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Four Pillars of Success EVERYONE Needs
Episode 526th October 2021 • The Samantha Show • Samantha Orr
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Join me in discussing four key pillars of personal and financial success.

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Hello. Hello. Welcome back.

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I am so glad that you're here and I am pumped to talk to you about

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today's topic.

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I totally geek out over this and I am weirdly passionate

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about it. So just get ready.

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We are rocking and rolling today.

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We're going to talk about what I like to call and have come to kind of coin

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as your four pillars of protection. And don't worry.

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We are going to walk through each one of them.

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I'm going to explain to you their importance and we're really just going to

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get into it. I'm so excited. Okay.

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Four pillars of protection. These,

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the thing that all of these have in common is that they serve to

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protect you in some fashion. Obviously, hence the name we got it, Sam.

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Okay, cool. Glad we're on the same page.

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So they serve to protect you in some shape or form. Also,

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what's very funny is that three of these are things

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that you should have if you ever win the lottery.

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So really we're just covering all the bases.

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And if you do hit like the power ball or something,

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this is for you. All right. We're just,

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we're manifesting the out of hitting the Powerball.

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That's what we're doing here today. Okay.

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But really the first pillar of protection is an accountant.

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I know, I know super anticlimactic,

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but we're going to talk about this one first because it's probably the one

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you're most comfortable with most familiar with.

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You might already even have one,

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but I wanted to go through some stuff that you need to be thinking about.

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If you don't have an accountant or kind of auditing the one that you have,

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which it's a great accountant joke, we're auditing our accountant. I love it.

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All the things that you need to be looking for in an accountant,

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obviously that they're a CPA. Okay.

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Let's just like cross that off the board and make sure we're all on the same

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page. An accountant is somebody who is certified in public accounting.

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Okay. That's literally what it's called.

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But beyond that, everybody's accounting needs are going to be unique.

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So if you're an individual,

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they're going to be different than if you're an individual who also owns a

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business or however you're claiming your taxes.

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So maybe you're filing as an S-Corp.

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Maybe you make your income as a 10 99 independent contractor.

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You're maybe you're strictly W2. All of those things kind of come into play.

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But as long as you have an accountant in general,

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they're going to be able to handle that kind of stuff and walk you through the

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right processes.

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But what I personally love is a CPA is kind of a dime a dozen, which,

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and I don't mean that in a way. There's no shade. Um,

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you just have a million options when it comes to an accountant.

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The stuff that I like to look for is somebody who's not just going to

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file my taxes for me, but it's also going to help me with strategy.

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That's that's the key for me is the strategy piece and finding somebody

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who is proactively participating in

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strategy. That's a little bit harder to find. And I,

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and that's not to say that it's impossible. It's definitely possible.

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It just takes a little bit of hunting. Sometimes,

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sometimes they just fall into your lap or, you know,

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somebody who has an accountant that checks all the boxes and you're like, yeah,

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let's do this. I know you cover the whole gamut. That being said.

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So some things that you need to consider when you're looking for an accountant

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or auditing the accountant that you have currently,

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what is their position on strategy?

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Do they typically just do filings and that's all you can really

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expect from them?

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Are they actively going to participate in strategy?

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And to what extent are they really going to take a deep dive and give you a lot

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of creative ways that you can reduce your tax burden?

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Or are they just going to give you kind of the basics that you could probably

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find out yourself from a quick Google?

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How much in contact do you want to be with your accountant?

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I've had experiences with accountants who I don't hear from all year long until

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they need copies of statements for some reason.

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And until my tax return is about done, they have a couple of questions for me,

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and then they send me a bill, not a fan of that.

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Don't love that. But for some people that might be exactly what you want.

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You're like, please don't bug me during the year.

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Call me when you have specific tax related questions. And otherwise, like,

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I don't need an update on the work that you're doing behind the scenes.

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Leave me out of it. Especially as a business owner,

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you need to really have that understood about what your expectations are and

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what kind of relationship you need.

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Another thing to consider is are you somebody who is

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drawn towards a larger firm,

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a place that's going to have a million resources available to you.

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They have people,

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a bunch of different pay grades who can help you with whatever aspects of your

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business or your personal tax return that you need.

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Or do you like a more personalized boutique firms

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setting?

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Do you want somebody who is going to get to know you a little bit more on a

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personal level and have an ongoing relationship with you?

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Which to that point,

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I will say I am naturally drawn to the idea of a more boutique

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environment. I want the personalized experience.

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I want you to know who I am and about my life. Um,

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because I think it helps with the strategy.

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They get to know like what you would likely be inclined to do already,

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and then can do some deeper searches on, okay,

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now how can we find something tax-related to help them? Okay.

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But that being said, I personally use a very large firm,

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which is like,

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I get it totally contradicting to what I just said four seconds ago,

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but here's why they have the power.

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They just simply have the manpower that a boutique firm cannot match.

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And that's something that I find a lot of peace in.

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I know they're going to get my done.

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I know that they're going to handle it in the most efficient manner.

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And while maybe not everybody who touches my tax return or who does tax

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related things throughout the year or processes payroll,

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maybe they don't know who the I am, but at the end of the day,

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I don't care if they know I care.

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If my primary accountant knows who I am, knows my situation.

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That's what I care about.

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So really I'm kind of looking for the middle of the road, happy medium,

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but you got to figure out what fits you best and will the

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accountant be able to grow with you?

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Do you have expectations for what your tax bills and your filings are

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going to look like five years from now?

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Cause that's very helpful to be, to have one.

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I kind of looking further down the road.

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Cause the last thing you want is to really get in deep with an accountant,

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develop this amazing relationship.

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And then later they can't meet your needs anymore. And you're like, great.

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Now I have to start completely over where if you consider that from the

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beginning,

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you're in a much better position because even if you do end up outgrowing an

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accountant,

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you knew that that was going to happen one day and you've prepared accordingly.

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Or you pick an accountant that can grow with you and your relationship gets to

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just build and build and build.

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And the history gets to last and have more of an impact.

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So just things to consider as

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somebody who knows a lot of people who have yet to hire

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an accountant in here who are doing like the H and R block route or

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some kind of do it yourself filing,

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there's nothing wrong with that. There's nothing wrong with that. Um,

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and it definitely suits certain stages and, and um,

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places where people are at in their life.

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And obviously it's a very cost-effective way to do it.

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The only problem is you're not going to get any of those extras.

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You're not going to get somebody on the other end who can create strategy

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with you,

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who can talk you through the way you're currently filing your taxes and the way

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you're currently doing your expenditures and that sort of thing.

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So you're very much on your own,

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even though those services have evolved in a lot of ways and they there's a lot

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of resources out there,

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there is just a time and a place for that method of

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filing your taxes and a time and a place for when it's time to move on.

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So just be cognizant of that. If you are currently using a service like that,

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don't let yourself hit tax time and be like, oh,

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there is so much going on here that I really should just have a relationship

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with an accountant who can do this for me.

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And I can have the confidence and sleep peacefully at night,

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knowing that it's being done correctly because you know,

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the IRS really is not a dog you want to play with and they

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don't have a sense of humor.

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Uncle Sam doesn't find your mishaps funny.

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So it's very important to do your things right from the jump.

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The last thing I'm going to say about this is you especially

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need to be looking for an accountant.

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If you have some kind of special circumstance,

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that being anything that has tax implications.

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So if you are gifted a bunch of money or

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inherit something or you're buying and selling property,

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or you own a business,

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these are all reasons to seek out an accounting firm.

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If you do not have one and you're not sure where to start,

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my first recommendation would be Google, Google, Google, Google,

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look at reviews, get an idea, go to their website, get an idea of their firm.

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You should have already considered the questions that we just talked about.

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And so you kind of know what you're looking for. You go to their website,

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and this looks huge. They have, you know,

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this many employees and multiple locations and blah, blah, blah.

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I'm not interested in that. Or you go to another one that has great reviews.

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And you're like, oh, they have two accountants. And

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That's not gonna work for me. That's not what I'm looking for.

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So Google is a great place to start. If you really don't have any direction.

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Another thing that I would recommend is asking around you don't need details

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about people's anything about their relationship with their accountant,

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other than do they like their accountant and would they recommend them and

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why that's all you need to know. And I would broach it as,

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Hey, I wanted to ask you about this, but you know,

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if you don't feel comfortable talking about this, that's perfectly fine.

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I just wondered if you have an accountant that you like and would recommend

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because I'm currently in the market for one and most people are not going to

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give two about that conversation.

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But I do think when you're asking people about anything

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financially related,

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you should be doing it with respect and giving them the opportunity to not

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have that conversation with you if they don't want to, because sure.

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As heck don't have to. Okay. Moving on.

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This is the one that if I had to guess,

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most listeners probably don't have an attorney. Now,

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before you have any resistance to that, let me expand.

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There will likely be a time in your life where you don't have an attorney

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because you don't need one. And that's perfectly fine.

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Obviously.

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Why would you have any kind of professional if you

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However, again,

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if you have any type of special circumstances,

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I am a firm believer in hiring a professional and an expert in

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the field.

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I would much rather do things right from the beginning and pay for

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that guidance. Then risk it up,

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being penalized for having done it incorrectly and then having to go back and

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pay someone anyways, to fix the problem.

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There's a few things to consider than an attorney can help you with.

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Oh well,

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and I know that sounds pretty excessive.

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And you're like SIS, I'm 24 years old. The do I need a will for,

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you know, agreed. You probably don't have that many things, um,

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where it wouldn't be very messy. If something were to happen, happen to you.

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However,

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I no longer subscribe to the concept of it'll never happen to me.

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Cause you just don't know. And that's, that's the fact of it.

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We just don't know what's going to happen. So if there's any part of you,

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that's like, I really need some clarity.

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And I want to make sure that my loved ones know exactly what I want done with X,

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Y, Z, or anything like that.

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That's where an attorney can come in.

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It's not a hundred percent necessary before you have very many things

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that will be left behind very many possessions.

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But if you are in a place where there's cash

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or property or vehicles that

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need to be dealt with, if something were to happen to you,

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it's just so much better for everyone else involved to know exactly what you

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wanted and to have the clarity and honestly, lack of burden

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because now they can just execute your will.

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And there's no questions and anybody who wants to debate it can right off

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because it's written. And to that point,

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if you do have a well currently or are going to put one together soon

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or later on down the road, when you do have a we'll update, that,

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okay,

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you would not believe how much crazy stuff happens because

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people let a decade go by and their will is no longer up to date.

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Their life has changed dramatically, but their paper has not.

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And that's just super unfortunate.

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And all it requires is like once every year or two

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years just think about it. Think has anything in my life changed.

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That should probably be changed in that document. If not then, okay.

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Leave it alone. But maybe just, you know,

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thumb through it every year or two and make sure that everything's

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okay.

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Same thing goes with beneficiaries on anything that any money

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stocks, that sort of thing. Okay.

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We're rolling right through our three A's.

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I can remain a kid and my mom, she always liked, um,

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getting, I honestly, I don't even really know gambling,

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but like at a convenience store, lottery tickets. That's thank you. Okay.

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Thank you brain. That's what I was looking for.

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She always thought lottery tickets were fun and she'd like,

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let me do the scratch ones and that sort of thing.

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It was like once in a blue moon, she'd surprise me with one and we'd play him.

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Well, I can remember, um,

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multiple times throughout my life where she would talk about like, what,

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what if we won the lottery? Like what would you do with the money? And like,

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we'd talk about each of our own ideas and that sort of thing. Um,

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but I can remember her telling me if you win the lottery,

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do not tell a soul, no one, not a soul, not your spouse. Now, your children,

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no one, you and God and the person who hands you, the check they are,

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who knows.

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And the first thing you do is you go out and you get your three A's and

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accountant and attorney and a financial advisor.

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I'm like 10 years old in the back of a car. And my mom's telling me,

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remember the three A's Samantha. That's not what my mom sounded like,

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but you get the point. Hey,

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so as you may have guessed from that little anecdote,

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the third "A" is a financial advisor. Again, you might be like,

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why the are we talking about this? I am not at that point in my life.

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Maybe you're not, but maybe you are.

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And haven't realized it,

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are you investing money in any way, shape or form? And if not,

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why not every statistic ever

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supports that it's not necessarily about how much money you

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invest.

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Like the dollars time wins every

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single time. Always.

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It just is what it is.

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Even if you invest a significantly larger amount later in life,

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if you had started small, but young,

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you end up with more money every single time.

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Don't ask me about the math. I'm not a financial advisor.

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I am not an accountant.

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I just know that that is the general advice.

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Start young start today.

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If you haven't invested in anything start today, but that's,

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that's where I'm getting at is if you,

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regardless of if you've started or not,

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guidance is so valuable,

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so valuable, they will be able to help you make your money,

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work for you in ways that you could

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probably figure out for yourself,

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but how much time and energy would that take and how much competence would you

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have that you really know your? Cause I'm not saying that's,

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that's not an option, but for me personally,

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I would much rather again,

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trust an expert to do it right from the beginning and help me save for

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my future and for my family and for my children's children.

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That's, that's what we're trying to get out of this.

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And while a lot of these roles have overlaps with each other,

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they cannot be replaced by one another.

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They are very much serve an individual very

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important role. So yes,

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there is some overlap and they will know some of the same things,

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but they cannot serve you in the same way.

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So just to be clear in a financial advisor,

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just like the other two becomes extremely

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important. If you are in a special circumstance, if you inherit money,

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if you have a bunch of money saved,

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if you have a business that has that's flush and you need to put that cash

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somewhere, other than a savings account,

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that's going to earn you a 0.0 0 0 0 0 0 0 0 0 1%.

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Then you need a financial advisor. And with all three, honestly,

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all four of these pillars that we're going to talk about.

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The key to successfully finding someone that meshes well with you and

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meets all of your individual needs is being patient and

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being willing to meet with multiple people. Okay? You're car shopping,

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baby. You're going to go to every dealership,

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drive seven different types of vehicles and make sure that the one you pick is

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the one you love.

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The one that feels the best and offers you all the things that

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you need to suit your life circumstances.

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So don't feel like, okay,

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I have this appointment set up with this financial advisor.

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I'm going to have to like sign up with them at the end of it. And like,

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I really hope I like him because he's going to be in charge of my money going

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forward. No, that's, that's not it. That's not the,

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not how we should be operating. Okay.

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Have some patients have some confidence.

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This is a very much a two-way conversation.

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They are not interviewing you like hi,

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do you have enough things for me to find you important enough to serve?

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Absolutely not.

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It's let me hear what you offer.

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Let me tell you what I need and let's figure out if we're a good fit and then

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simmer on it. You do not have to make any decisions right away about anything.

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Never feel like there's a rush because there is not, and there's a billion,

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more people out there who can help you. If for some reason,

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this person just isn't quite what you're looking for.

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You're going to find them. You're going to find them.

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You just have to be willing to. All right,

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fourth and final pillar of protection: a therapist.

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I'm a firm believer the world would be such a better

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place. If every single person, not a therapist,

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I can't even imagine a world like that.

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Like it's just rainbows and butterflies and everybody's cool to each

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other and not throwing around their damage and just like spewing it onto other

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people recklessly. Oh,

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I would like to, um, sign up for that reality, please.

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If somebody could just let me know where the list is, um, and put my name on it.

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That would be phenomenal in all seriousness.

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I am so grateful that the stigma around mental health therapy,

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depression,

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all these things that so many people deal with every single day,

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that they're becoming more and more normalized with each passing day.

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And that's phenomenal. The part that I,

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the part of the conversation that I want to reiterate is a therapist is

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not just for when times are hard.

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That's absolutely no incorrect.

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I find that a therapist is just as important when you're on cloud

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nine, as it is when you're in the thick of it,

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the same rule applies.

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Be patient meet with multiple ask around,

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ask people that you think would be safe to have that conversation with.

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If they have a therapist that they would recommend or an office,

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maybe it's not an individual. Um,

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my only caution would be intentionally decide

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who you are willing to have that conversation with.

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And if they will likely be a safe place for that conversation,

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your aunt who thinks mental health is a load of.

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That's probably not the person you're going to want to say, Hey,

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I'm thinking about getting a therapist. Do you know anyone you'd recommend?

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Maybe don't start there.

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And if you don't have so many in your life that you feel comfortable talking to

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about that again, Google is your best friend, best friend.

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There is no dollar that gets me a return like a

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therapist. I just,

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I would invest in my own success

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all day long. And that's what therapy is.

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It's investing in yourself. It's, to me,

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it's like the ultimate form of self-care because you can see your therapist

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and know that the person on the other end of the conversation has no agenda.

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None whatsoever.

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They couldn't give a less about what decisions you make in your life or,

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or which route you take.

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They just care that it's the right route for you.

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And even though all of our loved ones mean so well. And,

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and maybe you have, you know,

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maybe you're blessed enough to have multiple people in your life that you can

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talk to about things. And that will listen and have patience and grace and,

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and just shower you in the love that you need.

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They are not an unbiased party.

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They may not be biased in a negative way,

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but they might be biased in a positive way. And really,

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I just think the best responses we can get come from a

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completely neutral party. And that's the therapist. And to that point,

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they are experts. They are experts in their field.

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We don't change our own oil or, you know, most of us,

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we don't do our own flipping nails unless you're that crazy like whipping

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out tips and super glue at home. Like you're actually on another level. Okay.

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You're a superhuman if you're doing that.

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So why do we think that we can manage our mental health by ourself?

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It doesn't make sense. If you get a gash in your leg or you like, Hey,

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go get the stitch stuff. Like, no, that's not.

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That's not how it works. Also. Did you love that stitch stuff? I really,

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I love that. That just came out of my mouth. Again,

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find someone that suits your needs best.

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Do you need somebody who specializes in something?

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Do you need more of a general practitioner? What,

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what are you looking for? What would meet your needs? And if you aren't sure,

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pick somebody general and ask them, ask them what they would recommend,

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because they're going to have resources.

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They're going to have other people in the therapy community that they can

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recommend to you. If they're not the right person for you,

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based on what you've shared with them.

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If you can protect yourself on all fronts,

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accounting tax shelter, and correct filings,

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attorney financial advisor, and a therapist, oh.

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The world better.

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Watch out because this girl has her together.

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Okay. Ain't nobody throwing her off her game.

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Cause she got the fo pillars of success.

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And that's not what I was calling them earlier... so...

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Four pillars of protection. There.

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It is just food for thought as always.

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These are all resources that if I was sitting in a coffee shop,

Speaker:

talking to my best friend, this is the stuff I would tell her.

Speaker:

Thank you for being here. Thank you for listening. If you have any thoughts,

Speaker:

feedback, you want to talk about something that was mentioned today? DM me,

Speaker:

we will chat our little hearts out. I will see in the next one.

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