Full Transcript Episode Introduction and Guest Background 0:01 Most founders know how [music] to talk 0:01 Most founders know how [music] to talk about traction and selling their big 0:04 about traction and selling their big 0:04 about traction and selling their big vision. Far fewer know how to evaluate 0:07 vision. Far fewer know how to evaluate 0:07 vision. Far fewer know how to evaluate [music] risks before quietly draining 0:11 [music] risks before quietly draining 0:11 [music] risks before quietly draining their time, money, and future options. 0:14 their time, money, and future options. 0:14 their time, money, and future options. In [music] today's episode, John De 0:17 In [music] today's episode, John De 0:17 In [music] today's episode, John De Goede, who is an author of three popular 0:21 Goede, who is an author of three popular 0:21 Goede, who is an author of three popular books, host of the Make Better Wealth 0:24 books, host of the Make Better Wealth 0:24 books, host of the Make Better Wealth Decisions [music] podcast, and fiduciary 0:27 Decisions [music] podcast, and fiduciary 0:27 Decisions [music] podcast, and fiduciary advisor to successful families, he 0:30 advisor to successful families, he 0:30 advisor to successful families, he breaks down why emotional investing, 0:32 breaks down why emotional investing, 0:32 breaks down why emotional investing, [music] 0:33 [music] 0:33 [music] founder sacrifice, and hype-driven 0:37 founder sacrifice, and hype-driven 0:37 founder sacrifice, and hype-driven markets [music] 0:38 markets [music] 0:38 markets [music] are creating dangerous blind spots for 0:41 are creating dangerous blind spots for 0:41 are creating dangerous blind spots for healthcare technology founders 0:43 healthcare technology founders 0:43 healthcare technology founders >> [music] 0:43 >> [music] 0:43 >> [music] >> and startup operators trying to build 0:46 >> and startup operators trying to build 0:46 >> and startup operators trying to build long-term wealth. 0:48 long-term wealth. 0:48 long-term wealth. Healthcare entrepreneurs, are you ready 0:51 Healthcare entrepreneurs, are you ready 0:51 Healthcare entrepreneurs, are you ready to rewrite the rules for your business 0:53 to rewrite the rules for your business 0:53 to rewrite the rules for your business so you can have more time off, a great 0:55 so you can have more time off, a great 0:55 so you can have more time off, a great team, [music] and more income while 0:57 team, [music] and more income while 0:57 team, [music] and more income while creating a positive social impact? Then, 1:00 creating a positive social impact? Then, 1:00 creating a positive social impact? Then, you are in the right place. [music] 1:02 you are in the right place. [music] 1:02 you are in the right place. [music] Welcome to The Providers' Edge. I'm your 1:05 Welcome to The Providers' Edge. I'm your 1:05 Welcome to The Providers' Edge. I'm your host, Sabrina Runbeck. [music] I'm a 1:07 host, Sabrina Runbeck. [music] I'm a 1:07 host, Sabrina Runbeck. [music] I'm a provider, an international peak 1:09 provider, an international peak 1:09 provider, an international peak performance keynote speaker, and a 1:11 performance keynote speaker, and a 1:11 performance keynote speaker, and a best-selling author. Let's open the 1:13 best-selling author. Let's open the 1:13 best-selling author. Let's open the gateway to profitability for you [music] 1:15 gateway to profitability for you [music] 1:15 gateway to profitability for you [music] today. My guests and I help healthcare 1:18 today. My guests and I help healthcare 1:18 today. My guests and I help healthcare entrepreneurs and startup founders like 1:21 entrepreneurs and startup founders like 1:21 entrepreneurs and startup founders like you break through barriers so you can 1:23 you break through barriers so you can 1:23 you break through barriers so you can control your business, control [music] 1:24 control your business, control [music] 1:24 control your business, control [music] your life, and control your future. This 1:27 your life, and control your future. This 1:27 your life, and control your future. This is your defining moment to be a 1:29 is your defining moment to be a 1:29 is your defining moment to be a disruptor in healthcare.
Evaluating Risk and Avoiding Blind Spots 1:37 Hi, John. I'm so excited for you to be 1:37 Hi, John. I'm so excited for you to be here. John De Goede is the thought 1:39 here. John De Goede is the thought 1:39 here. John De Goede is the thought leader in the Canadian personal 1:41 leader in the Canadian personal 1:41 leader in the Canadian personal financial space, having written three 1:44 financial space, having written three 1:44 financial space, having written three books and hundreds of articles. He is a 1:48 books and hundreds of articles. He is a 1:48 books and hundreds of articles. He is a trusted resource for trending and 1:51 trusted resource for trending and 1:51 trusted resource for trending and contacts in the financial market and of 1:54 contacts in the financial market and of 1:54 contacts in the financial market and of course also a fellow podcaster 1:58 course also a fellow podcaster 1:58 course also a fellow podcaster of the Make Better Wealth Decisions. And 2:02 of the Make Better Wealth Decisions. And 2:02 of the Make Better Wealth Decisions. And he acts as a 2:03 he acts as a 2:03 he acts as a fiduciary advisor to a selected number 2:07 fiduciary advisor to a selected number 2:07 fiduciary advisor to a selected number of successful families. So, we're so 2:10 of successful families. So, we're so 2:10 of successful families. So, we're so excited to have you here on the show 2:13 excited to have you here on the show 2:13 excited to have you here on the show because we all know financial is one of 2:15 because we all know financial is one of 2:15 because we all know financial is one of those things. How do you define wealth 2:17 those things. How do you define wealth 2:17 those things. How do you define wealth is in so many different ways, but once 2:19 is in so many different ways, but once 2:19 is in so many different ways, but once you get into the details, do we actually 2:22 you get into the details, do we actually 2:22 you get into the details, do we actually have the right financial intelligence to 2:24 have the right financial intelligence to 2:24 have the right financial intelligence to make those decisions? Whether it's to 2:26 make those decisions? Whether it's to 2:26 make those decisions? Whether it's to invest, whether it's thinking about 2:29 invest, whether it's thinking about 2:29 invest, whether it's thinking about where we should put our intelligence, 2:32 where we should put our intelligence, 2:32 where we should put our intelligence, our wealth into a certain startup or 2:34 our wealth into a certain startup or 2:34 our wealth into a certain startup or company or organization that could 2:37 company or organization that could 2:37 company or organization that could create our own legacy, right? And so, 2:39 create our own legacy, right? And so, 2:39 create our own legacy, right? And so, these kind of conversation that you deal 2:41 these kind of conversation that you deal 2:41 these kind of conversation that you deal with every day and then really to be 2:42 with every day and then really to be 2:42 with every day and then really to be behind scenes. So, excited for you to be 2:45 behind scenes. So, excited for you to be 2:45 behind scenes. So, excited for you to be here. And so, tell us a little bit of 2:47 here. And so, tell us a little bit of 2:47 here. And so, tell us a little bit of more about like what brought you to this 2:49 more about like what brought you to this 2:49 more about like what brought you to this point. What are the story that everybody 2:52 point. What are the story that everybody 2:52 point. What are the story that everybody wanted to actually learn about who you 2:56 wanted to actually learn about who you 2:56 wanted to actually learn about who you are? 2:57 are? 2:57 are? So, thank you, Sabrina. It's a pleasure 2:58 So, thank you, Sabrina. It's a pleasure 2:59 So, thank you, Sabrina. It's a pleasure to be here. And I've got a lot of 3:01 to be here. And I've got a lot of 3:01 to be here. And I've got a lot of different stories I can tell. So, if 3:03 different stories I can tell. So, if 3:03 different stories I can tell. So, if you're going to ask me to tell a story 3:05 you're going to ask me to tell a story 3:05 you're going to ask me to tell a story open-endedly, 3:07 open-endedly, 3:07 open-endedly, how about if I do this? I wrote a book, 3:09 how about if I do this? I wrote a book, 3:09 how about if I do this? I wrote a book, a book called Stand Up to the Financial 3:10 a book called Stand Up to the Financial 3:11 a book called Stand Up to the Financial Services Industry, where I showed how 3:14 Services Industry, where I showed how 3:14 Services Industry, where I showed how there's evidence that demonstrates that 3:15 there's evidence that demonstrates that 3:16 there's evidence that demonstrates that there are people who give advice who 3:18 there are people who give advice who 3:18 there are people who give advice who believe things that are simply not true. 3:19 believe things that are simply not true. 3:19 believe things that are simply not true. And that's a real problem because 3:22 And that's a real problem because 3:22 And that's a real problem because obviously you go to someone to get 3:25 obviously you go to someone to get 3:25 obviously you go to someone to get advice 3:26 advice 3:26 advice on the expectation that that person will 3:28 on the expectation that that person will 3:29 on the expectation that that person will give you good advice and will understand 3:31 give you good advice and will understand 3:31 give you good advice and will understand how things work. But this research came 3:33 how things work. But this research came 3:33 how things work. But this research came out 9 years ago when it showed that in 3:35 out 9 years ago when it showed that in 3:35 out 9 years ago when it showed that in Canada, at least, there are people who 3:37 Canada, at least, there are people who 3:37 Canada, at least, there are people who sell mutual funds 3:38 sell mutual funds 3:38 sell mutual funds who do things improperly because they 3:40 who do things improperly because they 3:40 who do things improperly because they don't seem to know any better. They 3:42 don't seem to know any better. They 3:42 don't seem to know any better. They chase past performance, they don't 3:43 chase past performance, they don't 3:43 chase past performance, they don't diversify enough, they run concentrated 3:45 diversify enough, they run concentrated 3:45 diversify enough, they run concentrated positions, and they don't pay enough 3:47 positions, and they don't pay enough 3:47 positions, and they don't pay enough attention to how much products actually 3:49 attention to how much products actually 3:49 attention to how much products actually cost. So, those are three things that 3:52 cost. So, those are three things that 3:52 cost. So, those are three things that are wrong, demonstrably wrong. Most 3:54 are wrong, demonstrably wrong. Most 3:54 are wrong, demonstrably wrong. Most people listening to this podcast will 3:56 people listening to this podcast will 3:56 people listening to this podcast will know that. And yet, it seems as though 3:59 know that. And yet, it seems as though 3:59 know that. And yet, it seems as though the Canadian mutual fund advisors 4:01 the Canadian mutual fund advisors 4:01 the Canadian mutual fund advisors somehow haven't internalized that. And 4:04 somehow haven't internalized that. And 4:04 somehow haven't internalized that. And here's where it gets really hairy. 4:06 here's where it gets really hairy. 4:06 here's where it gets really hairy. These people not only gave that advice, 4:09 These people not only gave that advice, 4:09 These people not only gave that advice, which was wrong, which is scary because 4:11 which was wrong, which is scary because 4:11 which was wrong, which is scary because why are they giving bad advice? But, the 4:13 why are they giving bad advice? But, the 4:13 why are they giving bad advice? But, the research showed that they actually did 4:15 research showed that they actually did 4:15 research showed that they actually did that same sort of thing, concentrated 4:17 that same sort of thing, concentrated 4:17 that same sort of thing, concentrated positions, chasing past performance, 4:19 positions, chasing past performance, 4:19 positions, chasing past performance, high-cost products with their own 4:21 high-cost products with their own 4:21 high-cost products with their own accounts and even after they retired. 4:23 accounts and even after they retired. 4:23 accounts and even after they retired. And so, the problem is one of not one of 4:26 And so, the problem is one of not one of 4:26 And so, the problem is one of not one of misplaced agency where they're trying to 4:28 misplaced agency where they're trying to 4:29 misplaced agency where they're trying to be sneaky and pull the wool over your 4:30 be sneaky and pull the wool over your 4:30 be sneaky and pull the wool over your eyes. The problem is actually more 4:33 eyes. The problem is actually more 4:33 eyes. The problem is actually more insidious, more ingrained. It's deeper 4:35 insidious, more ingrained. It's deeper 4:36 insidious, more ingrained. It's deeper than that because the problem it seems 4:37 than that because the problem it seems 4:37 than that because the problem it seems to be that these people actually believe 4:40 to be that these people actually believe 4:40 to be that these people actually believe that what they're doing is right even 4:41 that what they're doing is right even 4:41 that what they're doing is right even though they want to do the right thing, 4:43 though they want to do the right thing, 4:44 though they want to do the right thing, they're doing the wrong thing, and they 4:45 they're doing the wrong thing, and they 4:45 they're doing the wrong thing, and they don't seem to know any better. So, 4:46 don't seem to know any better. So, 4:46 don't seem to know any better. So, that's a real risk. And when we talk 4:48 that's a real risk. And when we talk 4:48 that's a real risk. And when we talk about risk with the investor, I think 4:51 about risk with the investor, I think 4:51 about risk with the investor, I think those are the critical thing is how do 4:53 those are the critical thing is how do 4:53 those are the critical thing is how do we even know are we diversifying enough? 4:56 we even know are we diversifying enough? 4:56 we even know are we diversifying enough? Or are we putting too much money into 4:59 Or are we putting too much money into 4:59 Or are we putting too much money into couple parts? Are they having the right 5:01 couple parts? Are they having the right 5:01 couple parts? Are they having the right trend to actually give us the return in 5:04 trend to actually give us the return in 5:04 trend to actually give us the return in investment? Or some people, especially 5:07 investment? Or some people, especially 5:07 investment? Or some people, especially in our sphere, we're very heavy into 5:10 in our sphere, we're very heavy into 5:10 in our sphere, we're very heavy into healthcare innovation. When you thinking 5:12 healthcare innovation. When you thinking 5:12 healthcare innovation. When you thinking about investing in those companies, some 5:14 about investing in those companies, some 5:14 about investing in those companies, some people go in very early and their risk
Diversification, Liquidity, and Tax Planning 5:16 people go in very early and their risk 5:17 people go in very early and their risk profile is that if there is a right 5:20 profile is that if there is a right 5:20 profile is that if there is a right product, whether they're clinician 5:22 product, whether they're clinician 5:22 product, whether they're clinician backed and whatnot, and we really see 5:25 backed and whatnot, and we really see 5:25 backed and whatnot, and we really see the back end. I'm always be with all the 5:28 the back end. I'm always be with all the 5:28 the back end. I'm always be with all the startup we work with, is this even 5:30 startup we work with, is this even 5:30 startup we work with, is this even sellable? Right? Let's just not even 5:32 sellable? Right? Let's just not even 5:32 sellable? Right? Let's just not even talk about how you scale later. Is this 5:35 talk about how you scale later. Is this 5:35 talk about how you scale later. Is this even sellable? Have you talked to enough 5:37 even sellable? Have you talked to enough 5:37 even sellable? Have you talked to enough people to even demonstrate that? Do you 5:39 people to even demonstrate that? Do you 5:39 people to even demonstrate that? Do you know how to talk to the right people to 5:41 know how to talk to the right people to 5:41 know how to talk to the right people to help us to feel like this is being 5:43 help us to feel like this is being 5:43 help us to feel like this is being de-risked, right? And then, really 5:46 de-risked, right? And then, really 5:46 de-risked, right? And then, really thinking about the other side, right? 5:48 thinking about the other side, right? 5:48 thinking about the other side, right? And then it's the flip side, right? The 5:49 And then it's the flip side, right? The 5:50 And then it's the flip side, right? The people who are making the investment, do 5:51 people who are making the investment, do 5:52 people who are making the investment, do we even know how to ask those questions? 5:54 we even know how to ask those questions? 5:54 we even know how to ask those questions? How to really understand what a 5:57 How to really understand what a 5:57 How to really understand what a performance early stage, mid stage 5:59 performance early stage, mid stage 5:59 performance early stage, mid stage growth, later stage, where do we put our 6:01 growth, later stage, where do we put our 6:01 growth, later stage, where do we put our money in, right? So there's a lot of 6:03 money in, right? So there's a lot of 6:03 money in, right? So there's a lot of questions that I'll play. When you are 6:06 questions that I'll play. When you are 6:06 questions that I'll play. When you are advising people to make those decisions, 6:08 advising people to make those decisions, 6:08 advising people to make those decisions, what are some of the critical things 6:09 what are some of the critical things 6:10 what are some of the critical things that you always going to ask or helping 6:13 that you always going to ask or helping 6:13 that you always going to ask or helping people ask when they're making those 6:15 people ask when they're making those 6:15 people ask when they're making those financial decisions? 6:17 financial decisions? 6:17 financial decisions? Well, the most important thing is that 6:19 Well, the most important thing is that 6:19 Well, the most important thing is that you have to understand the profile, the 6:21 you have to understand the profile, the 6:21 you have to understand the profile, the risk tolerance, and risk capacity of the 6:23 risk tolerance, and risk capacity of the 6:23 risk tolerance, and risk capacity of the person you're giving advice to. So you 6:25 person you're giving advice to. So you 6:25 person you're giving advice to. So you want to understand what's your time 6:26 want to understand what's your time 6:26 want to understand what's your time horizon, how much can you afford to 6:28 horizon, how much can you afford to 6:28 horizon, how much can you afford to lose, what's your income, how much can 6:30 lose, what's your income, how much can 6:30 lose, what's your income, how much can you afford to save on a regular basis, 6:32 you afford to save on a regular basis, 6:32 you afford to save on a regular basis, when you want to retire, or maybe the 6:34 when you want to retire, or maybe the 6:34 when you want to retire, or maybe the money isn't for retirement, maybe the 6:35 money isn't for retirement, maybe the 6:35 money isn't for retirement, maybe the money is to put your children or 6:36 money is to put your children or 6:36 money is to put your children or grandchildren through university or what 6:38 grandchildren through university or what 6:38 grandchildren through university or what have you. So you want to know what's the 6:40 have you. So you want to know what's the 6:40 have you. So you want to know what's the money for, how much do you need, what's 6:41 money for, how much do you need, what's 6:41 money for, how much do you need, what's the time horizon, and then you build a 6:43 the time horizon, and then you build a 6:43 the time horizon, and then you build a portfolio that takes those parameters 6:47 portfolio that takes those parameters 6:47 portfolio that takes those parameters into account. So what I would say, 6:49 into account. So what I would say, 6:49 into account. So what I would say, Sabrina, is it's important that you 6:51 Sabrina, is it's important that you 6:51 Sabrina, is it's important that you diversify. So to use your example of 6:54 diversify. So to use your example of 6:54 diversify. So to use your example of health care, if you want to buy health 6:56 health care, if you want to buy health 6:56 health care, if you want to buy health care, then sure, buy health care. And if 6:58 care, then sure, buy health care. And if 6:58 care, then sure, buy health care. And if you've got a few companies that you have 7:00 you've got a few companies that you have 7:00 you've got a few companies that you have loyalty to or that you know or you know 7:02 loyalty to or that you know or you know 7:02 loyalty to or that you know or you know the founders, sure, you can put a little 7:04 the founders, sure, you can put a little 7:04 the founders, sure, you can put a little bit of your portfolio into that. But 7:06 bit of your portfolio into that. But 7:06 bit of your portfolio into that. But don't go hog wild. Don't go around 7:08 don't go hog wild. Don't go around 7:08 don't go hog wild. Don't go around putting, you know, 15% or 20% of your 7:10 putting, you know, 15% or 20% of your 7:10 putting, you know, 15% or 20% of your portfolio into that sort of thing. 5% or 7:12 portfolio into that sort of thing. 5% or 7:12 portfolio into that sort of thing. 5% or 10% sure, but you should be diversifying 7:16 10% sure, but you should be diversifying 7:16 10% sure, but you should be diversifying within and throughout asset classes. So 7:18 within and throughout asset classes. So 7:18 within and throughout asset classes. So you're going to have stocks, you're 7:19 you're going to have stocks, you're 7:19 you're going to have stocks, you're going to have bonds, you might have some 7:20 going to have bonds, you might have some 7:20 going to have bonds, you might have some real estate, some commodities, what have 7:23 real estate, some commodities, what have 7:23 real estate, some commodities, what have you. You'll have domestic investments, 7:25 you. You'll have domestic investments, 7:25 you. You'll have domestic investments, you'll have foreign investments, and by 7:28 you'll have foreign investments, and by 7:29 you'll have foreign investments, and by having a broad variety of things, 7:32 having a broad variety of things, 7:32 having a broad variety of things, there's an old saying in finance that if 7:34 there's an old saying in finance that if 7:34 there's an old saying in finance that if everything in your portfolio is going up 7:36 everything in your portfolio is going up 7:36 everything in your portfolio is going up at the same time, you're probably doing 7:38 at the same time, you're probably doing 7:38 at the same time, you're probably doing something wrong. So So you have eight or 7:41 something wrong. So So you have eight or 7:41 something wrong. So So you have eight or 10 or 12 different sorts of buckets that 7:43 10 or 12 different sorts of buckets that 7:43 10 or 12 different sorts of buckets that you're putting eight or 10 or 12% of 7:45 you're putting eight or 10 or 12% of 7:45 you're putting eight or 10 or 12% of your money into each of those buckets, 7:48 your money into each of those buckets, 7:48 your money into each of those buckets, then it's unlikely that they'll all be 7:50 then it's unlikely that they'll all be 7:50 then it's unlikely that they'll all be going up at the same time. What you try 7:52 going up at the same time. What you try 7:52 going up at the same time. What you try to do is you try to find asset classes 7:54 to do is you try to find asset classes 7:54 to do is you try to find asset classes that are weakly or negatively 7:57 that are weakly or negatively 7:57 that are weakly or negatively correlated. That's a bit of a fancy word 7:58 correlated. That's a bit of a fancy word 7:58 correlated. That's a bit of a fancy word that means that some things will zig 8:00 that means that some things will zig 8:00 that means that some things will zig when other things zag. And if they're 8:02 when other things zag. And if they're 8:02 when other things zag. And if they're all going up at the same time, that's 8:04 all going up at the same time, that's 8:04 all going up at the same time, that's probably going to be hurting you because 8:06 probably going to be hurting you because 8:06 probably going to be hurting you because if they're all going up at the same 8:07 if they're all going up at the same 8:07 if they're all going up at the same time, it means they'll probably all go 8:08 time, it means they'll probably all go 8:08 time, it means they'll probably all go down at the same time. 8:10 down at the same time. 8:10 down at the same time. But if you've got, say, 10 investments 8:11 But if you've got, say, 10 investments 8:11 But if you've got, say, 10 investments and most investments go up, so seven or 8:14 and most investments go up, so seven or 8:14 and most investments go up, so seven or eight or nine of them are going up and 8:15 eight or nine of them are going up and 8:15 eight or nine of them are going up and one or two or three are of them are 8:17 one or two or three are of them are 8:17 one or two or three are of them are going down, but the net effect is that 8:19 going down, but the net effect is that 8:19 going down, but the net effect is that you have a smoother glide path, and for 8:21 you have a smoother glide path, and for 8:21 you have a smoother glide path, and for the most part, you're going to be going 8:23 the most part, you're going to be going 8:23 the most part, you're going to be going up almost all the time. Maybe not quite 8:25 up almost all the time. Maybe not quite 8:25 up almost all the time. Maybe not quite as quickly, but you A, seldom go down, 8:28 as quickly, but you A, seldom go down, 8:28 as quickly, but you A, seldom go down, and B, when you go down, it's not nearly 8:30 and B, when you go down, it's not nearly 8:30 and B, when you go down, it's not nearly by as much as it otherwise would be. So 8:33 by as much as it otherwise would be. So 8:33 by as much as it otherwise would be. So you should be able to have the focus and 8:35 you should be able to have the focus and 8:35 you should be able to have the focus and discipline to keep on going and keep on 8:37 discipline to keep on going and keep on 8:37 discipline to keep on going and keep on investing and getting to your 8:39 investing and getting to your 8:39 investing and getting to your longer-term goal. Yes, exactly. 8:42 longer-term goal. Yes, exactly. 8:42 longer-term goal. Yes, exactly. Also, every single asset is also have a 8:44 Also, every single asset is also have a 8:45 Also, every single asset is also have a different pattern, right? For innovation 8:48 different pattern, right? For innovation 8:48 different pattern, right? For innovation space, for say, sometimes is you simply 8:52 space, for say, sometimes is you simply 8:52 space, for say, sometimes is you simply just got into the trend, right? 8:53 just got into the trend, right? 8:53 just got into the trend, right? Healthcare AI is the biggest topics now, 8:56 Healthcare AI is the biggest topics now, 8:56 Healthcare AI is the biggest topics now, right? Everyone is trying to invest into 8:58 right? Everyone is trying to invest into 8:58 right? Everyone is trying to invest into healthcare AI, and then the next one is 9:00 healthcare AI, and then the next one is 9:00 healthcare AI, and then the next one is digital health because that is how do we 9:04 digital health because that is how do we 9:04 digital health because that is how do we below access, getting people to where 9:08 below access, getting people to where 9:08 below access, getting people to where they need without having to drive 9:09 they need without having to drive 9:09 they need without having to drive somewhere or wait for hour before they 9:11 somewhere or wait for hour before they 9:11 somewhere or wait for hour before they got seen, right? So there are trends in 9:13 got seen, right? So there are trends in 9:13 got seen, right? So there are trends in the market that we can see, okay, then 9:16 the market that we can see, okay, then 9:16 the market that we can see, okay, then and predictably next three to five 9:18 and predictably next three to five 9:18 and predictably next three to five years, especially I think people also 9:20 years, especially I think people also 9:20 years, especially I think people also need to understand where you invest into 9:22 need to understand where you invest into 9:22 need to understand where you invest into a technology company, you're not going 9:24 a technology company, you're not going 9:24 a technology company, you're not going to get your money back for the next 9:26 to get your money back for the next 9:26 to get your money back for the next three to five years, at least. So the 9:28 three to five years, at least. So the 9:28 three to five years, at least. So the timing of is not like real estate, 9:31 timing of is not like real estate, 9:31 timing of is not like real estate, right? There's 9:32 right? There's 9:32 right? There's almost a predictable quarterly things 9:35 almost a predictable quarterly things 9:35 almost a predictable quarterly things that you can see, things can come back 9:37 that you can see, things can come back 9:37 that you can see, things can come back to you. So, certain investment, you have 9:40 to you. So, certain investment, you have 9:40 to you. So, certain investment, you have to be comfortable about putting in there 9:42 to be comfortable about putting in there 9:42 to be comfortable about putting in there and allow the company to actually grow 9:45 and allow the company to actually grow 9:45 and allow the company to actually grow to a certain stage that they can exit or 9:48 to a certain stage that they can exit or 9:48 to a certain stage that they can exit or or you can gain some of your equity 9:50 or you can gain some of your equity 9:50 or you can gain some of your equity back. So, having that understanding of 9:54 back. So, having that understanding of 9:54 back. So, having that understanding of how tight your money needed to be or 9:57 how tight your money needed to be or 9:57 how tight your money needed to be or maybe investing in innovation is 9:59 maybe investing in innovation is 9:59 maybe investing in innovation is actually that's your legacy builder, 10:00 actually that's your legacy builder, 10:01 actually that's your legacy builder, right? Those are the bigger returns 10:02 right? Those are the bigger returns 10:02 right? Those are the bigger returns because those things that you can get 10:05 because those things that you can get 10:05 because those things that you can get two, three, four, five times 10:07 two, three, four, five times 10:07 two, three, four, five times of your money back versus your stock and 10:09 of your money back versus your stock and 10:09 of your money back versus your stock and bonds, those are smaller trends and 10:11 bonds, those are smaller trends and 10:11 bonds, those are smaller trends and growth, right? So, be okay of what where 10:14 growth, right? So, be okay of what where 10:14 growth, right? So, be okay of what where you put your money. I think for people 10:16 you put your money. I think for people 10:16 you put your money. I think for people to know that market trend, right? It's 10:19 to know that market trend, right? It's 10:19 to know that market trend, right? It's also important. What are some other 10:21 also important. What are some other 10:21 also important. What are some other things that people often 10:24 things that people often 10:24 things that people often don't talk enough about or as you 10:26 don't talk enough about or as you 10:26 don't talk enough about or as you mentioned, there's things that they 10:28 mentioned, there's things that they 10:28 mentioned, there's things that they think they don't, but they actually 10:30 think they don't, but they actually 10:30 think they don't, but they actually don't know enough or they're not asking 10:32 don't know enough or they're not asking 10:32 don't know enough or they're not asking enough to get the right questions. 10:35 enough to get the right questions. 10:35 enough to get the right questions. Okay, so I want to touch on something 10:37 Okay, so I want to touch on something 10:37 Okay, so I want to touch on something you said a moment ago first and then 10:38 you said a moment ago first and then 10:38 you said a moment ago first and then I'll get into the answer to the 10:40 I'll get into the answer to the 10:40 I'll get into the answer to the question. So, what you talked about a 10:41 question. So, what you talked about a 10:41 question. So, what you talked about a moment ago was also called liquidity 10:43 moment ago was also called liquidity 10:43 moment ago was also called liquidity risk. Sometimes there are products that 10:46 risk. Sometimes there are products that 10:46 risk. Sometimes there are products that you might need a year or more before you 10:49 you might need a year or more before you 10:49 you might need a year or more before you can get your money out. And so, what I 10:51 can get your money out. And so, what I 10:51 can get your money out. And so, what I was talking about a moment ago in terms 10:53 was talking about a moment ago in terms 10:53 was talking about a moment ago in terms of suitability, you need to make sure 10:55 of suitability, you need to make sure 10:55 of suitability, you need to make sure that if you put money into certain 10:57 that if you put money into certain 10:57 that if you put money into certain investments that are at a startup phase 11:00 investments that are at a startup phase 11:00 investments that are at a startup phase where the founders need the money in 11:01 where the founders need the money in 11:02 where the founders need the money in order to get to a critical mass before 11:04 order to get to a critical mass before 11:04 order to get to a critical mass before they can have an opportunity to exit, 11:06 they can have an opportunity to exit, 11:06 they can have an opportunity to exit, you need to know that this is money that 11:08 you need to know that this is money that 11:08 you need to know that this is money that you're not going to be able to touch 11:09 you're not going to be able to touch 11:10 you're not going to be able to touch because you want to buy a second home or 11:12 because you want to buy a second home or 11:12 because you want to buy a second home or whatever else. This is money that you've 11:14 whatever else. This is money that you've 11:14 whatever else. This is money that you've socked away for a larger purpose, but 11:17 socked away for a larger purpose, but 11:17 socked away for a larger purpose, but that larger purpose is down the road and 11:20 that larger purpose is down the road and 11:20 that larger purpose is down the road and in the meantime you don't have access to 11:21 in the meantime you don't have access to 11:21 in the meantime you don't have access to that capital and so you should make 11:23 that capital and so you should make 11:23 that capital and so you should make sure, absolutely sure that under no 11:25 sure, absolutely sure that under no 11:25 sure, absolutely sure that under no circumstances will you need that capital 11:28 circumstances will you need that capital 11:28 circumstances will you need that capital between now and when you have that 11:29 between now and when you have that 11:29 between now and when you have that access. So, that's one example of making 11:31 access. So, that's one example of making 11:31 access. So, that's one example of making sure that things make sense. To answer 11:33 sure that things make sense. To answer 11:34 sure that things make sense. To answer your question of a moment ago, you said 11:36 your question of a moment ago, you said 11:36 your question of a moment ago, you said what are things that people don't think 11:37 what are things that people don't think 11:37 what are things that people don't think about? A lot of people don't think about 11:39 about? A lot of people don't think about 11:39 about? A lot of people don't think about the tax consequences of what they do. 11:41 the tax consequences of what they do. 11:41 the tax consequences of what they do. So, 11:42 So, 11:42 So, for instance, we're now into December 11:45 for instance, we're now into December 11:45 for instance, we're now into December and a lot of people in December will do 11:47 and a lot of people in December will do 11:47 and a lot of people in December will do what's called tax loss selling. So, that 11:49 what's called tax loss selling. So, that 11:49 what's called tax loss selling. So, that if things have dropped, they can sell 11:52 if things have dropped, they can sell 11:52 if things have dropped, they can sell them and use the losses associated with 11:54 them and use the losses associated with 11:54 them and use the losses associated with the things that have dropped to offset 11:56 the things that have dropped to offset 11:56 the things that have dropped to offset gains so that they can minimize their 11:58 gains so that they can minimize their 11:58 gains so that they can minimize their taxes. 11:59 taxes. 11:59 taxes. Similarly, a lot of people have made a 12:01 Similarly, a lot of people have made a 12:01 Similarly, a lot of people have made a lot of money in 2025. And so, a lot of 12:04 lot of money in 2025. And so, a lot of 12:04 lot of money in 2025. And so, a lot of people might say, "Well, I want to 12:05 people might say, "Well, I want to 12:05 people might say, "Well, I want to reposition some of that money and I know 12:07 reposition some of that money and I know 12:07 reposition some of that money and I know that I'm going to if I sell any of this 12:09 that I'm going to if I sell any of this 12:09 that I'm going to if I sell any of this money, I'm any of these things that have 12:11 money, I'm any of these things that have 12:11 money, I'm any of these things that have gone up, I'm going to pay tax." Well, if 12:13 gone up, I'm going to pay tax." Well, if 12:13 gone up, I'm going to pay tax." Well, if that's the case, maybe you should wait 12:14 that's the case, maybe you should wait 12:14 that's the case, maybe you should wait until January to sell things that have 12:16 until January to sell things that have 12:16 until January to sell things that have gone up. So, you then defer your taxes 12:19 gone up. So, you then defer your taxes 12:19 gone up. So, you then defer your taxes until the spring of 2027 when you have 12:21 until the spring of 2027 when you have 12:21 until the spring of 2027 when you have to pay taxes on your 2026 capital gains. 12:24 to pay taxes on your 2026 capital gains. 12:24 to pay taxes on your 2026 capital gains. So, again, to summarize, one example is 12:27 So, again, to summarize, one example is 12:27 So, again, to summarize, one example is if you have an investment that has gone 12:28 if you have an investment that has gone 12:28 if you have an investment that has gone down, you might want to sell it in 12:30 down, you might want to sell it in 12:30 down, you might want to sell it in December to use those losses to offset 12:32 December to use those losses to offset 12:32 December to use those losses to offset other gains. But, if it has gone up, you 12:34 other gains. But, if it has gone up, you 12:34 other gains. But, if it has gone up, you might want to sell it in January so that 12:37 might want to sell it in January so that 12:37 might want to sell it in January so that you can defer your tax liability for
Founder Sacrifice and Startup Realities 12:38 you can defer your tax liability for 12:39 you can defer your tax liability for another 14, 15, 16 months before you 12:41 another 14, 15, 16 months before you 12:42 another 14, 15, 16 months before you have to file your return for 2026. 12:44 have to file your return for 2026. 12:44 have to file your return for 2026. So, those are the sorts of things that a 12:46 So, those are the sorts of things that a 12:46 So, those are the sorts of things that a lot of people they think about they like 12:49 lot of people they think about they like 12:49 lot of people they think about they like this investment or they don't like that 12:50 this investment or they don't like that 12:50 this investment or they don't like that one, but you can still sell one and or 12:54 one, but you can still sell one and or 12:55 one, but you can still sell one and or buy the other, but you might want to 12:57 buy the other, but you might want to 12:57 buy the other, but you might want to either accelerate selling one and you 12:59 either accelerate selling one and you 12:59 either accelerate selling one and you might want to defer selling the other 13:01 might want to defer selling the other 13:01 might want to defer selling the other depending on whether they've gone up or 13:02 depending on whether they've gone up or 13:02 depending on whether they've gone up or down. And then you can still buy 13:04 down. And then you can still buy 13:04 down. And then you can still buy whatever you want with the proceeds when 13:06 whatever you want with the proceeds when 13:06 whatever you want with the proceeds when you've completed the sale. So, that's an 13:08 you've completed the sale. So, that's an 13:08 you've completed the sale. So, that's an example of the sorts of things that 13:09 example of the sorts of things that 13:10 example of the sorts of things that people should be thinking about. If 13:12 people should be thinking about. If 13:12 people should be thinking about. If you're going to make better wealth 13:13 you're going to make better wealth 13:13 you're going to make better wealth decisions, you have to think about well, 13:15 decisions, you have to think about well, 13:15 decisions, you have to think about well, not just do I like this or do I not like 13:17 not just do I like this or do I not like 13:17 not just do I like this or do I not like that, but how does this fit into my 13:19 that, but how does this fit into my 13:19 that, but how does this fit into my overall circumstances? 13:25 Our conversation so far really 13:25 Our conversation so far really challenged [music] the way we think 13:27 challenged [music] the way we think 13:27 challenged [music] the way we think about wealth, risks, and investing in 13:30 about wealth, risks, and investing in 13:30 about wealth, risks, and investing in innovations. 13:31 innovations. 13:31 innovations. >> [music] 13:31 >> [music] 13:31 >> [music] >> John broke down why so many people, even 13:34 >> John broke down why so many people, even 13:34 >> John broke down why so many people, even professionals, still make emotional 13:37 professionals, still make emotional 13:37 professionals, still make emotional financial decisions, and why founders, 13:40 financial decisions, and why founders, 13:40 financial decisions, and why founders, >> [music] 13:40 >> [music] 13:40 >> [music] >> especially, need to think about beyond 13:43 >> especially, need to think about beyond 13:43 >> especially, need to think about beyond the hype, trend, and fast [music] 13:45 the hype, trend, and fast [music] 13:45 the hype, trend, and fast [music] returns. We also talked about the 13:47 returns. We also talked about the 13:47 returns. We also talked about the importance of diversification, 13:51 importance of diversification, 13:51 importance of diversification, liquidation, and asking the harder 13:53 liquidation, and asking the harder 13:54 liquidation, and asking the harder questions every founder [music] needs to 13:56 questions every founder [music] needs to 13:56 questions every founder [music] needs to answer first, which is, is this actually 13:59 answer first, which is, is this actually 13:59 answer first, which is, is this actually sellable before trying to [music] scale 14:02 sellable before trying to [music] scale 14:02 sellable before trying to [music] scale it. Now, before we jump into the rest of 14:04 it. Now, before we jump into the rest of 14:04 it. Now, before we jump into the rest of the conversation, let's take a quick 14:06 the conversation, let's take a quick 14:06 the conversation, let's take a quick pause [music] 14:07 pause [music] 14:07 pause [music] and share something that many of you 14:09 and share something that many of you 14:09 and share something that many of you might find valuable to also stand 14:12 might find valuable to also stand 14:12 might find valuable to also stand [music] out as a thought leader in the 14:15 [music] out as a thought leader in the 14:15 [music] out as a thought leader in the space. If you are a executive leading 14:20 space. If you are a executive leading 14:20 space. If you are a executive leading >> [music] 14:20 >> [music] 14:20 >> [music] >> a company that's beyond series A, or you 14:23 >> a company that's beyond series A, or you 14:23 >> a company that's beyond series A, or you are running a healthcare system, [music] 14:25 are running a healthcare system, [music] 14:25 are running a healthcare system, [music] organization, ACO, payers, insurance, 14:29 organization, ACO, payers, insurance, 14:29 organization, ACO, payers, insurance, pharma, we would love to hear from you 14:31 pharma, we would love to hear from you 14:31 pharma, we would love to hear from you because your [music] story matters and 14:33 because your [music] story matters and 14:33 because your [music] story matters and how you create impact and change. Go to 14:36 how you create impact and change. Go to 14:36 how you create impact and change. Go to the providersedge.com to apply [music] 14:39 the providersedge.com to apply [music] 14:39 the providersedge.com to apply [music] to be a speaker on our show. We're so 14:42 to be a speaker on our show. We're so 14:42 to be a speaker on our show. We're so grateful for all of you have been 14:44 grateful for all of you have been 14:44 grateful for all of you have been supporting [music] us for the past years 14:46 supporting [music] us for the past years 14:46 supporting [music] us for the past years and we are ranked a top 100 under 14:49 and we are ranked a top 100 under 14:49 and we are ranked a top 100 under entrepreneurship on Apple Podcasts and 14:52 entrepreneurship on Apple Podcasts and 14:52 entrepreneurship on Apple Podcasts and [music] ranked globally top 2.5% 14:55 [music] ranked globally top 2.5% 14:55 [music] ranked globally top 2.5% of all shows. All right, let's get back 14:57 of all shows. All right, let's get back 14:57 of all shows. All right, let's get back to the second half of our show. Maybe 14:59 to the second half of our show. Maybe 15:00 to the second half of our show. Maybe you had a really, really good year at 15:01 you had a really, really good year at 15:01 you had a really, really good year at work and you made more money in sales or 15:03 work and you made more money in sales or 15:03 work and you made more money in sales or got a bonus and you had a really, really 15:05 got a bonus and you had a really, really 15:05 got a bonus and you had a really, really high income in 2025. Again, if that's 15:08 high income in 2025. Again, if that's 15:08 high income in 2025. Again, if that's the case, you might want to wait until 15:10 the case, you might want to wait until 15:10 the case, you might want to wait until 2026 to take your profits because you're 15:12 2026 to take your profits because you're 15:12 2026 to take your profits because you're already going to be in a higher tax 15:14 already going to be in a higher tax 15:14 already going to be in a higher tax bracket in 25 because you made money on 15:16 bracket in 25 because you made money on 15:16 bracket in 25 because you made money on your day job. So, those are the sorts of 15:18 your day job. So, those are the sorts of 15:18 your day job. So, those are the sorts of things that you can think about when 15:19 things that you can think about when 15:19 things that you can think about when you're trying to make better wealth 15:20 you're trying to make better wealth 15:20 you're trying to make better wealth decisions with your investing portfolio. 15:23 decisions with your investing portfolio. 15:23 decisions with your investing portfolio. Exactly. It's that timing of tax. You're 15:26 Exactly. It's that timing of tax. You're 15:26 Exactly. It's that timing of tax. You're already thinking about like where's the 15:27 already thinking about like where's the 15:27 already thinking about like where's the loss or where's the gain, and then what 15:29 loss or where's the gain, and then what 15:29 loss or where's the gain, and then what time of the year you should be thinking 15:32 time of the year you should be thinking 15:32 time of the year you should be thinking about cashing them out, or how do you 15:35 about cashing them out, or how do you 15:35 about cashing them out, or how do you put those money of the gain 15:37 put those money of the gain 15:37 put those money of the gain get back into investing again, right? So 15:39 get back into investing again, right? So 15:39 get back into investing again, right? So then you continuously to grow that 15:42 then you continuously to grow that 15:42 then you continuously to grow that passive income, and then that will help 15:44 passive income, and then that will help 15:44 passive income, and then that will help you to bypass some of the tax reasons 15:47 you to bypass some of the tax reasons 15:47 you to bypass some of the tax reasons because you reinvested. So there's 15:49 because you reinvested. So there's 15:49 because you reinvested. So there's multiple different things when people 15:50 multiple different things when people 15:50 multiple different things when people think about these reasons of Well, it 15:53 think about these reasons of Well, it 15:53 think about these reasons of Well, it could be then if you wanted to take 15:55 could be then if you wanted to take 15:55 could be then if you wanted to take things and you have to plan ahead, maybe 15:58 things and you have to plan ahead, maybe 15:58 things and you have to plan ahead, maybe other major decisions in life needed to 16:00 other major decisions in life needed to 16:00 other major decisions in life needed to plan ahead as well, right? If you're 16:02 plan ahead as well, right? If you're 16:02 plan ahead as well, right? If you're going to take a major vacation, that's 16:04 going to take a major vacation, that's 16:04 going to take a major vacation, that's the money that you're going to take out 16:06 the money that you're going to take out 16:06 the money that you're going to take out for that, right? Then you can plan 16:08 for that, right? Then you can plan 16:08 for that, right? Then you can plan accordingly and not just like, "Oh, this 16:10 accordingly and not just like, "Oh, this 16:10 accordingly and not just like, "Oh, this sounds great. I have some time off for 16:12 sounds great. I have some time off for 16:12 sounds great. I have some time off for spring break, right? Holidays, and let's 16:14 spring break, right? Holidays, and let's 16:14 spring break, right? Holidays, and let's just go." Right? So there's things that 16:16 just go." Right? So there's things that 16:17 just go." Right? So there's things that we can really think outside of the box 16:18 we can really think outside of the box 16:18 we can really think outside of the box to support ourselves. And also for many 16:21 to support ourselves. And also for many 16:21 to support ourselves. And also for many people listening, they are already 16:23 people listening, they are already 16:23 people listening, they are already established leaders. They are also 16:25 established leaders. They are also 16:25 established leaders. They are also problem solvers, right? They are the 16:27 problem solvers, right? They are the 16:27 problem solvers, right? They are the type of people who see a potential, and 16:29 type of people who see a potential, and 16:29 type of people who see a potential, and they wanted to act on it, creating their 16:31 they wanted to act on it, creating their 16:31 they wanted to act on it, creating their own innovation. So technically, you are 16:33 own innovation. So technically, you are 16:33 own innovation. So technically, you are also investing in your own company, 16:36 also investing in your own company, 16:36 also investing in your own company, right? So that's also another way of 16:38 right? So that's also another way of 16:38 right? So that's also another way of thinking about you You might have all 16:40 thinking about you You might have all 16:40 thinking about you You might have all these other asset class diversification, 16:43 these other asset class diversification, 16:43 these other asset class diversification, but you also needed to save some to 16:45 but you also needed to save some to 16:45 but you also needed to save some to invest in your own company. I wonder, 16:48 invest in your own company. I wonder, 16:48 invest in your own company. I wonder, John, if you want to touch base on that 16:50 John, if you want to touch base on that 16:50 John, if you want to touch base on that in terms of tax benefits or how people 16:53 in terms of tax benefits or how people 16:53 in terms of tax benefits or how people really start thinking about when they're 16:54 really start thinking about when they're 16:54 really start thinking about when they're creating their own company, they need to 16:56 creating their own company, they need to 16:56 creating their own company, they need to invest in their own company. How does 16:58 invest in their own company. How does 16:58 invest in their own company. How does that work?
Bull Market Caution and Valuation Risk 16:59 that work? 16:59 that work? If you're starting your own company, 17:01 If you're starting your own company, 17:01 If you're starting your own company, that's a very niche way of looking at 17:03 that's a very niche way of looking at 17:03 that's a very niche way of looking at things, and you obviously you need to 17:05 things, and you obviously you need to 17:05 things, and you obviously you need to get legal support, and you need to make 17:07 get legal support, and you need to make 17:07 get legal support, and you need to make sure that you are prepared to The 17:09 sure that you are prepared to The 17:09 sure that you are prepared to The founders I know are quite prepared to be 17:13 founders I know are quite prepared to be 17:13 founders I know are quite prepared to be poor for a prolonged period and to take 17:16 poor for a prolonged period and to take 17:16 poor for a prolonged period and to take a modest draw, and everything they have 17:18 a modest draw, and everything they have 17:18 a modest draw, and everything they have is going into their business. And it has 17:21 is going into their business. And it has 17:21 is going into their business. And it has to be, to use a baseball metaphor, 17:23 to be, to use a baseball metaphor, 17:23 to be, to use a baseball metaphor, usually a strikeout or a home run. 17:25 usually a strikeout or a home run. 17:25 usually a strikeout or a home run. There's not not a lot in between. You 17:27 There's not not a lot in between. You 17:27 There's not not a lot in between. You either do very, very well, or you spend 17:30 either do very, very well, or you spend 17:30 either do very, very well, or you spend a lot of time, energy, and money trying 17:32 a lot of time, energy, and money trying 17:32 a lot of time, energy, and money trying to get your product to market, your 17:34 to get your product to market, your 17:34 to get your product to market, your service to market, to build a brand, to 17:36 service to market, to build a brand, to 17:36 service to market, to build a brand, to do whatever it is you want to do, and it 17:38 do whatever it is you want to do, and it 17:38 do whatever it is you want to do, and it doesn't always work. So, the thing that 17:41 doesn't always work. So, the thing that 17:41 doesn't always work. So, the thing that I would say is, entrepreneurship is a 17:42 I would say is, entrepreneurship is a 17:42 I would say is, entrepreneurship is a wonderful thing, and I would actively 17:45 wonderful thing, and I would actively 17:45 wonderful thing, and I would actively encourage anybody who's A lot of people 17:47 encourage anybody who's A lot of people 17:47 encourage anybody who's A lot of people are very good at self-selecting, which 17:49 are very good at self-selecting, which 17:49 are very good at self-selecting, which is to say, some people just know they 17:50 is to say, some people just know they 17:50 is to say, some people just know they don't have the constitution, they don't 17:52 don't have the constitution, they don't 17:52 don't have the constitution, they don't have what it takes. They just want a day 17:54 have what it takes. They just want a day 17:54 have what it takes. They just want a day job, a 9-to-5, and that's fine. Those 17:56 job, a 9-to-5, and that's fine. Those 17:56 job, a 9-to-5, and that's fine. Those are the sorts of people who probably 17:57 are the sorts of people who probably 17:57 are the sorts of people who probably should have a 9-to-5 job. But the people 18:00 should have a 9-to-5 job. But the people 18:00 should have a 9-to-5 job. But the people who say, "No, I want to build things. I 18:02 who say, "No, I want to build things. I 18:02 who say, "No, I want to build things. I want to leave a legacy." So, for the 18:04 want to leave a legacy." So, for the 18:04 want to leave a legacy." So, for the people who have that mindset, they need 18:07 people who have that mindset, they need 18:07 people who have that mindset, they need to be prepared to make sacrifices along 18:09 to be prepared to make sacrifices along 18:09 to be prepared to make sacrifices along the way, to travel, maybe to take fewer 18:12 the way, to travel, maybe to take fewer 18:12 the way, to travel, maybe to take fewer vacations, and to not eat at a fancy 18:15 vacations, and to not eat at a fancy 18:15 vacations, and to not eat at a fancy restaurants in order to put all they 18:17 restaurants in order to put all they 18:17 restaurants in order to put all they have into the company, to build often 18:20 have into the company, to build often 18:20 have into the company, to build often times it's sweat equity in the first 18:22 times it's sweat equity in the first 18:22 times it's sweat equity in the first three or four years until they can get 18:23 three or four years until they can get 18:24 three or four years until they can get to critical mass, and then hopefully 18:25 to critical mass, and then hopefully 18:25 to critical mass, and then hopefully they can find some people who will help 18:28 they can find some people who will help 18:28 they can find some people who will help give them some money for the next round 18:29 give them some money for the next round 18:29 give them some money for the next round of financing to grow to the point where 18:32 of financing to grow to the point where 18:32 of financing to grow to the point where you can be either do an IPO or be taken 18:35 you can be either do an IPO or be taken 18:35 you can be either do an IPO or be taken out by someone else and still make your 18:36 out by someone else and still make your 18:36 out by someone else and still make your money by having a a business that's 18:39 money by having a a business that's 18:39 money by having a a business that's worth many, you know, tens of millions 18:40 worth many, you know, tens of millions 18:40 worth many, you know, tens of millions of dollars that someone else can take 18:42 of dollars that someone else can take 18:42 of dollars that someone else can take out. So, but there are ways that you can 18:43 out. So, but there are ways that you can 18:44 out. So, but there are ways that you can do it, but I would say the most 18:45 do it, but I would say the most 18:45 do it, but I would say the most important thing is you need to think 18:46 important thing is you need to think 18:47 important thing is you need to think about your lifestyle 18:49 about your lifestyle 18:49 about your lifestyle and whether or not you are prepared to 18:53 and whether or not you are prepared to 18:53 and whether or not you are prepared to live on a beer budget if you have 18:55 live on a beer budget if you have 18:55 live on a beer budget if you have champagne tastes in the interim until 18:58 champagne tastes in the interim until 18:58 champagne tastes in the interim until such time that you can actually afford 19:00 such time that you can actually afford 19:00 such time that you can actually afford the champagne down the road. Yeah, I 19:02 the champagne down the road. Yeah, I 19:02 the champagne down the road. Yeah, I think that's a such a great point. We 19:04 think that's a such a great point. We 19:04 think that's a such a great point. We always talk about when individuals 19:06 always talk about when individuals 19:06 always talk about when individuals invest into startup versus they say, 19:10 invest into startup versus they say, 19:10 invest into startup versus they say, "Hey, Sabrina, I have a great idea. Can 19:12 "Hey, Sabrina, I have a great idea. Can 19:12 "Hey, Sabrina, I have a great idea. Can you me to build it?" Right? There's a 19:14 you me to build it?" Right? There's a 19:14 you me to build it?" Right? There's a fine line into it. It doesn't mean you 19:16 fine line into it. It doesn't mean you 19:16 fine line into it. It doesn't mean you could not create your legacy 19:18 could not create your legacy 19:18 could not create your legacy if you're only investing in other 19:20 if you're only investing in other 19:20 if you're only investing in other technology. You can be part of that 19:22 technology. You can be part of that 19:22 technology. You can be part of that board. You can be part of that 19:23 board. You can be part of that 19:23 board. You can be part of that co-creation without having to put all 19:26 co-creation without having to put all 19:26 co-creation without having to put all your money, energy, almost like doing 19:28 your money, energy, almost like doing 19:28 your money, energy, almost like doing your full-time job plus this other 19:30 your full-time job plus this other 19:30 your full-time job plus this other part-time job, right? Vice versa to 19:33 part-time job, right? Vice versa to 19:33 part-time job, right? Vice versa to devote all those things. So, I think you 19:34 devote all those things. So, I think you 19:34 devote all those things. So, I think you can really create what is mean for you 19:39 can really create what is mean for you 19:39 can really create what is mean for you for wealth, for legacy, for power, for 19:42 for wealth, for legacy, for power, for 19:42 for wealth, for legacy, for power, for your family, right? For that ecosystem 19:43 your family, right? For that ecosystem 19:43 your family, right? For that ecosystem you really wanted to create for your 19:45 you really wanted to create for your 19:45 you really wanted to create for your community by investing into startup that 19:49 community by investing into startup that 19:49 community by investing into startup that you trust and backing and creating 19:52 you trust and backing and creating 19:52 you trust and backing and creating without having to do all the journey all 19:54 without having to do all the journey all 19:54 without having to do all the journey all by yourself or finding the right people 19:56 by yourself or finding the right people 19:56 by yourself or finding the right people to do it with you. So, having that 19:58 to do it with you. So, having that 19:58 to do it with you. So, having that thought process of what does that mean 20:01 thought process of what does that mean 20:01 thought process of what does that mean for a investment, right? There's the 20:02 for a investment, right? There's the 20:02 for a investment, right? There's the investing in so many different levels of 20:06 investing in so many different levels of 20:06 investing in so many different levels of your intelligence, your training, and 20:08 your intelligence, your training, and 20:08 your intelligence, your training, and your time, your resources. Right? As 20:11 your time, your resources. Right? As 20:11 your time, your resources. Right? As John said, you have to learn how to even 20:13 John said, you have to learn how to even 20:13 John said, you have to learn how to even got other people to invest in the 20:14 got other people to invest in the 20:14 got other people to invest in the companies, right? So, there's a lot more 20:16 companies, right? So, there's a lot more 20:16 companies, right? So, there's a lot more to go into it and not just the 20:18 to go into it and not just the 20:18 to go into it and not just the excitement of "Oh, I'm an entrepreneur, 20:20 excitement of "Oh, I'm an entrepreneur, 20:20 excitement of "Oh, I'm an entrepreneur, right? I'm a serial entrepreneur." But, 20:23 right? I'm a serial entrepreneur." But, 20:23 right? I'm a serial entrepreneur." But, sometimes we do see even for people who 20:25 sometimes we do see even for people who 20:25 sometimes we do see even for people who had been successful, exited in what 20:28 had been successful, exited in what 20:28 had been successful, exited in what industry, it doesn't always make sense 20:30 industry, it doesn't always make sense 20:30 industry, it doesn't always make sense in health care or doesn't always make 20:33 in health care or doesn't always make 20:33 in health care or doesn't always make sense when you start expanding into 20:35 sense when you start expanding into 20:35 sense when you start expanding into other industry because the rules and 20:36 other industry because the rules and 20:36 other industry because the rules and regulations and the score is very 20:38 regulations and the score is very 20:38 regulations and the score is very different. So, 20:40 different. So, 20:40 different. So, Yeah, it looks glamorous. A lot of 20:42 Yeah, it looks glamorous. A lot of 20:42 Yeah, it looks glamorous. A lot of people think the the life of an 20:44 people think the the life of an 20:44 people think the the life of an entrepreneur is glamorous and they say, 20:45 entrepreneur is glamorous and they say, 20:46 entrepreneur is glamorous and they say, "Oh, wow, that sounds wonderful." I can 20:48 "Oh, wow, that sounds wonderful." I can 20:48 "Oh, wow, that sounds wonderful." I can tell you I know a number of 20:49 tell you I know a number of 20:49 tell you I know a number of entrepreneurs and they work very long 20:52 entrepreneurs and they work very long 20:52 entrepreneurs and they work very long hours and they spend all their waking 20:55 hours and they spend all their waking 20:55 hours and they spend all their waking hours thinking about what they can do to 20:57 hours thinking about what they can do to 20:57 hours thinking about what they can do to expand their clientele or to open up new 21:00 expand their clientele or to open up new 21:00 expand their clientele or to open up new markets or to improve their products so 21:02 markets or to improve their products so 21:02 markets or to improve their products so that they can sell more, you know, more 21:04 that they can sell more, you know, more 21:04 that they can sell more, you know, more whiz-bang products that can beat the 21:07 whiz-bang products that can beat the 21:07 whiz-bang products that can beat the competition. but they're not just, you 21:09 competition. but they're not just, you 21:09 competition. but they're not just, you know, hanging up a shingle and saying, 21:11 know, hanging up a shingle and saying, 21:11 know, hanging up a shingle and saying, "Look at me, I'm great. I'm going to do 21:12 "Look at me, I'm great. I'm going to do 21:12 "Look at me, I'm great. I'm going to do this wonderful thing." There's a lot of 21:14 this wonderful thing." There's a lot of 21:14 this wonderful thing." There's a lot of risk, and it's worth it for many people, 21:17 risk, and it's worth it for many people, 21:17 risk, and it's worth it for many people, but, you know, risk and reward are 21:18 but, you know, risk and reward are 21:19 but, you know, risk and reward are related. And the reason people who are 21:21 related. And the reason people who are 21:21 related. And the reason people who are entrepreneurs are rewarded so handsomely 21:24 entrepreneurs are rewarded so handsomely 21:24 entrepreneurs are rewarded so handsomely is because they take risks that most 21:26 is because they take risks that most 21:26 is because they take risks that most ordinary people are not prepared to 21:28 ordinary people are not prepared to 21:28 ordinary people are not prepared to take. Exactly. And that's why if you 21:30 take. Exactly. And that's why if you 21:30 take. Exactly. And that's why if you think about investing into any type of 21:33 think about investing into any type of 21:33 think about investing into any type of company and taking equity, why the 21:36 company and taking equity, why the 21:36 company and taking equity, why the co-founders have majority of the share, 21:39 co-founders have majority of the share, 21:39 co-founders have majority of the share, right? 50, 60% of the share. And then 21:41 right? 50, 60% of the share. And then 21:41 right? 50, 60% of the share. And then they opened up a 5% or 10% of investment 21:45 they opened up a 5% or 10% of investment 21:45 they opened up a 5% or 10% of investment equity share, because what you're 21:47 equity share, because what you're 21:47 equity share, because what you're putting in is helping them financially 21:50 putting in is helping them financially 21:50 putting in is helping them financially to get to the next milestone, but they 21:52 to get to the next milestone, but they 21:52 to get to the next milestone, but they have to do all the hard work. Unless 21:54 have to do all the hard work. Unless 21:54 have to do all the hard work. Unless you're also putting in some equity or 21:56 you're also putting in some equity or 21:56 you're also putting in some equity or advising them to help them to co-create, 21:58 advising them to help them to co-create, 21:59 advising them to help them to co-create, right? So, there's a different thought 22:00 right? So, there's a different thought 22:00 right? So, there's a different thought process of a reward, and uh but you have 22:04 process of a reward, and uh but you have 22:04 process of a reward, and uh but you have to give and take. So, for all of us, 22:06 to give and take. So, for all of us, 22:06 to give and take. So, for all of us, really financial decision is thinking 22:08 really financial decision is thinking 22:09 really financial decision is thinking about what Jiao mentioned earlier, your 22:11 about what Jiao mentioned earlier, your 22:11 about what Jiao mentioned earlier, your lifestyle. 22:13 lifestyle. 22:13 lifestyle. How you believe money needed to come to 22:17 How you believe money needed to come to 22:17 How you believe money needed to come to you. How quickly is that cash flow? And 22:19 you. How quickly is that cash flow? And 22:19 you. How quickly is that cash flow? And one of the question that we always ask 22:21 one of the question that we always ask 22:21 one of the question that we always ask startups when we help them to fund raise 22:23 startups when we help them to fund raise 22:23 startups when we help them to fund raise is that what's your money mindset, 22:26 is that what's your money mindset, 22:26 is that what's your money mindset, right? Like how are you deserving of 22:28 right? Like how are you deserving of 22:28 right? Like how are you deserving of money, spending money? Does the money 22:30 money, spending money? Does the money 22:30 money, spending money? Does the money come easy to you? Have you had an 22:32 come easy to you? Have you had an 22:32 come easy to you? Have you had an experience when you're growing up, 22:34 experience when you're growing up, 22:34 experience when you're growing up, right? And even for people who had a 22:36 right? And even for people who had a 22:36 right? And even for people who had a harsher growing up, but they learned a 22:39 harsher growing up, but they learned a 22:39 harsher growing up, but they learned a different thing, and they're not 22:40 different thing, and they're not 22:40 different thing, and they're not scarcity, right? So, there all of those 22:42 scarcity, right? So, there all of those 22:42 scarcity, right? So, there all of those coming into play in how we make those 22:45 coming into play in how we make those 22:45 coming into play in how we make those decisions that make sense for us as we 22:48 decisions that make sense for us as we 22:48 decisions that make sense for us as we create our own personal ecosystem, 22:50 create our own personal ecosystem, 22:50 create our own personal ecosystem, family ecosystem, business ecosystem, 22:52 family ecosystem, business ecosystem, 22:53 family ecosystem, business ecosystem, and partnership, right? Everybody is 22:54 and partnership, right? Everybody is 22:54 and partnership, right? Everybody is working in congruency, collaborative in 22:58 working in congruency, collaborative in 22:58 working in congruency, collaborative in somehow, and not just very independent. 23:01 somehow, and not just very independent. 23:01 somehow, and not just very independent. So, 23:02 So, 23:02 So, as we're wrapping up, John, what do you 23:04 as we're wrapping up, John, what do you 23:04 as we're wrapping up, John, what do you think it is your biggest advice that you 23:06 think it is your biggest advice that you 23:06 think it is your biggest advice that you wanted to give to our audience? So, here 23:10 wanted to give to our audience? So, here 23:10 wanted to give to our audience? So, here we are at the end of 2025, and the 23:13 we are at the end of 2025, and the 23:13 we are at the end of 2025, and the economy has done very, very well. The 23:15 economy has done very, very well. The 23:15 economy has done very, very well. The global economy is doing extremely well. 23:18 global economy is doing extremely well. 23:18 global economy is doing extremely well. And what I would say is be careful. I 23:20 And what I would say is be careful. I 23:20 And what I would say is be careful. I wrote a book, it's over my shoulder 23:22 wrote a book, it's over my shoulder 23:22 wrote a book, it's over my shoulder there, called Bull Shift, 23:24 there, called Bull Shift, 23:24 there, called Bull Shift, and it came out a few years ago, and I'm 23:27 and it came out a few years ago, and I'm 23:27 and it came out a few years ago, and I'm warning people against optimism bias. 23:30 warning people against optimism bias. 23:30 warning people against optimism bias. So, Bull Shift is when the financial 23:31 So, Bull Shift is when the financial 23:31 So, Bull Shift is when the financial services industry shifts your attention 23:34 services industry shifts your attention 23:34 services industry shifts your attention to make you feel bullish. 23:36 to make you feel bullish. 23:36 to make you feel bullish. And right now, a lot of people are 23:37 And right now, a lot of people are 23:37 And right now, a lot of people are feeling bullish about a lot of things 23:39 feeling bullish about a lot of things 23:39 feeling bullish about a lot of things because things have been going very 23:41 because things have been going very 23:41 because things have been going very well. 23:42 well. 23:42 well. And that's usually the way things go in 23:43 And that's usually the way things go in 23:44 And that's usually the way things go in the media. You know, things go very, 23:45 the media. You know, things go very, 23:45 the media. You know, things go very, very well until at some point they 23:47 very well until at some point they 23:47 very well until at some point they don't. 23:49 don't. 23:49 don't. And what I am asking people to do, my 23:51 And what I am asking people to do, my 23:51 And what I am asking people to do, my biggest bit of advice to your listeners, 23:53 biggest bit of advice to your listeners, 23:53 biggest bit of advice to your listeners, Sabrina, is to say, be careful, but 23:55 Sabrina, is to say, be careful, but 23:55 Sabrina, is to say, be careful, but don't be too complacent. You should be 23:58 don't be too complacent. You should be 23:58 don't be too complacent. You should be concerned about valuations. So, I'll 24:01 concerned about valuations. So, I'll 24:01 concerned about valuations. So, I'll give you a couple of very quick numbers 24:03 give you a couple of very quick numbers 24:03 give you a couple of very quick numbers to give you an example of what I mean. 24:05 to give you an example of what I mean. 24:05 to give you an example of what I mean. The US stock market right now is trading 24:07 The US stock market right now is trading 24:07 The US stock market right now is trading at this thing called CAPE, 24:10 at this thing called CAPE, 24:10 at this thing called CAPE, c a p e, cyclically adjusted price 24:12 c a p e, cyclically adjusted price 24:12 c a p e, cyclically adjusted price earnings, that a guy by the name of 24:14 earnings, that a guy by the name of 24:14 earnings, that a guy by the name of Robert Shiller developed and won a Nobel 24:16 Robert Shiller developed and won a Nobel 24:16 Robert Shiller developed and won a Nobel Prize for in 2013. 24:18 Prize for in 2013. 24:18 Prize for in 2013. The CAPE ratio for the S&P 500 right now 24:21 The CAPE ratio for the S&P 500 right now 24:21 The CAPE ratio for the S&P 500 right now is around 40, 24:22 is around 40, 24:22 is around 40, and historically it's below 20, 24:25 and historically it's below 20, 24:25 and historically it's below 20, which is another way of saying the US 24:26 which is another way of saying the US 24:26 which is another way of saying the US stock market is more than twice as 24:28 stock market is more than twice as 24:28 stock market is more than twice as expensive today as it has been 24:31 expensive today as it has been 24:31 expensive today as it has been historically. 24:32 historically. 24:32 historically. So, there's a real risk there. I'll give 24:34 So, there's a real risk there. I'll give 24:34 So, there's a real risk there. I'll give you a second example. You probably know 24:36 you a second example. You probably know 24:36 you a second example. You probably know who Warren Buffett is. 24:38 who Warren Buffett is. 24:38 who Warren Buffett is. So, Buffett has something called the 24:40 So, Buffett has something called the 24:40 So, Buffett has something called the Buffett indicator, which is the market 24:42 Buffett indicator, which is the market 24:42 Buffett indicator, which is the market capitalization of an economy divided by 24:45 capitalization of an economy divided by 24:45 capitalization of an economy divided by the gross domestic product. And again, 24:47 the gross domestic product. And again, 24:47 the gross domestic product. And again, the market capitalization for the US is 24:49 the market capitalization for the US is 24:49 the market capitalization for the US is usually defined by the Wilshire 5000 24:51 usually defined by the Wilshire 5000 24:51 usually defined by the Wilshire 5000 index. The market cap is the market cap, 24:54 index. The market cap is the market cap, 24:54 index. The market cap is the market cap, the GDP is a matter of public record. 24:56 the GDP is a matter of public record. 24:56 the GDP is a matter of public record. And once again, the Buffett ratio for 24:58 And once again, the Buffett ratio for 24:58 And once again, the Buffett ratio for the S&P for the US today in late 2025 as 25:02 the S&P for the US today in late 2025 as 25:02 the S&P for the US today in late 2025 as is it around 220% and again, fair is 25:06 is it around 220% and again, fair is 25:06 is it around 220% and again, fair is about 100%. So, once again, the stock 25:09 about 100%. So, once again, the stock 25:09 about 100%. So, once again, the stock market has gotten way, way ahead of the 25:12 market has gotten way, way ahead of the 25:12 market has gotten way, way ahead of the economy. 25:13 economy. 25:13 economy. And that usually means that the stock 25:15 And that usually means that the stock 25:15 And that usually means that the stock market has to pull back significantly in 25:18 market has to pull back significantly in 25:18 market has to pull back significantly in order for things to normalize and to get 25:20 order for things to normalize and to get 25:20 order for things to normalize and to get to more traditional levels. I'm not 25:22 to more traditional levels. I'm not 25:22 to more traditional levels. I'm not telling you what you should or should 25:23 telling you what you should or should 25:23 telling you what you should or should not invest in, but I am saying that for 25:26 not invest in, but I am saying that for 25:26 not invest in, but I am saying that for stocks in general and for US stocks in 25:28 stocks in general and for US stocks in 25:28 stocks in general and for US stocks in particular, right now the market is 25:30 particular, right now the market is 25:30 particular, right now the market is extremely expensive and you should 25:32 extremely expensive and you should 25:32 extremely expensive and you should consider that and weigh that when you 25:34 consider that and weigh that when you 25:34 consider that and weigh that when you make your wealth decisions. It's
Key Takeaways and Closing Reflections 25:36 make your wealth decisions. It's 25:36 make your wealth decisions. It's everyone's different, make your own 25:37 everyone's different, make your own 25:37 everyone's different, make your own decision. I'm not telling you what to 25:39 decision. I'm not telling you what to 25:39 decision. I'm not telling you what to do, but I am telling you what to 25:40 do, but I am telling you what to 25:40 do, but I am telling you what to consider before you do it. 25:43 consider before you do it. 25:43 consider before you do it. Yeah, it's definitely we have to be 25:46 Yeah, it's definitely we have to be 25:46 Yeah, it's definitely we have to be worry much about knowing what to 25:49 worry much about knowing what to 25:49 worry much about knowing what to consider, right? Like knowing the 25:51 consider, right? Like knowing the 25:51 consider, right? Like knowing the reports and trends so we can make the 25:53 reports and trends so we can make the 25:53 reports and trends so we can make the best decision for ourselves. And also 25:56 best decision for ourselves. And also 25:56 best decision for ourselves. And also decision in at the end of the day is 25:58 decision in at the end of the day is 25:58 decision in at the end of the day is still gamble, right? We can make the 26:00 still gamble, right? We can make the 26:00 still gamble, right? We can make the best decision today, but all the factors 26:02 best decision today, but all the factors 26:02 best decision today, but all the factors later on in life can change that. But 26:05 later on in life can change that. But 26:05 later on in life can change that. But it's okay, right? Like we can always 26:06 it's okay, right? Like we can always 26:06 it's okay, right? Like we can always make another decision, another choice 26:09 make another decision, another choice 26:09 make another decision, another choice and keep moving with our life because 26:11 and keep moving with our life because 26:11 and keep moving with our life because things will always be punishable if you 26:14 things will always be punishable if you 26:14 things will always be punishable if you want it to be. 26:17 want it to be. 26:17 want it to be. All right, this middle part of what we 26:19 All right, this middle part of what we 26:19 All right, this middle part of what we just talked about really highlights the 26:21 just talked about really highlights the 26:21 just talked about really highlights the emotional and practical reality behind 26:24 emotional and practical reality behind 26:24 emotional and practical reality behind [music] entrepreneurship and investment. 26:27 [music] entrepreneurship and investment. 26:27 [music] entrepreneurship and investment. John talked about how founders [music] 26:30 John talked about how founders [music] 26:30 John talked about how founders [music] are often investing far more than money. 26:34 are often investing far more than money. 26:34 are often investing far more than money. They are investing time, lifestyle, 26:36 They are investing time, lifestyle, 26:36 They are investing time, lifestyle, [music] energy, and years of uncertainty 26:39 [music] energy, and years of uncertainty 26:39 [music] energy, and years of uncertainty to build something meaningful. We also 26:42 to build something meaningful. We also 26:42 to build something meaningful. We also unpacked how wealth and [music] legacy 26:44 unpacked how wealth and [music] legacy 26:44 unpacked how wealth and [music] legacy can look different for everyone. Whether 26:47 can look different for everyone. Whether 26:47 can look different for everyone. Whether you're building your own company, 26:49 you're building your own company, 26:49 you're building your own company, backing innovation you believe in, or 26:51 backing innovation you believe in, or 26:52 backing innovation you believe in, or learning how [music] to make decisions 26:53 learning how [music] to make decisions 26:53 learning how [music] to make decisions that align with the kind of life and 26:57 that align with the kind of life and 26:57 that align with the kind of life and ecosystem [music] you actually want to 26:58 ecosystem [music] you actually want to 26:58 ecosystem [music] you actually want to create. So, for all of you [music] who 27:02 create. So, for all of you [music] who 27:02 create. So, for all of you [music] who are innovators, idea creators, change 27:06 are innovators, idea creators, change 27:06 are innovators, idea creators, change makers, you have a lot of ideas to 27:08 makers, you have a lot of ideas to 27:08 makers, you have a lot of ideas to pitch, and [music] we would love to help 27:10 pitch, and [music] we would love to help 27:10 pitch, and [music] we would love to help you to get that more sound, more 27:14 you to get that more sound, more 27:15 you to get that more sound, more high-value, and last rest. [music] Go to 27:17 high-value, and last rest. [music] Go to 27:17 high-value, and last rest. [music] Go to pitchyes.com. 27:19 pitchyes.com. 27:19 pitchyes.com. We run monthly virtual events that get 27:23 We run monthly virtual events that get 27:23 We run monthly virtual events that get you to have [music] a 2-minute pitch in 27:25 you to have [music] a 2-minute pitch in 27:25 you to have [music] a 2-minute pitch in front of operators, investors, and 27:28 front of operators, investors, and 27:28 front of operators, investors, and experts in the health, dental, and 27:30 experts in the health, dental, and 27:30 experts in the health, dental, and wellness space, 27:31 wellness space, 27:31 wellness space, >> [music] 27:32 >> [music] 27:32 >> [music] >> and help you to see what are the 10 27:33 >> and help you to see what are the 10 27:34 >> and help you to see what are the 10 major things you do have to deliver at 27:36 major things you do have to deliver at 27:36 major things you do have to deliver at [music] every time, and so you can truly 27:39 [music] every time, and so you can truly 27:39 [music] every time, and so you can truly create the impact and meaning that you 27:41 create the impact and meaning that you 27:41 create the impact and meaning that you meant to do. 27:43 meant to do. 27:43 meant to do. And for some of you who are just running 27:45 And for some of you who are just running 27:45 And for some of you who are just running bunch ideas, 27:47 bunch ideas, 27:47 bunch ideas, you do have to also practice your pitch, 27:49 you do have to also practice your pitch, 27:49 you do have to also practice your pitch, because if those ideas are not [music] 27:51 because if those ideas are not [music] 27:51 because if those ideas are not [music] sound, you don't want to to spend all 27:54 sound, you don't want to to spend all 27:54 sound, you don't want to to spend all those time, money, and energy building 27:55 those time, money, and energy building 27:56 those time, money, and energy building something that is not sellable. 27:59 something that is not sellable. 27:59 something that is not sellable. So, uh appreciate Jean for sharing your 28:02 So, uh appreciate Jean for sharing your 28:02 So, uh appreciate Jean for sharing your expertise, your knowledge. People, go 28:04 expertise, your knowledge. People, go 28:04 expertise, your knowledge. People, go check out Jean's books, and uh we are so 28:07 check out Jean's books, and uh we are so 28:07 check out Jean's books, and uh we are so excited for you guys being here. We 28:09 excited for you guys being here. We 28:09 excited for you guys being here. We can't wait to hear from you. How have 28:11 can't wait to hear from you. How have 28:11 can't wait to hear from you. How have you been making those financial 28:12 you been making those financial 28:12 you been making those financial decisions? Whether it's diversifying 28:15 decisions? Whether it's diversifying 28:15 decisions? Whether it's diversifying your portfolio, start thinking about 28:16 your portfolio, start thinking about 28:16 your portfolio, start thinking about starting a startup company yourself, or 28:19 starting a startup company yourself, or 28:19 starting a startup company yourself, or simply investing in them. We continue to 28:22 simply investing in them. We continue to 28:22 simply investing in them. We continue to be here as a support. 28:24 be here as a support. 28:24 be here as a support. >> [music] 28:25 >> [music] 28:25 >> [music] >> Today's conversation brought financial 28:27 >> Today's conversation brought financial 28:27 >> Today's conversation brought financial decision-making back to reality for 28:30 decision-making back to reality for 28:30 decision-making back to reality for founders, investors, and innovators 28:33 founders, investors, and innovators 28:33 founders, investors, and innovators navigating [music] 28:34 navigating [music] 28:34 navigating [music] many of these uncertain markets. 28:37 many of these uncertain markets. 28:37 many of these uncertain markets. Jean [music] and I unpacked the 28:39 Jean [music] and I unpacked the 28:39 Jean [music] and I unpacked the differences between hype and 28:41 differences between hype and 28:41 differences between hype and sustainability, why entrepreneurship 28:44 sustainability, why entrepreneurship 28:44 sustainability, why entrepreneurship demands a completely different 28:46 demands a completely different 28:46 demands a completely different relationship with risks and how 28:49 relationship with risks and how 28:49 relationship with risks and how long-term wealth is built [music] 28:51 long-term wealth is built [music] 28:52 long-term wealth is built [music] through discipline instead of emotional 28:55 through discipline instead of emotional 28:55 through discipline instead of emotional investing. 28:56 investing. 28:56 investing. The discussion also explore [music] the 28:58 The discussion also explore [music] the 28:58 The discussion also explore [music] the hidden sacrifices behind startup growth, 29:01 hidden sacrifices behind startup growth, 29:01 hidden sacrifices behind startup growth, the psychology behind money decision, 29:04 the psychology behind money decision, 29:04 the psychology behind money decision, and why sustainable [music] 29:05 and why sustainable [music] 29:05 and why sustainable [music] legacy building requires founders to 29:08 legacy building requires founders to 29:08 legacy building requires founders to think beyond short-term wins. Here are 29:11 think beyond short-term wins. Here are 29:11 think beyond short-term wins. Here are the key things 29:12 the key things 29:12 the key things >> [music] 29:13 >> [music] 29:13 >> [music] >> that we have learned today. Number one, 29:15 >> that we have learned today. Number one, 29:15 >> that we have learned today. Number one, most founders think they understand 29:17 most founders think they understand 29:17 most founders think they understand risks until [music] the market test 29:20 risks until [music] the market test 29:20 risks until [music] the market test them. Many founders and advisors make 29:22 them. Many founders and advisors make 29:22 them. Many founders and advisors make decisions based on confidence, trends, 29:26 decisions based on confidence, trends, 29:26 decisions based on confidence, trends, or excitement instead of truly 29:29 or excitement instead of truly 29:29 or excitement instead of truly understand risks. Myself and John 29:32 understand risks. Myself and John 29:32 understand risks. Myself and John explore how blind [music] 29:34 explore how blind [music] 29:34 explore how blind [music] optimism, 29:36 optimism, 29:36 optimism, over concentration, and poor 29:39 over concentration, and poor 29:39 over concentration, and poor diversification 29:40 diversification 29:40 diversification can quietly create financial fragility, 29:42 can quietly create financial fragility, 29:42 can quietly create financial fragility, [music] 29:43 [music] 29:43 [music] especially in fast-moving sectors like 29:47 especially in fast-moving sectors like 29:47 especially in fast-moving sectors like healthcare innovation and AI-enabled 29:49 healthcare innovation and AI-enabled 29:49 healthcare innovation and AI-enabled technologies. [music] 29:51 technologies. [music] 29:51 technologies. [music] Number two, diversification is more than 29:54 Number two, diversification is more than 29:54 Number two, diversification is more than [music] a financial strategy, it's a 29:57 [music] a financial strategy, it's a 29:57 [music] a financial strategy, it's a survival strategy. This conversation 30:00 survival strategy. This conversation 30:00 survival strategy. This conversation expand diversification 30:03 expand diversification 30:03 expand diversification beyond 30:03 beyond 30:03 beyond >> [music] 30:03 >> [music] 30:03 >> [music] >> stocks and portfolio into business 30:06 >> stocks and portfolio into business 30:06 >> stocks and portfolio into business strategy, partnership, [music] and 30:09 strategy, partnership, [music] and 30:09 strategy, partnership, [music] and revenue stream. Founders who rely too 30:12 revenue stream. Founders who rely too 30:12 revenue stream. Founders who rely too heavily on [music] one client, one 30:15 heavily on [music] one client, one 30:15 heavily on [music] one client, one investor, or one growth channel often 30:18 investor, or one growth channel often 30:18 investor, or one growth channel often create [music] unnecessary pressure that 30:20 create [music] unnecessary pressure that 30:20 create [music] unnecessary pressure that limits long-term sustainability. 30:23 limits long-term sustainability. 30:23 limits long-term sustainability. Number three, 30:24 Number three, 30:24 Number three, building a startup requires a different 30:27 building a startup requires a different 30:27 building a startup requires a different relationship with time and [music] 30:28 relationship with time and [music] 30:28 relationship with time and [music] money. We discuss how startup investing 30:32 money. We discuss how startup investing 30:32 money. We discuss how startup investing and entrepreneurships are long-term 30:34 and entrepreneurships are long-term 30:34 and entrepreneurships are long-term [music] 30:34 [music] 30:34 [music] games that require patience, liquidity 30:37 games that require patience, liquidity 30:37 games that require patience, liquidity plans, and emotional discipline. [music] 30:40 plans, and emotional discipline. [music] 30:40 plans, and emotional discipline. [music] Many founders underestimate how long it 30:43 Many founders underestimate how long it 30:43 Many founders underestimate how long it takes to scale a company, especially 30:45 takes to scale a company, especially 30:45 takes to scale a company, especially [music] 30:45 [music] 30:45 [music] in healthcare, where adoption cycles, 30:48 in healthcare, where adoption cycles, 30:48 in healthcare, where adoption cycles, regulatory bodies, and trust-building 30:51 regulatory bodies, and trust-building 30:51 regulatory bodies, and trust-building take [music] 30:52 take [music] 30:52 take [music] years. 30:53 years. 30:53 years. Number four, entrepreneurship looks 30:56 Number four, entrepreneurship looks 30:56 Number four, entrepreneurship looks exciting [music] 30:57 exciting [music] 30:57 exciting [music] from the outside, but it's built on 31:00 from the outside, but it's built on 31:00 from the outside, but it's built on sacrifice. Behind every successful 31:02 sacrifice. Behind every successful 31:03 sacrifice. Behind every successful founder story [music] are years of 31:05 founder story [music] are years of 31:05 founder story [music] are years of uncertainty, long hours, delayed 31:08 uncertainty, long hours, delayed 31:08 uncertainty, long hours, delayed gratification, and [music] financial 31:09 gratification, and [music] financial 31:09 gratification, and [music] financial pressure. We highlight that 31:12 pressure. We highlight that 31:12 pressure. We highlight that entrepreneurship is not just about 31:14 entrepreneurship is not just about 31:14 entrepreneurship is not just about innovation or freedom. 31:16 innovation or freedom. 31:16 innovation or freedom. It is about being willing to tolerate 31:18 It is about being willing to tolerate 31:18 It is about being willing to tolerate risks and sacrifices [music] that most 31:21 risks and sacrifices [music] that most 31:21 risks and sacrifices [music] that most people are unwilling to make. Number 31:24 people are unwilling to make. Number 31:24 people are unwilling to make. Number five, wealth is not about money. It's 31:27 five, wealth is not about money. It's 31:27 five, wealth is not about money. It's about alignment and legacy. [music] 31:29 about alignment and legacy. [music] 31:30 about alignment and legacy. [music] One of the deeper themes in this episode 31:33 One of the deeper themes in this episode 31:33 One of the deeper themes in this episode was that financial decisions are often 31:35 was that financial decisions are often 31:35 was that financial decisions are often shaped by [music] personal stories, 31:37 shaped by [music] personal stories, 31:37 shaped by [music] personal stories, emotional experiences, 31:39 emotional experiences, 31:40 emotional experiences, and the kind of life [music] founders 31:42 and the kind of life [music] founders 31:42 and the kind of life [music] founders want to create. I emphasize that wealth 31:45 want to create. I emphasize that wealth 31:45 want to create. I emphasize that wealth should support a sustainable ecosystem 31:49 should support a sustainable ecosystem 31:49 should support a sustainable ecosystem for your family, 31:50 for your family, 31:50 for your family, >> [music] 31:50 >> [music] 31:50 >> [music] >> your business, and your community, 31:53 >> your business, and your community, 31:53 >> your business, and your community, not just maximizing returns. 31:56 not just maximizing returns. 31:56 not just maximizing returns. Number six, [music] last but not least, 31:59 Number six, [music] last but not least, 31:59 Number six, [music] last but not least, sustainable growth comes from strategic 32:01 sustainable growth comes from strategic 32:01 sustainable growth comes from strategic decision-making, not hype. From tax 32:05 decision-making, not hype. From tax 32:05 decision-making, not hype. From tax planning [music] and liquidity risk to 32:07 planning [music] and liquidity risk to 32:07 planning [music] and liquidity risk to market timing and founder psychology, 32:10 market timing and founder psychology, 32:10 market timing and founder psychology, the conversation 32:12 the conversation 32:12 the conversation >> [music] 32:12 >> [music] 32:12 >> [music] >> reinforced the importance of thinking 32:15 >> reinforced the importance of thinking 32:15 >> reinforced the importance of thinking long-term. Founders and investors who 32:18 long-term. Founders and investors who 32:18 long-term. Founders and investors who succeed are often the ones who stay 32:21 succeed are often the ones who stay 32:21 succeed are often the ones who stay disciplined [music] during periods of 32:23 disciplined [music] during periods of 32:23 disciplined [music] during periods of hype and making decisions based on 32:25 hype and making decisions based on 32:25 hype and making decisions based on sustainability 32:27 sustainability 32:27 sustainability instead [music] of emotion. Now, let me 32:30 instead [music] of emotion. Now, let me 32:30 instead [music] of emotion. Now, let me ask you this. What is the one financial 32:33 ask you this. What is the one financial 32:33 ask you this. What is the one financial belief or money mindset you inherit 32:36 belief or money mindset you inherit 32:36 belief or money mindset you inherit growing up [music] that still affect how 32:39 growing up [music] that still affect how 32:39 growing up [music] that still affect how you make business decisions today. 32:42 you make business decisions today. 32:43 you make business decisions today. Thank [music] you for listening. 32:44 Thank [music] you for listening. 32:44 Thank [music] you for listening. Remember, the positive change we're 32:46 Remember, the positive change we're 32:46 Remember, the positive change we're seeking starts right here with me and 32:49 seeking starts right here with me and 32:49 seeking starts right here with me and you. [music] 32:50 you. [music] 32:50 you. [music] If you are a fan of the show or if you 32:52 If you are a fan of the show or if you 32:52 If you are a fan of the show or if you are just having struggles or success 32:55 are just having struggles or success 32:55 are just having struggles or success that you're either [music] experienced 32:57 that you're either [music] experienced 32:57 that you're either [music] experienced in the past or are experiencing now in 33:00 in the past or are experiencing now in 33:00 in the past or are experiencing now in the healthcare industry, these matter to 33:03 the healthcare industry, these matter to 33:03 the healthcare industry, these matter to all of us. I want to hear from you. 33:07 all of us. I want to hear from you. 33:07 all of us. I want to hear from you. Visit sabrinarombach.com/connect 33:10 Visit sabrinarombach.com/connect 33:10 Visit sabrinarombach.com/connect [music] 33:11 [music] 33:11 [music] and send me a direct message. Talk soon.
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