June 2019 Q & A

Post your questions in the comments, on any subject, and I will be glad to answer them in the next Q & A.

This month I focused on the personal finance questions I received.

    • What are the most profitable investments?
    • Is the current political trend in California financially feasible to the individual?
    • Term vs whole life insurance?
    • Is Bitcoin a good investment?
    • What about reverse mortgage for retirement?

If you’re interested in this subject, be sure to check out my best selling book,How to be Rich: The Couple’s Guide to a Rich Life Without Worrying About Money.”

(Watch video or read transcript below)

This month I’m focusing on personal finance, which has always been an interest of mine since the 80s when I saw the movie Quicksilver with Kevin Bacon who played a bicycle messenger that made a bunch of money in the stock market. Ever since I saw that movie, probably in my freshman year of high school, I became obsessed with personal finance and the stock market. Continue reading “June 2019 Q & A”

Chuck Rylant: How Jiu-Jitsu Led to the Hero of His Story

 
— Written by By Cindy Cyr —

Growing up, Chuck Rylant was driven to become a real-life hero.

Not having a healthy father figure in his life, Chuck sought out male role models, which ultimately came through the fictional characters he saw in movies. He was naturally drawn to action movie heroes of the eighties such as Sylvester Stallone in Rambo, Bruce Willis in Die Hard, and Mel Gibson in Lethal Weapon, and these heroes were his inspiration throughout a traumatic childhood that was filled with chaos.

In and out of foster homes when he was young, Chuck grew up on welfare and in government housing projects from the time he was born until he was 16, at which point he moved out to live on his own. Continue reading “Chuck Rylant: How Jiu-Jitsu Led to the Hero of His Story”

You Can Pretty Much Ignore Professional Credentials

Be careful when considering expertise only based on credentials or length of time in a profession.

These are both dated ways of thinking and encouraged by bureaucratic organizations such as unions or income generating professional associations designed to encourage ladder climbing.

People entrenched in these systems often feel the need to keep people from skipping rungs on the ladder and jumping all the way to the top, because it serves their own self interest of maintaining their own position in the hierarchy.

I can tell you from experience that the coveted MBA, JD, or any other set of letters, are NOT the qualifications that makes you an expert qualified to give advice.

I have an MBA and am considered a “tax expert” according to my credentials. I’ve also had business successes and failures, I’ve studied from books, seminars, and coaches and am also on the other side of the fence in providing coaching and consulting.

Without a doubt, the fastest way to learn business, tax, or any other skill is from lots and lots of self study and coaching from the right coach and then finally jumping in and making mistakes.

It is far more important that a coach/consultant has the knowledge and is the able to connect with you in a way you can learn, than all of the letters after his or her name.

And time in service, which is the union way of ranking people, is often a very poor indicator of skill.

Many years in a profession usually leads to more experience, but often leads to complacency and laziness and the resistance to consider new ideas that young and hungry entrepreneurs are open to.

And in response to the comment about spending most of the time marketing instead of practicing whatever trade you’re in, welcome to the world of being a business owner.

I think we all naively enter a profession because we want to do the thing we do, but quickly learn that in order to run a profitable business and be able to continue helping clients, we have to spend a high percentage of the time marketing.

Anyone who says otherwise has never started a business.

Keep an open mind.

People entrenched in these systems often feel the need to keep people from skipping rungs on the ladder and jumping all the way to the top, because it serves their own self interest of maintaining their own position in the hierarchy.

I can tell you from experience that the coveted MBA, JD or any other set of letters, are NOT the qualifications that makes you an expert qualified to give advice. I have an MBA and am considered a “tax expert” according to my credentials. I’ve also had business successes and failures, I’ve studied from books, seminars, and coaches and am also on the other side of the fence in providing coaching and consulting.

Without a doubt, the fastest way to learn business, tax, or any other skill is from lots and lots of self study and coaching from the right coach and then finally jumping in and making mistakes.

It is far more important that a coach/consultant has the knowledge and is the able to connect with you in a way you can learn, than all of the letters after his or her name. And time in service, which is the union way of ranking people, is often a very poor indicator of skill.

Many years in a profession usually leads to more experience, but often leads to complacency and laziness and the resistance to consider new ideas that young and hungry entrepreneurs are open to.

And in response to the comment about spending most of the time marketing instead of practicing whatever trade you’re in, welcome to the world of being a business owner.

I think we all naively enter a profession because we want to do the thing we do, but quickly learn that in order to run a profitable business and be able to continue helping clients, we have to spend a high percentage of the time marketing. Anyone who says otherwise has never started a business.

Keep an open mind.

Chuck J. Rylant, MBA, CFP,

Be careful when considering expertise only based on credentials or length of time in a profession. These are both dated ways of thinking and encouraged by bureaucratic organizations such as unions or income generating professional associations designed to encourage ladder climbing.

 

People entrenched in these systems often feel the need to keep people from skipping rungs on the ladder and jumping all the way to the top, because it serves their own self interest of maintaining their own position in the hierarchy.

 

I can tell you from experience that the coveted MBA, JD or any other set of letters, are NOT the qualifications that makes you an expert qualified to give advice. I have an MBA and am considered a “tax expert” according to my credentials. I’ve also had business successes and failures, I’ve studied from books, seminars, and coaches and am also on the other side of the fence in providing coaching and consulting.

 

Without a doubt, the fastest way to learn business, tax, or any other skill is from lots and lots of self study and coaching from the right coach and then finally jumping in and making mistakes.

 

It is far more important that a coach/consultant has the knowledge and is the able to connect with you in a way you can learn, than all of the letters after his or her name. And time in service, which is the union way of ranking people, is often a very poor indicator of skill.

 

Many years in a profession usually leads to more experience, but often leads to complacency and laziness and the resistance to consider new ideas that young and hungry entrepreneurs are open to.

 

And in response to the comment about spending most of the time marketing instead of practicing whatever trade you’re in, welcome to the world of being a business owner.

 

I think we all naively enter a profession because we want to do the thing we do, but quickly learn that in order to run a profitable business and be able to continue helping clients, we have to spend a high percentage of the time marketing. Anyone who says otherwise has never started a business.

 

Keep an open mind.

 

Chuck J. Rylant, MBA, CFP,

How to be Above Average

Most think they are above average.

For example, in one survey 94% of college professors claim they do above average work.

Statistically, it is impossible that 94% of any group is above average.

An educated group of college professors should understand the statistical impossibility that all of them are superior, but illusory superiority leads people to believe they are more capable than they really are.

Continue reading “How to be Above Average”

Your Unconscious Limitations

img_4211We are controlled by unconscious forces that prevent us from reaching our full potential.

Regardless how hard we try, it is difficult to understand ourselves because we have no direct access to our unconscious.

Our conscious thoughts are conceived from what we are unconscious of, but that does not stop us from creating a list of reasons for our feelings.

We should, however, be suspicious of these reasons because we fabricate a story about how we feel based on unreliable information.

The narrative we tell ourselves often includes a hint of truth, yet it frequently misrepresents how we actually feel. Continue reading “Your Unconscious Limitations”