Ever wondered how to go about saving for retirement as a freelancer/self-employed business owner? You’re not alone. For most web designers, we’re not an employee of a big company with retirement plans like 401k’s in place so it can be super daunting to know how to even get started with planning, preparing and saving for the future so to help you in this area, for episode 016 I’ve brought in my trusted financial advisor Juli Damopoulos who’s an expert in this field.

In this value-packed episode, we cover methods, strategies and tactics you can implement immediately to get going on saving and preparing for the future regardless of if you’re just starting out in your career or if you’re already established and need to take this topic more seriously.

*** DISCLAIMER ***

Juli (of Cardinal Financial Advisors, LLC) is a Financial Advisor offering investment advisory services through Eagle Strategies LLC, a Registered Investment Adviser. Registered Representative offering securities through NYLIFE Securities LLC (member FINRA/SIPC), A Licensed Insurance Agency Agent, New York Life Insurance Company. The topics discussed today are conceptual and not meant to be taken as giving investment advice.

In This Episode

00:00 – Introduction
04:19 – Greeting to Juli
07:12 – Financial puzzle
10:31 – Where to start
11:56 – Time is on your side
12:59 – Address insurances
16:36 – Revisit every five years
19:04 – What are your goals
22:22 – Strive for more
26:55 – A starting point to save
29:16 – Talk about future now
31:08 – Efficient time management
34:22 – What to look for in advisor
39:43 – Couple’s account differences
43:51 – Won’t advisors DON’T do
47:57 – Into the fourth quarter
52:42 – Diversifying
56:01 – Be educated with your money
57:28 – Dollar cost average
1:00:23 – Recapping
1:03:35 – Finally thoughts
1:07:00 – Seeing momentum


Connect with Juli:

Episode #016 Full Transcription

Josh 0:17
What’s up friends, welcome to episode 16. In this one, we’re diving into a topic that is not super sexy, but it’s very important. And it’s something that I’ve found really isn’t too widely talked about in the freelance or entrepreneurial space. And that saving for retirement as a freelancer or as a self employed business owner, which pretty much all of us web designers are. And for this talk, I’ve brought in a very special guest, Juli Demopolis. She is a local colleague and friend of mine, she also just happens to be my trusted financial advisor. And as the gal who I turned to for any questions I have, when it comes to financial planning or advice, or investments or insurance.

Josh 1:00
And you’ll find in this conversation that Juli is awesome, she is just a true professional. She’s an expert in this field. And she just has a wealth of knowledge around this topic, which is why I wanted to get this episode out to you guys. And it’s funny. This episode started off as more of a selfish thing because I wanted to learn more about this because I’m really thinking about this in this season of life where I’ve got two little girls, now I’ve got a family, I want to make sure we’re really taking saving for retirement and planning for the future very seriously.

Josh 1:33
So originally, I was just going to talk to Julie and I was like, You know what, I bet this is a topic that you guys would love to hear about too, depending on where you’re at no matter if you’re young, and you’re just getting started. Or if you’re already established in your career, and you’re really needing to take this more seriously. This is why I wanted to put this episode out there for you. And that’s the big thing. As you’ll find throughout this episode. There’s no better time than right now to get started no matter where you are when it comes for planning, and preparing for the future. So I’m really excited to see how this episode helps you guys out. Now, if you’re listening to this, chances are you are either ready to start your web design business or you already have one, and you’re looking to grow it and take it to the next level. I would love to help you do that. And we can do that through my web design business course.

Josh 2:15
So I have laid out a full course that essentially encapsulates my decade of experience with building and scaling a six figure web design business. And I would love to share with you how I did it and I can guide you in your business do the same thing. So if you’re that sounds interesting, check out the link below on the show notes for this page. And I would love to help guide you to creating a successful web design business through my web design business course.

Josh 2:39
Now, before we dive into this interview, since we are talking about some sensitive financial advice, I do have to issue a couple disclaimers. You know, it’s funny because when I approached Juli about doing this episode initially, she was like, You know what, I have to check to see if I can even be on a podcast with all the compliance and liability and things around such sensitive topics. But we had a great conversation. That’s pretty general. And I will say to this, you know, Julie and I are both both based in Ohio. But all everything we talked about is going to apply if you’re in the US, and most everything should apply even if you’re abroad. Most of the topics that we cover are generalized so we don’t really get into anything that would be state or country specific. So keep that in mind. And again, I just need to issue this disclaimer because we are talking about a field that’s fairly sensitive.

Josh 3:25
So Julie, on behalf of Cardinal financial advisors, is a financial advisor offering investment advisory services through Eagle strategies LLC, a registered investment advisor, registered representative offering securities through New York Life Securities LLC member Fia, NRA si PC, a licensed insurance agent, licensed insurance agency agent, excuse me, New York Life Insurance Company. The topics discussed today are conceptual and not meant to be taken as given investment advice. So there you go. There’s a disclaimer I had to put out there just to make sure we keep everything legit. So without further ado, guys enjoy my fascinating and super important and impactful conversation with a trusted colleague and friend, Julie Demopolis. Julie, welcome to the show. Thank you so much for taking some time to chat with us today.

Juli 4:19
Yeah, thanks for having me.

Josh 4:21
So I’m excited about this talk. And I say that kind of inquisitively because I don’t think too many people unless you’re a financial adviser are excited about talking about retirement and preparing and saving things like that. But I found that this topic is not something that’s really talked about too much in the Freelancer self employed world. So I’m really excited to talk with you about some methods and strategies that myself and my audience can do as freelancers and as self employed web designers for retirement and things to think about. So I know this is gonna be a super benefit, beneficial talk. Before we dive into some of the things though, I think it’d be awesome if you could just kind of explain who you are and what you do for everyone who doesn’t know, you and my audience.

Juli 5:07
Yeah, absolutely. So, Julie Dimopoulos, I’m in my 11th year of practice, I graduated from Ohio State University with a degree in international business and how I got into this, I took the long way around, I did not expect to be managing people’s finances I, I thought within an international business degree, surely I would be traveling the world helping people across the globe. And then I met my husband and I decided there were plenty of people to help right here in Ohio. So I worked for a couple of companies kind of helping the bottom line, corporate world, and then I just I wasn’t being fulfilled there. So I thought, you know, there’s got to be another way where I can help people and work with numbers, which I just I love math, I’m a total geek about it.

Juli 5:53
You don’t think it’s exciting, you know, talking about retirement planning, but I get so excited about it. So that’s kind of how I came to be I came in via the insurance route with New York Life crash almost 11 years ago. And a few years into it, I realized, it’s great to protect people’s families, but I can also help them and investments. And so I started to learn more about investments, take the necessary courses, licenses, a lot of studying. And then officially, I got into higher level investments probably about five years ago. So that’s managing real money. So now I do investment advisory and financial planning. And then we also offer, you know, the financial products where needed, like the insurance and long term care and all of those things. But, you know, at the end of the day, we just we try to figure out what it is our clients are trying to accomplish. And you know, are we a good fit? And can we help them?

Josh 6:53
Awesome, that’s funny, because I cast I think we’ve known each other for what, like seven or eight years now, and never knew how you got involved in this world, I kind of, I kind of pictured like little Julie with a money box with different, you know, saving, you know, like, you’re saving a couple bucks here. Like I wondered, what got you into, you know, investing money and things like that. So that’s good to know.

Juli 7:12
Yeah, it’s a lot of fun. I like to think of it as a puzzle, you know, my clients bring me all the pieces of their financial life, their assets, their liabilities, their cash flow, their taxes, their legal documents, and I get to take all these pieces and put them together and, and help, you know, build this picture around what they’re trying to accomplish, and how is it going to look to get there? And that excites me every day? Because it’s a different puzzle everyday for me?

Josh 7:40
Oh, sure. I can imagine it’s a different puzzle with just the different types of people different types of industry, the different type of employment situation, which I know that myself and web designers are probably I would say, we’re probably one of your most interesting, right as like self employed versus a typical 401 K, you know, corporate business type of setup or any sort of government run program or something, would you say that we’re probably okay, most engineer, okay, that’s probably the nicest way to put it, I imagine.

Josh 8:10
But you know, it’s interesting. Over the past few years, we’re in a networking group together. And every presentation you do, normally, I would just want to probably fall asleep, but you’ve always made it so interesting. And I think you’ve also made it very simplistic, which is kind of what I need and what most people need, which is why I’m really excited about getting into the weeds with some of this stuff. But I feel like recently, it just kind of dawned on me that even just what you said there with what you do, is it safe to say there’s almost like three main categories that we can focus on, which would be number one, planning, number two, investing, and number two insurance or three insurance, would you say those are kind of a safe? They’re the top three things that you do and that we should focus on?

Juli 8:55
Yeah, I’d say and I think they all overlap. You know, some people just use us for our planning, and they pay us for advice. Some people just use us for investments. And some are more transactional, they just need an insurance product or little account started here, there. But overall, I think there’s a lot of overlap between, you know, the planning and the investments and the products where they fit in.

Josh 9:19
Okay, so I was gonna ask when the best time to get started in this is, but I’m sure the answer is yesterday, like earlier, you can get started which I’m kind of hoping that a lot of my audience who are more of like 1819 20 years old, hear this and then really start thinking about this because I didn’t really get serious about and I’m still kind of getting more serious into saving for retirement. And bear in mind too. For me, I always thought that I would work for a corporate design company or something. I really had no intention initially of starting my own business. It just kind of happened and then you know, a little while later, I’m like, holy crap, I’ve been self employed. I’m gonna keep it going. I should probably figure out what to do with to retirement.

Josh 10:00
So, with somebody in my situation, which a lot of web designers are a lot of web designers don’t really intentionally start throwing web, web design business. It just kind of happens after referrals and stuff. What would you say is almost the best place to start? Because I know it can be so overwhelming with all these different options, and I find the whole financial advising world until I met you very confusing. So yeah, maybe that’s the first question I’d like to ask is, what’s the best place to get started as a freelancer or self employed person?

Juli 10:31
Yeah. So I tell people, I use the three Ds is what I’ve kind of coined it. And the first one is just do it, just this discipline to do it. And your question is kind of where do I start there. But I think, first off, there is a hierarchy of how you should be saving. And you should definitely have an emergency fund saved up in the bank, I would work on that first. So three to six months of expenses need to be saved up. From there, we can start talking about longer term monies like investments, or retirement or college funding for a kid, or maybe short to long term purchasing a home or something like that. So I tell people start with the basics of building yourself a little nest egg, a little emergency fund, and then from there, we can jump to the longer term goals.

Juli 11:19
And a good rule of thumb is probably about 10% of your income should be put back. And that’s 10% of your gross income, not net. So if you make $50,000 a year, you should put five grand a year away into probably some version of an IRA, the younger crowd is probably going to be more interested in a Roth IRA. It’s newer, and allows you to put money in after tax, and then it grows completely tax free. So if you wait, there’s some caveats. But as long as you wait till what government deems the retirement age, you won’t have to pay taxes on what it’s earned. So that’s just a good rule of thumb on where to start. But I tell people, you have time on your side, time is your biggest advantage here. The earlier you start, whether it’s 50 bucks, or 500 bucks, the earlier start that compounding and the time is really going to do a great service in the long run.

Josh 12:15
Okay, that’s great. That’s good to know, any of you see me typing, I’m just jotting some, some notes down, because I’ll make sure I kind of put a little plan of action in the show notes for this episode. Because I think what you’re getting into are some real practical things. I, I like that you talk about that, you know, on our end, saving, having an emergency fund of three to six months saved up just in case. And that is absolutely imperative for freelancers, and self employed folks like myself, who we have good months and bad months, so some months might be really good. And then some lights might not be so good, particularly in the web design world. So I like that too. Because you’re not pushing, like hire me for this. It’s like do this, you know how I have this setup first, and then the products.

Juli 12:59
Another level below there that you should address too. And that’s your insurances. You know, we have car insurance, we have homeowners insurance, because let’s face it, if your home burned down, or you run into someone, and you’re on the hook for repairing their car, you could derail you know, your retirement planning or some of your other planning. So have your insurances in place. And that’s business insurance. That’s life insurance, that’s disability insurance. You know, if you can’t come back to this job and do it, you’re so good at the money stops. And then so does all that other stuff. We’re working on the retirement and the college planning, none of that happens either to have the insurances in place, as that kind of foundation, then the emergency funds and short term savings, then we can start to talk about, you know, building real wealth for bigger purchases, or retirement, etc.

Josh 13:53
That’s great. That’s great. And what’s interesting about all this is, it is kind of a, I imagine it’s probably interesting for you, and maybe one reason you like it, it’s this isn’t something to where you get a client that is a project for a little bit. You’re working with people for a lifetime. Yeah. And you’re no, you’re even after their lifetime. Yeah. You know, like, once I know you’ve worked with clients who have passed away, and then thank goodness, they got everything set up with you, because you’re real. I know, you’ve been a part a crucial part of a lot of people’s families, too. Yeah, after that.

Juli 14:24
We’re not transactional, we can be but we’re relationship based. We want to build this relationship that lasts not just for your lifetime, you know, I like to tell people at retirement is half time, there’s still the other half of the game to go year. I’m not just going to give to you up until that point, and then say, well see I you know, did my job. Instead, it’s, you know, really, I think the more crucial part of my job is going to be on the back end where we’re helping you distribute those monies and not run out and still leave whatever behind you would like to. And then I’d like to know, hopefully over the years that I’ve gotten to know you and you your family, you know, where those monies will be trickling down to and seeing your wishes come to fruition. I think that’s probably the more exciting part is seeing how it all plays out. When we talk about the generational transfer of wealth, I think that’s exciting.

Josh 15:16
It is I Yeah. Now you’re making more excited, I’m understanding why you get excited about this kind of stuff. Because it definitely it’s, it’s life changing, changing, and so impactful. So okay, great, great. First step, as far as get the insurance and the disability stuff covered. There’s a variety of ways to do that. And as I’m sure I’ll mentioned in the intro, we’re based here in Ohio in the US, I don’t know exactly how things are run overseas in different countries. But a lot of these methods, I’m sure there’s some sort of, you know, you know, whatever it is this but make sure you’re insured to where it’s for personal versus business to. And that’s one thing now that I have a home office, I have my insurance being home auto and business bundled, so yeah, we get in a fire, we’re covered for a certain amount.

Josh 16:04
I do have disability setup as well. So the basically what maybe that’s the next place I want to segment to is because the setup I have, I think it’s a pretty good setup. And you can you can correct me if I’m wrong, but I’ve got disability, I’ve got the insurance covered, I’ve got disability. So if I walk outside and get the man I get hit by a truck, then my wife’s covered, you know, we got it, we we doubled the amount last year, because I’m making more now. So I wanted to make sure. And that’s probably important point too, right? You want to make sure you keep up with your income to make sure if something happens.

Juli 16:36
Yeah. your insurances every five years, because things change income changes, your life just changes in general.

Josh 16:45
And I imagine that self employed people like myself, it’s probably interesting, too, because my income and full transparency has, has gone up so much over the past few years. It’s not like I’m salary where you might make, you might get a $5,000 raise or a 10,000. It tells me it’s like, you know, 10s of $1,000 that are, you know, could potentially even more that can happen per year. So I think that’s important to, to a good point, like probably maybe in that case, would you say you maybe need to revisit it even sooner than that? If you’re making it depends on what you made, or?

Juli 17:19
Yeah, the growth trajectory, it just depends. You know, if you are working with a professional and an advisor, you’re probably meeting with them every year anyways. And if you’re working with someone like us, we look at your tax returns, we look at your income and your liability. So we’re gonna know, and we’ll be able to make those suggestions. Hey, you know, we haven’t, it’s been a couple years since we talked about this, but you know, you would really be at a shortfall, if you know if something were to happen to you.

Josh 17:45
Gotcha. Okay, cool. Cool. So So yeah, the insurance thing is huge. Obviously, you want to protect yourself. Disability is huge in life in life. Yeah. I was gonna say, so I have the cash value, the CVA cash, or Yeah, was it CBl cash value life insurance. And then I have the Roth IRA as well, which my goal now that like, things are more stable with both of my businesses, and the upswing is going really well. And I’ve got those first pieces kind of in place, I’ve been contributing to the Roth, but not as much as I kind of wanted to. But of course, I just had, you know, as you know, we had to reschedule this interview, because my daughter, my second daughter came and family’s growing expenses are growing.

Josh 18:25
So that’s, that’s probably probably one area I’m trying not to view as an expense, as far as retirement is an investment, which is why it’s called investment, not expense. So yeah, that’s kind of my setup. You know, would you say that that’s, I’m on the right path? Is there something in my situation that you would recommend? Because I think a lot of people are probably in a similar situation as me to where maybe they have insurance, maybe disability, if not, you can get those things. It’s fairly cheap, wherever you go to get those. And then a lot of people in my spot where there may be starting to say like, what would you recommend is kind of the that’s the question. What would you recommend for somebody like me, that’s the next step in this whole process?

Juli 19:04
Yeah. So the next step is understanding what are your goals? Right? If it’s, I tell people give us a timeframe. So if you’d like to retire by a certain age, you know, how much would we need to have accumulated by that point? And then we can then back it down and say, Okay, if you’re gonna retire at 65, maybe 55, I don’t know, the shorter the timeframe, the probably the more we got to put away. And if we break that down by year by year, you know, it might be a steep number, it may not be as big as you think. But I’d say you know, after the insurances, and I’ll take a step back on the insurance. You know, I tell people, as far as life insurance, it needs to be the right amount on the day you die.

Juli 19:45
So whether that’s we don’t know if you’re gonna die in the next 20 years for your term policy. We don’t know if you’re going to die in 70 years, as you know, the oldest living male and Columbus Ohio. I don’t know what I’m going for. Yeah, that’s it. You’re right. Make sure it’s the right amount. And I usually tell people, you know, there’s term and then there’s the permanent you, you talked about the cash value life insurance, have both, there’s no limit to how many policies you can have or how much really, but make sure it’s the right amount on the day you die. So Josh, if you go out there, you get hit by that bus, you talked about earlier, truck, whatever, and it takes you out, make sure that your family would not be at a shortfall for the next 20 years that your girls will need to get through college or what have you. So, you know, work with an advisor to tell you what’s the right amount, and we have various calculators and ways to analyze that.

Josh 20:39
Awesome. Yeah. And that’s one reason like, as soon as Bree and I first came, that’s when we doubled it, because I knew it was like, okay, yeah, this is this is getting really serious now that kids are involved. And, like, to your point, yeah, what’s working now is who knows what that will look like, when I’m 60. I’m 33. Now, like, there’s inflation. You know, I think what’s interesting about this industry too, is that you kind of have to move with inflation, and whatever’s going on in the world, too. So I think that’s, that’s a really good takeaway from this already is just to make sure to revisit this and think about it.

Josh 21:12
And to your point, yeah, so like setting goals. So if I say alright, Julie, I want my, my Lamborghini, my limo and my, you know, actually, all I would want as an inground pool. That’s my biggest thing. What so we can look at that and start term goal. Okay, that’s sort of a good call. Good goal. So long term may be, you know, whether it’s travel and it, I don’t know, it’s kind of interesting, because, and I think I could probably speak for a lot of other fellow web designers. I don’t really have like a retirement date, because I’m not in a corporate position. It’s like, I am kind of saying like, Okay, I want to probably stop. We’re using air quotes for those listening and not watching on video to retire. However, yeah, I just don’t know. Like, I can’t ever imagine not doing some sort of work. So but I don’t want to certainly put myself in a situation where I’m 50 some years old and be like, Oh, crap, I need to make sure I’m covered. Or at least have a you know, savings and have something to wear. And I I’m not dependent on me actually doing something or typing. So yeah, that’s huge. So goals and all that stuff. Obviously, with retirement sooner, you get started, the better, right? I mean.

Juli 22:22
Inside. Yeah. And I actually, I’m the opposite of some people, I tell people to go from, you know, per month or per year, to strive for more than what you think you can handle to put in, if you think, Gosh, I could do a couple $100 a month, stretch it out and put in more knowing that if it doesn’t work out, you can pull it back, all you have to do is call your adviser or go online, and reduce how much you’re putting in, and it’ll, you know, take effect the next month. But I tell people, you know, strive for more, because you might surprise yourself and you’ll rise to the challenge. You know, there’s some great thought process is out there about you know how even married men make more money, because they rise to the occasion. They take promotions, or they work harder or you know, things that make sacrifices for their families. And so men and women alike, but I tell people go for more knowing you can back it down. But you might surprise yourself and be able to handle it just fine. And you’ll thank yourself.

Josh 23:24
Nice. And that’s that’s so true with the with the being married or kids actually, you told me before Bria came, you said something that has stuck with me ever since I agree one day and I was like I forget what we were talking about. But I was saying something to the effect of like wanting to take this kind of stuff more seriously and really leveling up our income and in use. I think you’re on kid number three, you’ve got four now but at that time, you had three I think you’re working on your fourth. And you were like every kid I have I make more money because you’re just like forced to to level up or just do it, you know? And that’s so true.

Josh 23:59
It’s interesting, because I have totally seen that play out like when when you get married? Yeah, as a guy, you just you level it, hopefully you level up and you you rise to the occasion and you and you just do what you need to do and it happens. And then with kids it’s like amplified, it seems like because particularly if your spouse is working, there’s not as much pressure depending on the salary, but babies ain’t doing any work there. They may be getting likes on Facebook, but they’re not generating any income. So you really have to step it up. So I say I say that to back up your point. Yes, it’s totally true. And I liked it. I and I liked that idea for for what we’re talking about. Because yeah, like if you really want to make it a priority that just add an extra 50 bucks or 100 bucks a month. That goes a long way over a lifetime. Right?

Juli 24:43
Yes. I think that you’ll surprise yourself. You know, I asked people to challenge themselves. And if you really prioritize some of these goals of yours, and you see them often I’m a huge proponent of writing down your goals and looking at them off so that you know, they stay clear in your mind, why are you making some of these sacrifices? Or why are you saving? I think that’s huge. So I also encourage everybody, it’s the beginning of the year, sit down, write down, what are your goals for the year go high. And maybe you’ll surprise yourself on how they come together. But revisit them to like in our office, we sit down, and we revisit our goals every quarter, and say, Where are we at? You know, where are we at to our goal? And then where do we where are we falling short? And what’s the game plan to get us there, and you can do the exact same thing with your finances.

Josh 25:36
Nice. That’s a good idea for reflection, too. That was one thing I was big on. This new year was reflecting on the past year and learning from what went well, and what maybe didn’t go so well. Sounds like you’re kind of doing both of those. And by the way, Julie, for those of you aren’t, aren’t watching this, just seeing this glare on my head. For whatever reason, when I do interviews that in the afternoon at 230, the sun just comes in and starts blaring at me. So if I start winking, it’s nothing. It’s just me trying to get the it’s the light in my butt. So one question I had was, as far as the amount to contribute monthly, obviously, it just that’s something that you can’t answer unless you find out a person situation or an advisor finds out a situation.

Josh 26:20
But is there like a, is there an ideal percentage that you ideally would invest? Like? I know a lot of people say with a mortgage or with living expenses, you want to keep it 30% of your income, or 40%, depending on what that looks like. I’ve heard that term. And that’s I like that. That’s kind of what we tried to do I say try to get to but um, yeah, for like investments in retirement, is there like a percentage that ideally, I know, you talked about, you know, 10%, or whatever. But as far as like a monthly contribution is, would you try to stick with that, like the 10% range? Or what do you think about that? Yeah,

Juli 26:55
I think that’s a good starting point is 10%, I think you should strive to eventually get to 20%. But as you make more money, that that number becomes bigger. So if you’re making 100,000, gross, that’s $20,000 a year and as you’ve just experienced and expressed is that as your life continues to grow family, kids, you know, expenses also go up. But I challenge that rather than seeing your retirement or your savings as an expense, it should be up there with some of the requirements like wages and taxes, it should be a requirement that you put away 10 or 20%, rather than falling, you know, in the hierarchy way down here with expenses, it should be higher than that it should be pay yourself first. The whole point of this is that you’re creating value outside of yourself. So many business owners put money back into the business, which is great, wonderful.

Juli 27:53
However, it’s not creating value outside of themselves, because they are the business, right? So you need to create value outside of yourself and other assets. For one day, when you leave the business, retire from the business, sell the business, whatever it is, you know, life doesn’t always go according to plan. Make sure that you have value outside of yourself in those other assets.

Josh 28:15
Wow, that’s such great advice. And I love I love that idea of just what you said right there. It’s like, when you’re when revenue goes up it like it seems awesome. It’s like, wow, our revenues going up. And that’s really, really cool. But the flip side of that is usually there are those other things that come into play, just like you talked about business expenses go up? In the case of personal life, yep, shit happens. So that can be a really dangerous period for people when we experienced some of that with being going to the NICU for 56 days a couple years ago. Luckily, we kind of you know, we made it, but it was definitely a strain it was it a tough season. And then the other aspect of that is, I think, thinking about your future self, which it’s kind of like I imagined in the investment world. Your whole goal is to make future future you happy, right? Like thank goodness past Josh actually set this up and put some money aside. So I have to work on. Yeah, right.

Juli 29:16
Yeah, absolutely. So, you know, sometimes we tell people to think of themselves in the future, but talk about it now. You know, where will you be? And getting your mind kind of prepared for that. Again, it helps to prioritize what’s important to you and you’re willing to you get excited about it, you’re more willing to make the sacrifices now, and it doesn’t even have to be real sacrifices. I mean, some people say, I don’t want to, you know, save so much that I can’t do anything now while I’m still young and healthy. But you know, in retirement, that’s still plenty of years where you’re going to be young and healthy and it takes money to travel. It takes money to go see your grandkids takes money to have a second home or a third home, or the car you’ve always dreamed of it takes assets to do that. You So think of, it’s hard to now but think of what would future Josh, what would the future version of yourself one and what what does it look like who’s with you, you know, and it’s just it’s kind of cool to, to think about. And I would over prepare rather than under prepare.

Josh 30:18
That’s really good. I think it’s just a good practice in general, even with just business because it forces you to do things differently. I know, as soon as I got married, things changed. And then immediately when we got pregnant, that’s when things really changed for the business. And that goes back to the whole, like, you’re gonna make more cuz you’re gonna figure it out. And then as more kids come along, what I found out now is time is so limited to where every second counts. Whereas when it’s just you, yeah, you might be just, you know, taking things easy, or doing things that are gonna, you know, take longer, but no one else, you know, you got all day, all the time in the world, whereas now it’s like, especially in this season with a newborn, I’m working in segments, basically, like I’m essentially working part time right now, in this newborn stage, and we have 202. So I’m kind of valuing every second, which is huge, is huge.

Juli 31:08
I think that’s, that’s why you probably make more is you’re just more efficient with your time, you, you realize that every minute you spend at work or not work is is important in it, it tells a lot about what is priority in your life. So I think that’s why I’ve always made more every time I have a kid is because I, I want that much more of my time to be valuable. And I’m just more efficient when I’m here. And when I’m gone, I’m gone. You know, I don’t, I oftentimes leave work at work. And I really get to enjoy being with my husband and my kids. But when I’m at work, man, I’m making it happen, because it’s all the time I got, and there’s only 24 hours in a day, there’s only 24, we all get the same 24 Just how it’s used.

Josh 31:51
Well said and it’s it’s tough for everyone, most web designers work from home. So that’s the really tricky part, having a home office has helped me tremendously. But yeah, that’s like a daily battle with shutting it off. And then making sure I don’t go from my laptop to pop up, I’m debating on like kicking email off my phone, I’m really debating on that.

Juli 32:12
I don’t have email on my phone. And it’s Oh, I’m so jealous, nice for that reason, because you you’re accessible 100% of the time, and you won’t, even especially at night, think about when you’re laying in bed, you’re trying to decompress, then your phone goes off, and then you’re thinking about that project, you’re thinking about that client, and you can’t even get a good night’s rest. And we need a good night’s rest of function and our best capacity the next day, you know, so I would encourage you don’t have it on your phone. If you have it on your phone.

Josh 32:40
Well, it’s mainly because we have sites on our maintenance plan. And like God forbid, there was a hack or something, which they would probably call as opposed to just email. But there are a couple times where I and now that I delegate more, sometimes I just check in and make sure there’s no emergencies that I need to get to. So it’s it’s not necessarily as taxing as it used to be. But it’s definitely a little addiction that I’m battling. Because even so what I do, usually Julie is like on weekends, I will drag my email app to like a folder where I would have to go like multiple clicks to get to it to just, you know, just take it off. So I don’t even you know, tip myself because a lot of times I pick up my phone, my finger goes right to my email app, like where it is. So that is helped. Even on weekends. I’ll just put it there. That way, when I go from my phone, I would have to like really be intentional to get to my email.

Josh 33:34
But yeah, you got me thinking about really? You know, yeah, it’s the first step. It’s like, you know, I can’t quit cold turkey, do it. Start slow. But that’s kind of you know, that’s a little hack. That’s definitely good. But that’s all really huge for you know, just general business advice, but, man, really good stuff. You know, one question I wanted to ask because you were talking about working with a financial advisor, and then kind of you know, you are a partner and then all this, you’re kind of a guide. My question is, what should people look for? Because I know a lot of people hearing this can work with you. But you know, there are people outside of the country and you know, for people who maybe already have a financial advisor in their network, or are looking for one in their area or something. What what are some things they should look for in a financial advisor?

Juli 34:22
Yeah, that’s a really good question. I wish more people asked it actually, because think about what you’re sharing, you’re sharing personal financial information, which it’s not like we normally just, you know, sit around with our friends having a beer and we tell them about our financials. I mean, it’s, it’s personal, and it, it’s meant to be personal. So I would say, you know, the first step in finding a financial advisor that you like is you got to trust him. So find someone that you trust wholeheartedly, and you can tell they’re not like in it for a quick fix, or they’re just going to take your money and then you’re not going to see him again for five more years. You know, just make sure you have a good gut feeling trust Your instinct on that.

Juli 35:01
The second is make sure that they’re competent. So work with someone who understands the issues and concerns of a business owner. Right? Versus I just work with families or just work with individuals, right? Just work with whoever, find someone who understands business owners. And you know, a lot of them will say that they do, but not all Well, so, you know, check out their websites, right, check out their websites and see who does it say that they work with, you know, if it says one thing that, you know, one things coming out of their mouth, but their website says in the different? Well, you know, maybe they don’t really understand the business owner and the complexities of what you all deal with.

Juli 35:39
And thirdly, which is just as important is make sure there’s some chemistry, you know, you’re, you’re sharing very personal goals and pertinent financial information, make sure you like each other, you don’t want to be butting heads, with your adviser on every piece of advice, and neither does your advisor, right. I mean, there are some clients that I’ve said, I don’t think this is a good fit. But let me get you to another advisor. And it could be personalities, it could just be, you know, we’re not on the same page. And that’s okay. And lastly, I’ll say interview a couple. So interview a few because you, you need to have a basis of comparison, you know, something as good as what it’s compared to. So have a couple that you interview, and then you know, go with your gut on who you trust is competent, and who, you know, you like.

Josh 36:28
Wow, you just said so much gold, and that little segment there, I’m gonna have to use that as a little quick video or something, because that was great as far as. So it’s funny, because as you were talking, there’s so many parallels to web design, even though our industries are completely different. Right? The the the commonality between financial advising and web design, if there is one is that you are not a one and done service. We are partners, like people I taught some of my clients are from 2010. And it’s 2020. Like, that’s crazy. What are you not many auto mechanics, unless you really find somebody who you just love is going to be there for over a decade.

Josh 37:09
Finance, wood advising is definitely an industry that yeah, that’s a partner. To your point, you want to make sure you actually like who you work with that, you know, like and trust them. And web design is the same way. Like you’re similarly like, clients are trusting us with maybe not their financials, but the growth of their business, their online representation, which is huge. And then yeah, you just you don’t want to get an email from somebody and go, you know, like, you don’t want to have to you don’t want to sigh when you hear from somebody you want to be like, Oh, Julie, email me cool. I’m sure it’s gonna be good. So I think that’s huge, you know, particularly for something like that, that’s so intimate. And quite frankly, like they’re gonna be, they should be in your corner for a very, very long time.

Juli 37:52
Yeah. And to that point, make sure both you and your spouse or your significant other, or your kids or grandkids, make sure it’s a person that they could get along with too. Because after you’re gone, you know, I, Josh, if you were to prematurely pass away, I’m going to be sitting in front of you know, your wife, and she needs to be comfortable with me as well. I can’t tell you how many widows I’ve had come in who are like, oh, yeah, my husband use this guy. I never liked them. And I’m like, Oh, wow.

Juli 38:23
So so for the the women or for the spouses or for the, you know, the second part of this mate, I see it quite often that the male handles the finances in the, in the relationship. And the woman is kind of just like, Yeah, whatever you say, and that’s okay. But make sure you know, for all the ladies on this, that you speak up, or the person who doesn’t handle the finances, that you speak up and say, you know, whether you care for this person or not, because at the end of the day, you know, that might be who you’re relying on to have made these good recommendations and a place that couldn’t be emotional or traumatic, you know, so just sure, you know, make sure both of you are on board.

Josh 39:02
What a good point. Now what about, because a lot of my audience I own about 40% of my audience now, between my website traffic, and my courses and stuff are female. So there’s a lot of let gal businessowners Yeah, it’s awesome, right? Like, I just love it. I think it’s so cool. It’s particularly for stay at home moms who want to stay with their babies. I just love that. But what about like in those situations, I imagine they’re kind of on their own. If their husband is working at a corporate job, and they’re running their freelance business on the side, like, do you would you suggest that they have their obviously you want to keep your spouse plugged in with everything, but do you find that a lot of self employed people have their own investment stuff and then a corporate spouse has their own investments or what does that look like?

Juli 39:43
Yeah, usually because of the way the IRS has set up retirement accounts anyways, you can only have one owner, so maybe he has the 401k and she has the IRA or something like that. So yeah, usually separate. But if she’s doing it on her own or you know The Freelancer is doing it on their own, just make sure you’re working with an advisor who’s getting you the right type of IRA. You know, if you have an LLC, and you have employees, we could be talking about, you know, different types of IRAs versus just the regular, traditional or Roth. So you kind of you need to work with someone who knows that there’s other ways to go about it and getting into retirement.

Josh 40:22
Gotcha. One question I had was, what about people who have a financial advisor but want to change? Like, I have a previous financial advisor, he was great. I still, you know, we have a lot through him, and I really enjoy him. But I like you more. And I want like, listening now now, probably not. But it’s, it’s just different. Maybe not more, I just like you differently Julissa, like, you know, I, it’d be in that on in all honesty, like, we’ve been in the same networking group for seven, eight years, like, you and I have seen each other grow professionally. And we’re family, friends and everything too. So like, my, my question would be like, as I kind of want to transition more to you. And then for other people who are in the same boat? How does that? How does that work? Like? Are you able to? Would you suggest keeping certain things in place with a previous person? And then starting new things with a new agent? Or do you just try to like, you know, can you like, kind of transfer those? What Yeah, what does that look like?

Juli 41:22
Yeah, so that’s a really good question. And at the end of the day, business is business. And if it’s a personality thing, or if you’ve moved on, just think about, like the people you were friends with in high school, you know, we sometimes we move on from those friends. And then we have friends in college, and sometimes we move on from them. So different stages of your life have different, you have different circles, you know, different people on your team. And so I would, if you’re looking at a new advisor, I would interview them just the way you probably interviewed your first one and see, you know, and I would kind of open up your financial say, this is what I’ve got going on, you know, do you see an area where maybe you could help or take me to the next level? Or do you think I’m doing it all right, and there’s no added value there. And I’m not going to know that till I see it, right.

Juli 42:08
And sometimes I have told people like, Hey, you’re doing pretty good, I just keep doing what you’re doing. Or yeah, we can, we can take that over, it’s really just a change of advisor form, we can take that over for you and do the same thing. We don’t even have to change account numbers or anything, maybe you know, their person retired or they’re just in a different geographical area. It just depends. But I’d say, you know, go into whoever it is you’re looking to move for towards, and just share some of the high level stuff. And they’ll may be able to tell you right off the bat, like, Hey, I think you should be discussing this. I’m not sure why you haven’t addressed this, or no, you look good. You know, I just keep doing what you’re doing. And if there’s a hyzer there’ll be honest and tell you that.

Josh 42:54
Yeah. And you did with me not that long ago, I kind of told you that I wanted to shift, you know, everything current and indefinitely future with you. And you kind of said like, well, you know, be I just kind of gave you an overview of what we had in place, just like I did earlier. And you’re like, Yeah, honestly, you’re I wouldn’t make any moves with that stuff. And I appreciated that. Because similar to web designers, actually, just last week, I got a lead in. And they were like, I’ve had a lot of bad experiences. We have this site that’s built and we want you to like take it over and all stuff. And I said, you know, it’s, it’s using tools that I’m not really familiar with. And I was like, honestly, the site is nice. I know, it’s been a tricky path to get here. But you have a nice site. If we were to do it, we would have to just completely redesign it. And it’s going to be a several $1,000 investment at least. So I said, you know, honestly, you’re you’re probably okay, right? Now we can do these things. But you’re, you know, I wouldn’t suggest unless you really want to do something completely different. You probably don’t need to blow this up. And they were really appreciative of that. So the same idea.

Juli 43:51
And I would say, I’m sure you do, Josh, but ask when you go and you interview this next advisor, ask him what they don’t do. I think it’s just as important to know what a person does and doesn’t do. You know, in your case, you might say, you know, we do this, we do that, and we don’t do this, like, when I meet with attorneys as kind of like my network. I asked him, Well, what kind of law do you practice, but I make sure to ask him, What do you not practice, right? Because that’s important. They may do estate but they’re like, I don’t touch divorce, or I don’t touch criminal, or I don’t touch litigation, you know, so, same with financial advisors.

Juli 44:27
My don’t, the thing I don’t do is I’m not your stock broker, you know, so I get a lot of questions on what’s the best thing to invest in right now. Right now like the second this minute this month this year? What do you mean right now I mean, it’s traded by the second so and I tell people you know, I’m here for your your livelihood money your real money is your real wealth, not your play money, right your play money, you get yourself a little a trade account, and get yourself some apple. That’s its interest you are right now it’s the The cannabis stocks, you know, so I’m not in this to, you know, go out on a whim and hope that I make a ton of money but I could have lost it all. I’m in the real money’s where one day you’re going to count on this to buy your groceries and to travel and to leave behind that. That’s what I do. I don’t do the I’d like to say kind of the boiler room, you know if you’ve seen that movie from the what the 90s.

Josh 45:25
But haven’t actually no, no, it’s a good one. What’s the movie called? Boiler Room? Boiler Room? Okay.

Juli 45:32
And they’re like, calling and trying to sell people different stocks. Gotcha. You know, by now or else, you know, how many shares do you want?

Josh 45:40
That’s okay. That’s just what, uh, that sounds awful. It does. Doesn’t it just sound like can you imagine just going home feeling fulfilled from that kind of thing? Oh, I don’t know, hey, somebody’s got to do it. But.

Juli 45:54
And there’s a lot of money in it. But I willing to take that risk. I’m here to plan for the long haul.

Josh 46:00
Yeah, that’s good. That’s good. And yeah, it’s kind of it’s interesting that you say that because I the web designers should definitely take that same approach. I can’t tell you how many people over the years that will do a website for and then they’re like, Okay, now I want you to run our Google ads into our social media. And I’m like, Oh, I died. Don’t even do that. Like, that’s a completely different world. And then what we do, and that’s kind of what I’m kind of really working on right now is figuring out how to say like, here’s exactly what we do and what we specialize in. And then here’s what we don’t do, or maybe we can do, depending on the situation. But more importantly, and I wonder if you have this too in your network, but if we don’t do something, we have quality people that we can refer them which I think that goes a long way. It may be a little costly if you have to write out an email, or get somebody in touch with somebody but you know, it seems to come around full circle.

Juli 46:49
Yeah, yeah. And I think part of you know, you can attest to being in a networking group has certainly helped to have other resources. So definitely have you know, rather than just like, I don’t do this period, it’s I don’t do this, but we have, you know, a great connection where if that’s of interest to you, you know, we can get you connected with that person.

Josh 47:07
Yeah, yeah, that’s really good. That’s really good. So and so it’s good business advice in period, whether it’s web design, or whatever. So really cool, Julia, we’ve covered what to do. As far as like, if you’re just getting started out, obviously, early, the better. But I wonder what you think about this idea. I’ve heard I don’t, I don’t remember if it was one of your presentations, or somebody else. But somebody talked about like life as almost like a football game to where it’s, you know, the first quarters in your 20s, you’re, you’re kind of starting your professional career, you’re getting going, you’re starting to make some money, but you’re just you know, it’s first quarter, you really getting things in motion, second quarter in your 30s. That’s usually when family stuff really comes along, you’re making more money, you’re really gung ho, you’re getting your career going. Third quarters, your 40s. And the 40s.

Josh 47:57
Actually there’s an interesting quote in a book called Thinking Grow Rich by Napoleon Hill, who this is an old book, but in that book, he said a person’s fine, or they a person will generally make the majority of all their money between 4840 and 60, which is really cool. So it kind of gives you something to look forward to. And it turns out, it’s like, it’s money time, baby, it’s bringing bringing home time. But I say that to say like third quarter, you know, your 40s, your you know, you really need to make sure you win this game kind of thing. And in your 50s. That’s the fourth quarter. Not everyone stops working at the end of 50. But maybe you’ll back me up on this and saying that by 60, you probably want to have things pretty well built out, right? I mean, you can do things in 60s and 70s. But you really want to approach it kind of, you know, quarter to quarter, I’d imagine or decade by decade.

Juli 48:47
Yeah, I think that’s great. That’s a great analogy. And I think you’re you’re right, your 60s and 70s should be a choice on whether you want to work or not. So if you can have everything lined up by 6062 ish, and then everything after that is just a bonus. So if you’ve done it, right, you’ve planned early, you’ve saved early, I think that, that your 60s and 70s could be working because you want to work because you want to stay busy, because you really enjoy it rather than I have to work because I didn’t do these other things. So I and you know, I would encourage the game does not end You know, when you retire if anything, there’s like I said it’s a whole second half to play. But it’s just a very different dynamic at that point.

Josh 49:28
Yeah, I mean, what if my great nanny, you know, this, she lived to 103? Yeah, so, I don’t know what that looked like. Exactly. But you know, if you save for retirement out, you know, till you’re like 80 or 90, but then you get to that point, have you had situations where it’s like, we gotta we gotta rethink what happens here because what do they keep on living?

Juli 49:51
You know, I find that men more than females, you know, males believe that they’re not going to live very long. They all think they’re going to live till 65 and die if because of family history, it’s because they don’t picture themselves living that long, or because they picture being miserable after that point. And it’s not true. It’s not true. I have 78 year olds who are still really spunky traveling, going out more than I go out. I mean, they’re very lively, entertaining lives. And so I, we tend to plan to age 95, all rule of thumb was 90. But now that people are living longer, we just have to plan till 95.

Juli 50:33
And there’s great statistics out there that say, like you and your wife, if you live to 65, there’s a 50% chance that one of you will live till 95. So at least one of you will live to 95. So as your advisor, I should be planning that at least one of you lives to that point. And but the way percent chances work, is there’s a 50% chance one of you will live to them. And there’s that other 50% chance that you actually live past them. So it’s not like, oh, I made it to 95 Time to die. It’s like, well, I beat that first, that 50% chance. Now I’m in the other half of it. So we plan till 95. And that may even be a new norm. Or, you know, 100 may be the new norm and maybe 10 or 15 years.

Josh 51:18
Wow. Yeah, yeah. And it’s interesting, like I mentioned in the beginning of the episode, I, in my situation, I, I don’t plan on just not working at all, when I’m 65 or whatever. But I love the idea. And this interview kind of reinforced the idea to at least be prepared at that point. That way, I can have the freedom to do what I want. Like if I still want to work, awesome. That’s where we can get into the fun money. And you know, what do we want to do with this. But at least having that setup, I think is a really good rule of thumb, which I’m sure everyone knows that like, it’s, you know, it’s, it’s pretty obvious that you wanted to have retirement by a certain age, but yeah, you would think but it’s also one of those things where, like I said, in the intro, it’s really not talked about that much particularly in freelance and self employment, when you work for a company that’s kind of forced on you like they’re gonna have them, I remember when I worked for the cabinet shop here, we had meetings where a financial advisor would come in, and we could set up America, you know, a fund or something like that.

Josh 52:19
But you know, unless you’re intentional as a self employed person, you could just go your whole life without doing any, you know, getting anything prepared, which is where it’s dangerous, I think it’s really important to, to keep that on your mind. And particularly for the younger audience, those who are just getting involved with this is to at least start do something like you said, it could be five bucks a month, 10 bucks a month to start. And then they just builds from there.

Juli 52:42
Yeah, I mean, there’s a couple other aspects, I think I went over the one D, which is, you know, just do it, be disciplined and just do it. But the second D is diversify, you know, make sure you have a portfolio that has the right mix of stocks and bonds. And that’s where you can, you know, work with an advisor to do that. And if you’ll allow me, I’ll explain real quick what that is in a very high level fashion.

Josh 53:05
I’m good on time, if you are absolutely,

Juli 53:07
yeah, so in the most basic sense, you know, a stock is an equity position, which just means that if you know, I had $10,000, to give to Amazon, they would give me this ornate piece of paper, at least they used to, um, now it’s all electronic, but it would be called a stock certificate. And so I would have purchased however many shares and Amazon with my $10,000, depending on what they’re trading at per share at that time, when I buy them, assuming that they do really well, my $10,000 grows, if they, you know, report poor earnings or don’t do well, my $10,000 worth less. So I have an ownership position in Amazon, right? So that’s a stock, that’s all stock is. We could go deep, we can dive deeper and talk into value stocks, growth stocks, large cap small cap the differences, but in the most basic sense, a stock is just an ownership position in a company.

Juli 54:00
A bond, on the other hand, is just a loan. So I could go down to Amazon with the same $10,000 and say, hey, I want to give you this $10,000, but I’m going to loan it to you and I want you to give it back to me at a timeframe with a certain amount of interest. And so depending on how long I tie up my money, if it’s six months, or is it six years will dictate the amount of interest that they give me on my loan to that which pot Okay, that’s all a bond is it’s just a loan. Just it’s just a loan to either accompany the government, a corporation, a municipality. So, you know, that’s how bridges and roads are typically built in your own city is through bonds, you know, people lend money, they provide that money back with interest, but in the meantime, they use that to build the roads, okay, so.

Juli 54:51
So those are the two components of a portfolio usually stocks and bonds, so ownership and debt, or loans, and then caches just caches caches cash all day long. So that kind of takes the mystery out, as far as you know what a mutual fund is a mutual fund can hold stocks and bonds and cash, it’s kind of a passive way to go about it. So when I purchased Amazon, I purchased Amazon directly, or I could purchase Amazon and a mutual fund that also holds Amazon, Netflix, Merck Johnson and Johnson, Walmart kind of spreads out my risk. So I maybe don’t get as much return, but I don’t have as much loss either. So that’s just kind of high level, when you start to look at what to be investing in. The rule of thumb is you’re the younger you are the more stock positions you should have. The older you are, the bonds should take up more of your positions.

Josh 55:46
Okay. And and with your services, like directly with what you guys do, do you assist as well, I know you do this, you assist in educating that I mean, it sounds like you want your clients to be hands on. But I mean, you guys probably do a lot of that in house, right? I imagine as far as.

Juli 56:01
We want our clients to be educated. So if someone were to say, Hey, what are you invested in? They know what it is. And they understand why versus someone going, why and that, you know. And so it’s important to us that we educate our clients that they understand it, I mean, it is your money, at the end of the day, we want you to understand what is going into and why. And to be able to support that.

Josh 56:24
Gotcha. See, Julie, this is why I love talking with you. Because if any other financial advisor went on stocks and bonds for 10 minutes, I would have already been doodling by now. So I have a lot more to it than that.

Josh 56:37
But even the even the high level surface stuff is is it makes me get a little, you know, sweaty, just thinking about it. And maybe it’s just the terminology. Like, I feel I still feel like a kid in some ways. Like when I think about investments and stocks and bonds, and they’re all these all this Burbidge but I’m realizing like I’m 33, I’m getting out of my like early 30s already, like this is definitely like I’m really not into that world yet. But that sounds like going back to like what the next phase is, I think for me, and a lot of people in my position, it’s probably setting those goals as big life goals. So you know, you’re on a path, which the path can always change it, you know, you can always a different things, but at least you have kind of a good vision for what’s ahead and what to plan for. But then yeah, getting really serious about some of the, the higher and the mid and low level, things like that that are undoubtedly important.

Juli 57:28
Yeah. And what I’ll say so there’s one more D, and that’s called dollar cost average. And so you can choose to give me let’s say you make 50,000, you want to stick to our rule of thumb of 10%. And you say, here’s 5000, to put in my Roth IRA, you can choose to give it to us in a lump sum, or you can spread it out over the course of the year, monthly, right. And now on the let’s say, the 15th of the month, your X dollars, $458, or whatever it is, comes out and funds your IRA. When you dollar cost average, that’s what you’re doing, you’re taking it out, it’s essentially equal installments over equal periods of time.

Juli 58:08
And so that’s, that’s better to do than to drop in a lump sum of money and hope that you were at the low point in the market. Right? You want to buy stocks and bonds, when they’re half off, you want to buy it when it’s down. But we don’t know it’s down until it’s in the past. Right? So if you were to just dump it in, we don’t know if that’s the low point. But if you walk it in every month, you’re purchasing at Summit high points and low points and high points. And so that should net you a lower share price. And if you just dumped it in and hoped it was the low point. So that’s kind of dollar cost averaging. It’s just saying equal amounts and equal and intervals. So I tell people monthly is probably the best way to do it. So when you decide to you know, contribute to something, set it up. So it just comes out every month. That’ll walk your money into the market. And that’s the best bet.

Josh 59:01
Can you recap those that the triple D’s again, because I didn’t mean to do I think I think you got going on the first one. And I completely derailed us and we circle back around. But yeah, that’s great advice, if you can recap that.

Juli 59:12
So the first one is Demopolis. No, I’m getting a fourth one. That’s the first one is the discipline to do it. Just do it. Okay, the second is diversify. So a stock and bond portfolio that’s indicative of your age is where it should go. And then the last is dollar cost average where you walk in your money on a regular basis rather than just dump it in.

Josh 59:37
Okay, so something like maybe you can put this on your website, I’m thinking of a tagline, Julie. Julie knows and our networking group, I love to come up with cheesy tag lines every week if I can. So we’ll say something like looking to be financially free. Just follow the triple D’s or something like that. I’ll come up with a meeting tomorrow. So I’m gonna get So, at least it’s not double D. I used to work on his financial advice for Double D’s. That’s, yeah, that they’ll get you some traffic going. No, I’m looking for Yeah, right. Yeah, you’ll get some very interesting clientele. But yeah, I’m gonna think of that tagline for you that you can use for your website. Well, we’re meeting tomorrow. So I think I’ll see if I have one for you tomorrow.

Josh 1:00:23
Well, awesome, Julie, man, this has been so good. Like, I kind of started getting into what we covered so far. But we earlier but we talked about what people can do practically no matter what age or as far as just getting started, the three Ds are the big one. Now I’m just thinking about, just do the Double D’s or something. No, the three Ds are great, though. That’s really good advice. And I’m going to link some of this in our show notes too, we’ll have to like I said, I think I might have to like recap this and put like a little PDF together or something as kind of like a guide, maybe you and I can collaborate on. But we talked about the insurance and the the disability and stuff first to make sure that’s in place, God forbid something happened. And then the, you know, savings emergency fund, and then really thinking about the retirement and then the long term goals, which is, you know, the cash value life or the or the Roth IRAs and stuff like that.

Josh 1:01:15
And then sounds like at that point, kind of where I’m at right now as then we really need to get serious about the multiple multi multi level things that are involved with that as far as like what we can do with the money that way, because you want money to be working for you in some way or another. And I’ve realized, again, regardless of expenses going up, you want to make sure, and I’m just kind of reinforcing this to myself, you want to make sure that money is thinking about your future self. And it’s not viewed as an expense, but an investment just like a website, I tell that to clients, a website is not a cost, it’s not an expense. It’s something that you’re investing in your business that should help you make more money.

Josh 1:01:55
Right. So it sounds like that’s kind of what we’re all about here. But wait, man, we covered awesome stuff, too, with just as far as what people can look for, with an advisor, which I think is huge. Some other really like pertinent information that I think is going to help my audience out a lot. So yeah, we’ve man, we’ve covered some really good, really good stuff, I think just to kind of wrap up the conversation. We’ve covered most everything I wanted to hit Like I feel good about kind of having a plan that really anyone can can go into. And there’s a lot of different options, obviously, hopefully, people know they can reach out to you. And the reason I asked like if somebody wants to leave someone is I would you know, if somebody sees this and you’re like, not happy with my dude or my gal, I want Julie, then hopefully they know they can reach out to you. And of course, I’ll have your website and everything linked in the show notes. But do you have any?

Juli 1:02:41
We crossed state lines? So it’s not like I mean, I have clients in Michigan, Florida, Texas, all over the place. So it’s not I have to be just, you know, here in Columbus, Ohio and but no one over no one overseas, right? I don’t have those overseas. I mean, the regulations are a little bit different. And licensing, but I mean, a lot of the things that we talked about today will translate over there, I just probably can’t help them with it.

Josh 1:03:06
Gotcha. Gotcha. Yeah. But I say that to say, Do you have any like, we could do one kind of parting thought or multiple parting thoughts? What would you say at this point, as we’re kind of, you know, wrapping this conversation up, because we sure we could go on longer. But I feel like this is a good place to kind of put a cap on a lot of this information, because it’s a lot to digest for folks who particularly who are like brand new to this, who are, you know, just getting into this? Yeah, what’s kind of a good final thought or some parting thoughts you had mentioned?

Juli 1:03:35
Yeah, I would say, actually, I’ll use this quick story. Have you ever? Someone asked you a question about like, you know, someone you went to school with? And they said, Oh, do you remember her name, and you couldn’t remember they asked you to quit. And then a week later, you’re in the shower, and you go, it was Britney, you know, or whatever. What’s really funny about your brain, that kind of the psychology of it, is it’s like its own Google search engine. So it searches for the solution until it finds it. And so what I will encourage financially, or in any aspect of your life is if you’re trying to make a change, give yourself small questions for your brain to Google search on. So you know, how can I pay down my student loan debt?

Juli 1:04:18
And then your your mind is going to keep Google searching until it find some solutions, but you have to see your question often. So how could I save more money for a down payment on a house? How can I save more money into retirement? Start to revisit these questions until your mind searches for the answer and gives you some solutions? That’s what I would say is our minds are phenomenal parts of our body that are able to help to give us solutions to little things like that, you know, but make it a really simple question like not how am I ever going to pay down the student loan debt make it like, what little change could I make to it? start to tackle some of my debt or just make real simple little tasks for your brain. That’s what I would say.

Josh 1:05:06
That’s great. I was just thinking like for a web designer who’s making say, 50 grand a year on average right now and they’re like, how the heck am I going to save for retirement at with 50 grand a year with live a particularly if you’re stateside with living expenses being very high, probably no matter where you know, what your situation looks like, it’s like, how do I do that? But I think it’s great advice, like start small, just know something, how can I pay off a debt? Or how can I pay off my car? Yeah. And it starts a snowball effect, right? It’s amazing what that’ll do.

Juli 1:05:36
And if it’s really important to you, I mean, your mind will come up with bigger and better solutions. And it’s wonderful. Again, challenge yourself, you can probably handle more than you think. And if not, you can always back it down.

Josh 1:05:49
Tou know, and this gets into more just like basic financial advice. But I’ve heard this talked about a couple times and forget, I forget what book it was in, I think it was in Rich Dad, Poor Dad that I read, or maybe another man or finances book that I went through, that talked about getting rid of debt. And one of the one of the best tricks to do is to focus on one loan, instead of like, spread, like instead of knocking little chunks out of a ton of different loans, focus on one, get it knocked out. And then it does create that snowball effect. And there’s a feeling of achievement, like I just, you know, got my like, for example, we just did this a couple years ago, we had my business credit card, which had some debt on it, and then our personal credit card, which has some debt. And for a while, I was always contributing just a certain amount a month for each card. And I was like, You know what, what if I double down on the personal, I’ll try to hit just above the minimum on business, but I’ll take care of my personal and we were able to get that down completely. And it was like a very gratifying, like it really set in motion a lot of other positive things with the idea of knocking out debts and saving and stuff. So anyway, I just wanted to throw that out there. Because I think it’s a worthwhile idea, or method for that kind of thing.

Juli 1:07:00
We see that a lot. You know, we try to attack little things. So we can give you a sense of accomplishment. And then that sets the momentum, like you said, to knock down some others like wow, that that wasn’t so hard. Right? Manageable. And working towards my goals.

Josh 1:07:15
Yeah, we’re going to school. Awesome, Julie, man, what a good talk. I’m already excited to re listen to this and put some notes together for this. So you already kind of had a final thought with, you know, just just get started. Just do it. And then I’ll kind of write some of this out. And like I said, Maybe I really think it’d be worthwhile to maybe do a little, a little ebook together or something at some point, kind of recap some of this stuff. But yeah,

Juli 1:07:38
I’d love to help. It’s been Josh, it’s been so great to know you over these years and see the way that your business has flourished. So I’m excited for you and your family. And you know what you’re now teaching and passing on to other you know, freelancers, I think it’s awesome. I think you’re gonna learn and you’re gonna grow in helping them which is just such a

Josh 1:07:59
it’s a great point. It’s the biggest thing with this podcast so far. I mean, this is, let’s see, you’ll be my 16th episode. In already. It’s been life changing, but just you hear other people’s experiences. And then yeah, you get to pass knowledge on but I’m also learning every episode and yeah, it’s been amazing. And likewise, I mean, when we met, let’s see, you had not had your first right. I think you were pregnant. Or maybe you were just about to be pregnant at first. Yeah. So for kids, we have six kids later between the two of us. Wild. I’m dying anyway. Yeah. Yeah. Well, no, we’re gonna keep on going. Yeah, we’re especially with as easy as Aeneas eats good. And, you know, my first is amazing, too, as he just has some meat, you know, eating problems and things like that make it a little more tricky.

Josh 1:08:44
But yeah, gosh, it’s it’s awesome. Either way, regardless of lack of sleep in the newborn stage. It’s awesome. And it just yeah, it seemed it just changes everything with like business. And it takes this this type of site, there’s one reason I wanted to do this talk was because selfishly, I wanted to talk more about it, other than when we get to chat, like five minutes after our networking meeting, but also to be able to pass this on. And that’s one really cool thing about the podcast, too. I don’t know, eventually, what you want to do one day, I know, podcasts in the financial world is probably tricky, but it is because yeah, because of the limitations and everything, but it’s kind of like it’s a win win win, because you can talk to somebody and learn and then you can pass that on simultaneously, which is, which is really cool.

Juli 1:09:30
Yeah. Well, this has been great. I really appreciate you having me on.

Josh 1:09:33
Awesome. Juli. Well, thanks so much for your time and your knowledge and your expertise. And like I said, Anyone who sees this who wants to reach out to you, I’ll make sure everything is linked. And they’d be more than willing to get with you for you know, at least a call or consultation or however that looks like I know you’re very open to to hearing from people and yeah, hopefully, I was gonna say hopefully it keeps on going awesome, but I know I’ve seen your career path explode as well. So I’m really excited to likewise kind of see you You know, things continue on for you. So, all good stuff. Julie. Thanks so much. I really appreciate your time. I know a lot of people are gonna get some value for this and I’ll see you tomorrow morning.

Juli 1:10:08
All right, sounds good. Thanks. Alright, see ya.

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