Aug 27, 2021
Summary:
Today we have the creator and owner of Practical Wealth Advisors,
Curtis May, on the podcast to discuss how you can build your wealth
without the assistance of Wall Street. As a close friend of the
Financial Survival Network, May also promotes the idea that Wall
Street’s goals do not align with the financial freedom most people
are seeking. Rather than just utilizing various tactics and
strategies, May advises than you have a structured plan and an
awareness of the principles that will get you to your financial end
goal. Tune in to get information on how you can acquire some of
this advice, and to hear from an individual that can create a plan
to fit your needs.
Highlights:
-We’ve been somewhat anti-Wall Street since the start
-Curtis May is the the creator and owner of Practical Wealth
Advisors
-Wall Street doesn’t always have your best interest—how can one
build their wealth without the assistance of Wall Street?
-Two schools of thought when it comes to money: the accumulation
theory (what they sell you) and corporate finance, which closely
resembles what actually plays out
-It is important to be aware of the two different games being
played
-Investing is a plan—not a product or procedure
-Most people use tactics and strategies but lack an overall plan,
which is typically to become financially free. This, however, is
not Wall Street’s goal for you.
-May’s purpose is to teach people how to become financially free,
and the steps to take to get there
-In terms of goal setting, May tries to ask people what they want,
and why. Most people know what they don’t want, but it is sometimes
more difficult to pinpoint what they do want
-May’s ideal structure is ‘wealth in a decade’ which entails
financial freedom in ten years or less—he is focused on teaching
people the principles
-Find out their goals, but give them principles to work with so
that they don’t repeat the same mistakes over and over again
-May specializes in risk-factors and defense (i.e. stable will and
insurance) creating a wealth coordination account
-Saving should be safe, accessible, and guaranteed
-As your knowledge goes up, your risk goes down; Wall Street is all
about risk tolerance and accumulation
-Risk means probability of loss
-May assures that the client is a good fit for the company,
followed by a financial questionnaire, an assessment of what
they’re doing now, and if what they are doing will take them to
where they want to be
-May goes off of a membership model so that the clients can
learn—almost like being part of a club
Useful Links:
Practical Wealth Advisors
The Practical Wealth Show
Financial Survival Network