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Saving with Steve, 18/05/2021

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Saving with Steve
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Guests, Jeff Tinsley and Jenn Donahue

Saving with Steve with Steve Sexton

Guests, Jeff Tinsley and Jenn Donahue

Saving with Steve

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The Save With Steve Show, hosted by Steve Sexton will help you with ins and outs of money. We talk about financial issues that that could be costing you thousands of dollars and keeping you up at night.

We talk about “money”… tax reduction, saving more, how to spending less and get more, 401k’s, risk management, retirement, and everything under the sun that relates to you having a healthier happier relationship with money.

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Weekly Show
BBS Station 1
Tuesday
Starts
6:00 pm CT
Ends
6:55 pm CT
Show Transcript (automatic text 90% accurate)

everyone has their own unique views and needs when it comes to financial success if you'd like to leave your financial woes behind and live a life of Financial Freedom you've come to the right place welcome to the saving with Steve show hosted by Steve Sexton the show will help you with the ins and outs of money we talked about financial issues that could be costing you thousands of dollars and keeping you up at night we talked about money tax reduction saving more spending less 401K risk management retirement and everything under the sun that relates to you having a healthier happy relationship with money now here is your host of saving with Steve Steve Sexton welcome to the new show where we talked about the ins-and-outs of money pretty much everything on the side of her lights are you having a happier or healthier relationship with money my name is Steve sex and welcome to the show I want to thank you all for listening viewing or just hit the half-million you were list and I appreciate it all today we have a very
Christine show for you we have a something special as more dedicated to my daughter she is a junior studying forensic accounting she's about to jump into the corporate world you wants to be their Chief woman in charge and it's interesting in that KPMG who also just offered her an internship which is really cool did a study for dancing to Future women in business that study studied 750 women who are one or two levels below the executive level and a majority of the women felt that they did a fight experience feelings of inadequacy self-doubt imposter syndrome is at certain points in their career now Jen. Who who's been through it she's been through the Navy she's a PhD in engineering which is special the entrepreneur mentoring she's mentoring women how to do this whether you're a woman in management or men you can learn from her we're also going to be talking about the three main risks and retirement income I'll be doing that a little bit later but now let me introduce our first guests
I want to start this job I think how would you like to be in a 300 million dollar business that doubled in 2020 and it seems to continue to level they say Love Hurts with romance scams that's doubly true hearts are broken walls are empty for three years running people reported losses and losing more and more money to romance scams than any other fraud in 2020 reported losses to run a dollar value of 304 million at 50% from 2019 now the medium loss from a romance can is about $2,500 but you do know that's triple from 2016 to 2020 I personally know people who been caught up in this and I've lost hundreds of thousands and they were so embarrassed that they didn't want to file any type of police report and tell they were told that we're going to have to pay taxes cuz they took the money out of their Ira it's reasonable to wonder what happened in 2020 to make these losses to do to spike and obvious reason maybe the pandemic living or building
meet in person but outside the pandemic the sheriff's of people have ever used an online dating app has been rising and romance scams are primed to take advantage that's why we have Jeff Tinsley the co realme 3 walkthrough what's going on what we can do it and how his company can help Jeff thanks for joining us today do you think you so much for having me before we get going with everything I'd like to have everybody understand your background your journey is an entrepreneur so they can see where all this came from I guess I'll start with the fact that I'm a longtime internet entrepreneur 94-95 before people even knew what the internet was I was trying to convince people that they was going to be a big deal and important for their business to get online and I asked that I happen to find an old a brochure that I made from you no more than 20 to 25 years ago and it was basically telling people to get it said that they were 15 million people online
convincing people that the internet was going to be a big deal I was right it took a little bit longer then then I thought by some interesting businesses that were quite successful along the way and you know really excited about the mission that we have right now real me and because we're doing something that is important for people trying to you know help people out consumers be safer online avoid scams avoid fraud and worse like where things are happening out there I know you touched on kind of the dating category area but you know that the scams and frauds are actually pudding significantly more than that it's just you know you were right the romance scams have grown by 50% year over year according to the FTC but scams overall I think that TC said that they were actually 3.3 billion dollars and scams in 2020 and those that was up 83% probably know because of the pain
having an impact they're in the back causing people to get desperate and dude horrible things and and take advantage of other people that we're trying to help in that regard how people become safer by knowing who they're dealing with online to reduce that that fraud reduce those scams people whether it's doing business or connecting with people will you come to pin on digital interactions heavily from your perspective what is some of the biggest issues facing an online Marketplace today so it's interesting you know our service our platform supports the marketplaces to make them more trusted so when I say Marketplace in talking about any kind of a service that does connect to people basically connect strangers cuz like you said more and more of us are just connecting with strangers because of the internet eCommerce sites where you're buying and selling online we hope to really apply our platform help people know who they're dealing with so they don't they don't get involved with the wrong people and don't get taken advantage up there was a cartoon
from The New Yorker in July of 1993 and in that cartoon it read with the dog is looking at a computer and it says on the internet nobody knows you're a dog right that's the quote from the Dawn and Once Upon a Time the way we see it inside okay then people like the idea of anonymity on the internet but you know what I don't think any of us back then I didn't see the fact that neither that someday we would rely so much on the internet for important valuable business whether you're dating or buying and selling etcetera and so we think the idea of anonymity doesn't make sense in a lot of contacts anymore than people getting taken advantage of because there is too much anonymity in places where it shouldn't be and people are taking advantage of that I do a lot of reports in fact I've gone on local TV news about five games in one of the things that I see more and more of it right now people get their taxes done and there's ghosts
tax prepares they don't even have a tax preparers ID number and they're charging a percentage that get this great little spiel about hey will make sure you get a larger refund and all that stuff and the reality is once they do that they're gone and nobody can find them cuz they don't sign anything the person's left holding the bag three years later when the IRS comes back to him for that money that they should have received right on top of that in my business as a Financial Consultant there's lots of little Trent happening because everybody's starting to do the webinar they're connecting with people they are but I can't say they're really connecting on cuz they're not touching and feeling them and ask such there's a trust disconnect there because people can't really see because they realize that everything is not true on the internet what a group called fticonsulting one thing we were kind of surprised to find out he's there is actually a very low level of trust me we're all relying on the marketplaces to connect with folks including like you said finding
have the tax preparation person and what we found out was that the majority of Americans actually don't trust who'd they get connected with online and so it's a big problem that they don't trust them that affects the marketplaces that connect the people themselves but then on top of it you got the Bad actors out there they're propagating you know orbital scans taking advantage of people and that's what you do real me to change with the way we're trying to do it is pretty simple just trying to help people know who they're engaging with and all these different contacts just like we do in the real world in real life when you meet somebody you get to know them you may be a person of things about them you know a little bit about their past etcetera so we think that's going to help reduce the scams reduce the fraud reduce even worse outcomes and it's critically important that people know that these kinds of services are available out there to help them about he doesn't think the
way in this person I met with we used to work together when I was an executive at the automobile club he says you have to understand something these people this is their business they do this every single day they go out and talk to people on the internet try to develop a relationship try to do something with the means of getting to your money or your information they could be spending months working somebody to put it it's their business you can say how dare you these people do that that's how you feel but you come from a perspective like I didn't know if people would do this or people are like this so I think people need to understand there's people who are generally out for your money they don't care what they have to do and a lot of them sit and chat rooms all day long and that's their job right now and I read a study that people off 3.3 billion dollars to scams and didn't just last year at the I report something like twenty billion dollars lost a year
a lot of it goes unreported frankly what we know about the problem of people getting taken advantage of and engage with the wrong folks is a bigger problem than everybody realizes what the real numbers are I don't know it could be 20 40 50 billion dollars last year and I'm talking about in the United States alone and it's growing at a at a horrifying clip right mind places are around a second we got to take a break okay with us we're going to talk more about this is a very important subject and sick with this route right back out of K pay a couple bills more expert advice for having a happier relationship with money still to come on the saving with Steve show
don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where did he talk about the ins-and-outs of money was Financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon
welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton thank you for tuning in and appreciate you letting your friends family and Associates know about the show all the replays are available at saving with Steve. You asked if you're enjoying the stories of helpful information and insight on saving Steve encourage you to subscribe to your YouTube channel so you never missed a show to check out a few of our affiliate that UK Health radio bvs radio talk radio New York City e360 TV Las Vegas TV network all these networks are dedicated to empowering you to solve problems uplift your spirit and live a life of personal financial freedom and you can also follows get the standing with Steve Sexton Facebook page Financial tips the holeshot we're back here with Jeff Tinsley the CEO of the real mean and we're just talking about a tip of the iceberg of people who do not report the scams
why do they report the scams Jeff that's interesting I don't have enough information there what I have read is that some people are simply embarrassed you always a big issue like when somebody gets taken advantage of you feel so down on yourself that you were taking advantage of that you made a mistake and I encourage everybody to report these kinds of issues it's the only way that the FBI that PC can really take notice and start to do things to push for legislation that requires more marketplaces that connects strangers to require them to allow consumers to take more easily check out the other folks at their engagement things like that we would love to see because the scams are prevalent it's getting worse consumers should not get taken advantage up like this and and I'm concerned about where it's going I know personally for people who have been taken by this one may land and three females who were the three females were involved with the scam where it was almost like online dating for them but the person was talking about this great and
and that they had was being involved with the pharmaceutical business and then the whole shot he was giving away founder shares that people can purchase took a month but they started withdrawing money from their Ira accounts on one lady was over $200,000 and we try to do everything we should call the police hear some of that the FBI you can call find out this is no no no no have to take out more than any more money because they're going to do this and they trusted him trust impressive and it was gone and once it was gone they were gone and the other gentleman it was one of those things where got a little bored or disenfranchised by being married and started talking with somebody online and next thing you know they were due to meet them but couldn't and all that we have an emergency over here and ask him to send money and he sent a bunch of money and then it all ended when his wife found out about it and obviously he's not married anymore but it's too common just like we've been talking about him getting worse yet the romance scam that you described that sounds like a cock from
Brad it's a common issue they develop a relationship and then next thing you know they have a medical issue or some kind of emergency as you described and they asked the person for a little bit of money in and asking for more money once we get a little better that sounds like a pretty good at getting more and it's a shame there a Simple Solutions to these issues it's snowing really being with check out who your engaging with when you're going to go eat with them especially when money is involved of course but even if the money isn't involved in your just trying to make sure that you know you're getting involved with somebody for a romantic relationship that's an important connection and relationship in your life you're making an investment effectively there where in California so we have a 50% divorce rate when people are over the age of 50 exactly over 75% they get remarried there's a 75% chance that it won't work out people when they get lonely are very susceptible on multiple levels I believe it's very important to whether you're working with somebody that's going to be an advisor Weatherby CPA Financial illegal
whether you're looking to date somebody and you would like that relationship to go further than where it is it might make sense
connect with somebody like the real me and to find out what they're all about so how would somebody go about doing that with your service Jeff well yeah I we think that we need to check out the other folks because just even with the example you're not only making an investment with your card very often you making the financial difficulty with these marketplaces that connects phone so that would make it easy for the consumer's rights lawsuits bankruptcies judgments who's on the sex offender list personal reviews that you can read you can learn more about what other people are saying about them can help you
they cannot be a victim of a scam and fraud or even worse because some of the outcomes that we read about our are worse than just just losing money of course though it's a safety issue it is a responsibility of the services that connects strangers to make it easy for their consumers to check each other out I don't think they want to hurt anybody and people were taking advantage of this platform but fortunately easy to work with us for in Stinson and make it easy for the consumer to check other people out and it's good for business want to give the other people are first of all about 62% of us adult Don't Trust the other person that's on the other side of the line that they're getting connected with more than 80% of them want to be able to check out the other folks online and it's too difficult through Google and we think it's the end of the day for these marketplaces it's good for business to build trust in those platforms because what we have also learned is that the consumers
said they're more likely to use a service that makes it easy to check out the other folks than an alternative right so it's good for everybody the trust in the marketplaces the consumers being safe reduction of Fraud and scams and horrible outcomes that not only bad for the consumers bad for the brand and so is your responsibility we feel for these marketplaces to embrace this and make an impact I think that's wonderful people just need to go to the real mean. Cam to connect with you is that correct there to park so if you have a Marketplace out there right you're a dating site or on e-commerce site and you want to work with us to make your sight safer and build up the Trust In Your Side you can go to the real me and and become a partner and then our sister site is my life actually for consumers if they want to go check someone out that they're dating or doing business with us. They can go to my life type in a name or phone number that sort of thing and check out the individuals reputation their background read reviews and no more about the person so they're safe and they don't make a mistake
so let's mylife.com mylife.com is the sisters type of consumers can go to an individual basis and hoping to be able to track for your audience more of these marketplaces that have responsibilities to make themselves safer and build trust and by working with the real me which is the platform that they are your company would fit in there but what is it really look like if I think a lot of people like he wears his moving to and the pandemic just expedited that so where do you see it going you can read about on Google indicate that these Marketplace that connects strangers online or just going to continue to grow like a weed I need more more people unfortunately we are hoping when we're getting a lot of traction a lot of really top sites are you don't have a gauge with us to make it to incorporate the ability to check out others in their sights and they see it as a
good for business even match.com just recently said in about a year or so they're going to have the ability to check people's background but if they're working with us we could actually deliver that to them today in the long run we are of course are hoping to make a dent in reducing these fraud and scams and I'm hoping as I mentioned before that legislation comes in the place that the FTC for instance make some recommendations to Congress to require these marketplaces are any site that connects people especially when there's money involved to make it easy for you to build a check out the other phone so we hope for some more legislation that requires and if that happens more people adopt art but you know the platform for safety that we have under real me I hope these numbers start to go down some of these numbers are just getting out of hand people are getting hurt and we've got a reverse the increase in scams I mean 83% increase in scams according to a PC in 2020 versus 2019 horrify
ruin for people's retirement I mean you had 60 to 70 year old people are actually going back to work cuz they have no choice it's just horrible so I'm thankful for a site like yours I didn't know it was my life so I want to make sure everybody knows about my life and then also the real me because if both of those are out there people can feel safer thank you very much yeah these numbers next time maybe we get together next year and hopefully we made a dent and making these numbers I'll go down stop the growth is horrible as many times as I do reports on scams which is two or three times a year I would love to hear that I'd love to hear hates there's a bit at debt been made by real me and these scams if actually dropped instead of doubled or tripled right looking good right now but we hope to make an impact really I hope your audience is careful everyone needs to be careful so I'm glad that you're doing this talk of course to make people informed like if people are aware then they'll be more careful and they won't be victims to go check out the people that you're engaging with that
don't know if you're dating or doing business with them you know anything you're buying and selling you have to check it since it's an imperative you know
Jeff I want to thank you for joining us today I appreciate the message I know my audience appreciates the message so I wish you well be safe and healthy and we'll look forward to seeing on the on the flip side I'd love to have you back in six months or so and see how this is going alright thank you Steve Vai by relationship with money still to come on the saving with Steve show
don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where did he talk about the in an ounce of money those financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit say
was Steve. Us at saving with Steve. Us saving with Steve. Us will see you soon
welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton show that was Jeff Hensley the real me and you know what like you said we talked about romance scams if you're looking weather to be getting in a new relationship online hiring a new financial advisor hire a CPA attorney or anybody online you can go to the real me or like my like I'm sorry it's you can go to mylife.com as an individual and check somebody out your doing business with this is ever-increasing Online Marketplace that way you can see if you got somebody that's not going to it's going to try and steal your heart and your wallet or just steal your heart so with that I want to thank Jennifer of being on the show now I'd like to introduce you to Jen Donohoe Jen's and US Navy veteran engineer on Twitter or she's a mentor
she spent her whole life working career in a man's world obviously the military now she's encouraging women in leadership positions to take their own camouflage off an ear if it's if they're the only woman in the room now I wanted to share this with everybody there was a study done by KPMG incidentally KPMG just hired my daughter's an intern in the accounting world and I'm so thankful because they focus on helping people or women in the management ranks and they did a study of people who were one or two levels above or below the c-suite and said hey you know what you know how are you feeling okay and you know what one of the big things that we saw there is they were concerned about the feelings for being an imposter okay the only person in the room all by themselves so you know what they felt more and more stressed as they accomplished more and they felt like they had to work harder just
because you're the only woman in the room now Jenn's a special species lived it so you know what it what gen welcome to the show I think this is unbelievably important whether 7 is a man or woman weather doesn't matter at this because I think that like I told you before it doesn't matter your gender your race how old you are I think it all adds to that all adds to the workplace and everybody should be valued and I think everybody realizes at Uvalde now before we gets done I just want to throw this out way back when when our kids were little my wife when she was called Moss mothers of preschoolers and she was freaking out about something the kids were doing and my son would like to be like to show and crayons then when she got there she started talking to others mom's and found it everybody's eating crayons so it wasn't something weird so why don't want to tell everybody is that you know what you're not in this alone you have people like Jen who can help you through and who's who's been there and to have that Fellowship of women or men or people in your own ethnicity to say hey I'm dealing with this
this is big so Jen again thank you for being here thank you so much for having me I'm really looking forward to this poor soul meets they would love to hear your story you know what the military is a tough place to be for anybody let alone a woman and you excelled and I just would love to hear store I know of our listeners would a little bit about yourself so I'm in Ocean engineer from Texas A&M and whenever I was about to graduate I realized I had all this angst and that I had to go on ahead to see the world I wasn't ready to just go down to Houston and he does start a job down there with the oil and gas industry I had to get out and I had to see things and so I looked at the different uniform services and found that the Navy was really the best fit for me no go into the ocean engineering program I was one of only two women in the program you know so I was kind of getting used to being the only female in the room is usually like just me and Michelle that was it
that the entire time and so whenever I come on into the to the military so first off you're not that many women in engineering and not that many women and Engineering that also want to join the military and so I was part of the civil engineer Corps and even to this day we're only about and dying to 10% women and I went to my very first command so is out in Guam and had just a fantastic time if anybody's ever has a chance to go to go on this year but it started there again I was one of only you know one of the only women in the room and he was the only other woman usually that was there he knows my other friend and through the ranks is just continue that way now I've gone to Pakistan to Afghanistan done expeditionary construction for the Marine Corps come all over the world and yes I just got used to really being one of the only females in the room that's that's a great story cuz if it's if it's interesting cuz a lot of people have lived that in their own corporate life and one of the things you can do
I like the statement that was made and I think you made it to his female entrepreneurs do you lean into the fact that you're a woman and I think you should shed some light on that because I think so many people are doing the fake it till you make it stopped and it doesn't really work I learned that early on cuz I was trying to be like the the older guys because like that's not mean I was at work I felt so stupid doing that so you don't help us understand that and what women can do if you're a female entrepreneur do you really lean into that and in talking to several of my other very competent friends and I know through my own life you know I had to scrap for what I got you know I felt like I had to work harder at work longer than all of my other counterparts in order to get where I was and what I found is that I I put on this camouflage and ignore doesn't really have anything to do with with the military but have kind of realized at that siding for a started is that I felt like I need
the blend in is how I didn't want to stand out as a female you know they usually got too much of the wrong type of attention and I just wanted to sort of blend in and and do my job it's just try to do it you know harder than everybody else and so I got used to this is like you know I didn't want to stand it and so no as an entrepreneur and owning my own company the question came up do I want to be a a w b e r business entrepreneur because my entire life I tried not to stand out and now I'm being asked to. It should I do this and I realized there's people out there that want to help us and we don't have to take it as hard as we have and so signing up to be a w b e or a wosb woman-owned small business it is actually been really helpful and and it's something that I have realize it's like you know this is this is the right thing to do because people do want to help you know some of the disadvantaged folks that are out there and it was really hard to try to get to that point
and so maybe that's just me and my own stubborn pigheadedness but that was one of the realization that I finally came to his that you know I do have to start to take off my camouflage and just be who I would really like to be okay with wonderful and all too often people think once in order to move up to do there to go to the next level they have to be a certain way and really look on there is there are no offense itself right so the board for a lot of people who are in a one in the crowd they all kind of gone through this process and once they realized that they had been putting on their camouflage to blend in and they started to take off the camouflage because everybody knew that hate you know they are doing a really good job they can stand on their own they start to take off that camouflage now all of a sudden they're just skyrocketing there just
because now they can be themselves and that's really what I found through a lot of my counterparts and it's not just females it's actually some men that are in female-dominated you know organizations you know once they figured out hey I can know sort of being myself and they're doing fantastic now electrical engineering and he's like at the top of his class and all that kind of stuff but you know what he was hoping to date this year but it didn't really work out because the pandemic and the fact there's like one girl and engineering
she's got to pick I mean that's good for her you know it in the dating thing you know how does somebody become a leader in a field at still dominated by men and you know what how do we go about building women leaders for the Next Generation I think it all has to start with that ground breaker you know what you get into a position where you're seen as a strong female leader you have to realize that now there's other females that are looking up to you and that was it was one of those really interesting realization that I went through in and like all of these younger females are now looking up to me and basically they told me it's like we Now understand that we can achieve this cuz previously we'd only seen men in these positions I taught at UC Berkeley and I had women coming into my office all the time just so glad that there was a finely f
email professor and that's what it takes you know you have to start that momentum you have to have a couple of ground breaker so that others are encouraged and motivated so that they can also go into those positions and it's also income in I think also on women leaders as well that we have to really look and we had to make a choice whatever we're looking at at people who were going to hire and put in different positions and it really depends on that person that you're looking at I'm not a firm believer and just grabbing a female because she's there look for the boast that you know that the one who is has the most fire and has the most drive you know maybe that's the person that looks like you at that time and maybe you help them out in order to help their their career as well as finding a good Mentor was it is wonderful that we had is Sookie now let's let's hold on a second cuz I want to talk to you about these at the essential
things you should be looking for in the right Mentor if you're looking for that within the organization and I know you've been through that and you probably and I know you've done an interview on it so that's why I want to talk about it so we got to take a break and pay some bills so stick with us or we'll be right back with more Jen more expert advice for having a happier relationship with money still to come on the saving with Steve show
don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show where did he talk about the ins-and-outs of money was Financial issues that could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending your investment risk management retirement and everything is so sweet with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with
Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon
welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton hello welcome back hey I want to truly thank you for tuning in I appreciate you letting your friends and family and Associates know about the show all the replays are available at saving with Steve. You asked if you're enjoying the stories of helpful information inside I'm saving with Steve I encourage you to subscribe to your YouTube channel so you never missed a show and check out a few of our Affiliates it UK Health radio BBS radio talk radio New York City e360 TV and Las Vegas TV network all these networks are dedicated to empowering you to solve problems uplift your spirit live a life of financial personal freedom also follow us on Facebook and join the saving with Steve sex and Facebook page and if you'd like to get replays guess guess you can always go to the saving with Steve. Us now we're back with Jen I don't want to say the song Down Home down here
Cameron added that out please they were back here with Jen done with lessons from leaderships but what we are talking about right now I think it's unbelievably important is to find the right Mentor what do you say essential things at once to be looking forward to finding that right Mentor growing up just because it really wasn't a thing at that time and so will I was a wild little thing I was going all over the place I was going to Take On The World by myself nobody could tell me what to do if a man I just made so many mistakes along the way whenever I got a little bit older all of a sudden I had some some people coming up and saying hey will you Mentor me and I'm like I have no idea how to Mentor you because I was never had a man for myself so I started looking into it and trying to figure out how do I be the best Mentor that I could as I pay you know what I'm going to do something even crazier I'm going to go get a mentor yeah I was like in my late 30s
now is the right time I'm going to try to figure out what this Mentor thing is about so I started looking around me and I found a couple of different people one of the things I found in my research was that don't have one Mentor have a board of directors somebody who's good at different things maybe there's somebody who's technically very strong and they could really help you technically and your job maybe that's a great mentor to have maybe somebody is really good at business maybe somebody's going to finance maybe you have somebody who's really good at their family life that could be a good Mentor don't think it's really important to look at these different aspects of your life and think where can I benefit the most at this time you don't have to get them all at once but maybe start to bring them bring on your board of directors slowly as you realized what you need to be better at so I have Linda's Technical and he's an absolutely fantastic and I just went up and I asked him and I said hey would you be my mentor and that's such a great honor you know
to be asked that and he had very few no strict stipulations and he was like okay you're going to have to work really hard and I'll give you lots of homework you know but if you want to be my mentee this is what you have to do and that was fantastic on the on the business side I have a mentor is well in a very different personality but I would say try out a couple of different people as mentors before you just log into one because it's really important you are sharing and all your life with them and your your fears and your weaknesses and you have to have that professional professional relationship is personal relationship with them as you go forward my last bit of advice is don't get somebody immediately within your chain of command you might want to have your boss as your Mentor but I would probably recommend against that maybe find somebody else in the company and the reason why is that you know they get they have some skin in the game as well so maybe if you want to change careers maybe they're not going to give you the best advice
because you're the best person they have on the team and so there's a conflict of interest there as well so that's my one recommendation is don't go for your immediate boss maybe look for somebody else within your sphere but somebody that you feel comfortable with I think that's wonderful I think the main point that a lot of people don't think about when they have a mentor is Eva Mentor 411 subject one vertical so to speak and I think it makes a lot of sense to have multiple mentors cuz I know I've had multiple mentors over the years in different areas that I was weekend and I said I I need help here and I love the fact that you talked about having ground rules on both sides so and a lot of people think that hey I should ask my boss to be a mentor well you know what they should be a coach anyways they should be a leader they should help you get to where you want to go but having somebody different provides a different perspective and I think that's wonderful and you know what when you're playing in the sandbox together if you can do multiple things you can do more in the sandbox which is really important
right exactly when we talked about surviving and thriving through a crisis so I know you've done interview that's one of the reasons why I wanted to ask the question what is the do you have a process for this I know you're an engineer all Engineers have a process was wondering what there is
yes and I learned this really in the military and so we're always ready for a crisis in the military we're always practicing or crisis and I found whenever I was an industry we really were practicing for crisis is very often and really is starts with the planning and sitting down and coming up with all of the different problems that could go wrong and then thinking about what we call an immediate action drills like if this goes wrong this is what we're going to do and we're going to practice that and we're going to get the whole team together so we're going to practice if this happens this is what we're going to do so for instance if your on your project and something goes terribly wrong and what are your immediate actions instead of freaking out which I know some people have a tendency to do don't freak out because you have a little rule up there this is this is what we do I contact this person to contact that person and now you're crisis isn't as bad because you're clicking through it and you know what you need to do and you know what your team needs to do as well know if you're in the middle of a crisis in
you just never planned for it which is probably somewhere that we're in like right now in our current you know do you know 2021 and 2020 so when you're in the type of Crisis as leader the one thing you really need to do is make sure that your team is doing what they need to do and that they have the resources and the care that they need because they're going through a crisis in addition to everything else is going around them and we have to make sure that as leaders were taking care of them yes we need to have our eye on our long-term goals but at the same time we have to make sure that we're taking care of our people so maybe that's they needed a different computer maybe they need more time to get things done whatever that might be during that crisis make sure that you're taking care of your team will take care of you and you'll get through it and then the last piece of this whole thing is that you have to debrief at the end so many of us whenever we're out of the crisis we just want to look forward and just go and we don't want to think about it but there's so much that can be done with the D
what did we do well what did which we improve upon what could make us more efficient maybe there was something that we found her in this crisis that if we did this we're more efficient in the long run so just take some time to just debrief first before you start to go for it because then you're ready for the next Crisis this is all cyclical because from what didn't work learn from what did work and utilize at the next step I seen I seen so many people freak out over stuff that they didn't need a freak out over and part of this just had to do is being calm and understanding okay here's where where do we have to go what do we need to do and I like the fact that you say take care okay there's obviously expectations but it's a crisis and things are you still need to set expectations so people can rise to the cause and I love that about what you said because I think that's a great message that people can resonate and say okay I can do this at
remember what's his name who was the mayor of New York City during 9/11 I forget his name of the top of my head but you busy you know he says one thing I learned is just leave the, sky in the room and then do exactly what you just said everybody is going to be in a situation like for example my daughter's going in to KPMG a lot of companies like that when you walk in the door or whether to be an intern or new employee they're going to put you through the hell month or two or three and they're going to have a large lofty expectations they're going to push you and you're going to have to learn and you're going to have to develop and grow otherwise you're probably not going to be there so you know what whether it's men or women how do you deal with the pressures of high performance expectations but first I hopefully you know that those are the expectations that you're going to have to live up to and then it's mentally prepare you might have to be working really long hours in order to meet those goals my advice and I'm an engineer
I'm a student for Life go in and study and study and study and study and work really really hard you know during that first start up. Because not only is that going to get ahead of the curve because you are saying you are working you know so hard people will see that you were invested in and there's going to be a time when they start to sort of slacking off a little bit on that because they're testing you but you have to go when you know with that idea and it's just like going through Boot Camp or or any type of other training you know that that's what you're going into so again you know study as much as you can work as hard as you can and establish yourself as dad go to person what does things are you want to chat about it before we end here is the yellers
yes I just called of Silence on the yellers that I mean when I was first working in the 80s yes people yelled and stuff like that and I quickly they you know who got away from them and moved off and all that stuff so what would be the advice if you're moving up if you know you feel the tendency to want to yell or scream or get upset at you know people that type of thing
done at my first opportunity to lead people I didn't know what I was doing and I looked at the leaders above me just like you were talking about and they were yellers and I guess this is how you leave people and so I went in and I yelled at my people and it just it felt horrible I mean it's one of those things where there was like 26 years ago and I still regret doing it because that really wasn't who I was and so my advice for folks if they feel like they have to be yeller's you know maybe that is their personality but don't fake it just because you think that that's what you're supposed to do understand who you are as a leader and maybe your compassionate leader maybe you're a selfless leader you know maybe you are a yeller and if you are a yeller I would highly recommend that you know you don't yell at your people because that doesn't do good for anybody you know they're going to go to please leave shut off I saw this happened just actually a couple weeks ago or somebody yelled at somebody else and you could just see a Walt went right up and
when they were saying was getting through you know the person felt awful on the other side and so it wasn't effective whatsoever so I would definitely say don't yell at your people and don't feel like you have to yell at your people just because you think that's what leaders are supposed to do and I want to thank you for being on the show today how can people I know your public speaker I know your mentor and entrepreneur how can people connect with you to follow you to you know get help if they need help or just be part of the girls group d o n a h u e I can also be found on LinkedIn at Jen Donahue and on Twitter at Jen Donahue and on Instagram and I am dead. Are you seeing a pattern so
Jen thank you so much I love what you're doing you're spearheading what can be what how women have a place to go to know somebody's been through it and you know it I think that's wonderful I know my daughter I've already set yourself to my daughter and she's like oh my God I love this so thanks again for being with us today share your knowledge and I wish you the most success and stay happy stay healthy you're welcome by by more expert advice for having a happier relationship with money still to come on the saving with Steve show
don't let your financial woes keep you up at night and prevent you from living a life of Financial and personal freedom hi I'm Steve Sexton post of the saving with Steve show we're going to be talking about the in an ounce of money was Financial issues it could be costing me thousands of dollars causing stress keeping you up at night we're going to talk about money tax reduction saving more spending your investment risk management retirement and everything is so she ate it with you having a healthier happy relationship with money soon as you've ever dreamed of living a life of Financial and personal freedom you owe it to yourself and your family to tune in to the saving with Steve show join me Steve section of the saving with Steve show as we talked about everything under the sun when it comes to money to learn more about the show visit saving with Steve. Us that's saving with Steve. Us saving with Steve. Us will see you soon
welcome back to the show that is here to help you achieve your financial goals it's the saving with Steve show now here's your host Steve Sexton little welcome back to saving with Steve this is Steve Sexton that was Jim Donahoe she was talking about how women can perform in the workplace and she's helping us through with all of her coaching and mentoring technique was wonderful I hope you and I was past this interview want to your daughters to the friends that you know there might be struggling or looking for help or just somebody to connect with Anna in the workplace so you know I think it was wonderful before that we have just insulae of the real me so that way you can check somebody out to make sure you trust them in the Online Marketplace and there were like to just talk to you about the three main risk in retirement income when it comes to retirement there are three areas families need to think about to protect their assets with people living on
an average of 65 for men 63 / I mean retiring at 65 for men 63 for females it's important to address 3 wrist or these risks in your retirement legacy plan first of all it's the sequence of return one of the fundamental pieces of retirement planning is to have a plan for income okay this is where use the three-legged stool our retirement income plan comes into play with Social Security pensions and personal savings there are also issues that you when you approach this few people have a pension and their questions about the solvency to Social Security that puts even more of a burden on personal savings and assets to fund your retirement the problem went with we we rely on personal savings if the market just right as you're about to retire shortly thereafter the sequence of returns or the sequence of return risk could have a negative effect on your retirement because you'll not have the time to rebound
if you're drawing off those assets okay this is why people came up with the rule of 100 so basic what you do here take your net your age subtract how old you are safe for 6535 leftover and that's how much you have introduced in the market and the other 65% and safer Investments now let's look at Market risk the second dress most people near retirement remember the downturn of 2002 and 2008 those were tough years in the market if you work your whole life in the market crashed as you get to retirement you have a detrimental effect on your income in retirement you probably don't want to see half your life savings wiped out by the downturn in the market this is where understanding the difference in fast-food tools and how they work and help you protect against Market risk and investment cannot can only have two of the following three characteristics remember this folks Investments can have growth safety and liquidity for example hey if you're at at me
yet in the bank you have checking savings and money market hey the money markets save your assets aren't going to go down hey no problem it's also liquid you can pull the money out anytime but there's really no growth potential I mean right now you probably get a money market or savings account appoint one quite frankly if you have one of those you're losing money safely but you losing money safely do the purchasing power okay but if you need the money for you know next three six months that's what you have that for now on the flip side you have money in the market has a potential for growth it's liquid hey really likes that but there's no guarantee of safety which people don't like when investing in the market you can have conservative moderate aggressive portfolios for those liquidity and growth potential money in the market you have to give up the guarantee of safety everyone with the conservative say portfolio there's still a chance you could lose money just ask anyone in his money in the markets in a 2000 and 2008 cuz their 401ks actually
listen to it to uncake in fact I was doing a presentation back in 2008 just after the crash to a number of lawyers in one says I hate you Financial people because I tell you I don't want to lose any money and I still lose money and then I have to explain to him the three worlds of investing the third leg that offer the potential for growth with guarantees of safety okay did Garrett is this a c come with either bank or insurance companies the trade-off there has to be a little bit of sacrifice in the liquidity side and needed investment tools could be things like certificates of deposits they could be multi-year Guaranty annuities they could be fixed indexed annuities index universal life insurance often an individual gets older closer to retirement they move more money to the safety from the gross side hence the rule of 100 so let's take about the talk about the third risk it's the risk of lungs
life expectancy in the US has roughly 79 years old given that it's important to make sure your income retirement will last as long as you do which is the number one concern for retirees this is why developing an income plan also involves developing and investment plan to bring these two concepts together to fight against longevity and ultimately bankrupt in your personal savings smell in the past individuals could just rely on their social security which was guaranteed income for life okay which is also geared and pensions which is also guaranteed income for life however these days fewer and fewer people at pensions and Social Security by itself will never not even cover most retirees monthly expenses this is we're having an income plan comes into play and the income plant needs to take into account that people are living longer there to strategies to protect against longevity risk and ensure that income will last as long as you do first their oxygen created additional income streams
fixed index annuities index universal life insurance where the assets can be turned into income streams for Life a second Wave 3 lines running down assets that's in a way to protect the sequence of return in other words you want a structure some assets k and a growth bucket and in a safe bucket and basically what you're doing here is your with strong your income from the growth bucket when the growth bucket is growing okay you have a safe bucket you're allowing to grow when the growth bucket stop screwing or goes negative because the market Retreats you take your income from the safety bucket when the car and then it'll and then allow your growth record to recover and then when it starts accruing again you start withdrawing your assets from there by doing so you could put yourself in a position or 20 years down the line you can have $200,000 more three or four $500,000 more
let me put that a real contact if you started with the $700,000 and looked at the sequence of withdraws from a growth bucket and a safe bucket and did It win took money out when the growth bucket was growing in the state bucket when the growth brother wasn't growing you can end up with 25% more in 20 years as much as 40% more Assets in 20 years just by working your sequence of distribution between a safe and a gross bucket K now that being said
they also have we always have to take a look at protecting our next date now one of the things that people do when they're not when they take a look at protecting their nest eggs is you know what the reality is you work hard for what you have it's important to consider strategies to protect and preserve that nesting this is we're creating an incoming investment plan that can create protect against sequence of returns Market risk longevity risk coming to play and there's one other thing that you probably want to look into that you want to protect against tax rate we all know based off current ministration a taxes are likely to move forward move up in the future so taxes can be detrimental to retirement plan so it's very important that you look at dealing with that tax risk can be very efficient when it comes to your tax planning you can experience by doing so you can explain it more clarity confidence and comfort it as
move into that dream retirement so please keep that in mind make sure you're having those discussions with your financial advisors because the reality is a more confident retiring is done through education and the more education you can get by understanding and getting Clarity on those return rest at Market rates at longevity risk and how it affects you will make a difference in your life and I want to thank you all for joining us today on saving Steve we talked with Glenn Jeff Hensley of the real me and if you want to go to my life. Come and check out somebody you're dating or somebody you're looking at doing in business with you can check out their background and see if they're real secondly we talked with Jen. Hope she was outstanding she's helping women in the workplace learn how to deal with the things that you know what does preconception and just know there are other people out there with your male or female that can help you get through the things that you're thinking about so you don't feel like an imposter so you're not doing things that don't forget you as the authentic you because doing that will give you more money
making more successful and give you a brighter life now next week we has a really awesome stuff to talk to you about but one of the things we're going to be talking about that a lot of people are asking is hey what's his bike is all about political we're just giving you the numbers but more importantly if those things go through or going to tell you what to do so with that I want to thank you all for joining today my name is Steve Sexton and this is the same thing with Steve will look forward to seeing you next week be safe be healthy by buy thank you for joining us for the saving with Steve show hosted by Steve Sexton to learn more about the show and how to become a guest or sponsor visit saving with Steve. Us that's saving with Steve. Us join us again next time as we continue to talk about everything under the sun that relates to you having a healthier happier relationship with money this has been the saving with Steve show hosted by Steve Sexton