WEBVTT NOTE This file was generated by Descript 00:00:13.962 --> 00:00:16.242 Riccardo Stewart: I wanna welcome you guys back to another episode 00:00:16.242 --> 00:00:18.492 of the A-W-M-N-F-L Podcast. 00:00:18.492 --> 00:00:21.822 My name is Ricardo Stewart, and I'm your host, and I'm joined with Sam 00:00:21.822 --> 00:00:24.222 Acho, Zach Miller and Jeff Locke. 00:00:24.642 --> 00:00:28.662 The three guys that are here that are my co-hosts, they have 20 years, over 00:00:28.662 --> 00:00:34.032 20 years of NFL experience, as well as financial expertise and fellas. 00:00:34.122 --> 00:00:39.402 Today I want to talk about the four tees of investing as an NFL athlete. 00:00:40.122 --> 00:00:42.462 Truth, touch, time, and tension. 00:00:42.792 --> 00:00:47.022 When I say truth, this is the truth that people need to hear, the things that they 00:00:47.022 --> 00:00:49.452 know and maybe they don't know touch. 00:00:49.542 --> 00:00:52.662 This is the relational aspect because when it comes to investing, 00:00:52.662 --> 00:00:54.402 sometimes it's about who you know. 00:00:54.492 --> 00:00:56.322 Who do you want to handle your finances? 00:00:56.412 --> 00:00:58.002 Do you want to do what yourself? 00:00:58.092 --> 00:01:01.242 Do you want to Combination of, of, of all of those things, 00:01:01.242 --> 00:01:03.192 but it's relational as well. 00:01:03.462 --> 00:01:05.202 And then there's gonna be time. 00:01:05.892 --> 00:01:08.862 And sometimes in investing, we want things to go quick and there 00:01:08.862 --> 00:01:11.832 is something about patience and time that I want to talk about. 00:01:11.982 --> 00:01:13.272 And lastly, tension. 00:01:13.452 --> 00:01:16.392 I think anything you do that's worthwhile is gonna have tension. 00:01:16.392 --> 00:01:20.262 And tension is not necessarily a negative thing, it's an expected thing. 00:01:20.262 --> 00:01:21.852 And so how do you begin to handle it? 00:01:21.852 --> 00:01:26.142 And so let's start first with the truth of investing of an NFL player. 00:01:26.142 --> 00:01:28.782 Jeff, I'd love to just get your thoughts on what is the truth that 00:01:28.782 --> 00:01:30.282 people know and maybe they don't know. 00:01:31.138 --> 00:01:31.318 Jeff Locke: Yeah. 00:01:31.348 --> 00:01:33.598 Three, three main things come to mind for me. 00:01:33.898 --> 00:01:37.288 Um, the first is. 00:01:39.628 --> 00:01:41.578 Quality advisors, right? 00:01:41.698 --> 00:01:44.488 Don't sell you on being able to pick better investments 00:01:44.488 --> 00:01:45.868 than other advisors, right? 00:01:45.868 --> 00:01:49.498 That's, that's a myth in our industry, right? 00:01:49.498 --> 00:01:51.838 Talking like public markets, private markets, venture 00:01:51.838 --> 00:01:53.458 capital, that kind of stuff. 00:01:53.458 --> 00:01:58.048 There is some value in having a specific advisor over another, but 00:01:58.408 --> 00:02:02.068 if an advisor looks you in the face and says, Hey, hire me because I'm 00:02:02.068 --> 00:02:06.898 gonna pick better investments than the next guy, run away, right? 00:02:07.648 --> 00:02:08.518 That's not the value. 00:02:08.518 --> 00:02:10.078 That's old school broken mentality. 00:02:10.078 --> 00:02:13.288 That was, that was cool back in the seventies, eighties, nineties, when 00:02:13.288 --> 00:02:14.848 markets were shaped differently. 00:02:15.268 --> 00:02:17.758 But like that ain't, that ain't gonna do it anymore. 00:02:18.448 --> 00:02:18.958 Right? 00:02:19.168 --> 00:02:20.308 So like, don't let that sell you. 00:02:21.058 --> 00:02:21.448 Right? 00:02:21.448 --> 00:02:21.988 Second, 00:02:24.358 --> 00:02:28.768 people that understand your specific situation, right? 00:02:28.858 --> 00:02:31.198 Or the ones that you want to try and find, right? 00:02:31.198 --> 00:02:34.873 You can't just go to some advisor that helps mom and pop down the street. 00:02:35.773 --> 00:02:39.613 You, your life setup and mom and pop's life setup couldn't be more 00:02:39.613 --> 00:02:41.503 different at this point in their lives. 00:02:41.593 --> 00:02:46.903 Your lives and the way you both invest are completely different, right? 00:02:47.203 --> 00:02:51.133 So that's the second last truth that I wish I knew a lot earlier 00:02:51.133 --> 00:02:53.623 is incentives drive everything. 00:02:54.553 --> 00:02:59.113 So you gotta figure out how is this advisor getting paid if 00:02:59.113 --> 00:03:00.253 you're investing on your own? 00:03:00.583 --> 00:03:03.193 How is this platform I'm using getting paid how is. 00:03:04.243 --> 00:03:06.313 The people behind the scenes getting paid on the money I'm 00:03:06.313 --> 00:03:08.173 putting into the investment, right? 00:03:08.173 --> 00:03:14.413 It takes a lot of work to dig deep on it, but once you figure out incentives and 00:03:14.413 --> 00:03:17.923 how people get paid, it reveals a lot. 00:03:18.103 --> 00:03:22.033 For example, like if anyone comes to you and says, I'll do something 00:03:22.033 --> 00:03:24.943 for free, you should run, right? 00:03:25.423 --> 00:03:28.153 Because they're extracting it somewhere. 00:03:28.423 --> 00:03:30.133 They gotta make a living, right? 00:03:30.133 --> 00:03:31.513 If you want quality. 00:03:32.443 --> 00:03:35.413 You pay for it, and that should be the mentality, right? 00:03:35.413 --> 00:03:36.763 Also on the investing side. 00:03:37.453 --> 00:03:38.473 Riccardo Stewart: Gosh, that's really good. 00:03:38.923 --> 00:03:42.553 So you got truth, and then you got touch, which again I said is 00:03:42.553 --> 00:03:43.768 that's is the relational aspect. 00:03:43.768 --> 00:03:43.968 It's. 00:03:44.773 --> 00:03:46.453 Like, who should I trust? 00:03:46.693 --> 00:03:49.063 Because I gotta get to know who these people are. 00:03:49.273 --> 00:03:51.013 Should I just do it myself? 00:03:51.523 --> 00:03:54.013 Should I be educated and have a team? 00:03:54.013 --> 00:03:55.183 And what does that look like? 00:03:55.183 --> 00:03:57.613 When I think the relational aspect, I can't think of anybody 00:03:57.613 --> 00:03:59.593 better than the ask you, Sam. 00:03:59.593 --> 00:04:01.243 So how would you answer the touch part of it? 00:04:02.338 --> 00:04:05.998 Sam Acho: I would say in one of my best closest friends, mentors told 00:04:05.998 --> 00:04:13.738 me, he said, be quick to fire and slow to hire, quick to fire, slow to hire. 00:04:13.798 --> 00:04:14.668 What do I mean by that? 00:04:14.668 --> 00:04:19.348 When I first came out of college playing in Texas and going to the NFL, I ended up 00:04:19.348 --> 00:04:23.008 hiring a financial advisor because one of my teammates went with him and I thought 00:04:23.008 --> 00:04:26.668 I needed somebody in place, and this was a guy who, my teammate trusted him. 00:04:26.668 --> 00:04:28.888 And so if my teammate trusted him, I guess he should be good for me. 00:04:29.503 --> 00:04:33.703 That's not always the best thing because like Jeff said earlier, you have to 00:04:33.703 --> 00:04:35.743 understand how people are incentivized. 00:04:36.133 --> 00:04:41.443 So a few really years later, I ended up firing this guy and this guy who 00:04:41.443 --> 00:04:44.083 had, is going to the touch piece, he had been putting on a front like, 00:04:44.113 --> 00:04:45.433 oh, I'm the nicest guy in the world. 00:04:45.433 --> 00:04:48.703 As soon as I said, Hey, I'm going in a different direction, it flipped. 00:04:49.108 --> 00:04:51.958 So that point, the point in me saying that is just know that people 00:04:51.958 --> 00:04:55.318 will try to use you and manipulate you and play on your heartstrings. 00:04:55.468 --> 00:04:57.898 So to make you feel like you owe them something. 00:04:57.898 --> 00:05:00.388 Jeff said it earlier as well, Hey man, I'll do this for free. 00:05:00.388 --> 00:05:02.758 A lot of people who listen who are in college, yeah, I'll just 00:05:02.758 --> 00:05:04.408 do your NIL, just NIL agent. 00:05:04.618 --> 00:05:06.088 They're not just doing, just doing that for NIL. 00:05:06.088 --> 00:05:08.938 They're hopeful that you're gonna go and keep them when you go to 00:05:08.938 --> 00:05:11.248 the NFL and you don't have to. 00:05:11.968 --> 00:05:13.618 It's not that kind of relationship yet. 00:05:13.618 --> 00:05:15.238 So quick to fire. 00:05:15.718 --> 00:05:16.408 Slow to hire. 00:05:16.408 --> 00:05:19.498 Fast forward after I fired that advisor of a friend who I did trust. 00:05:19.498 --> 00:05:21.478 'cause oftentimes people do make decisions based off of 00:05:21.688 --> 00:05:23.218 research, but also who they trust. 00:05:23.458 --> 00:05:24.958 He said, you should meet this other person. 00:05:24.958 --> 00:05:25.408 She's great. 00:05:25.408 --> 00:05:26.938 And that, and this person was phenomenal. 00:05:27.658 --> 00:05:28.498 Was phenomenal. 00:05:28.498 --> 00:05:30.388 So that's when I took the mentality of, Hey, now I'm 00:05:30.388 --> 00:05:32.038 going to learn as much as I can. 00:05:32.488 --> 00:05:35.998 But the problem and also the facts were I was still trying to dial in 00:05:35.998 --> 00:05:39.118 as much as I could as a football player, contract year, et cetera. 00:05:39.418 --> 00:05:42.928 So I was in the middle of learning to, to try to do it myself. 00:05:43.393 --> 00:05:45.703 Really just learning, just so I can have a better understanding 00:05:45.703 --> 00:05:50.353 or grasp or or idea of what this whole financial space looks like. 00:05:50.893 --> 00:05:52.363 And it was a great relationship. 00:05:52.363 --> 00:05:55.603 But then also I realized, okay, there is something more that goes 00:05:55.603 --> 00:05:58.213 beyond just the financial advice. 00:05:58.813 --> 00:06:02.383 Taxes were, were a huge conversation that weren't being covered. 00:06:03.013 --> 00:06:04.963 That was, that was probably one of the biggest things. 00:06:04.963 --> 00:06:07.993 And even this idea of now we're having a conversation of a family office and 00:06:07.993 --> 00:06:11.143 what it is and what it isn't, venture capital, what it, what it is, what it 00:06:11.143 --> 00:06:14.203 isn't, the private, uh, investments, what they are, what they aren't. 00:06:14.503 --> 00:06:17.233 Those kind of conversations are conversations that you 00:06:17.233 --> 00:06:19.903 could and should be, not only having, but doing research on. 00:06:20.353 --> 00:06:24.283 So the point that I'm making is don't just hire somebody because you like 00:06:24.283 --> 00:06:28.693 them or because they're, they, you quote unquote trust them because it's easy. 00:06:28.813 --> 00:06:30.373 People love to manipulate, put it that way. 00:06:30.703 --> 00:06:33.253 So they'll try to manipulate you and play on your heartstrings. 00:06:33.253 --> 00:06:37.453 And I'm saying this from experience so that you will feel some kind 00:06:37.453 --> 00:06:38.983 of guilt when you make a decision. 00:06:38.983 --> 00:06:40.573 Make a decision to fire them. 00:06:41.443 --> 00:06:43.873 But like my friend said, man, be quick to fire. 00:06:43.873 --> 00:06:44.743 You know what's wrong? 00:06:44.743 --> 00:06:48.973 If you know something's wrong, you don't have to hold on forever. 00:06:48.973 --> 00:06:52.243 No, you look at the college football coaching world and we can probably put 00:06:52.243 --> 00:06:53.533 a pin in, we can talk about that later. 00:06:53.533 --> 00:06:55.948 But quick to fire, slow to higher. 00:06:56.683 --> 00:06:57.253 Riccardo Stewart: Love it. 00:06:57.688 --> 00:07:02.308 Truth, what you need to know and what you think you know, touch. 00:07:02.728 --> 00:07:04.528 It's about the who and the relational. 00:07:04.948 --> 00:07:09.118 And then time, there's a level of patience that comes along with investing. 00:07:09.448 --> 00:07:13.303 And Zach, can you speak more to when it comes to the time part of investment? 00:07:15.283 --> 00:07:20.623 Zach Miller: Patience is extremely hard when you make a lot of money in 00:07:20.623 --> 00:07:23.203 your twenties to be a patient investor. 00:07:23.203 --> 00:07:27.943 It's almost like it's unthinkable because you want you, people are gonna 00:07:27.943 --> 00:07:31.843 come to you and say like, Hey, I'll double your money in some unrealistic 00:07:31.843 --> 00:07:33.553 timeframe, like a year or two. 00:07:34.423 --> 00:07:36.823 If it sounds too good to be true. 00:07:36.913 --> 00:07:37.723 It is. 00:07:38.233 --> 00:07:41.653 That's why it's what happens to athletes, not just NFL guys, 00:07:41.653 --> 00:07:43.153 anyone who makes a lot of money. 00:07:43.648 --> 00:07:47.398 There is always people that are saying, Hey, I'll double, I'll triple your 00:07:47.398 --> 00:07:51.718 investment in, you know, a year, six months, all these unrealistic things. 00:07:51.718 --> 00:07:57.598 So to actually make good investments, you have to have incredible patience and 00:07:57.598 --> 00:08:02.818 discipline and the ability to stick to that plan through years, through decades. 00:08:02.818 --> 00:08:05.818 And that's why the best investors, the ones that make the most amount 00:08:05.818 --> 00:08:08.308 of money, they have a good plan. 00:08:08.923 --> 00:08:12.073 Then they have that patience to, to stick with it. 00:08:12.103 --> 00:08:14.773 You don't just rip up a game plan in the first quarter because 00:08:15.073 --> 00:08:17.143 there's one, one thing changed. 00:08:17.173 --> 00:08:21.133 Um, and to Jeff's point, there are so many people out there 00:08:21.133 --> 00:08:22.963 that are, they're just gambling. 00:08:23.023 --> 00:08:27.553 They're, they're, they're advisors that say they can predict the future. 00:08:27.913 --> 00:08:29.893 And no one can predict the future. 00:08:30.043 --> 00:08:34.513 People laugh at fortune tellers or, or uh, uh, psychics, and then they'll 00:08:34.513 --> 00:08:37.843 go hire an advisor that says he knows what the market's gonna do tomorrow. 00:08:38.173 --> 00:08:42.373 No one knows what the market is gonna do tomorrow, but we do know if 00:08:42.373 --> 00:08:46.993 you are investor in good companies for a long time, you've always done 00:08:46.993 --> 00:08:52.123 well, you've always done well, so you don't have to overthink it if 00:08:52.123 --> 00:08:56.923 you stick to your game plan and you stay invested for a really long time. 00:08:57.433 --> 00:08:58.963 It is slow at first. 00:08:58.963 --> 00:09:02.893 A rocket taking off uses most of all of its fuel, right at 00:09:02.893 --> 00:09:06.463 takeoff because it is hard to get the power of compounding going. 00:09:06.673 --> 00:09:10.813 So if you just let the process work itself out while you're in your high 00:09:10.813 --> 00:09:15.403 earnings period, the NFL players, that's your twenties, put that money to work. 00:09:16.198 --> 00:09:21.748 In good investments, you've now, you then you hit my age, you now have, 00:09:21.778 --> 00:09:25.498 or the rocket just cruising in space because that all those, you know, 00:09:25.498 --> 00:09:29.878 sacrifices or discipline or whatever you want to call it, of saving money 00:09:29.878 --> 00:09:33.268 in my twenties is now paying off for me when I'm about to turn 40. 00:09:33.688 --> 00:09:34.348 Riccardo Stewart: Love it. 00:09:34.438 --> 00:09:35.128 I love it. 00:09:35.398 --> 00:09:38.338 Truth touch time. 00:09:38.728 --> 00:09:41.883 When you have all three of those things, there is an expectation. 00:09:41.883 --> 00:09:42.403 There's gonna be tension. 00:09:43.153 --> 00:09:46.423 Things don't always go exactly the way that you want 'em, whether it 00:09:46.423 --> 00:09:50.053 be in any relationship, any business deal, and definitely not in investing. 00:09:50.053 --> 00:09:52.873 And so if you guys could give us just some brief things of what are 00:09:52.873 --> 00:09:57.433 those tension points that I can expect as an NFL player and investing 00:09:57.433 --> 00:09:58.903 towards multi-generational wealth. 00:09:59.968 --> 00:10:00.488 Sam Acho: I will go first. 00:10:00.748 --> 00:10:03.553 One of the tensions was me just asking my advisor, how do you get paid? 00:10:04.123 --> 00:10:05.803 That was a real big tension for me. 00:10:05.803 --> 00:10:09.643 'cause I was like, man, I don't want to seem like a guy who's, you know, uh, cheap 00:10:09.643 --> 00:10:11.173 or overly worried about these things. 00:10:11.203 --> 00:10:14.623 But I genuinely wanted to know and needed to know. 00:10:14.623 --> 00:10:18.013 And so there should be no reservations or hesitations when you're trying to 00:10:18.013 --> 00:10:20.173 find out exactly how somebody is paid. 00:10:20.173 --> 00:10:24.313 And secondly, and I'll pass it after this, is if they're using terms 00:10:24.313 --> 00:10:27.973 and terminology that is going over your head, go and do some research. 00:10:27.973 --> 00:10:30.223 And that those terminology, that terminology might be intentional. 00:10:31.153 --> 00:10:33.703 It might be intentional, it might be going over your head intentionally. 00:10:34.408 --> 00:10:36.718 You know, where it's like, oh, it's suitable and this, that, just, 00:10:36.718 --> 00:10:38.878 just, just, just, just listen. 00:10:39.088 --> 00:10:40.078 All I'll say is just listen. 00:10:40.678 --> 00:10:40.918 Riccardo Stewart: Okay. 00:10:41.278 --> 00:10:42.208 Jeff, what do you think? 00:10:44.893 --> 00:10:48.733 Jeff Locke: My tension is really just a reminder that markets don't always go up. 00:10:49.033 --> 00:10:51.553 I know it's invested the last couple years, right? 00:10:51.553 --> 00:10:54.313 It seems like this is just how it is. 00:10:54.583 --> 00:10:57.163 A little bit of a COVID dip happened, but then everything's 00:10:57.163 --> 00:10:59.233 just kind of been up into the right. 00:11:00.073 --> 00:11:00.343 Right. 00:11:00.373 --> 00:11:04.753 We, almost everyone on this call really has not experienced, you know, 00:11:04.753 --> 00:11:08.173 a really, really big one, like a great Depression, like one of those 00:11:08.473 --> 00:11:09.998 big ones in the past and almost. 00:11:10.843 --> 00:11:13.273 All young clients just coming into money have not experienced 00:11:13.273 --> 00:11:15.073 a true market downturn. 00:11:15.643 --> 00:11:20.023 That's when the discipline and the behavior gets tested, right When you 00:11:20.023 --> 00:11:23.563 open your account and see it down, right? 00:11:23.593 --> 00:11:28.033 And it might be down for a couple months or a year, or two 00:11:28.033 --> 00:11:31.333 years, or three years, right? 00:11:31.393 --> 00:11:35.473 And you're gonna rely on the plan and stick to the plan and not do 00:11:35.623 --> 00:11:38.293 the worst thing you can do, which is get out of the markets when 00:11:38.293 --> 00:11:39.553 they're down and not let 'em recover. 00:11:39.928 --> 00:11:42.628 So there's gonna be tension on average. 00:11:42.628 --> 00:11:44.908 It happens every 10 years of a big tension. 00:11:44.908 --> 00:11:50.488 You're gonna go through 5, 6, 7, 8 points of tension over your investing life. 00:11:50.548 --> 00:11:55.498 Just in market downturns, big market downturns that you gotta be ready for. 00:11:56.148 --> 00:11:57.518 Riccardo Stewart: Nice, Zach. 00:11:58.393 --> 00:12:02.023 Zach Miller: I think, I think a big tension is just to, when you are so 00:12:02.023 --> 00:12:07.213 successful as an athlete, as an NFL player, to be able to say like, I'm 00:12:07.213 --> 00:12:11.623 really good at football, but I'm gonna let the, the experts and the 00:12:11.623 --> 00:12:13.363 really good people at investing. 00:12:14.053 --> 00:12:17.443 We gotta find them and there's a lot of 'em out there that are not. 00:12:18.193 --> 00:12:24.163 And just being on our investment committee, the, the kind of intelligence 00:12:24.163 --> 00:12:29.503 and people that we have at a WM, we have the best chance to succeed 00:12:29.503 --> 00:12:33.133 when it comes to picking investments because of the team we have built out. 00:12:33.613 --> 00:12:35.683 And just to be able to admit, like, I don't know everything. 00:12:36.013 --> 00:12:38.413 I rely on the right people's advice. 00:12:39.403 --> 00:12:42.913 And, and just saying like, I'm not gonna do certain things on my own. 00:12:43.183 --> 00:12:45.793 I think a lot of NFL players want to kind of pick the deals. 00:12:45.793 --> 00:12:48.613 They want to pick like something, 'cause they want that 00:12:48.613 --> 00:12:49.933 control, they want to own it. 00:12:49.933 --> 00:12:55.063 And sometimes you should give up some of that control to the experts that are 00:12:55.063 --> 00:12:57.133 going to help your money grow faster. 00:12:57.723 --> 00:13:02.403 Riccardo Stewart: That's good when it comes to investing as an NFL player. 00:13:03.403 --> 00:13:04.213 You gotta have truth. 00:13:04.303 --> 00:13:08.893 You gotta know what's right and what's good and what's true and what's beautiful. 00:13:09.163 --> 00:13:12.013 You gotta have touch, you gotta have the right people pointing 00:13:12.013 --> 00:13:13.213 you in the right direction. 00:13:13.903 --> 00:13:14.863 You gotta have patience. 00:13:14.863 --> 00:13:16.093 So that comes with time. 00:13:16.273 --> 00:13:19.933 And when you have the truth, touch and time, the expectation is tension. 00:13:19.933 --> 00:13:22.033 It's not necessarily a bad thing, it's just something you 00:13:22.063 --> 00:13:23.833 expect and be able to navigate. 00:13:24.343 --> 00:13:27.943 Listen, we would love to be able to give you more resources on anything you've 00:13:27.943 --> 00:13:31.063 heard or if there's questions you have on anything we've heard, we would love 00:13:31.063 --> 00:13:32.473 to be able to answer those questions. 00:13:32.743 --> 00:13:35.383 Feel free to send us a text or give us a call. 00:13:35.443 --> 00:13:39.193 Our number is 6 0 2 9 8 9 5 0 2 2.