Your Relationship with Money: Mindset Shifts for Financial Success | RR340 [ENCORE]

Janice Porter: 00:00:03

Chad, Hello everyone, and welcome to this

Janice Porter: 00:00:05

week's episode of relationships rule. This week, we're going to

Janice Porter: 00:00:09

talk about a topic that impacts every business owner,

Janice Porter: 00:00:13

entrepreneur and individual, our relationship with money. My

Janice Porter: 00:00:17

guest is Chad Hufford, a top ranked financial planner and the

Janice Porter: 00:00:22

owner of Veritas wealth management. Chad is known for

Janice Porter: 00:00:26

helping his clients not only build wealth, but also align

Janice Porter: 00:00:30

their financial decisions with their values, creating a

Janice Porter: 00:00:33

fulfilling a fulfilling and abundant life. And I think I

Janice Porter: 00:00:40

have to start with, first of all, welcome. Welcome to the

Janice Porter: 00:00:44

show.

Chad Hufford: 00:00:44

Chad Janice, thank you so much for having me. It's

Chad Hufford: 00:00:47

a great opportunity to be here and an honor to encourage your

Chad Hufford: 00:00:51

audience and help them pursue a more abundant life.

Janice Porter: 00:00:54

Thank you appreciate that. And I guess I

Janice Porter: 00:00:57

have to start with what I was going to interject when I was

Janice Porter: 00:01:00

introducing you is, this is not a topic I'm really fond of.

Janice Porter: 00:01:04

Okay, money, talking about money, money. I love money. And

Janice Porter: 00:01:09

I love having, you know, being able to earn money and, and it's

Janice Porter: 00:01:14

funny, on Sunday, I was just talking offline with you about

Janice Porter: 00:01:18

my granddaughter. On Sunday, she went and she helped, walked into

Janice Porter: 00:01:22

our garage to look for something, and she came back,

Janice Porter: 00:01:26

and she had a jar with her that had money in it, like coins and

Janice Porter: 00:01:31

some paper roll, a roller, rolling things for putting money

Janice Porter: 00:01:35

in. And there were pennies and quarters and dimes and a few

Janice Porter: 00:01:38

coins from somewhere else, and an old Canadian $2 bill, which

Janice Porter: 00:01:43

we haven't seen for years anyway, she found this she said,

Janice Porter: 00:01:46

I found this money, Grandma, can I have it? And I said, Well, I

Janice Porter: 00:01:51

don't know. I'm not sure whose money it is, Amara. And she

Janice Porter: 00:01:53

said, I said, but let's put it down, out on the floor, and

Janice Porter: 00:01:56

let's count it, let's separate it, let's sort it here. I'm the

Janice Porter: 00:01:59

teacher in me starts right away and and so she did, and we had

Janice Porter: 00:02:04

this great little time with you know, the pennies are here and

Janice Porter: 00:02:09

the quarters are here. And I'm like, which do you think is the

Janice Porter: 00:02:12

most money? Which pile has the most money? And she went to the

Janice Porter: 00:02:15

pennies, and I said, Well, let's put, let's put the quarters in

Janice Porter: 00:02:19

piles of four, and then we're going to count them, and then

Janice Porter: 00:02:22

we'll put the pennies in piles of 10, and we're going to count

Janice Porter: 00:02:24

them. And we had to do, you know, I had to keep reminding

Janice Porter: 00:02:26

her she's only five. And anyway, whether it's Sun kin or not, we

Janice Porter: 00:02:30

had a few math lessons along the way, and so that was kind of

Janice Porter: 00:02:33

fun. But generally speaking, I really don't like talking about

Janice Porter: 00:02:39

money, because I'm not very good with it. So I'm going to say to

Janice Porter: 00:02:43

you, how do you see a person's relationship with money

Janice Porter: 00:02:50

influencing their personal and professional relationships?

Janice Porter: 00:02:54

Because if what I say is true, I'm probably having a bad time.

Chad Hufford: 00:02:58

But Well, I think your experiences is fairly

Chad Hufford: 00:03:01

normal, and I think a lot of us grew up in households where

Chad Hufford: 00:03:04

money was mostly taboo. The only time it was brought up was under

Chad Hufford: 00:03:07

stressful circumstances. Maybe somebody made a bad financial

Chad Hufford: 00:03:10

decision, somebody lost their job. There maybe was a a health

Chad Hufford: 00:03:15

care cost that Nobody's expecting, and mom and dad

Chad Hufford: 00:03:18

aren't sure how ends are going to be, or mom Maybe mom and dad

Chad Hufford: 00:03:20

were fighting about money. If you grew up in a house where

Chad Hufford: 00:03:23

money was always a streaming match between mom and dad, like,

Chad Hufford: 00:03:26

yeah, you're not going to have a great relationship with it. And

Chad Hufford: 00:03:29

I think that's where what you just did with Amara is so

Chad Hufford: 00:03:32

powerful, is you normalized having a conversation about

Chad Hufford: 00:03:35

money under a healthy and calm circumstance. And that's how I

Chad Hufford: 00:03:41

grew up. But I really, I realized later in life that that

Chad Hufford: 00:03:43

wasn't normal to just have, just have normal, basic conversations

Chad Hufford: 00:03:48

about money. So I'll just give you a little metaphor. But I

Chad Hufford: 00:03:50

think just like our health, it can be overwhelming, like

Chad Hufford: 00:03:55

there's all these, all these opinions out there. Everybody on

Chad Hufford: 00:03:58

podcast has an idea, everybody on Instagram is an expert, and

Chad Hufford: 00:04:02

we hear all this conflicting information about money and our

Chad Hufford: 00:04:05

health, and I think the tendency for some people is just, I'm

Chad Hufford: 00:04:07

just gonna stick my head in the sand. This is overwhelming. I'm

Chad Hufford: 00:04:10

not gonna deal with it. I don't have the right information. I'm

Chad Hufford: 00:04:13

just gonna ignore it. And our physical health, just like our

Chad Hufford: 00:04:16

financial health, the the only thing necessary for those areas

Chad Hufford: 00:04:21

of our life to deteriorate is negligence our we will not

Chad Hufford: 00:04:25

develop a better relationship with money. We will not develop

Chad Hufford: 00:04:28

a healthier financial situation or a healthier body by

Chad Hufford: 00:04:31

neglecting those areas. So whether you want it to be a part

Chad Hufford: 00:04:35

of your life or not, it is, we don't really have a choice. So

Chad Hufford: 00:04:38

my goal, one of one of the reasons I believe I'm here on

Chad Hufford: 00:04:41

Earth is to help people create a better relationship with money.

Chad Hufford: 00:04:44

Because money is a wonderful servant, it is a terrible

Chad Hufford: 00:04:47

master.

Janice Porter: 00:04:47

Oh, I love that. Money is a wonderful servant.

Janice Porter: 00:04:51

It's a terrible master. And I get it, because a lot of what

Janice Porter: 00:04:56

you said really rang true with me in that I had to. Deal

Janice Porter: 00:05:00

several years ago, I realized that I was I had a very I had a

Janice Porter: 00:05:07

very contentious relationship and a lot of anger around my

Janice Porter: 00:05:13

father after he died, and it was all about money and and I had to

Janice Porter: 00:05:19

deal with it, and it took me a long time, but I did do some

Janice Porter: 00:05:22

work around it. And it kind of, I think I freed that, that

Janice Porter: 00:05:27

anger, so that I could move forward and and you're right,

Janice Porter: 00:05:33

because money was my dad used to say to my mom all the time,

Janice Porter: 00:05:37

don't worry about it, dear. I'll look after it. Don't worry about

Janice Porter: 00:05:40

it. I've got it, you know. And so she never knew how to write a

Janice Porter: 00:05:43

check after my dad died, you know. So there was that anyway,

Janice Porter: 00:05:47

there's a whole, you know, it should be on the couch to do

Janice Porter: 00:05:51

with that, going through a psych visit with somebody, but, but

Janice Porter: 00:05:55

you do learn as you go through life. You know what you can do

Janice Porter: 00:05:59

and what you there's no shoulds right? But I love what you said,

Janice Porter: 00:06:03

that it's about, you know, it's often about stress, or it's

Janice Porter: 00:06:06

about those, those, it adages that we hear when we're kids,

Janice Porter: 00:06:11

money grows on doesn't grow on trees. You know, all of those

Janice Porter: 00:06:13

things that we grew up with. I grew up with some of those, and

Janice Porter: 00:06:17

it can affect a lot. So when did you, I mean, have you always had

Janice Porter: 00:06:23

a good relationship with money? Or when did you decide this was

Janice Porter: 00:06:26

your path? I'd love to know how you got there.

Chad Hufford: 00:06:29

So I think, just like any relationship, there's

Chad Hufford: 00:06:32

struggles, right? There's there's good times, there's bad

Chad Hufford: 00:06:35

times. I mean, I have my own scarcity journey as well,

Chad Hufford: 00:06:38

starting this business, and I started in 2007 and a financial

Chad Hufford: 00:06:44

practice in 2007 as the world was starting to slowly burn

Chad Hufford: 00:06:48

down, and then in 2008 and 2009 the burning down process just

Chad Hufford: 00:06:53

sped up. It was a very, very hard time. And I remember a time

Chad Hufford: 00:06:57

when Janice, I'll be honest, I was doubting myself, not just

Chad Hufford: 00:07:03

not just professionally, but even as a father, my wife came

Chad Hufford: 00:07:05

from poverty and and we had two kids, one on the way, we were

Chad Hufford: 00:07:12

not even getting our basic bills paid every month. And I'm just

Chad Hufford: 00:07:15

wondering, how are we going to get out of this? What is going

Chad Hufford: 00:07:18

to happen? And I it was very emasculating. I felt like, I

Chad Hufford: 00:07:21

mean, one of the reasons I chose this profession is to give my

Chad Hufford: 00:07:24

wife stability, but it wasn't there. And we, we didn't know

Chad Hufford: 00:07:31

even how to pay for basic, basic groceries. And one day, we're

Chad Hufford: 00:07:34

coming home from from my parents house, and we pull up in the

Chad Hufford: 00:07:39

driveway, somebody left a box of groceries on our front door. So

Chad Hufford: 00:07:42

door, and it was maybe 80 100 bucks worth of groceries, but I

Chad Hufford: 00:07:47

just remember how impactful that was. It was just like a reminder

Chad Hufford: 00:07:50

that I'm not alone in this. But it was, it was a very dark time

Chad Hufford: 00:07:54

in my life, and I didn't realize it then, but looking back now,

Chad Hufford: 00:07:57

is dealing. I was battling depression, and so I think we

Chad Hufford: 00:08:01

all have scars. And to answer your question, I think for the

Chad Hufford: 00:08:05

most part, I've had a good relationship with money, but I

Chad Hufford: 00:08:08

still can fall back into that scarcity mindset and and money

Chad Hufford: 00:08:13

is easy to measure, which means money can sometimes be the goal

Chad Hufford: 00:08:16

of the objective, rather than a means to the end. So So I want a

Chad Hufford: 00:08:19

more fulfilling life. I want to live a life of more abundance

Chad Hufford: 00:08:22

and impact that and impact. That's hard to measure. I can

Chad Hufford: 00:08:24

measure money. I want to have X amount of dollars to my name by

Chad Hufford: 00:08:28

the time I'm such and such an age. That's a lot easier to

Chad Hufford: 00:08:31

measure than the impact I'm having. So I think it's a

Chad Hufford: 00:08:35

constant battle to make sure that we're all viewing money as

Chad Hufford: 00:08:39

a means to an end and not the end in itself. So I would say I

Chad Hufford: 00:08:43

am blessed to have been introduced to good money

Chad Hufford: 00:08:47

management principles very early on. My parents didn't just teach

Chad Hufford: 00:08:50

us that. They modeled that. But I can't say that I've always had

Chad Hufford: 00:08:54

a great relationship with money, and we've had our struggles.

Chad Hufford: 00:08:56

I've made my dumb decisions. When I was 19, I had three

Chad Hufford: 00:08:59

different vehicles, you know, just I felt like I'd never had

Chad Hufford: 00:09:04

money before. You know, I felt like I was rich and I just doing

Chad Hufford: 00:09:07

dumb things with it. But where did it start? So my degree is in

Chad Hufford: 00:09:12

biochemistry. I was actually headed into medicine. Oh, wow.

Chad Hufford: 00:09:16

And but I realized the impact that money has on people's

Chad Hufford: 00:09:21

lives. And because of growing up in a household where my dad was

Chad Hufford: 00:09:25

in the financial industry, we talked about money, it was

Chad Hufford: 00:09:27

normalized. As an adult, I saw how destructive and

Chad Hufford: 00:09:31

dysfunctional poor relationships money can money can have in

Chad Hufford: 00:09:36

people's lives and the negative ripple effect. But I also saw

Chad Hufford: 00:09:40

the opposite growing up. I saw that when people start

Chad Hufford: 00:09:44

controlling their money, rather than having to control them,

Chad Hufford: 00:09:46

when they start having confidence that that also has a

Chad Hufford: 00:09:49

ripple effect into every area of their life. And I saw my dad

Chad Hufford: 00:09:53

taught classes in our church in the community. He helped people

Chad Hufford: 00:09:57

become better stewards of their money. So it actually became a

Chad Hufford: 00:09:59

two. School, rather than something that controlled them.

Chad Hufford: 00:10:03

And I just realized this is, this is a wonderful opportunity,

Chad Hufford: 00:10:07

not just to change somebody's financial life, but to change

Chad Hufford: 00:10:09

their trajectory as a whole, and that's ultimately why I chose

Chad Hufford: 00:10:12

this path.

Janice Porter: 00:10:13

So I think I remember that you were, you were

Janice Porter: 00:10:19

in the Were you an athletic trainer?

Chad Hufford: 00:10:24

Yes, I so there's a time in my life where I was in

Chad Hufford: 00:10:27

the middle of this pivot where I realized medicine was probably

Chad Hufford: 00:10:30

not going to be the career for my family. It was, I still have

Chad Hufford: 00:10:35

a passion for it, I would say, okay, but it wasn't going to

Chad Hufford: 00:10:38

line up with my family goals, and I wasn't sure what to do, so

Chad Hufford: 00:10:42

I started personal training, and I know it's one of your

Chad Hufford: 00:10:47

daughters used to own a cross, so it's a big part of your

Chad Hufford: 00:10:49

family, too. And it was something that I could scale

Chad Hufford: 00:10:51

very quickly, sure, but I didn't want to do it forever, right? So

Chad Hufford: 00:10:55

I was working with professional athletes, some Olympians, and

Chad Hufford: 00:10:59

got some contracts working with the military, did some stuff

Chad Hufford: 00:11:02

with the local police department, and it really kind

Chad Hufford: 00:11:06

of got me into this coaching mindset. And it was even though

Chad Hufford: 00:11:09

it felt like a detour, or it felt like I was just biding my

Chad Hufford: 00:11:12

time, what it did is help develop my coaching ability,

Chad Hufford: 00:11:16

because coaching is helping somebody create a better

Chad Hufford: 00:11:19

relationship with whatever tool that you're using to create

Chad Hufford: 00:11:21

victory in their life, to become a better version of themselves.

Chad Hufford: 00:11:24

So I realized my goal wasn't just to help people identify a

Chad Hufford: 00:11:29

better financial plan and better investments, but to actually

Chad Hufford: 00:11:32

help them become a better investor, to actually coach them

Chad Hufford: 00:11:35

to to have a better relationship with their finances. And I think

Chad Hufford: 00:11:39

that period in my life in between medicine and in finance

Chad Hufford: 00:11:44

was was really a great training ground for that skill set.

Janice Porter: 00:11:50

Well, especially, I'm thinking when you're working

Janice Porter: 00:11:52

with professional athletes and military people who have such

Janice Porter: 00:11:58

great commitment for what they're doing that that also can

Janice Porter: 00:12:04

cross over into teaching people mindset and discipline around

Janice Porter: 00:12:11

money, right? Because, yeah, so did that feel like you know that

Janice Porter: 00:12:17

that went with you when you or were you, were you actually

Janice Porter: 00:12:22

coaching the the you know what I'm trying to say, it's not

Janice Porter: 00:12:28

about money, particularly, because you weren't there yet,

Janice Porter: 00:12:31

but you were doing the things that that taught that commitment

Janice Porter: 00:12:34

that could cross over.

Chad Hufford: 00:12:36

Yes, so I think what you're asking is, I'll just

Chad Hufford: 00:12:40

answer what I think you're asking. So the character

Chad Hufford: 00:12:43

qualities, the the temperaments necessary for an athlete to be

Chad Hufford: 00:12:48

successful in their sport, for a soldier to be prepared to go

Chad Hufford: 00:12:51

deploy, are the exact same temperaments and character

Chad Hufford: 00:12:55

qualities necessary to have a good relationship with money and

Chad Hufford: 00:12:58

to build financial independence. I did not know that at the time,

Chad Hufford: 00:13:01

and then I saw all these parallels. And there's actually

Chad Hufford: 00:13:04

a book that I read on an airplane to a wedding, and I

Chad Hufford: 00:13:07

thought it's called simple wealth, inevitable wealth, by a

Chad Hufford: 00:13:10

man named Nick Murray. And I said, this is the message I need

Chad Hufford: 00:13:14

to take into the world, and I have the skills to do it,

Chad Hufford: 00:13:16

because I've been doing it with high level athletes for a long

Chad Hufford: 00:13:19

time on athletic standpoint, if I can help people utilize the

Chad Hufford: 00:13:23

tools that are already available to them to build better physical

Chad Hufford: 00:13:28

fitness, to build more mental toughness, I can do the exact

Chad Hufford: 00:13:31

same thing with with investors to build a better life, but it

Chad Hufford: 00:13:35

still requires the grit, the mental toughness, the the

Chad Hufford: 00:13:39

discipline, the perseverance, the the temporary sacrifice, all

Chad Hufford: 00:13:44

those things were were very much a part of both fields, and it

Chad Hufford: 00:13:48

really was a huge blessing to have what felt like a little bit

Chad Hufford: 00:13:52

of a detour actually, very much prepared me for what I'm doing

Chad Hufford: 00:13:55

now, right?

Janice Porter: 00:13:56

That's exactly what I was asking. Okay, so I

Janice Porter: 00:13:58

that does make me want to ask now, though, your take on, or

Janice Porter: 00:14:04

whether, I don't know if you have any or many professional

Janice Porter: 00:14:09

athletes or high level athletes who are clients of yours, but

Janice Porter: 00:14:12

there's so many you know that I'm into the basketball world.

Janice Porter: 00:14:16

My family's a basketball family, and you see these kids today?

Janice Porter: 00:14:20

Well, even you know, well, no, Kobe Bryant's an anomaly. But I

Janice Porter: 00:14:24

mean, he, I've just been watching his the documentary of

Janice Porter: 00:14:28

about him on CNN, and they showed a picture of him

Janice Porter: 00:14:34

announcing after high school that he was going right into the

Janice Porter: 00:14:38

NBA Draft. Well, he's an anomaly, as I said, anyway,

Janice Porter: 00:14:41

because he was so focused from when he was a kid to what his

Janice Porter: 00:14:46

goals were, that I would imagine that his financial goals would

Janice Porter: 00:14:50

have been handled better than most. But you see these young

Janice Porter: 00:14:55

kids going into professional sports, and they have no idea,

Janice Porter: 00:14:59

and they come. From poor backgrounds, and all they do is

Janice Porter: 00:15:02

they've got all this, these diamonds around their neck, and

Janice Porter: 00:15:04

they're, you know, what would you say? What? What do you work

Janice Porter: 00:15:10

with any of these types of people? Or what would you say to

Janice Porter: 00:15:12

somebody like that? Because you don't want them to piss it all

Janice Porter: 00:15:15

away, to be rude, but

Chad Hufford: 00:15:17

no, but it's so I believe wealth is like a weight.

Chad Hufford: 00:15:21

So if you, if you have somebody who was, we'll just use this,

Chad Hufford: 00:15:25

like CrossFit analogy, somebody who's been in the gym, they've

Chad Hufford: 00:15:27

been taking classes with your daughter for years, you put a

Chad Hufford: 00:15:30

weight on their back. That weight can actually make them

Chad Hufford: 00:15:33

stronger. They're prepared for it. They know how to use it. You

Chad Hufford: 00:15:36

take somebody that's never been inside of a gym, or hasn't

Chad Hufford: 00:15:38

touched a gym in 20 years, you put 300 pounds on their back,

Chad Hufford: 00:15:42

it's going to harm them. And I think whether it's a celebrity

Chad Hufford: 00:15:47

or a college athlete or a young person coming into a lot of

Chad Hufford: 00:15:50

money, they get this weight of wealth that might help them, had

Chad Hufford: 00:15:54

they been more prepared. But because they're not, it, it

Chad Hufford: 00:15:57

crushes them and it I think wealth, it just like any tool

Chad Hufford: 00:16:04

can be destructive if it's not wielded properly. And in in our

Chad Hufford: 00:16:07

culture, in our society, we Janice we we believe we can fix

Chad Hufford: 00:16:12

money management or money problems with more money, and

Chad Hufford: 00:16:17

it'd be like fixing poor driving with more horsepower, like

Chad Hufford: 00:16:20

giving my 16 year old daughter, who's had two accidents in the

Chad Hufford: 00:16:23

last 30 days, giving her a faster car to deal with the fact

Chad Hufford: 00:16:29

that she keeps running into other people's cars. It doesn't

Chad Hufford: 00:16:32

work because it's the individual behavior, it's the relationship

Chad Hufford: 00:16:36

between her and the car that needs to change. We can swap out

Chad Hufford: 00:16:39

the car all day, but until she learns how to better manage the

Chad Hufford: 00:16:43

road, the vehicle itself and the awareness, yes, the car is just

Chad Hufford: 00:16:49

the medium, and that's what we need to realize. We can't We

Chad Hufford: 00:16:53

can't just add more money to the equation. If somebody is a poor

Chad Hufford: 00:16:58

steward of a modest amount of money, we give them millions, it

Chad Hufford: 00:17:02

becomes even more destruct we've given them a bigger, more

Chad Hufford: 00:17:07

harmful, not more harmful tool, but a a more powerful tool with

Chad Hufford: 00:17:11

which they can hurt themselves, right?

Janice Porter: 00:17:13

Yeah, good point. So it was a question I had here.

Janice Porter: 00:17:17

I wanted to ask you. Okay, I have a couple. So you emphasize,

Janice Porter: 00:17:24

I my notes here, you emphasize patience and choosing the hard

Janice Porter: 00:17:28

right over the easy wrong. I love that the hard right over

Janice Porter: 00:17:33

the easy wrong. How does that philosophy strengthen client

Janice Porter: 00:17:36

relationships?

Chad Hufford: 00:17:39

Well, number one, it's it's necessary in almost

Chad Hufford: 00:17:43

all walks of life. Usually the easy choice in the moment puts

Chad Hufford: 00:17:48

us on a wrong path in the future. We if we choose

Chad Hufford: 00:17:51

temporary comfort or temporary relief, there's usually a cost

Chad Hufford: 00:17:55

we pay in the future. And I'll just, I'll just give you. We

Chad Hufford: 00:17:58

already talked about Kobe Bryant. So if I can use the Kobe

Chad Hufford: 00:18:01

Bryant story, he is an anomaly, but there's a lot we can learn

Chad Hufford: 00:18:04

from him. After games, when everybody else would go out

Chad Hufford: 00:18:07

drinking, he would go hit the gym and and work on the things

Chad Hufford: 00:18:12

that he felt needed to be polished. Even if they won the

Chad Hufford: 00:18:15

game and he had a great game, maybe he would do dribbling

Chad Hufford: 00:18:17

drills if he had too many turnovers, sometimes he would go

Chad Hufford: 00:18:20

shoot 1000 free throws. He would do he would go into a dark gym

Chad Hufford: 00:18:25

where nobody saw him and work quietly mastering mundane tasks.

Chad Hufford: 00:18:32

Now, everybody celebrates the highlight reel dunks and the

Chad Hufford: 00:18:34

6070, point games and all that stuff, but all that came from

Chad Hufford: 00:18:39

those dark moments in the gym where nobody was watching and

Chad Hufford: 00:18:44

building wealth is the same thing. People celebrate the, you

Chad Hufford: 00:18:48

know, the fancy retirement and going on the cruises and the

Chad Hufford: 00:18:50

nice cars and all that. But for the people who manage money,

Chad Hufford: 00:18:53

well, those that's not what got them there. That's what that is

Chad Hufford: 00:18:59

a byproduct of the things they did behind closed doors for

Chad Hufford: 00:19:02

years and years and years. And here's what makes Kobe an

Chad Hufford: 00:19:06

anomaly. He did it by himself. You go, most people need

Chad Hufford: 00:19:11

somebody by their side as an accountability partner, somebody

Chad Hufford: 00:19:14

shoulder to shoulder along the journey with them to get them to

Chad Hufford: 00:19:17

do that, whether it's a workout partner, whether it's an

Chad Hufford: 00:19:20

accountability partner. In our case, we are accountability

Chad Hufford: 00:19:23

partners for finances and for wealth, but it's keeping people

Chad Hufford: 00:19:27

mastering the mundane, keeping them on the difficult path when

Chad Hufford: 00:19:30

they're making sacrifices, temporary sacrifices in the

Chad Hufford: 00:19:33

moment, for a better future. Most people need somebody in

Chad Hufford: 00:19:37

their corner holding them accountable, but also reminding

Chad Hufford: 00:19:41

them of what is the payoff going to be? Right? It's only

Chad Hufford: 00:19:44

temporary. This is not forever. There's a better future out

Chad Hufford: 00:19:47

there waiting because you're willing to do the hard thing.

Janice Porter: 00:19:49

Now. It's so true. It's so true and and when

Janice Porter: 00:19:53

I look back, you know, if I were to do it differently today, you

Janice Porter: 00:19:59

know, it. There are so many things I would do differently

Janice Porter: 00:20:02

that I didn't know, I didn't understand, and I didn't want to

Janice Porter: 00:20:04

know at the time, because I was a product. Personally, me, I was

Janice Porter: 00:20:09

a product of that dad who said, don't worry about it. I'll look

Janice Porter: 00:20:13

after it. And that's what I heard all the time, right? And,

Janice Porter: 00:20:17

and that's just me. Then my my husband, other story, right? You

Janice Porter: 00:20:22

know, so I don't want to get into it, but, you know,

Janice Porter: 00:20:27

everyone's different, right? And they have different angles

Janice Porter: 00:20:30

around money, but it makes it difficult to you have to work

Janice Porter: 00:20:35

through it, and you have to want to work through it. Okay, so

Janice Porter: 00:20:40

who's your Well, let me just clarify something in your

Janice Porter: 00:20:44

company, Veritas, Wealth Management, do you focus on like

Janice Porter: 00:20:49

long term or do you have different kinds of clients that

Janice Porter: 00:20:52

have different risk tolerances, that you do different things

Janice Porter: 00:20:55

with? That would be the we do so

Chad Hufford: 00:20:57

we tailor somebody's financial plan to

Chad Hufford: 00:21:01

their specific goals. Okay? And their financial plan then

Chad Hufford: 00:21:05

dictates the investment strategy. And a lot of a lot of

Chad Hufford: 00:21:07

places do this backwards, a lot of a lot of individuals, they

Chad Hufford: 00:21:11

kind of collect investments for 30 years and then try to throw

Chad Hufford: 00:21:14

it together two years before retirement and make a financial

Chad Hufford: 00:21:17

house out of it. What we tell people is, you wouldn't, you

Chad Hufford: 00:21:19

wouldn't buy a house that was built without a blueprint. You

Chad Hufford: 00:21:22

shouldn't build your future without one either. And the idea

Chad Hufford: 00:21:25

is that we take long term goals. Janice, what do you want your

Chad Hufford: 00:21:28

life to look like if you never had to work another day in your

Chad Hufford: 00:21:31

life you didn't need to produce a paycheck? What would you be

Chad Hufford: 00:21:33

doing? Who would you be spending time with? We We want to make it

Chad Hufford: 00:21:36

about life goals and lifestyle goals, rather than simply money

Chad Hufford: 00:21:40

goals. Now we have to attach some money goals to that, but

Chad Hufford: 00:21:44

then we reverse engineer that process to where they are today.

Chad Hufford: 00:21:47

But objectives dictate the plan. The plan dictates the

Chad Hufford: 00:21:50

investments and the investments or the tail. We want to make

Chad Hufford: 00:21:55

sure that the tail doesn't wag the dog. And too often, people

Chad Hufford: 00:21:58

are changing their investments around because of what's going

Chad Hufford: 00:22:01

on in the economy or what they think might happen. Maybe it's

Chad Hufford: 00:22:04

an election cycle. They're changing their investments even

Chad Hufford: 00:22:07

though their long term goals haven't changed, and that's

Chad Hufford: 00:22:09

where that accountability is important. We want to make sure

Chad Hufford: 00:22:12

that if, if they're in the right investments, even if it's

Chad Hufford: 00:22:15

uncomfortable, that they stick it out, that they weather the

Chad Hufford: 00:22:18

storms. But to answer your question, everybody's plan and

Chad Hufford: 00:22:22

investment strategy is tailored to what their needs are, rather

Chad Hufford: 00:22:25

than tailored to whatever people think is happening next in the

Chad Hufford: 00:22:31

markets or things like that, because that is a fool's errand.

Chad Hufford: 00:22:34

You should invest based on your goals, based on what is

Chad Hufford: 00:22:37

important and meaningful to you, not what's going on in the

Chad Hufford: 00:22:39

economy.

Janice Porter: 00:22:41

Does that mean also, then that, because the way

Janice Porter: 00:22:45

your company is structured, you have, you can choose whatever

Janice Porter: 00:22:49

you want to for that investment, for someone you're not tied to,

Janice Porter: 00:22:53

I've got to push these bonds this week or this now, okay,

Chad Hufford: 00:22:56

oh, it's, it's yes, and it's such, and this is

Chad Hufford: 00:22:58

what was so hard getting started, because I got started

Chad Hufford: 00:23:01

independently. I wasn't tied to another financial firm, because

Chad Hufford: 00:23:05

I wanted that independence. I wanted to be able to meet with

Chad Hufford: 00:23:08

somebody, connect with them on a personal level, find out what

Chad Hufford: 00:23:10

was important to them, attach some goals to it, and then go

Chad Hufford: 00:23:13

find the tools necessary to build the life that that

Chad Hufford: 00:23:16

individual wanted. I mean, right now, what we're seeing is

Chad Hufford: 00:23:19

everybody comes in with these target date funds. They're this

Chad Hufford: 00:23:21

one size fits all, which means one size fits nobody, and

Chad Hufford: 00:23:25

they're they're not tailored to anything specifically. And I

Chad Hufford: 00:23:28

never wanted to be like that. I never wanted to have a list of

Chad Hufford: 00:23:31

products where, Janice, I've got this little box that I'm trying

Chad Hufford: 00:23:34

to jam you into. It's more about you tell me what you need to

Chad Hufford: 00:23:37

build, and then we'll go out and we'll find the best tools, yeah,

Chad Hufford: 00:23:42

yeah.

Janice Porter: 00:23:43

I think that's I've always liked, that, that

Janice Porter: 00:23:48

style, or in that, that process better.

Chad Hufford: 00:23:54

Well, can I give you a quick metaphor? Yes. Think

Chad Hufford: 00:23:57

about this from a health perspective. You go to a doctor.

Chad Hufford: 00:24:01

You walk in the doctor's office, you, you, you don't even fill

Chad Hufford: 00:24:05

out a form yet. You don't know anything about you, and they

Chad Hufford: 00:24:08

start telling you about all the most popular prescriptions that

Chad Hufford: 00:24:10

they can write and all the benefits, all these things. And

Chad Hufford: 00:24:12

by the way, there's some really popular procedures. Everybody's

Chad Hufford: 00:24:15

doing this thing, and we'll schedule like, what? What is a

Chad Hufford: 00:24:18

good day for your surgery? You're like, whoa. You don't

Chad Hufford: 00:24:20

even know what's wrong. Like, you don't even know why I came

Chad Hufford: 00:24:22

in here yet. Now you're laughing, no, but it's a great

Chad Hufford: 00:24:25

analogy. The financial industry does the exact same thing. We're

Chad Hufford: 00:24:28

so product focused, we haven't even we haven't even talked to

Chad Hufford: 00:24:32

the person about what they want their solution to look like. And

Chad Hufford: 00:24:36

I think my industry needs to learn from that, that it's about

Chad Hufford: 00:24:40

finding out what this person needs, not trying to sell them

Chad Hufford: 00:24:44

what is popular. Because ultimately, we're not selling

Chad Hufford: 00:24:47

anything. What we need is people to buy in. They're buying into a

Chad Hufford: 00:24:50

journey with us. It's a partnership. The investments are

Chad Hufford: 00:24:53

just the tools. It's the partnership that makes a

Chad Hufford: 00:24:55

difference. I mean, going back to basketball, yeah, everybody

Chad Hufford: 00:24:58

uses a basketball. Everybody we. But the basketball, the shoes,

Chad Hufford: 00:25:01

the court, all those things are commodities. They're all

Chad Hufford: 00:25:05

basically the same. It's how the team functions together that

Chad Hufford: 00:25:08

makes all the difference. It's all about relationships. It's

Chad Hufford: 00:25:11

all about the the connectedness within that team. And I believe

Chad Hufford: 00:25:15

finance is no different.

Janice Porter: 00:25:17

You know that you just reminded me of a funny

Janice Porter: 00:25:19

story. My mother was was widowed. She was in her 60s, and

Janice Porter: 00:25:24

as I told you, she didn't know how to write a check, so she had

Janice Porter: 00:25:28

to learn all the basics of looking after her her finances.

Janice Porter: 00:25:32

And she started by having a good friend of hers, a woman who had

Janice Porter: 00:25:38

been a bookkeeper teacher some of the basics, right? And then

Janice Porter: 00:25:42

she found she got, I don't know how who, where this person came

Janice Porter: 00:25:46

from, but she got a financial planner, and this guy's name was

Janice Porter: 00:25:50

Ed. And every time we had to talk to my mom about money,

Janice Porter: 00:25:54

she'd say, I don't know. I have to ask Ed. And this went on for

Janice Porter: 00:25:58

years. I'll have to check with Ed. And it became like a joke,

Janice Porter: 00:26:03

right? Because I lived here, she lived I lived in Vancouver, she

Janice Porter: 00:26:05

lived in LA, my sister lived in LA, but we never met Ed, right?

Janice Porter: 00:26:09

But we knew Ed existed, and she, like she wanted to buy a new

Janice Porter: 00:26:13

car, so she get ed to help her and see if she could move her

Janice Porter: 00:26:16

money. She didn't. She didn't get left as much she as

Janice Porter: 00:26:20

comfortably as she should have been, but that's the whole story

Janice Porter: 00:26:23

about my dad. But so she had to be careful of her money. So it

Janice Porter: 00:26:28

was always ed. So my mom died many years later, and we had to

Janice Porter: 00:26:34

talk to Ed, because Ed was still in the picture. And so my sister

Janice Porter: 00:26:39

and I went to meet him, and he was the nicest guy. And you

Janice Porter: 00:26:43

know, he he'd done the best he could with her. I don't know. I

Janice Porter: 00:26:46

mean, I don't really know, you know, the details of how it all

Janice Porter: 00:26:50

went, but it was so silly. It was so fun, like we went to meet

Janice Porter: 00:26:53

Ed. And the other piece of that is my sister now uses

Unknown: 00:26:56

Ed. Oh, that's funny, which I this

Janice Porter: 00:27:00

thought was so funny. I don't know how old he

Janice Porter: 00:27:02

is now, but, but anyway, I just thought that was funny. The

Janice Porter: 00:27:05

trust that she had in this guy, and we didn't know who he was,

Janice Porter: 00:27:08

well,

Chad Hufford: 00:27:09

and that's just the trust, but the partnership,

Chad Hufford: 00:27:10

where they obviously had a dialog going. She wasn't just

Chad Hufford: 00:27:14

asking investing questions. She was no and that's and that's

Chad Hufford: 00:27:18

what's so important about this is we realized that because most

Chad Hufford: 00:27:22

people did grow up where finances are taboo, we're asking

Chad Hufford: 00:27:25

questions that their best friend, your best friends, your

Chad Hufford: 00:27:29

family members don't even have the answers to right? It's very,

Chad Hufford: 00:27:32

very intimate, and it creates it requires time and a lot of

Chad Hufford: 00:27:37

relationship capital to build that intimacy, but it sounds

Chad Hufford: 00:27:40

like your mom and Ed developed that where they were working

Chad Hufford: 00:27:44

together. She wasn't asking for Ed's permission or anything, but

Chad Hufford: 00:27:48

she trusted his guidance. Said, Hey, this is a big decision.

Chad Hufford: 00:27:51

Before I make that, yeah, I want to circle ed in and make sure we

Chad Hufford: 00:27:55

do this the right way, so that that actually warms my heart,

Chad Hufford: 00:27:58

and I'm glad you finally got a chance to meet

Janice Porter: 00:28:00

him, yeah, yeah, no, it was so funny. Anyway,

Janice Porter: 00:28:03

okay, so I'm thinking not big bit big business things right

Janice Porter: 00:28:09

now, because I keep thinking about the fact that you have, is

Janice Porter: 00:28:13

it six kids? We have six kids. Yeah, have six kids. And I have

Janice Porter: 00:28:17

a question here that makes me think, because my granddaughter

Janice Porter: 00:28:21

as well. Okay, what advice would you have for families to build

Janice Porter: 00:28:25

healthier conversations around money, but also, like, as as an

Janice Porter: 00:28:30

example, you know, what do you teach your kids about money? Did

Janice Porter: 00:28:35

they have or do they have allowances? Or is that a no no?

Janice Porter: 00:28:38

Like, there's different takes on things like that. So I'm just

Janice Porter: 00:28:40

curious.

Chad Hufford: 00:28:42

Well, I already, I already kind of praised you

Chad Hufford: 00:28:45

earlier, and I want to do it again, because you took an

Chad Hufford: 00:28:48

opportunity to have a conversation with your with your

Chad Hufford: 00:28:51

granddaughter, Amara, and you, you there's a math lesson in it.

Chad Hufford: 00:28:55

Like, there's all kinds of wonderful things that you did

Janice Porter: 00:28:57

totally but, but I taught elementary school, so

Janice Porter: 00:29:00

it was just like, right in my element, until she loses

Janice Porter: 00:29:02

interest, yeah,

Chad Hufford: 00:29:04

but you normalized it. And I think that's what

Chad Hufford: 00:29:06

people need to realize. Even if you don't know a lot about

Chad Hufford: 00:29:08

finances, you might not feel like you have a lot of wisdom.

Chad Hufford: 00:29:12

That's fine. Just open up the conversation. It might even be

Chad Hufford: 00:29:16

explained to your kids, like, Hey, this is what's confusing to

Chad Hufford: 00:29:19

me about they changed some stuff in our 401 k this week at work,

Chad Hufford: 00:29:23

and I don't even know what it's talking about, just something

Chad Hufford: 00:29:26

like that. You could even express your confusion around

Chad Hufford: 00:29:28

money. You're like, Hey, here's something I don't know. We're

Chad Hufford: 00:29:30

going to figure this out together as a family, but

Chad Hufford: 00:29:34

normalizing those conversations, because conversations about

Chad Hufford: 00:29:37

money will happen by design or by default. If you design

Chad Hufford: 00:29:41

conversations around money, they can be healthy, they can even be

Chad Hufford: 00:29:44

fun. I'm saying that as a nerd, so maybe it's not your version

Chad Hufford: 00:29:46

of fun, but it can actually be something that draws the family

Chad Hufford: 00:29:49

closer together. I hear you, but if money conversations happen by

Chad Hufford: 00:29:54

default, it will usually happen under stress, and even people

Chad Hufford: 00:29:58

who do very, very well. Financially. And I get connected

Chad Hufford: 00:30:01

with a lot of people that they're they're multi

Chad Hufford: 00:30:03

millionaires, they have a lot of wealth, but they still live in a

Chad Hufford: 00:30:06

scarcity mindset, because, like we talked about earlier, we

Chad Hufford: 00:30:09

can't fix money issues with more money. So if you take somebody

Chad Hufford: 00:30:12

who has traumatic money experiences, and you don't fix

Chad Hufford: 00:30:16

that relationship, giving them more money just gives them more

Chad Hufford: 00:30:19

money to worry about it actually makes the problem worse. So even

Chad Hufford: 00:30:24

people who are really wealthy, we see you talk about athletes

Chad Hufford: 00:30:27

buying all the the jewelry, which my son taught me the other

Chad Hufford: 00:30:30

day, they call it ice, or icing, or something like

Janice Porter: 00:30:32

that, ice. Yeah,

Chad Hufford: 00:30:33

sure, yeah. But I mean, I'm not trying to

Chad Hufford: 00:30:38

psychoanalyze these people, but some of that might be them

Chad Hufford: 00:30:41

trying to to distance themselves from that scarcity environment,

Chad Hufford: 00:30:46

you know, and it's we all do it different ways. But I think just

Chad Hufford: 00:30:50

having those conversations, opening up with your kids, it

Chad Hufford: 00:30:53

doesn't matter so much what you're even talking about, to a

Chad Hufford: 00:30:56

point it just matters that you're talking about it, and you

Chad Hufford: 00:31:00

give you open up the freedom for them to talk about money, to ask

Chad Hufford: 00:31:05

questions about money, and even if you aren't very savvy with

Chad Hufford: 00:31:08

your own money, maybe it's something that you guys can

Janice Porter: 00:31:11

learn together. Um, yeah, I think Do you believe

Janice Porter: 00:31:16

in allowances or not?

Chad Hufford: 00:31:18

So I got a funny story on that. So I have six

Chad Hufford: 00:31:21

kids, but I'm still figuring this out. They're all so

Chad Hufford: 00:31:24

different. And you know, as a parent, you try to pretend like

Chad Hufford: 00:31:30

you've you've got everything lined out and figured out, and

Chad Hufford: 00:31:32

then your teenagers start calling you out, and then you

Chad Hufford: 00:31:35

both realize that, yeah, we don't know what we're doing. But

Chad Hufford: 00:31:37

anyway, with six kids, I should by now, but every now and then,

Chad Hufford: 00:31:41

I have one of those aha moments where, like, something works,

Chad Hufford: 00:31:43

something clicked. So this is a couple years ago. My youngest

Chad Hufford: 00:31:46

right now, they're six and four, but this they were four and two

Chad Hufford: 00:31:49

at the time, and they walk up to me. Everybody else is gone. My

Chad Hufford: 00:31:54

wife had the older kids, and the four year old is the

Chad Hufford: 00:31:57

spokesperson. He comes up says, Dad, we need to talk. And I

Chad Hufford: 00:32:00

thought, where this is gonna go? He goes, Dad, Barrett and I were

Chad Hufford: 00:32:04

talking, and we need money. It's like, okay, so four and two,

Chad Hufford: 00:32:09

they had a discussion. They go to dad, we need money. Where in

Chad Hufford: 00:32:11

the world is this going? So the next thing out of his mouth, he

Chad Hufford: 00:32:14

said, What kind of jobs do you have for us so we can earn it?

Chad Hufford: 00:32:19

Oh, and I thought, You know what, I'm doing, something,

Chad Hufford: 00:32:22

right? So for two hours, we were out in the yard. We were pulling

Chad Hufford: 00:32:26

weeds and trimming hedges and things like that. And I was so

Chad Hufford: 00:32:30

proud of these guys and a little proud of myself. And my wife

Chad Hufford: 00:32:33

gets home and she's like, why are my babies all scratched up

Chad Hufford: 00:32:36

and bleeding and dirty? I was like, they were working anyways.

Chad Hufford: 00:32:39

Um, but we do, we do try to, even if it's menial stuff, but

Chad Hufford: 00:32:45

get them to attach production and service to money that if,

Chad Hufford: 00:32:50

first of all, if you, if you want something, let's, let's

Chad Hufford: 00:32:53

attach a goal to it. How much is that going to cost? And maybe

Chad Hufford: 00:32:57

even set up some parameters on how long it might take you, you

Chad Hufford: 00:33:00

know, for our younger ones, if they want to buy a $20 toy, it's

Chad Hufford: 00:33:03

going to take them a little while to earn that but then

Chad Hufford: 00:33:06

lining up. What is that pathway? What are the types of jobs you

Chad Hufford: 00:33:09

can do to earn that thing? How can you serve your family? How

Chad Hufford: 00:33:12

can you serve the people around you? My My mom lives just a mile

Chad Hufford: 00:33:17

away. So they do. She's 77 she has a very high we'll just call

Chad Hufford: 00:33:22

it a labor intensive property, just some land and things like

Chad Hufford: 00:33:30

that. So they go like, how can you serve grandma to earn some

Chad Hufford: 00:33:34

money? And really trying to attach those two that the more

Chad Hufford: 00:33:36

you serve people around you, the bigger the impact you make in

Chad Hufford: 00:33:39

the lives of those in your circle, the more your own needs

Chad Hufford: 00:33:44

will be will be met. So that's what we really try to instill,

Chad Hufford: 00:33:46

rather than just giving them a flat allowance.

Janice Porter: 00:33:50

Okay, so I think we need to, we need to switch

Janice Porter: 00:33:54

that up a little bit with Amara and and instill that a little

Janice Porter: 00:33:59

bit more. What we've noticed since Christmas she got, oh, I

Janice Porter: 00:34:03

know she, she goes to the coffee shop with mom and Grandpa

Janice Porter: 00:34:07

sometimes, and mom and Grandpa might have a card, gift card

Janice Porter: 00:34:14

with money on it. She said, I want my own gift card. She

Janice Porter: 00:34:18

wanted her own to get her own drink, right? So for Christmas,

Janice Porter: 00:34:21

she got one. So she got 10 hot chocolates on it, or something

Janice Porter: 00:34:24

like that. So she got to do that, but she goes, if she earns

Janice Porter: 00:34:30

the right by doing something really good, she gets to go to

Janice Porter: 00:34:33

the dollar store, because she loves the dollar store, and she

Janice Porter: 00:34:37

will have her own money that maybe was a gift for her

Janice Porter: 00:34:39

birthday or whatever in her piggy bank, and she gets to

Janice Porter: 00:34:42

spend X amount of money at the dollar store. So there's lessons

Janice Porter: 00:34:46

there. And, no, I can't afford that. Yes, I can whatever, and

Janice Porter: 00:34:48

stuff like that, but I think we need that earning piece in there

Janice Porter: 00:34:51

as well. So yeah,

Chad Hufford: 00:34:53

well, and even one of the things I was thinking

Chad Hufford: 00:34:55

about, maybe my son and your your granddaughter should meet,

Chad Hufford: 00:34:59

they might be a cute. Couple but, but also trade offs too. Is

Chad Hufford: 00:35:02

it okay? You know, you saved up $6 for this toy, but you also

Chad Hufford: 00:35:07

want this other toy. So if you buy this one, you don't get

Chad Hufford: 00:35:09

that's a lesson a lot of adults don't get. We want it all, I

Chad Hufford: 00:35:12

know. We want the nice vacation. We want the nice car. We also

Chad Hufford: 00:35:16

want our weekends. We don't want to have to the overtime. There's

Chad Hufford: 00:35:20

always trade offs. And again, it's being intentional about

Chad Hufford: 00:35:25

that, because a lot of times people make decisions and the

Chad Hufford: 00:35:28

trade off costs them way more in the long run than they ever

Chad Hufford: 00:35:32

anticipated, but they don't think about it at the outset. So

Chad Hufford: 00:35:34

just talking to our kids about, okay, that's, yeah, you've

Chad Hufford: 00:35:37

earned the money. That's great, but if you buy that. That means

Chad Hufford: 00:35:42

you can't do these other maybe you can't, maybe you can't buy

Chad Hufford: 00:35:44

the hot chocolate tomorrow. Or, you know, maybe you you can't do

Chad Hufford: 00:35:48

that thing with your friends. And we don't make them earn

Chad Hufford: 00:35:50

everything. I mean, I get it. We'll feed our kids and stuff,

Chad Hufford: 00:35:54

yeah, but trying to work those lessons into everyday life, and

Chad Hufford: 00:35:59

James, we're not perfect. We're I Bumble up all the time, but

Chad Hufford: 00:36:03

what I want is my kids to feel like they can come to me with

Chad Hufford: 00:36:06

those questions and when they're when they're 16, or when they're

Chad Hufford: 00:36:11

18 or when they're 25 and they're in a tough financial

Chad Hufford: 00:36:14

spot that they feel comfortable saying, Dad, we know you screwed

Chad Hufford: 00:36:18

up. You've made mistakes. I made one of my own. Can you walk with

Chad Hufford: 00:36:22

me and help me figure this out? Yeah, yeah, not and not feeling

Chad Hufford: 00:36:26

like they have to pretend to be perfect, because that's what

Chad Hufford: 00:36:28

happens now, is we all put on it. We cover up our financial

Chad Hufford: 00:36:32

sins with credit cards, yeah, and nobody sees what's going on.

Chad Hufford: 00:36:35

We pretend like we got everything figured out. And

Chad Hufford: 00:36:38

yeah, we have the nice clothes, we have a nice car, but we're

Chad Hufford: 00:36:40

drowning in debt. We're not sleeping at night. We're

Chad Hufford: 00:36:42

fighting with our spouse, and just to be able to admit I'm

Chad Hufford: 00:36:46

struggling right now I need some help. That's so freeing when

Chad Hufford: 00:36:50

people can cross that so with my kids, James, that's what I want,

Chad Hufford: 00:36:53

is for them to have the freedom to ask questions, to express

Chad Hufford: 00:36:57

frustrations, and just to have a healthy dialog about money.

Chad Hufford: 00:37:01

Amen.

Janice Porter: 00:37:02

Amen. Amen on that in your setup. Business

Janice Porter: 00:37:08

wise, are you? I'm thinking this because I have a friend who I

Janice Porter: 00:37:12

want to listen to your podcast, because he's a in Canada. Here,

Janice Porter: 00:37:17

there are different types of financial planners like they'll

Janice Porter: 00:37:22

take percentages, right or commissions, front end loaded,

Janice Porter: 00:37:25

or back end loaded, or whatever. And then there's what he is. Is

Janice Porter: 00:37:28

a for he's a fee based financial planner, so you pay for his

Janice Porter: 00:37:35

services, but he doesn't put you in certain products, like you he

Janice Porter: 00:37:39

would do what was the best thing, and he's building a plan

Janice Porter: 00:37:42

with you, is that the way your business works still probably

Janice Porter: 00:37:46

similar.

Chad Hufford: 00:37:47

There's different ways to do the fee, but we are

Chad Hufford: 00:37:49

fiduciary, which means we have not just a regulatory

Chad Hufford: 00:37:54

obligation, but a moral obligation to do what's in the

Chad Hufford: 00:37:56

best interest of the individual, not to sell a particular

Chad Hufford: 00:37:59

product. So we make the same regardless of what Fund Company

Chad Hufford: 00:38:02

somebody uses, the types of funds that the type of

Chad Hufford: 00:38:05

investments we make the same amount, and it takes away any

Chad Hufford: 00:38:10

potential conflict of interest, but also puts us on the same

Chad Hufford: 00:38:13

side of the table, where, in order for us to do better, that

Chad Hufford: 00:38:16

family, that client, needs to do better. And when, when we're in

Chad Hufford: 00:38:19

the middle of a financial storm, and they see their 401, K,

Chad Hufford: 00:38:22

looking like a 301, K. Or they see, you know, this big account

Chad Hufford: 00:38:25

temporarily go down. They see it in their statement. We feel it

Chad Hufford: 00:38:29

in our paychecks. So we're weathering it together. And I

Chad Hufford: 00:38:33

think that there's a sense of camaraderie that comes out of

Chad Hufford: 00:38:36

that. We felt it in 22 back during covid in 2020 when the

Chad Hufford: 00:38:40

markets across the globe went down together, for people to

Chad Hufford: 00:38:44

know that we were all experiencing discomfort

Chad Hufford: 00:38:46

together, I think was actually really empowering. That sounds

Chad Hufford: 00:38:49

weird, but it allowed people to stay the course, because they

Chad Hufford: 00:38:52

realized, you know what, we're all in this together. I'm not

Chad Hufford: 00:38:54

alone in my financial journey.

Janice Porter: 00:38:56

Okay, so last sort of financial question here

Janice Porter: 00:39:00

for me, it would be okay. Nobody has those, you know, glasses

Janice Porter: 00:39:07

that we can see into the future. But with what's going on in your

Janice Porter: 00:39:09

country these days, what are you telling people? Because surely

Janice Porter: 00:39:13

the god people are calling you and either going one way or the

Janice Porter: 00:39:16

other, you know, like we're glad this is happening, or, Oh, my

Janice Porter: 00:39:18

God. So what are you telling people?

Chad Hufford: 00:39:21

It's very polarizing. You're right, and

Chad Hufford: 00:39:24

what I'm telling people is to stay focused on your long term

Chad Hufford: 00:39:27

goals. Don't let what's going on in the country, the economy or

Chad Hufford: 00:39:31

in the world around us dictate your investing decisions. Do

Chad Hufford: 00:39:36

those things have an impact? Yes. But can you control them?

Chad Hufford: 00:39:38

No. And too often, my industry puts so much focus on all the

Chad Hufford: 00:39:43

things we can't control, elections, interest rates, the

Chad Hufford: 00:39:45

economy, wars, in the Middle East, Ukraine, Russia, all that

Chad Hufford: 00:39:49

stuff matters, but we can't do anything about it. So if we're

Chad Hufford: 00:39:54

so focused on the short term things that we can't control,

Chad Hufford: 00:39:58

we'll miss the impact on the long. Long term things that we

Chad Hufford: 00:40:01

can control. So it's always putting people's perspective

Chad Hufford: 00:40:04

back to their goals, their long term plan. Are my current

Chad Hufford: 00:40:07

actions aligned with where I want to be and what I want to be

Chad Hufford: 00:40:11

doing in the future, and looking past this crazy world that we

Chad Hufford: 00:40:16

live in right now?

Janice Porter: 00:40:17

Well, when you say we can't do anything about

Janice Porter: 00:40:19

it, I mean, we can as little bit of it. We could all do a little

Janice Porter: 00:40:23

bit to make it better, one way or the other. And I'm not going

Janice Porter: 00:40:26

to get into red or blue, but, but I mean, right,

Chad Hufford: 00:40:30

yeah, no, you're right. And I'm not like, yeah,

Chad Hufford: 00:40:33

don't take that the wrong way. It's voting and being involved

Chad Hufford: 00:40:37

in your community. And we, we being involved. You have the

Chad Hufford: 00:40:41

opportunity to to have some, but it's very like, you can't

Chad Hufford: 00:40:44

control interest rates. You can't No, no, I know. So yeah,

Chad Hufford: 00:40:47

do what you can in those areas. Yeah. But the problem jazz is

Chad Hufford: 00:40:51

sometimes people spend hours a day focusing on that. Gosh,

Chad Hufford: 00:40:54

yeah, you know. And it takes up not just so much of their time,

Chad Hufford: 00:40:58

but it takes their energy. It takes their focus. It creates

Chad Hufford: 00:41:02

myopic thinking, and in it, it destroys a long term

Chad Hufford: 00:41:07

perspective. Because of everything we're looking at is

Chad Hufford: 00:41:09

the here and now. We can't see the future. You can't have

Chad Hufford: 00:41:12

reading glasses on and see something two miles away, right?

Chad Hufford: 00:41:15

It brings your focus into what's right in front of you, and it it

Chad Hufford: 00:41:19

also, I think it can actually create a state of learned

Chad Hufford: 00:41:23

helplessness. If we are so focused on the things that we we

Chad Hufford: 00:41:27

don't have much influence over some or very little or none at

Chad Hufford: 00:41:31

all, then the story that we start telling ourselves is, in

Chad Hufford: 00:41:35

order for me to to be financially independent, I have

Chad Hufford: 00:41:40

to get lucky. I'm just going to sit here and all these things

Chad Hufford: 00:41:42

need to line up in my favor and stop saying, you what? Maybe

Chad Hufford: 00:41:45

some I've got some things going against me. Maybe there are some

Chad Hufford: 00:41:47

hurdles, but there's, there's a lot I can't control, but there's

Chad Hufford: 00:41:51

a lot that I can do to improve my my situation, and, if nothing

Chad Hufford: 00:41:56

else, my relationship with money. And that's where this

Chad Hufford: 00:41:58

process is going to start.

Janice Porter: 00:42:00

That's a great place to end. I think that's

Janice Porter: 00:42:02

amazing. And I think we've we covered the gamut from the macro

Janice Porter: 00:42:07

to the micro to the macro and and I know that you, I can tell

Janice Porter: 00:42:12

that you're passionate about what you do and that you care

Janice Porter: 00:42:14

about people. And I think that ultimately, is, is the, is the

Janice Porter: 00:42:18

the goal, right? That you're helping people lead better have

Janice Porter: 00:42:23

better lives and have a better understanding of the power of

Janice Porter: 00:42:25

money, but that it's that, what did you say money, when it

Janice Porter: 00:42:32

masters?

Chad Hufford: 00:42:33

Money is a wonderful servant, right? The

Chad Hufford: 00:42:36

terrible master, right?

Janice Porter: 00:42:37

Love that I got to write that one down. I like

Janice Porter: 00:42:39

that one. Thank you again for being here. One last question,

Janice Porter: 00:42:44

can you let us know? And I'll put it in the show notes, how my

Janice Porter: 00:42:49

audience can get hold of you, and I didn't even mention but I

Janice Porter: 00:42:53

think it was maybe a couple of years ago. You have a book

Janice Porter: 00:42:56

called it. Wasn't that long ago.

Chad Hufford: 00:42:59

It was. It was spring of 24 forging financial

Chad Hufford: 00:43:03

freedom. It came out right early in 2024

Janice Porter: 00:43:07

which I'm guessing covers a lot of what

Janice Porter: 00:43:10

you talked about today.

Chad Hufford: 00:43:11

Okay, it's very much about the mindset. It's our

Chad Hufford: 00:43:15

perspective around money. There's a lot of of protocols

Chad Hufford: 00:43:19

and processes that books can teach on how to build wealth and

Chad Hufford: 00:43:21

financial independence. Financial independence, but

Chad Hufford: 00:43:24

there's not a lot of books on how to think differently about

Chad Hufford: 00:43:26

money. So I wrote the book that I wish I had read 20 years ago

Chad Hufford: 00:43:32

to help people create a better relationship with money so they

Chad Hufford: 00:43:36

can use the already existing tools and processes more

Chad Hufford: 00:43:38

effectively. Perfect.

Janice Porter: 00:43:40

Now I'm going to read it. I don't like to do that

Janice Porter: 00:43:43

anyway, before I interview somebody, I want to come in

Janice Porter: 00:43:46

cold, but that sounds like a book I could I could probably

Janice Porter: 00:43:52

read, because it's not all about the it's more about the mindset.

Janice Porter: 00:43:55

I like that. So how can my audience get hold of you? Find

Janice Porter: 00:43:59

your book. Find you

Chad Hufford: 00:44:01

forging financial freedom. It's on Amazon and

Chad Hufford: 00:44:05

available as a Kindle or hardback. Veritas alaska.com is

Chad Hufford: 00:44:11

our website and on Instagram,

Janice Porter: 00:44:13

never even mentioned that you were in

Janice Porter: 00:44:14

Alaska. Oh, my goodness, that's right, yes.

Chad Hufford: 00:44:17

Okay, Veritas Alaska, we work with people all

Chad Hufford: 00:44:19

over but Veritas alaska.com is the website, and Veritas dot

Chad Hufford: 00:44:24

Alaska on Instagram, and you can find me pretty easily on

Chad Hufford: 00:44:28

LinkedIn. Just look up Chad Hufford Veritas, and I'll pop

Chad Hufford: 00:44:31

right up.

Janice Porter: 00:44:32

Okay, sounds good. This was a pleasure. Thank

Janice Porter: 00:44:34

you so much for being here. And what have I got written here?

Janice Porter: 00:44:39

It's clear that true wealth isn't just about the size of

Janice Porter: 00:44:42

your bank account. It's about living in alignment with your

Janice Porter: 00:44:45

values, building strong relationships and creating a

Janice Porter: 00:44:48

life you love. And I know that that is a passion for you, I can

Janice Porter: 00:44:52

tell and thank you for sharing about your kids as well. I

Janice Porter: 00:44:55

appreciate that.

Chad Hufford: 00:44:56

My pleasure. Thanks for letting me come on.

Chad Hufford: 00:44:59

You're very well. Welcome.

Janice Porter: 00:45:01

There we go. So remember thank you to my

Janice Porter: 00:45:03

audience for being here. Please let me know if you enjoyed our

Janice Porter: 00:45:06

conversation and reach out to Chad for further conversation

Janice Porter: 00:45:09

about wealth and mindset around money, and remember to stay

Janice Porter: 00:45:14

connected and be remembered. You.