Founder of The Money Guy podcast, Brian Preston shares how to make your business lean and ready for any economic downturn, including a pandemic. He also shares ways to take advantage of this time to prepare for the economic recovery.
John Meese 0:24
Brian, good morning. How are you?
Brian Preston 0:26
Doing Great, john, it's great to see you again in here.
John Meese 0:29
Yeah, well, it's good to see you again, and hear you too. And thank you for joining me here. I appreciate this. Brian, we've had the privilege of working down the hall for each other in a past life where, where I traveled to Franklin in the office on a regular basis, which doesn't happen anymore, you know, but I started, I've also had the chance to interview you for Platform University on the marketing side. But I wanted today to bring you in to talk about money, because that's all on all of our minds. And I hear that you are the guy to talk to about money. Is that fair to say?
Brian Preston 0:58
Well, I mean, since we have a show titled The Money Guy Show, it does seem like we're the appropriate guests to kind of jump in on that type of topic.
John Meese 1:06
I think. So I think that that's, that's probably fair to say. So like you said, you do have a show called The Money Guy. And that's part of how we first connected. But before we dive into our interview today, I would actually love it if you would just for a minute, introduce yourself. And specifically, I want to know what get you out of bed in the morning? And how do you spend your day?
Brian Preston 1:22
Oh, man, it's so interesting. I started off as a nerdy CPA they got into financial planning. And then that nerdiness led to my first iPod, which if we had the video shares right over my right shoulder right now. And I was so enamored with this new technology, as well as the opportunity to create an online educational platform that I started in 2006. So they called me an OG of podcasting. The Money Guy show, it really did start January 2006, you can still go check it out on moneyguy.comm, but then we pivoted is this platform grew, we kind of recognize just like we're having to adapt and change, because the world's changing right now, in late 2017, right at the beginning of 2018, we started a YouTube channel to go with The Money GuySshow. And it's been an incredible ride. What's been great is the excitement I had when I started the podcast in 2006, has been reinvigorated with the YouTube channel. And that's what gets me up, I'll tell you, there's two things, watching the growth of all the social media platforms. And then every time we get to hire like, we hired a brand new employee yesterday, we got another one that we're probably gonna make an offer next week. I feel like big Papa who gets to grow his family. And I love seeing you know, the team grow. People buy houses, buy cars have babies, it just makes me so happy to feel like we're making the world a little bit better place.
John Meese 2:42
That's awesome. Yeah. Well, that's just that first tier impact. Because I know, I mean, because of your clients, or people who are learning from you how to manage wealth, and how to you know how to save how to how to really build long term wealth for their family, you're having generational impact as well. So thank you for that. Please keep up the good work.
Brian Preston 2:57
We're having a blast. I mean, it's one of those things you don't feel like you're working if you're smiling the entire time.
John Meese 3:01
Well, that's great. Well, you are smiling the whole time, I can attest to that, because we've heard and to each other the halls. So that's helpful. So I'd love to thank you for setting the stage context wise for our conversation today. And let's just also say that while you are in this camp of having a YouTube channel and a podcast, you also have a whole, you know, a whole company behind that that a lot of a lot of YouTubers Don't you know, so I just want to make that distinction here. A lot of YouTubers, that's kind of it like you're just a content creator. But for you, you actually have a whole company behind that more of a traditional infrastructure. Could you comment on that real quick? And explain that?
Brian Preston 3:32
Yeah, I mean, we have a wealth management business in the background? Well, that's why we kind of work off of what's called a freemium model. Whereas we give away so much free information with a thought that if we're successful, and you kind of come in as a beginner entry level, but yours I mean, we were like Johnny Appleseed is it, we don't mind planting seeds that take years, if not a decade, I mean, I've got clients that are coming in, since we're, you know, 14/15 years into this, that they reach a level of success. And that's when they sign up to become Wealth Management clients. And I think that's a win win situation, because we're completely giving away information that they're not finding anywhere else. And I think that's why it's a long term play. And I think that transparency, as well as that kind of feel good of, you know, just giving it away is what keeps people loyal and want to kind of drive people towards us.
John Meese 4:22
Brian Preston 4:23
But and I will tell you this, John, it's helped out tremendously having a business behind us because anybody who is internet based, I mean, what's craziest views and interest has still been there during this, this pandemic and the craziness, but ad revenues and other things cratered. I mean, they went to the floor, the basement, and if we didn't have the business behind us, it would it would make things a little more complicated for sure.
John Meese 4:47
That's a really good point. That's a really good point we've talked to you on I've talked to people in interviews, who've mentioned on the other side of that, who are gleefully talking about how cheap ads have been for their business during the season, but that's because there's so many less people competing and so on your end where You typically do typically run paid ads on your YouTube videos.
Brian Preston 5:03
Yeah, well, I mean, it's I think everybody who watches YouTube, you don't even pay attention to that five seconds skip, you just figure that's part of doing business. So yeah, that's that's the only thing. We don't do any other placements we don't do. I mean, that's I know I'm leaving a lot of money on the table, but we'd rather keep keep the process as clean as possible. So people, people feel really good that they're coming here to learn, and not being inundated with a ton of, you know, advertising and other things.
John Meese 5:27
Right. Right. So because there's so many less competitors on the scheme on the you know, right now, advertising during the pandemic, then for you, that's also meant less ad revenue is what you're saying. Yep. Yeah. Well, thank you for setting the stage. I appreciate that. So what I want to talk about today is money, which is appropriate and good. considering our conversation today. I just want to back up for a minute just talking about your personal experience, Brian. And what I'd love to know is, if you remember where you were, when or what happened that caused you to realize that COVID-19 was a real threat. So thinking back to whether it's conversations or headlines, do you remember the point where you said, Whoa, this is this is not just another, another headline, this is something that's going to stick around for a while.
Brian Preston 6:07
So coming through past downturns past recessions, and everybody even thought the great recession was gonna be the worst thing in our lifetime. But then we come into this brand new experience where we're closing down borders to countries were closing down, were willfully closing down businesses. I mean, it is unheard of. I mean, there has not not been a precedent in our entire lifetime. I you know, it's something even in the past, you we have never, ever seen something like this. So how could you not take that serious, when we are going to have ripple effects where we're going to have long term impacts? Because when you're breaking the rules, we're all kind of uncharted territory.
John Meese 6:45
Yeah, no, I think that's very true. So I mean, we're gonna get to talking to our audience about their businesses. But first, I want to talk about yours for just another minute. And I'm curious, you mentioned that one of the effects to your business most directly has been that you seen ad revenue more or less, you know, crater disappear, almost completely be because of this crisis. And thankfully, you have this feeling the wealth management firm in the back end of that, but that also means that you're riding the waves of an, you know, an uncertain economy, I'm sure. So I'd love to know what this has meant in terms of you as a, not just as a teacher, but also as a business owner in terms of what you've done to both survive and thrive in the midst of this crisis.
Brian Preston 7:21
Well, I think there's two things and this is where I think being older and having been through past downturns, I learned something and I'll talk a little bit more about that in a second. But I learned back in the Great Recession, cash is king. Now look, cash is unsexy. It doesn't make much money. There's a lot of opportunity costs with cash, because you also know in the background, that creaking sound is inflation eating away the purchasing power of keeping too much cash. But man Oh, man, when downturns when emergencies, when recessions and depressions kick in, you're going to love the fact that you're liquid. So I think that anybody who's out there Now a lot of you are going duck because I've been there. By the way, let me let me share in 2008, 9 and 10. I had zero cash on hand, even though I had businesses and employees, because I had over six figures of Home Equity with a checkbook and, you know, in a debit card. So I thought I was golden. Because you know, why would I need cash, if you have $250,000 of equity, we quickly learned that was all fake, it was not real is only on paper, it wasn't in reality. So I made a promise to myself that I would never ever, ever get in that situation. So I would encourage everybody listening, make sure when you recover, because you will recover. Because there are definitely fertile opportunities that are created when you're in a downturn like this, just keep your head above water. But make sure next time that you are going to have margin excess and cash there. And then the other thing I tell people, this is the time to leverage technology. If you're one of these people that has legacy servers in your office, or you've got software that's only sitting on your computer, that's not good enough anymore. I think now you've got to leverage technology take advantage of the cloud. I mean, it is so great that I can it doesn't matter if I'm in my office, it doesn't matter if I'm at home on a Chromebook, I have access to all of the technology because it's all cloud based. It's just plug and play. And it creates an incredible opportunity to be mobile and really leverage that power of technology.
John Meese 9:23
Well, that's a really good point. And actually, it's probably worth mentioning. I mean, I just assumed until you said that, that it'd be clear, but it may be not. You and I are not in the same room, right? I mean, like we're recording this interview. We're in different cities, we're in different counties. We're in the same state. But that's really just by coincidence. That's not by necessity, we're both using platform we can see each other over video using squad cast, we can see each other we're video recording audio in the background. And we're I mean, I'm actually on one of those Chromebooks. You mentioned, I'm using a pixel book right now, and which is you know, like, they're kind of like, quote, premium Chromebooks. So it's less than $1,000. Still, you know, it's like this crazy access to technology, exclusively with cloud Solutions allowing us to have this conversation right now. So yeah, I mean, things have changed a lot from, you know, starting with some of the major technologies that came from that little iPod in the back of your hand on the wall behind you, you know, that was that was a huge inflection point in the beginning of the revolution towards, you know, always always on access to the internet. And but that's inspired, like you said, the move to the cloud based technology or desktop technology to cloud based servers, rather than having a giant machine in your office somewhere. So that's a really good point.
Brian Preston 10:31
Yeah, no, I want to add, you know, we had we had an employee actually test positive. And I gotta tell you, the other part of being tied to technology or leveraging technology is that it because it was one of those things, you know, COVID made us all shut down, all the employees are working from home, but then the employees come back together, we're all excited to be together. And then we have an employee test positive, just out of abundance of caution. We send everybody back home, you cannot do that unless you're actually taking advantage of some of these tools. So that's what I'm telling if you're can be to understand cash is king, but also be extremely flexible by leveraging technology to make you a speedboat in this crazy world that we're living in right now.
John Meese 11:13
Yeah, well, that's a really good point. Well, just to be clear, when you're sending people home, you're not saying go home, and let's not work, right, you're keeping the business moving Full speed ahead.
Brian Preston 11:21
No, we need we need people were essential. I mean, we're in the financial field. I mean, you can imagine, if you want to scare people, if they have that, if we have their wife savings, they want to know they have access to it. So if they if you know if, if they need to get a few thousand dollars transferred to pay for groceries, pay next month's mortgage or rent, they want to know where here so we are cut, you know, we're totally essential. So we don't have the option of shutting down, we got to make sure people know they have access to their money.
John Meese 11:49
Yeah, well, that's, that's true. That's really important. Okay, so let's talk a little bit about what this means kind of going forward. So there's a business owner, there's an entrepreneur is listening to us. They're saying, okay, cash is king. That's great. I'm totally convinced. But also, it's kind of like, if we're in the midst of this crisis, right? Now, it might be a little bit late to kind of put that into practice. And so, so what do we do with that? I mean, how do we start down that path of saying, like, let's just say, philosophically, we're on board. cash is king, but realistically, we're like, uh, you were back in 2008-2009. And we're, we're going, I thought I had money, but I really don't have access to cash. I mean, what's the first thing we should do?
Brian Preston 12:24
Well, I mean, I definitely think and look, there's these crazy games going on right now with with, you know, people, you know, shaming you for using resources and so forth. But I would tell you pay attention to what the government's doing with some of these stimulus packages, if you're there is no shame if you need it, if your company has been impacted, go out there and take advantage of the payroll protection programs and other things, because I will tell you, that is also unprecedent, that the government right actually stepped up and said, Hey, keeping people employed, even if they're not able to go work in a normal environment is paramount for our economy in the long term. So don't have shame in the fact that these programs are created for people like you to take advantage of, because small businesses are so important to the long term success for not only your employees, for your family, but also for the country. I mean, that's how we're gonna pay for our schools. That's how we're gonna pay for the roads. So make sure that you are leveraging also, there's opportunities by the government. And then the next thing, I get it, you're trying to figure out how in the world, you're going to bridge this period, because we are, I think the biggest opportunities come when you are struggling the most, because it creates a contrarian atmosphere. So figure out and here's an exercise, I would encourage every business owner, you've got to separate your personal family. And then you got to separate the business, figure out what the bare bones you can do as a family to keep that protected, because you don't want the business to drown the family, you know, because I remember lifeguard training, you know, they teach you to come up behind somebody who's struggling in the water, because they might drown you, if you approach them head on, it's kind of what you have to figure out as a business owner. What is the cocoon that you need to protect, personally, and then once you have that number figured out, you know how much you can burn down of your other assets, leverage off of debt, and other things to get you through this because I get it. It's a little tone deaf to say, have cash. While we're in the middle of a pandemic, I'm just planting the seed so that when you leverage all your lines of credit or your savings, you know what the dead bottom is that you're not going to touch another dollar. I mean, the business doesn't get more than this. So you don't break your family and your you know, and your livelihood. But you know where that that limit is where the border is, I want you on the other side to then go ahead and try to bridge it because it will recover. I mean, it's always in the darkest days that it feels like things recover faster than we ever anticipated.
John Meese 15:02
Yeah, well, that last part is encouraging. We're a little bit, you know, obviously, we're in the middle of crisis. Well, you know, we're talking just to kind of set the tone. You know, it's the first week of August. So like you read a parent teacher conference this morning, you mentioned right, everyone's trying to figure out how do we do the school thing. So that's a lot going on. Right now. We're four months into a pandemic, I guess, almost five. Yeah. So we're almost five months into a pandemic, where it's become less of a triggered word for us, but it's still going on. So what do you think recovery looks like? And of course, I'm not really here to talk about the health crisis, there is a real health crisis, and they're real people suffering from that. But where you and I come in is really on the crisis has really come on secondarily, as part of that is this economic crisis? I mean, I think that's where, you know, our efforts are focused on serving people. So do you have an inclination about what you think that recovery looks like? Because like, you just said, there's this recovery, this is going to happen, right? You know, it's, it's in the darkest days where that recovery is fastly approaching, I'm not asking you to speculate on the future of the economy, but really just sit thinking about the entrepreneur that's listening to this that's trying to figure out their path ahead.
Brian Preston 16:40
I'd like to share this because John, you come from an economics background. So you you will know exactly what I mean by this, because I think this is a bigger concept. We don't have to I don't have to give you the date that I think it's a recovery. That's, that's fools errand, but I can tell you this, this is what happens with all downturns. Then even though these are unique circumstances, pandemics, you don't see these very often these still what's going on in the background is exactly like any other downturn, what happens is, everybody, yourself included, when you go through any type of economic downturn, you kind of slow it all down, you try to figure out how you can trim your life back as much as possible. But what does that do in the long term, because you still drive in the same beater car, you got the same, you know, dryer, that you're having to go over there and hit it three times on the side, just the right way to get it to run that is building up because you're not replacing it right now you are building up, pent up demand, then when things start to open up, when people start to build, it creates this automatic kind of crest of a wave where demand all of a sudden pop. And then we go, Wait a minute, how did we recover so fast? It's because we all did the healthy thing we all protected ourselves, we figured out what we needed. But that does create a long term opportunity. I don't know when it will occur, but it will occur because people are still going to want to wash call wash their clothes, they're still going to want to go out there. And you know, eventually travel on trips again and have to fly for business, those things will occur. It's just right now they might be depressed and pin up and it's going to create opportunity in not so far in the distant future.
John Meese 18:23
Okay, so that's exciting. I love Brian, how you explained dependent demand. I mean, that whole nature of just how simple that is really, that just as humans, we have these things we want. And we're putting that off. So there's all this pent up demand, there will come a point in time, like you said, We it's a fool's errand to guests date. But there will come a point in time where that comes flooding in. But all of us have now been convinced, right? Anybody was on the fence before we've been convinced that cash is king, as you said. So with that in mind, do you have any advice or framework on how we should be actually rebuilding business once this demand comes back? How we should be building business prudently to build up those cash reserves?
Brian Preston 18:58
Yeah, here's a big one. I think crisis creates clarity. Because here's what happens when things are good. When economies are rocking and rolling, we have a tendency to spread ourselves out, we go into new product lines, or we go into new services, you know, just try to see if stuff sticks. Well, you know, when we hit a crisis, you pay attention really quickly to what is important, what's working, what are your clients? What are they really craving from you in this downturn? And that's gonna give you the clarity to kind of know where do I need to focus because, you know, resources are scarce at this point. So this allows you to really, it's kind of like a pruning of a tree or a bush in your yard. This is the greatest time to figure out what am I good at? What are my key essential things that clients are going to want and let's store resources at that. And here's what's also awesome about a downturn, like right now, I told you I just hired somebody yesterday, made an offer to them. I've got another person next week that we're probably gonna throw an offer to that sounds crazy in a pandemic to be hiring people, but here's what I know when we're in things like this where we're in an economic downturn, you are going to have access to talent that was not available when the markets were rocking and rolling in the economy was good. So be a contrarian and see if there's some opportunity to go grab talent, actually, and look, I'm not I'm a great paying employer, I don't want anybody to miss hear this, that I'm trying to take advantage of my folks. But it is a chance for you to potentially get an employee that's going to be great and build value from day one, at not a premium, but actually at market value. And that's an incredible opportunity for small business owners, go out there be a contrarian and figure out, is there a way know what your core competency is for your business, but then also think as a contrarian and see if there's some opportunity to also be for yourself up to be ready for when this thing takes off?
John Meese 20:47
Well, I love that advice. And I think that's I think that's powerful advice. I've seen that firsthand, myself, I opened an entrepreneurial center in CO working space back in January, and we had it you know, it doesn't take a lot of staff to run that business. So my wife has a business partner in that business, and she's our community manager. But we also needed a secondary employee. And we had an employee in January. And when the crisis hit, we had to close for a while, then we a temporarily let her go. And she found another job that was great with all everything she needed. So she moved on. So when we reopened, we went back to the market. And this is only so this was in April. So this was only just a few months after we'd hired in January, went back to the same exact labor market here in Burke County, Columbia, Tennessee, with a similar position offer. And the candidate that we ended up hiring is just she's phenomenal. I mean, she's above and beyond what I would have ever expected for us at this stage in this business to be able to bring onto our team. And I mean, it's up to her. But at this point, I see her as a long term member of our team. I mean, like, that's the thing that's really exciting. So like you said, it's just a tangible example, I've seen this firsthand that that's true.
Brian Preston 21:50
And I want to give a word of encouragement to in the fact I started my first business in 2002, which was dead in the middle of the.com, bubble burst. And a lot of people and I've heard this by the way, we work with small business owners and successful executives all over the country. And you hear it all the time is man, I feel like some of the best opportunities, the most fertile ground was actually in that downturn. And it makes sense, because you think about economic cycles, where is always the bottom, where's your let's talk about buy low, sell high? Where do you buy low, you bought buy low, when everybody else is freaking out and scared. And I know, look, resources are scarce. That's why this does create an opportunity, you just have to figure out how you can make that work, move the jigsaw puzzle around to leverage yourself to the point that you can. Now when I say leverage, I'm talking about resources talents, I'm not necessarily saying go out there and open up a bunch of bank lines, I'm just saying make sure that you are using your assets and resources that you have with your talents, and the cash and other things that you have to the best possible to maximize the moment.
John Meese 22:54
Well, that's helpful. Well, just to make sure that we dive into some practical advice here. I'd love to get your perspective real quick. I'm just saying that if there's been I don't know if you have an answer to this, but if there's an order of priority with kind of which sort of financial opportunities and less even even including debt, including leverage that you should look at first, as a business owner or entrepreneur, I mean, of course, you talked about the paycheck protection program. We can mention the EDL is also you know, the economic injury, disaster loan. Those are both government programs, which are going on right now. But outside of that, as a business owner, when we're realizing Okay, we need to do something different. Do you have an order of priority in terms of how you think about what to look at first?
Brian Preston 23:33
Yeah, I mean, I think you you just named some of the biggest low lying fruit, which is definitely look at the government programs, because by the way, these interest rates are unheard of, usually, when you're in an economic downturn, that's when the the opportunities show up with high interest rates, that really kind of border on the line of predatory but with the government backing all these interest rates, I mean, we're talking about 1%. On the PPP, we're talking about 3% on some of the EIDL, you know, these these are unheard of interest rates for what you're dealing with. So look at that. And then of course, look at how much you have on hand in cash, liquidity and other things like that. And then I'd probably pivot from there to it is okay to to see, if, you know, like I said, You've got to cocoon yourself, you got to know what you're willing to risk of your family and your personal assets, because I don't want the business to tank you completely. So you can never recover if this thing extends longer than planned. But a lot of you after you figure out that cocoon amount, how much you're willing to put out there into this business, you might have home equity lines, which are still at historic rates right now. And you have to be careful with that because that's your house, that's your shelter. But we've all been there. I gotta tell you, I when I started my first company in 2002, there were months and I'm embarrassed to say this, but I did what I had to because I had enough confidence. I had enough optimism. I did use some some, you know, advances on some lines of credits and other things through banks that were a little higher on the interest rate, but I believed in it, that's why you have to know what that cocoon amount on what you're willing to risk for the family without blowing it up. Because this is going to be one of those things where it's unprecedented, you kind of have to just survive it, it's kind of always make the analogy of, if we're on a sinking ship, that hopefully will turn into a submarine because we're counting on this thing to recover. But if you are on like the Titanic or something like that, you want to be on the top shelf, you want to be you want to be on the top, you know, where you're surviving as long as possible. And then when this thing does recover, you will be okay. Because there's going to be a lot of people around you, if they don't go through these exercises of figuring out what you need, you know, they're just going to be throwing it all at all at the business without a plan of action, because that's the only plan. Go ahead and assume the worst when I do business planning when I do pro formas. When I do anything, I run three scenarios I run, you know, okay, how I think really, things will happen. I then wrote one, oh, my God, what was I doing doing this business in the first place? This is a failure. This is a disaster. Let's run a worst case scenario, and then run a third one, which is Oh, my goodness, I'm gonna be wealthy, this is going to be outstanding, because what if we hit the V shape recover? What if this thing there's a vaccination that comes out? What if all of a sudden people felt better in 2021? That could be your best case scenario, but I want you to not just assume one thing, I want you to assume three things so that you have a plan of action for all things that come your way, because, you know, it's just like a fighter that's training, you know, why do fighters train is because you're gonna get hit. And when you need to know how you're gonna react when bad things like that happen. It's the same thing. As a business owner, you need to have a plan so that when things happen, you're not reacting like this is the first time you've ever seen it. You're reacting like a person that's actually been there before. And that's why it's important to create that plan.
John Meese 26:46
It's super helpful advice. I really appreciate that. Brian, I do wonder if you have specific advice just on the recovery, like, just like you mentioned, the idea of you were sinking and wanted to become a submarine, right? So I love that metaphor. In my head, I was already thinking, okay, but you don't really want to be amphibious, right? So you can come back up with the land to when things recover. But if we are building that amphibious business, then do you have any specific guidelines on how much cash we should set aside? Like, what is? What is this where as I'm thinking of the recovery, and we're coming out of this, and we're trying to build these really stable foundations for our business, and for our livelihood? What do you see as a good baseline in terms of what type of cash reserves we should establish?
Brian Preston 27:23
You know, when we talk about our financial planning practice, we talked about three to six months, for the typical person we talked about for retirees, you know, they're gonna have 18 to 36 months. But as a business owner, you're a little different, because guess what, you got folks that are counting on your business to be there to pay the payroll, to pay their mortgages, to be able to pay for their family. So that puts a little bit more responsibility. So I would tell you, you have to go beyond the normal cash that a typical person has in their financial planning, I think you have to think about more in terms of what's payroll, what is the monthly burn rate of your business, and then look right now, because it's a little tone deaf to tell somebody right in the middle of a pandemic, what they need to have, you know, in a best case situation, but I will tell you think in terms of three to six months of payroll and monthly expenses of your business, because that's going to keep you you know, that's that's kind of where I am. And then if you're a person that's very risk adverse, or you have a lot of people that are counting on you, I think it's okay to expand that out even further, maybe to nine months, because that's where I have tried to make sure liquidity was there. And I know I keep repeating that, but it is something and I know a lot of people are saying, well, Brian, that's that's kind of hard to say that right now. But it is one of the things I want you to bottle this up for the future, because you will make it through this if you do it right.
Right. Good. Well, Brian, that's super helpful advice. I really appreciate that. So thank you for so much for your time today. I'd love to know where can we go to learn more about you and everything you have to offer online?
Yeah, you can go to moneyguy.com. You know, like we said, we've been creating content since 2006. And then I want to give one last parting piece of advice to a lot of people I know that are listening to you, John are also service providers just like we are we're providing a service here. I'm going to tell you just like I was saying be a contrarian about hiring people be a contrarian about making sure you're giving great information out there because crisis is not only create clarity, but they create a hunger and curiosity for new information. So if you find because I will tell you, I have fired so many service providers, because when we hit a crisis, I want to go to their website, see what their outlook is see what they're thinking about this economy and when they don't have any information. I'm like, What are these turkeys do and they should be given me all the information to let me know they're on top of this. They're taking this serious, so I would encourage you don't fall prey to that. Make sure you're being proactive with your business, especially your service. If you're providing information to customers and clients. Make sure you're being proactive so they have confidence because look, there's all kinds of fear out there. I mean, you can't turn on the TV. My wife had The Today Show on this morning. And I'm like, oh, my goodness, I mean, it makes you want to just go back to bed and hide your head, be the voice that gives comfort and information, usable information, so that you can be the counter to some of this fear that's out there. Because that's what your customers that's what your service, the all the people that you're providing this service to, they're going to be hungry for that. And it's gonna create a tremendous, tremendous opportunity for your business. And that's what we've tried to do with the money guy. So go definitely check it out money guy calm, hopefully you can tell. I am an optimist. And here's another thing, we do an annual study of all of our wealthy clients. And guess what we found, and it's the same information that Chris Hogan over Ramsey solutions found is that the lion's share, I'm talking about 70% of our clients are optimist. So make sure you are having that outlook that is glass half full, and you're not letting this stuff beat you down to the point that you're speaking curses upon yourself.
John Meese 30:55
Well, that's phenomenal advice to leave us with. So I appreciate that. Brian, thank you for everything you shared with us and keep up the good work. And I know I'll keep following along. To learn more from you as we recover. I mean, it'd be kind of fun to see what the opportunities look like on the other side of this right now. We're in a not as fun time, but the fun times are coming back.
Brian Preston 31:13
Oh, they're definitely coming, john and always enjoy being on you know, doing any of your projects. So, thanks so much for including us and just thanks for the opportunity.
John Meese 31:21
Thank you, Brian.
Sign up to receive email updates
Enter your name and email address below and I'll send you periodic updates about the podcast.