bitcoin specifically.

Mitch Moore:

It's actually about our current financial system and just the theft, corruption, and just misaligned incentives that our financial system allows to happen.

Mitch Moore:

Like I said, for my own personal story, it really wasn't until I read the fiat standard and the creature of Jekyll island that things really clicked for me because I didn't understand the root problem and the downstream effects of it.

Mitch Moore:

So that's really what I wish more people understood, because then bitcoin would come so easy to them if they really saw that clearly.

Josh Friedman:

Question number three, what's the bitcoin resource you most recommend to other people?

Mitch Moore:

Yeah, to non bitcoiners, I would say it is.

Mitch Moore:

The fiat standard because of the reasons I've mentioned.

Mitch Moore:

But to bitcoiners, which is a lot of conversations I'm having over the last six months or so, I find myself recommending, thank God for bitcoin, kind of showing them the parallels between bitcoin and the economic kind of passages or verses laid out in the Bible.

Mitch Moore:

It's interesting, for sure.

Josh Friedman:

Question number four.

Josh Friedman:

Beyond bitcoin, what's a resource tool or idea that's been helpful to you or your work recently?

Mitch Moore:

I thought about this for a long time, knowing that this question was coming.

Mitch Moore:

And, you know, I don't want this to seem like a cop out answer, but really, the best idea or resource for me in my entire life has been my faith, my faith in Jesus.

Mitch Moore:

And so, you know, honestly, over the last three to four months, business has been slow.

Mitch Moore:

I've had some personal life challenges come my way, and, uh, it's been a tougher time, I would say.

Mitch Moore:

Uh, but, you know, really being able to lean on that foundation gives me peace.

Mitch Moore:

Just knowing that it's all going to be taken care of in the future is I just have to endure, you know, and learn the.

Mitch Moore:

The lessons that I need to learn along the way.

Mitch Moore:

So that's, uh, I would say my biggest resource, uh, at this point in time in my life.

Josh Friedman:

So, question number five.

Josh Friedman:

We call it our arbitrary but insightful question, and it's this.

Josh Friedman:

As a general life principle, is it better to ask why or why nothing?

Mitch Moore:

Yeah, this one didn't take me long at all.

Mitch Moore:

Why not?

Mitch Moore:

Was an easy answer for me.

Mitch Moore:

And I'll tell you why.

Mitch Moore:

Because when I started this business, there was a lot of fear around taking that leap.

Mitch Moore:

You know, quitting my job, starting my own business.

Mitch Moore:

There's a lot of stress, anxiety, and unknown that come with that.

Mitch Moore:

Come with that.

Mitch Moore:

But whenever I'm considering taking risks or making big decisions, one frame that I like to look at things through is, what is the worst case scenario?

Mitch Moore:

And oftentimes, I find that the worst case scenario really isn't as bad as we think until we just acknowledge what it could be.

Mitch Moore:

And in that specific scenario, for me, I was like, well, if I fail in business, I can just get another job or even go back to Schwab.

Mitch Moore:

You know, they're hiring people all the time, and they would love to have somebody like me.

Mitch Moore:

So my real worst case scenario in starting my business was going back to my current life scenario and circumstances in that, that case.

Mitch Moore:

So, for me, it's why nothing.

Mitch Moore:

Because the fear of the unknown is usually a lot bigger in our minds than it actually will be in real life.

Josh Friedman:

Well, Mitch, we're here today to talk about your business, strong wealth.

Josh Friedman:

You've already talked about it a little bit in those earlier questions.

Josh Friedman:

If you could share with us about what you guys are doing at strong wealth and maybe who in particular you guys are for.

Mitch Moore:

We are really the wealth managers for bitcoiners.

Mitch Moore:

And, you know, we have worked with people who are brand new to bitcoin, all the way to hardcore bitcoiners who own 300 plus bitcoin, and that's 100% of their liquid net worth.

Mitch Moore:

So it's a transition that, honestly, we did just make in the last three to six months of fully focusing on working with bitcoiners.

Mitch Moore:

Previously, we had worked with business owners and we really added a lot of value there.

Mitch Moore:

But we realized that we have this unique advantage with this bitcoin knowledge and believe that that's where the world is going in general.

Mitch Moore:

This is the direction that the financial industry is going.

Mitch Moore:

If bitcoin plays out like we think it can.

Mitch Moore:

And so, and, yeah, so now, you know, we're really blending the worlds of traditional financial planning and all the, you know, amazing things that come with that with, you know, deep bitcoin expertise to really give bitcoiners who have, I believe, been dismissed in this area, you know, up to this point, there's a few others out there that do things similar to what we do.

Mitch Moore:

But in large part, what we hear from prospects is, well, I talked to maybe my current financial advisor and they told me to sell it all and it's 60% of my net worth.

Mitch Moore:

I'm like, why would I ever do that?

Mitch Moore:

Or they tell me I'm wrong, or they're just going to dismiss it in their analysis or whatever it is.

Mitch Moore:

And so bitcoin has really run into this brick wall of, I see bitcoin, I believe in it, and, you know, but for some reason, I can't find somebody to help me incorporate this into other financial planning areas of my life.

Josh Friedman:

So I want to ask more about that in just a second and maybe kind of how bitcoin starts to change or affect financial planning.

Josh Friedman:

But first of all, I think especially since you are a relatively new business owner, just over the last year or so, a lot of business owners might get a lot of value from hearing about kind of your process of figuring out who your target market was and developing marketing content on your website.

Josh Friedman:

Because one thing is, when I went to strongwealth.net, comma, one of the first things that I recognize, and I think I've shared this with you already, is your intro video is super on point, and I'd just be interested to hear what are your thoughts on kind of developing who you're reaching out to and kind of what that marketing strategy looks like as a new business.

Mitch Moore:

Yeah, that's a great question.

Mitch Moore:

started strong wealth back in:

Mitch Moore:

That's pretty crazy.

Josh Friedman:

Wow, congrats.

Mitch Moore:

I appreciate it.

Mitch Moore:

But, yeah.

Mitch Moore:

So finding my target market, it's really been kind of like a stumbling block, I would say.

Mitch Moore:

But the main question that I asked myself in the beginning and then even asked myself when we were considering making this full switch to only working with bitcoiners and turning away everyone else was, who are we uniquely positioned to serve?

Mitch Moore:

Like, that is the primary question.

Mitch Moore:

And previous to, you know, this season of life, that or this season of business, I should say.

Mitch Moore:

My answer to that was young business owners.

Mitch Moore:

I'm a young business owner.

Mitch Moore:

You know, I know the financial planning stuff, but I'm also going through the business related stuff in real time with them, so I can relate to everything that they're going through, everything that they need, what, what, you know, I can help with.

Mitch Moore:

And I believe that I'm uniquely positioned to serve those people.

Mitch Moore:

And, you know, being able to connect with them, you know, on a, you know, outside of finance level, really helped in getting those clients.

Mitch Moore:

And I was able to build up a, you know, good foundation for our business that way, you know, and then brought on my business partner about a year ago, and he was a full hardcore bitcoiner at that time.

Josh Friedman:

Time.

Mitch Moore:

And so he's brought me even further down the rabbit hole, if you will.

Mitch Moore:

But, yeah, when we decided to make this transition to our target market is a bitcoiner who's married.

Mitch Moore:

It could be a business owner, could not.

Mitch Moore:

He's got a few kids and he wants to maybe retire early or be generous or he was an early bitcoiner, has high net worth now and wants to pass that on to provide generational wealth.

Mitch Moore:

You know, when we're thinking through that, you know, we are uniquely positioned to serve that person because of the knowledge and experience that we have in this.

Mitch Moore:

And honestly, not many others are doing it.

Mitch Moore:

So that's the primary question that I would ask myself if I was a newer business owner is.

Mitch Moore:

Is that.

Mitch Moore:

And then, you know, it may change over time, and that's okay.

Josh Friedman:

So someone listening right now might be wondering, am I the right fit?

Josh Friedman:

Like I guess.

Josh Friedman:

How would you define bitcoiner?

Josh Friedman:

Like who.

Josh Friedman:

Who's a bitcoiner?

Josh Friedman:

Who's not?

Josh Friedman:

Is it just anyone who's opened having bitcoin as part of their financial plan?

Josh Friedman:

Or are you looking for someone who has a little bit more specific intent with whatever bitcoin holdings they currently have or want to have in the future?

Mitch Moore:

That's a great question, one that we had to think through in defining our ideal client.

Mitch Moore:

And so we defined it as essentially someone with enough bitcoin that if bitcoin were to become obsolete, for whatever reason, go to zero, their financial future would be completely derailed.

Mitch Moore:

So they have enough skin in the game, essentially, to where it's a meaningful portion of their overall assets.

Mitch Moore:

And because of that, we really have to uniquely plan around that large bitcoin allocation.

Mitch Moore:

So it's not somebody who is just open to bitcoin.

Mitch Moore:

If someone comes in and they're open to it, okay, we'll talk and see where they are.

Mitch Moore:

,:

Josh Friedman:

So then maybe we can get to some more of how bitcoin and financial planning go together, if that's the case.

Josh Friedman:

And that clarifying point helps a lot where it's like they actually have enough to wherever.

Josh Friedman:

If bitcoin goes to zero, which I don't think either of us think will happen, but if something were to seriously happen and it just tanks, then their lives would be materially affected.

Josh Friedman:

In that case, what types of stuff do you help that type of bitcoiner with?

Josh Friedman:

So that if bitcoin were to significantly fall, they wouldn't be in that tight spot?

Mitch Moore:

Yeah, absolutely.

Mitch Moore:

If bitcoin were to significantly collapse, we'll say we work with people who have 20% of their investment assets in bitcoin, all the way to 100% of their investment assets in bitcoin.

Mitch Moore:

And we're okay with anywhere that you stand on that continuum, we're not going to convince you that it should be something else.

Mitch Moore:

,:

Mitch Moore:

You know, here are the potential trade offs, the things that could happen, the various scenarios that could play out.

Mitch Moore:

If they do play out, are you okay with that being your reality.

Mitch Moore:

You know, we have to make sure that they fully understand that and understand the decision that they're making.

Mitch Moore:

Because at the end of the day, like, I think a lot of bitcoiners are really too close to the picture, and they need to zoom out and realize that owning as much bitcoin as possible is not the end goal.

Mitch Moore:

Bitcoin is actually the means to an end.

Mitch Moore:

It's not the end in and of itself.

Mitch Moore:

The end that we're trying to accomplish is really the life outcomes that we want to achieve for ourselves and our families.

Mitch Moore:

And so if someone is, you know, 40 years old with, you know, married again, three kids, you know, three young kids, they want to put them through, you know, they want to make sure they can go to christian school, and they, you know, want to take a family vacation twice a year and maybe buy a house in the mountains or whatever to make.

Mitch Moore:

Make those memories and retire early.

Mitch Moore:

And, you know, they have these financial goals that substantially impact the fulfillment of their life.

Mitch Moore:

That's what we're trying to achieve.

Mitch Moore:

It's not just own as much bitcoin as possible.

Mitch Moore:

And so maybe that is 100% allocation for some people, maybe it's not for others, and we think that that's okay.

Mitch Moore:

So really just making them aware of the potential reality that could happen in the future is where we're going to start.

Mitch Moore:

And if bitcoin does happen to go to zero, whatever, again, I don't think it's going to, and you don't either.

Mitch Moore:

And probably no one listening does, but we just have to acknowledge that anything is possible.

Mitch Moore:

Um, you know, a lot of things that have happened over the last four years that even kind of opened our eyes to, you know, bitcoin in and of itself, and why it's necessary.

Mitch Moore:

We wouldn't have thought, you know, what would have happened.

Mitch Moore:

So that foundational understanding is what we're going to start with, with anybody who owns a large amount and make sure that they are prepared for any possible future.

Mitch Moore:

Just mentally, you know, uh, in that.

Josh Friedman:

Way, one of the things that you also talk about is making sure that your family is prepared in the case of something happening to you.

Josh Friedman:

So what would be some of those things?

Josh Friedman:

Maybe just high level things that people should be thinking about when it comes to making sure that if they were to die today, their family would know how to access the bitcoin and continue leading a fulfilled life, at least financially speaking, even when you're gone.

Mitch Moore:

Yeah, absolutely.

Mitch Moore:

I think the estate planning around bitcoin is one of the biggest value ads of our service that a lot of people, I think, are overlooking at this point in time.

Mitch Moore:

It's a big part of traditional financial planning, but bitcoiners, I don't think, fully appreciate it yet, because they like to throw everything out of the window and say, I'll just buy and hold, and that's all I need to do.

Mitch Moore:

So, yeah, there's really two things that you need to be thinking about.

Mitch Moore:

When you want to pass bitcoin on to, you know, whether or not it's your kids, grandkids or maybe just something happens to you and it goes to your wife, you need to think about passing the legal possession of that bitcoin.

Mitch Moore:

You know, so, you know, by law, it is theirs.

Mitch Moore:

And then you also have to be thinking about giving them physical possession of that bitcoin.

Mitch Moore:

You know, obviously, we can't, you know, physically hold our bitcoin in our hands, but making sure that they can access it.

Mitch Moore:

So, you know, when it comes to estate planning, I think something that a lot of bitcoiners don't understand is if you don't have a trust in place of any kind, your bitcoin will actually go through probate.

Mitch Moore:

And what that means is it's going to go to the court, and the court is going to say they're going to make the decision on where the bitcoin goes to, and they're going to announce that to the world.

Mitch Moore:

How much bitcoin you own and who now has it, and anyone who is a true bitcoiner, I don't think they want that to happen.

Mitch Moore:

Um, you know, privacy is usually a big, big focus, uh, of bitcoiners and something that, you know, we, we take very seriously with our service.

Mitch Moore:

And so making sure that we have the right estate planning structure in place to legally, you know, pass that bitcoin on, um, and even avoid estate taxes in some, in some ways, um, is very important.

Mitch Moore:

And then when we look at just making sure that they can access it.

Mitch Moore:

Okay, first we need to understand the best custody setup, you know, that will be secure for you now, but also accessible for the people who need to get it if something happens to you.

Mitch Moore:

And so, you know, there are different levels, I would say, of custody setups.

Mitch Moore:

You know, if somebody has a large amount of bitcoin and they're already kind of earmarking it for generational wealth, well, then we'll probably look at, you know, setting up an irrevocable trust structure, getting it out of their estate to avoid estate taxes.

Mitch Moore:

But then the custody set up with that will probably need to be bringing in a third party institution.

Mitch Moore:

You know, a lot of bitcoiners don't like that.

Mitch Moore:

w, when it is time, you know,:

Mitch Moore:

And that can be facilitated easily for them.

Mitch Moore:

It's really different for everybody, but it's just critical to make sure that you have the right legal structure in place to make sure the assets pass exactly how you want them to in private and avoid tax.

Mitch Moore:

And then we also need to make sure we have the right custody set up in place that is both going to be secure for you now.

Mitch Moore:

Maintain your privacy if that.

Mitch Moore:

If that is, you know, very important, you know, even avoid trusting third parties if we want to, but then informing the next generation or our spouse on what bitcoin is, how, leaving them the instructions to be able to access it and giving them instructions on how to manage it, well, because if they don't understand what it is you've spent your whole life accumulating, working hard to stack sats, and they don't get it, well, it's probably going to get sold right away and they're going to go spend the money or maybe even invest in something else just because they don't understand it.

Mitch Moore:

So at a high level, that's what I would say, what they need to think about when passing this bitcoin on to family.

Josh Friedman:

So we've been talking about bitcoiners, and I think you've sort of said people would have anywhere from 20% to 100% of their net worth savings investments in bitcoin.

Josh Friedman:

But let's turn briefly to just a more normal global population.

Josh Friedman:

How do you see bitcoin changing personal finance and financial planning in the future?

Josh Friedman:

As I'm listening to podcasts, it seems like still bitcoin sort of looked down on, or there's just not a lot of conversations happening about it.

Josh Friedman:

But how do you see things changing as adoption increases?

Josh Friedman:

Oh, yeah.

Mitch Moore:

We could go many different directions with this one.

Mitch Moore:

I'll speak to something that I hear very often is that bitcoin will make financial advisors obsolete.

Mitch Moore:

We won't need to be professional investors on a bitcoin standard, and I would agree that it will make a large chunk of the financial industry obsolete.

Mitch Moore:

But financial planners specifically, I don't think we will ever be completely eliminated by bitcoin, because when you boil financial planning down to what it really is, it's connecting our money to the outcomes that we want to achieve in our life.

Mitch Moore:

Traditional financial advisors that are just taking client money, investing in a few index funds and charging 1%, and that's all they do.

Mitch Moore:

Yeah, they won't survive into the future because when everyone is not forced to be an investor, they can just truly save and build their wealth that way and store it into the future then, yeah, they won't need somebody like that, but someone who is comprehensively looking at taxes, estate planning, insurance, cash flow planning for goals, all of these different things, and helping a family think through all these different scenarios and moving pieces.

Mitch Moore:

I don't think we're ever going to be completely eliminated.

Mitch Moore:

If we are, then it'll be a very long time.

Mitch Moore:

So all that to say, if we go to a bitcoin standard, eventually it will eliminate a large, large part of the financial industry.

Mitch Moore:

But I think myself and the position that we're taking will be a one that will stick around through that, definitely.

Josh Friedman:

So on a bitcoin standard that you've just mentioned, what do you think are the first things to go in the financial industry?

Mitch Moore:

Well, I think, like I said, I think the people who are just focusing on investments and managing assets will be one of the first, you know, industries to go.

Mitch Moore:

Just because of what I mentioned earlier.

Mitch Moore:

Right now, because of our financial system, everyone is forced to be a professional investor on top of their job that they're already expected to be a professional at.

Mitch Moore:

And so that's what makes us, the financial advice industry, so big and bloated, I would say, is because of that, and then we also have derivatives and debt structure of our financial system.

Mitch Moore:

It gets so complex, insane.

Mitch Moore:

And so there's a large part of that even industry that will get cut off, I guess.

Mitch Moore:

But yeah, I would say the people who are only focused on investments, that they will be one of the first to go if we did happen to go to a bitcoin standard tomorrow.

Josh Friedman:

So you've mentioned the creature from Jekyll Island a few times already and talked about the creation of the Federal Reserve and how there are downstream effects from that.

Josh Friedman:

Could you talk a little bit about some of those effects that you've seen?

Josh Friedman:

I'm guessing a lot of people who are still listening to this are bitcoiners and might already have some sort of idea about this.

Josh Friedman:

But I think it'd still be interesting to hear some of your thoughts kind of expanding on that conversation we were having a bit earlier.

Mitch Moore:

Yeah, absolutely.

Mitch Moore:

I mean, one, one thing that is very important to me is my health and so fiat food.

Mitch Moore:

I don't know, I haven't read that book specifically by Seyfedeen, but in the fiat standard, he goes into the food industry specifically.

Mitch Moore:

We could talk about education.

Mitch Moore:

We can go into the others, but food specifically is a big one.

Mitch Moore:

With the inflationary system that we have, companies are always focused on profits and profit margins.

Mitch Moore:

They are looking to cut costs at any turn, even though technology is advancing over time and allowing things to be produced at a cheaper and cheaper cost.

Mitch Moore:

Our cost at the grocery store is going up, up, and they are actually lowering the quality of the ingredients or the food that we're consistently buying at the grocery store because they are trying to keep their costs as low as possible and their profit margins as high as possible, because that's what gets rewarded on Wall street, is making sure that profit is always increasing, earnings per share is always going up.

Mitch Moore:

The misaligned incentive there is forcing our food quality to just go into the dirt, I guess, and it's really poisoning our bodies physically.

Mitch Moore:

And again, our financial system already affects the poor more than anyone else.

Mitch Moore:

Oppresses maybe would be the right word to use.

Mitch Moore:

And so because of their costs of everything are going up, they're getting financially squeezed, and then they're forced to buy this cheap garbage food that is then poisoning their bodies physically.

Mitch Moore:

You know, it's.

Mitch Moore:

It's just kind of this insidious cancer, I guess, that, you know, really starts to cause a lot of problems in many different industries.

Mitch Moore:

But that's specifically what I would say about food because that's important.

Mitch Moore:

One important area to me.

Josh Friedman:

So another thing you've talked about a few different times is your faith.

Josh Friedman:

I'd love for you to talk a little bit about how that's been foundational for you and some of the other things that you prioritize for a good life that is not just focused on finance, not just focus on more money, but kind of that end goal you were talking about where it's like a full, robust quality life.

Mitch Moore:

Yeah, absolutely.

Mitch Moore:

So, yeah, I mean, my faith is the foundation of really everything that I do and everything that we even do within strong wealth.

Mitch Moore:

I mean, Jacob and I are the only two in the business at the this point.

Mitch Moore:

And, you know, that's very important to us.

Mitch Moore:

And so we're always thinking of ways that, you know, we can demonstrate our love for Jesus and how we serve, you know, the people that become clients of ours.

Mitch Moore:

And so one, you know, one idea that I like to reiterate a lot to him within the business and just remind myself of is, you know, we are ultimately working for the Lord.

Mitch Moore:

And so let's approach everything with excellence.

Mitch Moore:

You know, let's show everyone that we are truly giving our best because we're doing it not for them.

Mitch Moore:

We're doing it for, you know, our creator.

Mitch Moore:

And so that permeates, really, every area of, of my life.

Mitch Moore:

So faith is a big one outside of money.

Mitch Moore:

Also, I mentioned my physical health.

Mitch Moore:

You know, I exercise regularly, you know, eat healthy, doing all those things.

Mitch Moore:

You know, every area of my life.

Mitch Moore:

I want it to be fruitful and not just focused on, you know, accumulating much money as possible or, you know, making money, my God, essentially.

Mitch Moore:

I think a lot of bitcoiners tend to do that, and they will make bitcoin their top priority or their I, you know, most important thing in their life that they're focused on constantly.

Mitch Moore:

And at that point, bitcoin has become your God.

Mitch Moore:

And so, yeah, keeping, maintaining that balance of priorities is important.

Mitch Moore:

And I would say, yeah, my faith and my health and my relationships are really the three things that I'm focused on outside of business, outside of money, to make sure I'm living a full and fulfilled life that honors God.

Mitch Moore:

Yeah.

Mitch Moore:

And I would say, you know, that faith aspect permeates the business in a way that we encourage generosity and tithing to our clients.

Mitch Moore:

Most of our clients are christians, but it's not a requirement by any means.

Mitch Moore:

And so we definitely encourage generosity because of those beliefs as well, because of belief that, you know, it will work on our hearts, and God loves a cheerful giver, and we'll bless that.

Mitch Moore:

So, um, that's one way that that's incorporated into to our business that I don't think a lot of other people do.

Josh Friedman:

I appreciate you sharing all that.

Josh Friedman:

Mitch.

Josh Friedman:

Uh, what are some final thoughts you might have for the audience?

Josh Friedman:

We've already talked about a good bit today, but final thoughts you might want to share, as well as where people can go to find out more about you and strong wealth.

Mitch Moore:

Yeah, absolutely.

Mitch Moore:

I think the final thing I'll say is that buying and holding bitcoin is, is not a financial plan.

Mitch Moore:

You know, I know I've said that to you, uh, most, multiple times, and, and, uh, you know, I tweet about that a lot, um, you know, on social media.

Mitch Moore:

But it's important for bitcoiners to zoom out and understand that there are a lot of other areas of their financial lives that can be optimized that actually could help them, you know, grow, preserve, you know, secure their.

Mitch Moore:

Their bitcoin stack if that's ultimately what they want to do or translate the bitcoin wealth that they've been able to build into real life change for, you know, their families, um, their spouses, their grandparents, kids, you have the opportunity to really make a tremendous impact because you are this early to bitcoin.

Mitch Moore:

And so getting everything in place, planning around bitcoin is something that should take very seriously.

Mitch Moore:

We have the opportunity to live through the early days of the greatest asset ever discovered.

Mitch Moore:

So let's take it seriously.

Mitch Moore:

Let's look at all the areas that surrounded that and plan intentionally, you know, in our, in our finances.

Mitch Moore:

So, yeah, that, that's the final thought I'll leave everyone with.

Mitch Moore:

But, you know, they, if they want to check out what we do, they can go to strongwealth.net, you know, learn all about the services that we offer and what we do for people or.

Mitch Moore:

I'm on Twitter and I still call it Twitter.

Mitch Moore:

I'll never stop calling it Twitter, I don't think.

Mitch Moore:

But I'm on Twitter and Instagram at.

Josh Friedman:

Great.

Josh Friedman:

Well, Mitch, thank you so much for your time today.

Josh Friedman:

It's been a pleasure.

Mitch Moore:

Thanks, Josh.

Mitch Moore:

Appreciate it.

Josh Friedman:

Well, friends, it's a wrap.

Josh Friedman:

Thanks so much for listening to this episode of the business bitcoinization show.

Josh Friedman:

If you want to reach out to either me or Mitch, you can find those links down in the show notes and be sure to check out strongwealth.net.

Josh Friedman:

dot, as always, keep building, keep growing, and until next time, keep living and leading.

Josh Friedman:

Well, thanks to those who have been supporting the show on Fountain in the last week, including ifster four eight, no waste BTC signs, bowtied groundhog, Joseph the Rolfe, and Black Lotus nine nine.

Josh Friedman:

Black Lotus sent a note with his boost about last week's episode with Charlie Stevens and said, great episode, hash plebchain.

Josh Friedman:

If you would like to support the show, you can listen on Fountain and stream sats as you listen or send a boost.

Josh Friedman:

And if you include a note with that boost, I'll be sure to read it on the show.

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