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Come join a groundbreaking new podcast that promises to change the way you think, the way you live, and the way you manage your future. Grab a cup of coffee, a 6mg Zyn, some noise-canceling headphones, and get lost in the world of the Fiscal Firehouse. With your co-host Jon Beattie and Louie Barela, the Fiscal Firehouse is your guide to financial freedom. Tailored to union firefighters, we will discuss problems, solutions, and benefits that are unique to our profession. Change your finances, change your life at the Fiscal Firehouse. Brought to you by Local 1309.
Jon: Welcome to the fiscal firehouse.
In today's episode, John and Louie
will talk about their motivations
behind creating the fiscal firehouse
podcast, a podcast created exclusively
for the members of local 1309.
John and Louie will open up about
their love and passion for personal
finance and And also give a framework
for what to expect from this podcast.
This podcast was born out of love for our
brothers and sisters, and we hope that
this podcast can provide valuable insight
into securing a positive financial future.
Please listen at the end of the podcast
for important disclosure information.
Without further ado, let's start the
first recording of the fiscal firehouse.
Hello, hello, hello, and
welcome to the Fiscal Firehouse.
I'm John Beattie, one of your co hosts,
and with me I have Louie Barela, I'm
your co host, and I'm excited to be here.
And that is Louie, the index funds
Barela, and for those of you that
don't know what an index fund
is, you're at the right place.
Stay tuned.
Stay tuned, that's right.
So this is what we're
gonna call episode zero.
We're gonna make this the soft
launch of the Fiscal Firehouse.
This is a podcast that is going to
be curated specifically for members
of local 1309, the over 400 of you
guys that are currently with us.
We're excited to be here.
There's, a lot of time and effort
that's gone into this process.
I want to talk about just the the genesis
of why we're, why we're doing a podcast.
Like, what is the, what is the needs?
Why are Louie and I doing this?
Even going down this adventure.
So first and foremost, , I want to
highlight, why are we making this
specifically just for our members?
You know, why is this just
for local 1309 members?
So first and foremost, , we want
to educate and highlight that,
this is a union sponsored podcast.
This is not with the affiliation
with West Metro and the organization.
And what I mean by that is union dues.
So the dues that we pay to the
union, they go for all sorts
of different things, right?
And one of, the ways that we're
facilitating this podcast is by
using some of those union dues.
So some of the equipment that Louie
and I are using, also the, The
podcast hosts that we're using,
they cost subscription fees.
So we are using some of that money
from the union to help support that.
So first and foremost, we want
this information to be tailored,
specifically to you guys.
We think that's part of a fiduciary
standard best bang for your buck.
We talked about what this podcast is going
to be and how we see it unfolding and we.
Don't know exactly what that's going
to mean We know that we want to have
an emphasis on financial education and
literacy But we also do know that we want
to have another communication channel
for the union to communicate with our
members All right So this potentially
can be a nice little platform to do that
because currently right now we have the
union meetings we have the union app
as well, NEP West Metro Firefighters,
professional firefighters, right?
There's that communication channel
and a big shout out to Ed Gaffrey,
For helping support that and read
Norwood and everyone else that helps
support all the information on that.
But really we understand, I mean,
Louie and I go to most of the meetings
and we just understand that, you
know, for a lot of our members is
a challenge to get there, right?
It's not a priority or it may be by be
a priority, but you have a lot of other
priorities in your life and it's just
not something that you You can make.
So we just want there to be an
avenue in which our members can have
another way to get some important
union information out there.
Whether it's dates or times or things
that are coming up, whether it's
political or just organizationally,
like we wanted to have the ability
to help have that conversation.
Yeah.
And we as an executive board, if we just
feel like this would be a good outlet to
get that information across, obviously
we're going to have a fiscal bend to
that or a financial bend to most of
our advice, but that doesn't mean that
we don't have room on this podcast to
have other information that we think is
valuable for union members to know about.
So that might eventually be guests
that we welcome into the podcast or
even people from the department that
might want to speak to the union
members as a way to educate them on
specific topics or specific issues.
No, well said Louie, well said.
And maybe this is a good opportunity once
again for those of you that don't know
the structure of the executive board.
Mike Mulcahy, he's our president.
Reed Norwood's our secretary treasurer.
I'm the One of the, vice presidents.
All right, so we have three vice
presidents, one for each shift.
I am the B shift rep.
Louie is the, vice president
and he represents A shift.
And then we also have Chintae Kim, who is
a vice president and represents C shift.
So for any of you guys across the shifts,
if you have issues, we typically recommend
going through your shift rep first.
So if you're on A shift, go to Louie.
If you're on B shift, you come to me.
And if you're on C
shift, you go to Chintae.
And obviously Mike and Reed help
facilitate a lot of that as well.
On top of the, that portion of the
executive board, we also have political
affairs, which is super important,
especially in this day and age.
And that's Kent Grosse.
And we have, PR, which
would be, Ed Gaffrey.
He helps us out with
communication and, PR related.
Items, that's correct.
We take, financial accountability and
transparency really seriously here at
West Metro, specifically with the union.
We have trustees that will,
audit the books, louie was a
trustee before becoming a VP.
So if anyone ever has questions,
about trustees or what they do, feel
free to reach out to the executive
board or . Directly to the trustees.
And I will speak on behalf, you know,
not being the secretary treasurer,
but talking a lot with Reed, and
Kevin, Reichenbach before him,
man, those guys do a great job.
They're dialed in.
They're dialed in.
Yeah.
As a, as someone who's had to do a
lot of financial reporting for, State
Department that I worked in in the past,
I can tell you that, they do a great job.
The books are solid, and I know that
the International Association of
Firefighters really appreciates the level
of detail that we spend on our books.
Shout out to Reed and all the work
that he does to keep the books
looking good for us, making sure
that we're spending our money wisely.
Yeah.
A hundred percent, that kind of
does dovetail a little bit into
kind of the history of, I want
to call it financial education
and literacy here at West Metro.
I think we're unique.
I'll be honest.
I don't know of really any other union
that has any form of financial education
literacy Podcast first and foremost.
So we might be the first ones to take
that endeavor, but really having a
history of, trying to educate our
members to the best of our abilities.
I remember getting on.
And, having some older folks that
had been here for a while, you know,
not even really know who I was,
but day one, day two type stuff.
They're like, Hey, have
you opened up your four 57?
All right.
Yeah.
And if you have you got to throw
as much money as you can at that.
They didn't tell me why
they just said, trust me.
You know, 25, 30, 35 years down
the road, you're going to be really
happy that you contributed to that.
And that was it.
And there wasn't any more context.
There wasn't really any more education.
It was just like, Hey, you
have to trust me on this one.
I'm trying to look out
for your best interests.
I want you to be
successful moving forward.
And I just know that this is going to
put you in a better place, financially.
And then just, you know, when you're
thinking about retirement, it's
going to be one less thing that
you have to worry about because
you've already been doing that.
So, right.
And I've known, I've noticed just
with the culture here, you know, we
all know what I think that's a really
important step in advancing what we do.
Here's what we make, what
everyone else makes at the table.
And, there's a lot of openness when
it comes to financial conversations.
And people are willing to share
their mistakes, their financial
pitfalls that they had in the past.
And I think that's a cool kind of
culture to have where they want the
younger generation to maybe not fall into
those financial traps that they've had.
So they give them advice, very
informal advice, like put money in a
Roth IRA or put money into your 457.
And so, yeah, that's how.
Financial literacy may be started at
West Metro a hundred percent and I
think that just speaks to the culture
here at the organization and just that
comfort level because you know if you
read anything like Finance and money
is still like the last true taboo topic
in american society They'll talk about
everything else, but people are still
very secretive about money and having that
conversation about money and it's just
for some people it's very uncomfortable.
Yeah, I feel like there's a lot
of shame right associated with it
There's a lot of shame or like or, I
don't know, disappointment, about
not knowing all about finances or
not knowing the best way to, to save
your money or to invest your money.
And that's sad, like we don't want that
to be the thing that prevents people
from achieving their financial goals.
You hit it right up the nail
on the head on that one.
Not only has it happened at the informal
level and then about 10, 12 years ago I
want to say it started to happen a little
bit more formally and that Happens during
the recruit academies and I know Louie you
can speak on this this happened before I
got hired I didn't have this opportunity
But Don Doherty was the first person that
took a step further and said I want to
provide more structured Education when
it comes to being a new person and new
recruit just getting ready to graduate the
academy You had hr day like four months
ago But you were so scared and there was
just so many things going through your
mind and filling out a bunch of paperwork
So I think he really wanted to have an
avenue in which Our members and the
recruits could have more of that open
dialogue about like, okay, I remember
this four 57 then, but what is that?
What is a four 57?
I don't even know what that
is and why should I do that
or why shouldn't I do that?
And Don just created a conversation
for a couple hours in which he had that
open dialogue in which people could,
have those conversations and feel a
little bit less intimidated and feel a
little bit more open to be like wanting
to know more and having more education
before they made those decisions.
So then after that, Louie came around,
and really, I mean, Louie, For everyone
that knows Louie has been really a
godsend for this organization for
a lot of different things But Louie
then took it upon himself after
Don's presentation just recognizing
like Don had a lot of great information
I got a lot of respect for Don.
Don's both a public accountant.
He's also a financial planner He's
got a lot of education a lot of
experience but sometimes Don's
delivery could be a little too high
level, a little too much in the weeds.
And I think you did a great job, Louie,
of transitioning from where Don went
and then you went more to okay, this is
just basic financial education, literacy,
financial independence, I think is my,
you might even titled the presentation
like, Hey, as a new firefighter.
These are just some really important
like concepts in, topics to think
about and just planting that seed.
You kept it more high level and just Hey,
this is what compounding interest is,
and this is why it matters to you now.
And really just had a nice
organic conversational way of
having that communication.
I think honestly, and Don was a
firefighter at the time too, but I think
having another fellow firefighter come
in and address them and no disrespect to
the chiefs or any other ranking officers
around here, but sometimes it's nice
to just have someone that's at your
same level, having that conversation,
you don't feel like this, there's
this authoritative aspect to it where
you're just absorbing the information
and you present it in a way that was
really well received and I'm sure people
have talked to you after the fact.
I appreciate that.
Yeah, it's been a, gotten
a lot of good feedback on.
That financial recruit presentation and
I think that's been the foundation of
financial education at West Metro as it
relates to goals for people's financial
future and financial independence.
So I called that presentation,
Financial Independence for Firefighters,
got a lot of good feedback on it.
In fact, there's been a lot of
recruits who've gone online that
have talked to their crew members
at the different fire stations that
they've been at, who've wanted to see
that presentation and have wanted me
to give that presentation to them.
So I think there's.
From that desire, we've, John and I,
are able to get an idea that there is
a hunger for financial knowledge and
financial education in our department.
So, that is where the union has gotten
involved and said, okay, what can we
do to help educate and give our members
some better information as it relates
to their finances and their benefits
that they get by working at West Metro.
You said it already, but I
think there's a driving desire.
So not only to have the education
when you first get hired, but then
have continuous education, just like
we do in everything else, all of
our other disciplines here, right?
Whether it's firefighting or EMS, like
we're constantly having to evolve and
learn more because things change, right?
Laws change, all sorts of
different things come into play.
So having that up to date information and
having what they call in the industry
point of time information, so most
people don't care about mortgages until
you're getting ready to buy a house.
And then you want to learn about mortgages
and you care a lot about it, right?
So I think if we can have a delivery
in which we can address some of
our members needs based on where
they're at, meet them where they're
at, and then just help carry on that
conversation we'll all be better for it.
And hopefully it better serves
them and getting the information.
When they want it or need it, or when
they're going to be receptive to it.
And not thinking about a
bunch of different things.
So with that in mind, John, the
hunger that we've noticed for
financial knowledge, can you share
with us your financial background
as well as your, desires or
passions for financial knowledge?
Financial literacy.
I'll get a little personal
on this specific topic.
So it actually stems back from Getting
hired here at West Metro where I first
had my foray, if you will, into financial
education or financial decision making.
I think it was 25 at the time.
I had just gotten hired and we
had our day one, our, HR day.
Oh yeah.
Good old HR day.
And this one was a little bit more.
Unique in that this was 07, so
I was part of the 0702 shout
out to you guys in the academy.
But for those folks that have also
been here around a while, you also
know 07 is when we did the FPPA
re entry into defined benefit.
We had HR day on a Friday.
And I vividly remember HR talking
to us, the recruits okay, I
need you to sign this paperwork.
You guys are going to have the option
to elect to either be defined benefit,
which is our pension, or you're
going to have the option to basically
have a 401, a type plan, a defined
contribution plan, a money purchase plan.
And on Monday.
I need you to have this
paperwork filled out.
And by the way, it's irrevocable.
You cannot change it.
This is a one time election.
And I just remember being like,
Wow, this is a tremendous amount of
responsibility for me to think about my
finances moving forward in retirement.
And I have no idea.
And it's Friday afternoon.
I don't know who to call.
I don't know where to
get this information.
I don't know what's going
to be in my best interest.
Everyone in your academy probably
felt the same way, right?
Like, what do I choose?
What's the best option?
What's the most optimal
decision for my future?
For my family, for my future,
there was a tremendous burden.
And at the time I didn't
have a family, right?
It was just me, solely me.
Yeah.
I was single at the time,
didn't have a family.
I didn't have any of these other
complexities that a lot of our folks have.
That's a tough decision to have
those, to have that decision.
So I just remember from that moment on.
It just resonated with me.
I'm like, wow, this is, this is important.
I don't know why yet,
but this is important.
And then realizing being in the fire
service, I don't know what it is
specifically about the fire service.
It might be some of our personalities.
It might be because of the
structure of our shift schedule.
But we seem to be more active and
I don't want to say worldly, but we
have a lot of hobbies and passions.
And for some reason, those hobbies and
passions turn into what are you going
to do in the second half of your life?
And that part of that is just the
structure of the fire service.
And, most of us are not Ron side
bottom, shout out to you, Ronnie, but
we are, and we can't work here, as
long as the private sector will work.
So our work life is cut short.
So I think that just doesn't happen.
I think we talk about retirement
a lot more than almost anywhere
else in any other industry.
And I can speak on that.
On the behalf of my wife who
also works in financial services.
And she talks about
retirement for a living.
And she is amazed by the amount
of conversations that have
happened around the kitchen table
with firefighters specifically.
And it's great.
It's great.
I love that.
And having that common,
dialogue and communication.
But I just, I think it's innate
in our nature to want to talk
about retirement and what the
second half is going to bring.
And we just all want to go do cool stuff.
Like most of us don't have a plan
on what are we going to do after
our career here at West Metro?
We're always looking forward
to that next chapter.
So that really got me.
honestly, in just finances in general.
And then obviously I ended up marrying
my wife, Katie shortly thereafter,
and just hearing about her dialogue
and what she was experiencing.
And then another kind of
seminal event happens.
I want to say it was like 2012, 2013.
That's when.
We basically, as a membership,
had to start contributing
more to our pension plan.
FPPA had voted, our members,
basically everyone that was
affiliated with FPPA voted, and they
voted to increase the membership.
Contributions
So, once again, that kind of raised this
like, well, man, I'm already paying 10
percent and now they want four more.
Like, why is this?
And there was just a lot of uncertainty.
I've always been one of those
people that's been a little bit
curious and just wanting a little
bit more information, a little bit
more detail, the why behind things.
So that also stood an interest in
what is this whole pension thing?
How does it work?
All these other things.
I just had another desire to be like,
okay, this is interesting and then
basically when Don Doherty left and
this was before you had taken over I
went to chief Lombardi with a proposal
and said, Hey chief, I'm really
interested in this finance stuff.
I think it's super important.
And this is something that I'm proud
of the organization that we've been
able to provide for our members.
But I quite frankly, don't have the chops.
I don't have the education.
I would like to go back to school and
learn more about personal finance.
And this is what I want
to do moving forward.
And chief Lombardi was very
gracious and he's like, okay, cool.
I think if that's what you want to
do and is how you're approaching it.
Proposing it like this is
valuable to our members.
We all know that financial strife and
constraints crosses over our lives,
and that affects our physical health.
It affects our mental health.
It affects our relationships, and
he definitely appreciated that, and
it was really important for him to
have someone else that could keep
being the torchbearer of that.
So I asked Chief Lombardi to go
back and and get my master's degree.
So I ended up getting my master's
degree from Kansas State University
in personal finance, which
was a a tremendous education.
You end up taking, I think it's
36 credits, half of which is
basically what you would think
about someone in personal finance.
So like the structure of personal finance.
So investments, taxes, all
kinds of the boring stuff.
Right.
The stuff that I was just amazed
by was the psychology behind
finance, why people do what they do.
And there's so much in a relationship
between how you're raised with
money or not raised with money.
And some of those, it really is the,
Peeling back the onion and looking at
the human psyche and seeing why people
make decisions with money and just how
much it, it affects their lifestyle
and their livelihoods moving forward.
And it was fascinating and
I've really taken a lot.
Of that information.
I've tried to put it into practice
when chatting with people around
here and trying to get more to the
root cause of why people do what
they do or what they want to do.
That does sound really cool.
I think, finance is very personal.
That's why they call it personal finance.
and personal finance to look
different for different people.
It's cool that you have a little bit
of insight into what drives those
decision, the decision making process
and how people establish relationships
with money for better or worse.
I, that's an important thing to understand
and then how to change that, maybe how
to change some of those bad habits or
those bad beliefs about money or finances.
And.
Making them into healthy
habits or into good decisions
that people make with money.
It's cool that you have
that knowledge and insight.
It was.
Eye opening to me, honestly, it's
like I hadn't gone to therapy before.
I haven't talked to a therapist, but I
feel like going through that course work
is very similar to what therapy would be.
And there's a whole new branch of finance
that's starting to populate and you can
actually become a financial therapist.
So typically it's people that already
have a background in counseling,
and then they take some additional
coursework, learn more about the finances.
And then they see that intersection
between finance and mental health and
where that delves in, like you start
going into some of this stuff and this
might even be a potential for, an episode
moving forward, but some of the different
money scripts is what they call them.
And that's basically just
how you align with money.
What are your values?
Why do you think about
money in a certain way?
It opened up some skeletons
in my closet about why I am a
tremendous penny pincher, right.
And my wife is a spendthrift.
She loves to spend money and whereas we
actually make a good combination because
we bounce each things off each other.
But if you didn't really have
that That self reflection or self
awareness, like I, I think about
money in a different manner after
going through some of those exercises.
So, yeah, a huge, huge shout out
to to the organization for helping
support that in my education.
And we just want to pay it
forward and continue on the
education with the members.
So the other part of getting the
master's degree is I was able
to sit for the the certified
financial planner that's like the.
I guess the gold standard.
That's really the gold
standard in the industry.
I guess you would say
that's the gold standard.
It really is.
It requires a certain amount of
experience, but it also requires
a certain amount of coursework.
Have at a minimum a bachelor's degree.
So it does raise the bar to some degree.
And the biggest thing with the CFP besides
the coursework and the education is they
have a strong ethical standard, which when
you talk about finance, it's one of those
things that people I think part of why
they don't feel comfortable talking about
it is There's sharks out there, right?
There's sharks in their waters.
And there are people that are more than
happy to take some money off of you
and what's not in your best interest.
And we've seen that time and time again.
And unfortunately we've had some
circumstances here within the department
where we've had some, people that
were not providing sound financial
advice and really looking out for
our members, best interest in.
That affects me personally,
like I take offense to that.
It's no different than if you have a bad
firefighter or is acting in a poor manner
that reflects the whole industry, right?
The financial services I think
is becoming better, but they
still got a long ways to go.
But one of those things as a certified
financial planner is you have to.
To basically at hold to
a fiduciary standard.
And all that means is, and it's in,
in a nutshell, you have to put your
client's interest in front of your own.
Sometimes that can be tough to disprove,
but really you are taking that ethical and
moral oath that says, Hey, Louie, for you,
everything that I'm advising you
on, it's for you and not for me.
Now, will I benefit for sure?
But my interests have
to be aligned with yours.
Your interests have to be aligned
with mine, that whole concept.
So I was able to sit for the certified
financial planner exam and was
fortunate enough to pass on a first try.
Yeah, that's exciting.
I'll be honest.
That's that was probably
the most difficult thing I'd
ever done professionally.
I thought paramedic school was
difficult in just the rigors of it.
I think the CFP was hard for me
because there were still concepts
that I wasn't familiar with.
I'm not in the industry, so to speak.
I'm not doing it every
day, day in and day out.
So had to take it
through a different lens.
So I had to Probably put in a little
bit more work than some of the other
people that are actively practicing
as advisors or something like that.
But nonetheless, a tremendous amount
of information was garnered from that.
And anything like I hope,
and we talked about this
before, we want to be credible.
Both you and I, and I think that's
super important because once again,
we have a lot of advice at the
kitchen table to do this, to do that.
And we all have our own little
niches, our own expertise.
We were talking about this beforehand.
If you're going to ask someone to
build a house, you're not going to
come to me or Louie, you're going to
come to one of our contractors, right?
You're going to come to Sean Lurch.
You can come to Ron Sidebottom.
You're going to talk to someone
that's got some real world experience,
has got building houses, right?
Not like, well, I saw a YouTube
about this or like that.
Don't do it this way.
Like, so part of me wanted to have
that have that background where I could
have a little bit more credibility,
quite frankly, when having on, when
having some of these discussions.
I think it's really
cool that you did that.
I think the biggest takeaway from
that, whole background story is that
you decided to go get your master's
and get your certified financial
planning certificate really for
the members, like, for the members.
You didn't do it because you
want to leave West Metro and
go open up your own practice.
And, you did this because you felt
like there was a need, there was a
lack of knowledge among the members.
And that was something that
you are passionate about.
You have a talent for, and so you
took away time from your family
to, pursue this education.
And it's really for the,
Benefit of the members.
So I think that's really
cool that you did that.
Thanks for Taking one for the team
My pleasure louis and and yeah well
said for that fact It's you know
now potentially down the road could
I end up doing something with it?
Maybe on an encore career potentially
for sure there could be some some self
interest aligned with that as well.
We want what's best for our members and
having folks that have some additional
education and credentials to help support
that will make us a better organization,
a better union moving forward.
That's the background of
how I got involved and at
least my passion for finance.
Let's flip the script and for those
of you, and you've made a really good
name for yourself and most people
come to you with financial questions
because of what you've done for
their careers and just knowing that
you've got a background in finance.
So maybe you can speak a little
bit more to what you did before
your life here at West Metro.
Yeah, happy to answer that.
So I will just start with my education.
I have a finance degree from the
University of Michigan, go blue.
And I, put that degree to practice
for the Colorado Department of
Transportation for about 10 years.
I left there as the budget manager for
the entire department, which meant that
I had a team of analysts that would
do everything from revenue forecasting
and resource allocation to the annual
budget and the legislative budget,
did all that for the department.
I liked it, but the truth, I guess I
like finances, you know, I have a degree
in it and I did that for a long time.
But my, my true passion for
finance lies in the budget.
Personal financial.
So helps people with their finances.
I've always liked doing that with family,
with friends, and so when I decided
to become a firefighter I still always
had that in the back of my mind like
I want to help, I want to do something
in the personal, financial realm.
And I saw my first opportunity to
do that around the Firehouse table.
Like we'd do.
There's tons of need.
When people find out that I have some kind
of financial literacy, they start flooding
me with questions about retirement, about
Roth accounts versus traditional accounts,
about the difference between IRAs and
457s and how their pension works and Just
things like that and that was something
really cool that I was able to realize
that I can help people understand and
demystify for them So I really liked that
aspect of being a firefighter that I could
bring something to the table Like you
said we all have unique kind of talents
or or educations or backgrounds and I was
able to do that for our members and then
my first kind of foray into Doing it in a
more official role for the department was
I took the Fire Instructor 1 and part
of that have to give a presentation to
the cadre or whatever to let them know
that you know how to teach or instruct.
And you can do it on any topic
that you want that is somewhat
relevant to the fire service.
And I gave mine on financial
independence for firefighters.
That was where that presentation first got
its run and it was really well received.
by not only the people in the room,
but by the instructors in the room
where we're teaching that class.
It was after that point that I was
asked to come back and give that
presentation to the new recruits.
The cadre thought that it would be
an awesome opportunity for the new
recruits to learn some fundamental
principles of finance, so to speak, as
well as how their benefits here can help
them achieve that financial freedom.
So I was asked to give that and
it's been running on ever since.
You've gotten involved with it.
The union has gotten involved with it too.
I think our last academy you gave a
really good book called the simple
path to wealth to the recruits.
And so that was my first
official foray into financial
education for the membership.
It's a way for me to have a creative
outlet for my passion personal finance.
And yeah, it's been great.
I'm really looking forward to this
podcast, really looking forward to helping
demystify for the rest of the members.
Some of the financial concepts
that are always in the back of our
mind are always running through.
I think the biggest takeaway that we
can get from that is that both John
and I The executive board in the union
Really want to help our members Become
financially secure and I think that
they all have a passion for that And
that's why the union is sponsoring this
podcast is we want to see the people
that we work with not be stressed by
their finances, not be overburdened.
So if in any way, this can help those
members achieve a level of financial
peace as it relates to their retirement
or their work life balance or their
savings, then we're going to feel
like we're achieving something.
So that's why we're here.
That's why we're doing this because
we think that we can maybe potentially
make a difference in, helping
our membership achieve a level
of financial peace or a level of
financial freedom that they don't.
Yeah, that's really well said once
again, and, it's not just Louie
and I that have a passion for this.
It's a lot of people around here speaking
for the executive board specifically,
but we're just happy that we have
the, hopefully the knowledge to bring
forth and some guidance and being
able to have some good discussion.
And once again, coming from as
much of an unbiased Point of
view as possible which is tough
because we all have biases, right?
But once again, I think this is
some of the challenges when you get
into this is You know when you're
talking about financial related stuff
is who can you go to that's going
to give you as much unbiased They
don't have any skin in the game.
They're not gonna make a commission
or anything else is becoming More
and more difficult and challenging
and just not who can you trust?
But are there goals and visions
aligned with my goals and visions?
And I think that's something that you
know, i'll go on record and say that
will not be an issue here That's a
good segue for saying that and you will
hear some disclosures in the podcast
but this podcast is solely meant for
financial education and financial
Entertainment you could call it, right?
We're going to keep these conversations.
Hopefully light a conversational We're
gonna try to bring in as many experts
as we can with expertise But that being
said this should never be construed for
financial advice, because as Louie
said financial advice is very personal
and you cannot give personal Advice
via podcast because you don't know
people's circumstances and situations.
So I think that's really important to
highlight Not giving you specific advice.
That is, we don't know
everyone's situation.
We don't know where everyone is
at exactly with their finances.
So we can't tailor advice
and we don't want to do that.
We just want to provide some high
level advice that is time tested.
That is considered industry standards.
And so we're here to share those
kinds of Things with you as well
as explain your benefits, your.
West Metro, local 1309 benefits,
health benefits, financial benefits.
We want to talk about those too, which
is something we're super proud of.
I'll be honest, like one of the things,
and I was what you would call an absentee
union member for about The first 14
years of my career, quite frankly,
here I went to a couple of different
meetings when I first got hired, but
then I don't want to say life got in the
way, but I was focused on other things.
And quite frankly, I was
still collecting a check.
We were getting raises, like
the benefits seemed good.
I just, I didn't feel a need,
honestly, to participate or be
actively engaged in the union.
It wasn't until I actually got into
training and started thinking about a
little bit more and it's, it probably
sounds very cliche, but I still
remember it when we did the, your
why meeting with chief Lombardi, I
think this was back in 2016 or 2017.
He goes around the rooms and
says, Hey, what's your why?
Why do you want to be a firefighter?
What's important to you?
And I had noticed that my why had changed.
And this is after I'd gotten promoted.
But it became less about, It's always
important to serve the citizens, and
that is the oath that we take, right?
But I think it's natural in your
career progression to change about
what's, what are you passionate about?
What is your why?
And my why was ultimately supporting
those around me as best as I could.
And once I understood what avenue
would make the most sense for me, it
actually ended up being via the union.
is with the way that I felt like
I could best serve the people
that I cared about the most.
And that really is what got me interested.
And then working here alongside
with Kevin Reichenbach when he was
in training and talking to Mike and
Reed about it, it just made more
sense I'm a big fan of serendipity
and things happen for a reason.
And I think it just happens.
Dance was like, no, I think this was
what, My purpose here was meant more
to be like I felt more fulfillment out
of that than really anything I had done
in a while So that really got me up and
running on on the union stuff and really
trying to be an advocate and passionate
about union service and just what we're
trying to do and really proud of all the
benefits that the union has negotiated
for so long and this dates back a long
time And they're ongoing too like the
influence that the union has I think
is ongoing when I got roped into union
stuff by wanting to have some things
change with regarding our benefits.
I really wanted a Roth 457.
I know you did too.
That was something that we were
able to get accomplished through
the union kind of pushing for it.
I had a big issues with fees from one
of our retirement account providers
and I really wanted to change that.
The union was the way that I was
able to help affect that change.
And so, yeah, really proud as
well of what the union is able
to accomplish for its membership.
And, and really everything that the union
does is for the benefits of the members.
We really want to make sure that our
members are taken care of in every aspect.
I'm really proud that the union
kind of has that goal in mind
and that we work hard towards
that in everything that we do.
What Louie was referring to
is the benefits SPT, right?
So Louie and I both try to get to many
of those meetings as possible and just
try to weigh in honestly and what
we think our members want or what's
going to be in the best interest of
all our members and not just a specific
group Class of membership, right?
Like representing the whole group, which
can be a challenge, and so in certain
capacities to get something that's going
to benefit everyone and not just a subsect
is a challenge, but something that I
think we all take that challenge on.
And we really try to do
our best by, everyone.
So you obviously got to know a little
bit more about Louie and myself that
was one of the goals as we just wanted
to introduce ourselves, we already
hit on a little bit about what our
objectives and goals of the podcast are.
So first and foremost, financial
education, literacy, knowing
your benefits, how to use
those benefits kind of thing.
Secondarily is just talking more about
the union in general and things that
we can do information dissemination,
all those other things is also
going to be a focus of this podcast.
We are going to try to keep the
format similar, each podcast,
maybe a little shorter, maybe
probably going a little longer this
time, cause it's our first one.
It's our first one.
And with all due respect, I am
not an audio engineer and I am not
a professional podcast editor.
We got some decent equipment here and
I'm going to do my damn best to do it.
But.
Please have a little bit
of grace, bear with us.
But really we wanted the format of
this to be the frequency first and
foremost is going to be monthly.
That's Louie and I's goal is
to drop an episode a month.
The duration.
We'll see.
It's going to be somewhere between,
I think our goal is like 30 to 45
minutes, but some of that will be
depending on what topics we're
talking about and how in depth we go.
And the other part is we want
this to be fun and conversational.
We don't want this to feel like a lecture
or just a PowerPoint presentation.
We Do want there to be a level of
engagement and feeling like as you're
driving down the road or walking the dog
or whenever you're listening to this,
that you're just sitting in the room with
Louis and I as we're discussing this.
Like that's really how we
want, want to bring it on.
Yeah.
And then we're gonna try to incorporate
as many guest speakers as we can.
Once again, there's a lot of
expertise throughout the organization
and the membership that can
speak on some of these things.
And really the most important thing,
and maybe Lou, you're gonna hit on
this, you guys are going to be the
one that dictates basically what
we're going to talk about and how
you want to receive The information.
Yep John and I have Some episode ideas
of things that we know are important
that we want to cover For example,
we're not going to do a financial
podcast and not discuss the pension.
That's the cornerstone of Most of
our membership's financial future.
We're going to talk about that There's
a lot of questions about 457 and pre
tax and post tax or traditional and
roth stuff So we're going to cover those
things But we also want to know that
We want you to know that you guys can
tell us what you would like us to cover.
If there's some financial topics
that you feel like are so important
that they need to be addressed,
we'd like to consider those and
maybe address those on a podcast.
John set up an email address where you
can actually send those questions to,
and it is askfiscalfirehouseatgmail.
com.
Once again, that email address is
askfiscalfirehouse, all one word,
no under spaces or anything like
that, askfiscalfirehouse at gmail.
com.
We'll go through those questions.
Some of those we'll just address on air.
Maybe we'll have to dedicate full
episode to some of those questions
and we're willing to do that if our
membership Has that desire and that need.
So please, we want
this to be interactive.
And of course it doesn't have to be email.
If you see one of us at the training
center or at the station or whatever,
just approach us and say, Hey, got
something that I think you guys could
address or that you guys can answer for
the membership, and we'd be happy to
consider that and maybe address it on air.
So maybe the first question that's
going to come in is where did
we get the name for the podcast?
Where did this concept
of fiscal firehouse?
Who was the originator of that name?
Who did come up with that name?
I believe it was the chat gpt Oh,
you could be right that actually came
up with the name I think we're we're
spitballing what we wanted to call what
we wanted to call it I think I originally
came up with some Something hokey.
I think I said I originally wanted
the podcast titled 55 and out because
that is my goal I think that should be
everyone's goal around here to be, you
know Financially stable and with the
setup of the pension right now Most of
the folks were getting hired or between
25 and 30, maybe even a little bit younger
25 to 30 years here and doing some other
things that Louie and I will help I think
it's definitely achievable and possible.
I have gotten some like, where'd
you come up with the podcast name?
So it actually was a little chat GPT.
So we're going to tech around here.
We're getting some AI involved.
Heck yeah.
I just want to say just once again,
a big shout out to Mike and Reed
for kind of entrusting Louie and
I to carry forward this message.
We want to do you guys proud and solid.
And I, man, I'm excited about this.
I'll be honest with you.
This is something that
I've been passionate about.
You're passionate about, and I
hope it's well received out there.
Me too.
We're going to continue to get better.
I want to give a shout out to Seth Major.
podcast logo for us.
So hopefully you guys will see that
on your, podcast player choices.
It comes up a really big shout out.
He did the creative work and getting that
finished for us and making it look good.
So it's probably the best part of the
podcast is the logo at this point.
Small wins, Louie, small wins.
All right.
Until next month when we'll have
episode one drop, we want to wish you
guys the best and be safe out there
and we'll be catching up with you.
Fiscal Firehouse Podcast is a
podcast curated specifically
for local 1309 members.
This podcast is for informational
and educational purposes only,
and should not be construed as
professional financial advice.
Should you need professional
advice, consult a licensed
financial advisor or tax advisor.
The opinions of John Beatty, Louie
Barela, and their castmates are
solely their own, and don't reflect
that of West Metro Fire Rescue.