July 23, 2025 • 27 mins
Eric’s journey into the financial world was born from personal experience. Growing up, he watched his hardworking father battle a debilitating illness and saw the financial strain it placed on his family. It became clear to Eric that many hardworking professionals, like his parents, were navigating a complicated financial landscape without the personalized guidance they needed. This realization sparked his lifelong mission: to become the trusted advisor families could count on during life’s most challenging moments.
With a degree from the University of Rhode Island, Eric began his career at Merrill Lynch in Retirement Plan Services, laying the foundation for his expertise in long-term financial planning. He later joined Bloomberg, LP, where he deepened his knowledge and expanded his ability to deliver impactful financial solutions. Over the last 13 years, Eric has helped clients save millions in taxes and move confidently toward financial independence.
What sets Eric apart is his empathy-driven approach. He takes the time to understand each client’s unique story and crafts personalized strategies that align with their goals and values. His mission is to provide more than just financial advice—he offers clarity, security, and peace of mind, helping clients transform uncertainty into confidence and turn aspirations into lasting legacies.
During the show we discussed:
- Tax planning vs. tax prep: the big misconception
- How tax strategy can save millions—and why few use it
- Real client example of proactive tax savings
- Why advisors must show up in tough times, not just wins
- Common financial traps before hiring an advisor
- The overlooked human side of financial advising
- Balancing ambition and risk in high-stakes decisions
- An investment to avoid—and the reason behind it
- Why one-size-fits-all advice is risky
- Crafting strategies based on life, not just income
- How empathy shapes better financial plans
Resources:
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Transcript
Episode Transcript
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(00:02):
(Transcribed by TurboScribe.ai. Go Unlimited to remove this message.) Welcome to the Business Credit and Financing Show.
Each week, we talk about the growth strategies
that matter most to entrepreneurs.
Listen in as we discuss the secrets to
getting credit and money to start and grow
your business, and enjoy as we talk with
seasoned business owners, coaches, and industry leaders on
(00:22):
a variety of topics from advertising and marketing
to the nuts and bolts of running a
highly successful business.
And now, to introduce the host of our
show, financial expert and award-winning author, Ty
Crandall.
Hello, and thanks for joining us today.
I'm super excited you could be here.
Today, we're talking about money.
We're talking about mindset.
(00:42):
We're gonna talk about moments that matter.
We're gonna take a look into true financial
guidance.
And with us today is the foremost expert.
I mean, this guy knows a lot.
We were just going back and forth before
we got on here about some really cool
stories about financial management, things that I think
are gonna help you maximize your net worth
and really achieve financial freedom.
So with us today is Eric Mangold.
(01:03):
Now, Eric's journey into the financial world was
born from personal experience.
So growing up, he actually watched his hardworking
father battle a debilitating illness and saw the
financial strain that it actually placed on his
family.
So it became really clear to him that
many hardworking professionals like his parents were navigating
a complicated financial landscape without the personalized guidance
(01:24):
that they actually needed.
So this realization sparked his lifelong mission to
become trusted advisor to families that could count
on during life's most challenging moments.
So with a degree from the University of
Rhode Island, Eric actually began his career at
Merrill Lynch in retirement planning services, laying the
foundation for his expertise in long-term financial
(01:47):
planning.
He later joined a Bloomberg LP where he
deepened his knowledge and expanded his ability to
deliver impactful financial solutions.
So over the last 13 years, Eric has
helped clients save millions in taxes and move
confidently toward financial freedom.
So what sets him apart is his empathy
-driven approach.
So he takes the time to understand each
(02:08):
client's unique story and crafts personalized strategies that
align with their goals and their values as
well.
So his mission is to provide more than
just financial advice.
He offers clarity, security, and peace of mind,
helping clients transform uncertainty into confidence and turn
aspirations into lasting legacies.
Eric, awesome, man.
You're doing a lot of cool stuff.
Welcome to the show.
(02:29):
Thanks, thanks for having me, Ty.
That sounded pretty good.
It sounded better.
It sounded great when you read it.
Well, we talked about tax prep and we
talked about tax planning a little bit in
that as well.
So let me start there.
I mean, what are some of the most
biggest misconceptions you see when it comes to
tax preparation and tax planning?
Fantastic question.
All right, so most people have a CPA
and CPAs are awesome.
(02:52):
A great CPA is worth their weight in
gold.
CPAs do tax prep.
Tax preparation, preparing your returns for what happened
last year.
They're typically looking in the past, right?
And sometimes they'll do a little bit of
forward-thinking work.
It depends on the CPA.
But looking in the past is tax prep.
Tax planning is really a type of work
that we do as a financial advisor, financial
(03:13):
professional, because that's taking, okay, how can we
save you a dollar in taxes today, tomorrow,
and then many years in the future?
And it sounds a little braggadocious.
I don't mean it to sound that way,
but we typically save our clients way more
money in taxes than the CPA ever will.
And it's not because we're better.
That's not the case.
It's just a different level of thinking.
(03:34):
Makes a lot of sense.
Why don't more people do this then?
It's like everybody gets their taxes done, but
so few people I talk to know anything
about tax prep, about tax planning.
Yeah, I think, really, if you look at
it, I look at it a little bit
like almost auto insurance, right?
Every time you get your auto insurance bill,
what do you do?
You pay it.
You don't really ask any questions about it.
(03:55):
You just figure, okay, this is my bill
for my auto insurance.
I gotta have my auto insurance.
So this is how much it is.
All right, I just send the bill off
and I'm good to go.
I think most people, when they meet with
their CPAs, they think the same thing.
Okay, this is my tax bill.
This is how much money I owe.
Okay, well, I guess I'll pay the IRS
and do the same for next year.
But when you really start to peel back
(04:17):
the layers of the onion, what you're able
to discover is that there's a lot of
tax savings people are missing out on and
they just don't know about it.
And when you bring that, they're like, I
didn't know that I could save money in
taxes like that.
And so we tell them, listen, if you're
doing financial planning for your financial future, trying
to grow and protect wealth, and if you
aren't taking into consideration tax planning, your planning's
(04:41):
always gonna be suboptimal.
It's never gonna be awesome because it's a
big piece.
Taxes are gonna either take a little bite
or a big bite out of your portfolio,
and it's you decide which one's it gonna
be.
So give me an example, case study, for
example, of where some of you came in
and you helped them with the planning part
and it saved them money.
So I have one of my longest tenured
(05:02):
clients, and she's absolute, she's a very, very
smart person.
She has two positions in two publicly traded
stocks, okay, in the neighborhood of seven figures.
Now she has five kids, now eight grandkids,
and some of the grandkids are now getting
to the point where they're getting to college
age.
Now she's retired, she's widowed, she's retired.
(05:23):
What she has done is she's fine for
her own retirement, she's more than comfortable, but
she now says, you know, Eric, I wanna
start helping out my kids with my grandkids'
college education because we all know it's insane
what tuition costs are.
And she's like, I was thinking about using
some of these stocks.
Now, to her credit, the stocks that she
has have gone through the roof.
(05:43):
They've gone almost nothing but up and they
were worth a significant amount of money.
But that's also been the Achilles heel because
she can't sell them or else she would
get annihilated in taxes, for capital gains taxes.
So what we were able to do is
put her into an investment strategy where we're
actually able to unwind those two stock positions,
so basically get her out of those two
(06:04):
stock positions in a tax-efficient way.
So now what's happened is now she's way
more diversified than just being invested in these
two stocks.
But because we did it in a tax
-efficient way, so she's not gonna be paying
these massive capital gains bills.
Now she can unlock this money and she
was able to give money to her kids
and ultimately their grandkids' college education.
(06:24):
Like it was just, it was a win
across the board.
It was awesome.
And frankly, she felt fantastic about it because
even though she really loved these two stock
positions, the fact that she was able to
help out her grandkids' college, she was on
top of the move.
Financial advisors, outings.
You know, there's so many different positions out
there that can help us.
(06:45):
Who do we need?
Like that, I think it's confusing to an
entrepreneur that I talk to is they don't
even know.
So for example, tax planning and financial planning,
they're not even sure if those are two
separate people or one.
So if you're giving somebody advice, who are
the financial professionals we really should have in
our lives?
Yeah, I think a CPA's definitely gotta be
on your team.
(07:06):
Financial advisor's gotta be on your team.
And depending upon your business, depending upon your
family dynamics, you gotta have a good attorney.
Now that attorney, depending upon family dynamics, could
be a trust and estate attorney, or maybe
it's just somebody that's like more of a
general practitioner of attorney that you can talk
to about certain things, especially if you're a
business owner.
I had a client who was involved in
a business and the business documents basically were
(07:28):
saying to him that he was a 10
% owner.
Well, the owner was telling him that he
was a 30% owner.
Like, well, these two things aren't aligned, man.
Like you've got two things that need to
say the same thing.
The owner's gotta say the same thing, whether
it's 10% or 30%.
The document's gotta reflect that.
So I was able to connect him with
an attorney who focuses on business planning and
business formation and those types of agreements.
(07:50):
So I mean, to answer your question, you
gotta have a good CPA, gotta have a
good financial advisor, and gotta have usually an
attorney.
I always like to say, and maybe this
is a little plug for myself, I don't
know, but I've got a really deep bench.
If somebody comes to me and they need
tax preparation, I wanna be able to tell
them, hey, I want you to talk to
these two firms that I know very, very
well.
I don't get a referral fee.
(08:11):
I don't get a finder fee, but I
wanna make sure that you're getting taken care
of than just by Googling tax prep and
getting somebody you don't know.
I've done the vetting already for some of
these folks, whether it's a tax, whether it's
a CPA or an attorney or a mortgage
broker or a lending person, right?
Like I wanna be able to tell somebody,
hey, listen, that's not an area where I'm
an expert in, but I want you to
(08:32):
call somebody that I know well and talk
to them about this need that you have.
So whoever your experts are, they gotta make
sure they got a deep bench so they
can address every area of your finances that
could be good for you, right?
Like the areas that could be good, the
areas that could be risky for you.
What about financial traps?
Like what are some of the most common
as entrepreneurs we should be looking out for
(08:53):
that you always get to and it's too
late?
Like we shouldn't have made that mistake.
If you would have got there before and
helped us avoid the mistake, it would have
been way better.
Like what are some of those traps that
we find?
I think really doing an overall, I work
with a lot of physicians.
And so what I tell them is, let's
take your financial X-ray and let's hold
up that X-ray to the light and
see what we have.
The earlier that you do that, the sooner
that you can find any potential problems.
(09:15):
And the same works with physicians as it
does with financial planners.
When I hold that financial X-ray up
to the light, if I see a problem,
like, okay, here's some things we need to
work on.
But the earlier we find them, the sooner
we can work on them.
And then I also talk, when I'm talking
especially with my entrepreneurial clients, my business owner
clients, if you have a major decision that
you're making and it involves the finance of
the business, let's set up time when we're
(09:36):
looping in your CPA, you're looping me in,
and we can have that almost like that
forum.
So where everybody's kind of coming to the
table with the sole purpose of trying to
help you, the client, you, the business owner,
right?
Maybe the CPA and maybe I, we come
in and we come in unbiased and unemotional,
which is really hard for a business owner.
It's really hard when they're talking about their
(09:57):
baby, their baby, their business, and they need
to make a really hard decision.
Well, a good CPA, a good financial advisor
can come in and say, okay, let's break
down this decision, this issue, figure out what
decision we would recommend based upon not emotions,
based upon not biases.
What's the best analysis that we could do
to help somebody move forward?
No, speaking of entrepreneurs, how do you deal
(10:20):
with us in this ambition versus risk?
Because it's like so entrepreneurs are so ambitious
and I'm sure they probably kind of lean
on high risk moves, but obviously it's probably
not the best thing for us.
So I'm just curious, like how do you
manage that?
I love what I do and I love
working with people.
And I always say every one of my
clients are their own unique snowflakes.
(10:41):
Everybody's different.
And sometimes you need to have a lot
of, do a lot of, we do a
lot of handholding.
Sometimes we need to have patience and really
good patience threshold.
But I think it's also a lot of
this, right?
A lot of the communication, because when I'm
meeting with somebody, it's not just about their
assets and their liabilities.
Okay, why did you start this business?
What was it?
(11:02):
What was the catalyst?
What was the trigger that said, you know
what?
I'm doing this on my own.
Was it the fact you wanted to be
your own boss?
Was the fact that you had some amazing
product you felt could help the world?
A little bit of both.
Wanted to just make a gazillion dollars, you
know, all the things, right?
So why did you really get to know
people?
I mean, I have a lot of my
clients ultimately become friends because we get to
(11:23):
know each other so, so well.
They get to know me and my family
and I get to know them and them
family.
It's not a requirement, but then the more
I know somebody, the more I can help.
So it's really getting to know somebody and
understanding what is the catalyst, what's making them
tick to make these decisions of, okay, this
is the business or this is the next
venture I want to get into.
Well, with the serial entrepreneurs.
What do you do to advise or what's
(11:45):
your best advice related to how we manage
savings and assets with this ups and downs
we go through?
Because one of the things I'm hearing a
lot from entrepreneurs is what this is called
this COVID drop, right?
A lot of them saw this spike during
COVID and then it just dropped.
Like they doubled some of them, their revenue
and they went out and bought fancy cars,
(12:06):
yachts and whatever they bought.
And then years later, either back to where
they were or even less than that.
And so sometimes we have these wild fluctuations
with what we do and we think we're
on top, I think we're killing it.
And then I think I see more entrepreneurs
go out then and start spending wildly.
Then they come back and have to liquidate
assets and then start using their savings to
survive, right?
(12:26):
How do you best help entrepreneurs manage this?
So the first thing is that with my
review sessions with my clients, this is, especially
my business owner clients, I'm asking them how
their year's going.
How was last year?
What are the projections for this year?
What's next year looking like?
And if they're telling me that they're doing
fantastic, then I start, the first thing I
think about, like if you're doing fantastic, it
means you're paying more in taxes.
(12:47):
How can we save you some more in
taxes?
The second thing I think about is like,
okay, if you're doing fantastic, how can we
maximize how much money you're putting in for
your own retirement?
And then the third thing is like, all
right, if you're doing fantastic, are we gonna
start buying that Ferrari when you really shouldn't
be buying that Ferrari?
And let's have that conversation about it.
I have a couple of athletes that are
clients, and we talk about things that they're
(13:12):
going to buy, any major purchases.
And it's not that they need my permission,
but it's just a little give and take,
a little back and forth of like, hey,
this is what I'm looking to do.
This is what I'm looking to purchase.
I'm like, okay, how, as long as we
have some of the foundational building blocks of
building a plan for them and having the
plan being executed on, can they make this
extra expenditure?
(13:32):
Athletes, as we all know, their careers aren't
unlimited.
So, and usually they're shorter than most people
think.
So time for them to make hay is
now, and maybe do they postpone some of
these greater expenditures, or maybe they make a
smaller expenditure, or maybe the expenditure falls in
line.
You know, again, it comes down to communication.
What are they trying to accomplish?
And what's the best way we can get
them there?
So in those kinds of scenarios, I'm curious,
(13:54):
do you think that paying cash makes sense
if we have the cash to pay, or
do you think that financing makes more sense?
I like Ferraris quite a bit.
So if I want to buy a Ferrari,
you know, I mean, I've got a great
bank out in California that will finance the
thing over 15 years because they don't appreciate
it very much.
And so that being said, like, do I
finance or do I just pay cash if
(14:15):
I have the cash?
And how do I know when to make
that right decision?
So I look at it from really a
holistic point of view of like, okay, what
else is going on with your assets and
your balance sheet and your liabilities and your
net worth?
Because if there's other assets that are invested
and we're building for retirement.
And now a quick break to hear from
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(14:36):
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(14:58):
Or paying for the kid's college or buying
that second or third home, whatever it may
be.
If we have plenty of assets there, then
maybe we're going to financing, right?
Or maybe if we don't have a lot
of assets, maybe we're going to financing so
we can build those assets.
But I want to look at the other
components of their balance sheet before I say,
hey, you know what?
I think you should finance this.
Also, where are interest rates?
I mean, this week is a little nutty
with interest rates can be bouncing back and
(15:20):
forth, but where are interest rates?
Where are the projections for interest rates?
Is this debt going to cost you more
than being able to just put it into
a specific fund and maybe making some money
off of that fund?
Well, that's interesting too, so I hear that.
So for example, EIDL loans, a lot of
us got hit down here by the hurricane.
You can get SBA financing for 4%
interest over 30 years.
(15:41):
So I have friends that are just getting
it, not even because they need it for
the business, but because with that money, they
know they can invest it even and make
a greater return than the 4%, like those
wise moves.
Yeah, sometimes it is.
Sometimes it is.
And because what I'll say is like, okay,
if we're going to pay for, if interest
rates are low, which is relatively cheap, right?
Cheap financing.
(16:01):
And if you look at the S&P
500 over any 15 year period, the return
is around 8%.
25 years, it's about 7.7%, right?
So if you can make 7.7%
in the market every year on average, right?
And you're only paying 4% financing, you're
winning on the winning end of that game.
So I've heard you talk about 401ks and
(16:23):
investing in the market.
I've heard you talk about real estate.
Any type of investment that you really love
and are bullish on that you think people
should be into and any investments that you
should, you just advise to steer clear of
at all costs?
One of the things we're doing a lot
of right now is a pretty innovative investing
strategy.
It's called tax lost harvesting and direct indexing.
(16:44):
So what that is basically is that most
people have heard of the S&P 500,
right?
500 biggest companies in the US.
Well, if the average investor wants to own
the S&P 500, they'll just go buy
an S&P 500 index, which is just
tracks all 500 of those companies.
They're not buying each individual stock.
What direct index, and the reason they're not
doing that, right, by the way, is that
(17:05):
it's really inefficient.
Think about buying 500 stocks.
It's really time consuming and it's really expensive.
So what we're doing is through technology is
we're actually doing direct indexing.
So we are buying individual components.
And also what we're doing is what's called
tax loss harvesting.
So let's say one of the components, the
S&P 500, let's say it's Coke and
(17:25):
Coke goes down by 8%.
And I'm simplifying this a little bit.
And Pepsi is in our portfolio too.
And that goes up by 12%.
Okay, so we have a loss and a
gain here.
What we'll do is we'll offset that 8
% loss with Coke against that 12%
loss of Pepsi.
So now you haven't gained 12% and
lost 8%.
You've only gained 4%.
(17:45):
But in that equation lies tax savings.
Tax savings that can be banked and potentially,
depending on what state you live in, carried
forward to the next year.
So let's say you have a real estate
sale and you owe taxes.
Let's say you owe 10, I'm just pulling
a number out of my head, 10 grand
in taxes.
But you have a $3,000 loss that's
been banked in this direct indexing strategy.
(18:08):
You can offset that $3,000 against that
$10,000 tax bill that you owe.
And it is just, and the thing is
that we're not sacrificing growth for the ability
to capture taxes and tax savings.
It's one of the more innovative strategies.
And again, I'm oversimplifying a little bit, but
it's one of the more innovative strategies that
we've seen.
Direct indexing is getting a lot of news
(18:29):
and a lot of press.
And this is the reason, because it's giving
people the ability to not only increase their
wealth and grow their wealth, but also save
money in taxes along the same time.
It's one of the most, one of the
more intriguing and I think game-changing type
of investments I've seen in a long time.
One of the things I love about you,
and I love that strategy.
And when you have those kinds of strategies,
(18:51):
one of the things I love is that
you have this ability to custom tailor a
strategy for your client.
And that's very unique.
I mean, most people are cookie cutter strategies
and it's the same thing.
They're advising the clients the exact same way.
The heck do you do that?
Like, how do you come in and truly
custom tailor strategies for each client based on
where they are, where they wanna be, other
(19:12):
factors?
There's a lot that goes into it.
I mean, kind of go back to that
financial x-ray, you hold it up, what
do you see in the light?
Now, there's definitely gonna be some things like
we do.
I do have some portfolios that I use
for certain investors that are good portfolios of
mutual funds and ETFs.
And somebody's in the same kind of net
worth area, and then it makes sense for
them to be in the same portfolio as
(19:33):
someone else, then we'll recommend that.
But I think that's really one of the
big keys to the overall puzzle is like,
the advice has gotta be customized, the plan's
gotta be customized.
It's getting everybody's unique snowflake.
And life will always, losing a lot of
cliches here, Ty.
Life's always gonna throw you a curve ball,
right?
And you don't know when that curve ball
comes.
(19:53):
So that plan's gotta be nimble.
It's gotta be, it can't live in a
vacuum.
It's gotta be able to move as life
does throw you that curve ball, right?
And it's gotta be custom to what's going
on in your world.
I mean, cause everybody's got their own things
that are going on in their life.
They've got families, maybe there's kids, maybe there's
aging parents they're taking care of.
Maybe there's a charity that they're working with.
The advice has gotta be tailored to exactly
(20:13):
that particular person because it's like a good
suit.
If it's tailored, it fits awesome, it looks
awesome.
If it's not tailored and before right off
the rack, it looks frumpy and it's not
the right fit.
You just know it's not right for you.
It's gotta be that tailored down, customizable advice
and strategy.
Empathy, you're big on empathy and using it
in your practice.
What kind of things are you doing with
(20:35):
empathy especially to be able to better work
with your clients?
When I think one of the things I
don't like about my industry, and I get
asked this all the time and it's not
client's fault.
It's just because it's what they hear from
my industry.
It drives me nuts that people ask me
all the time, what's my minimum, right?
What's my minimum?
What that means is that in order for
them to become a client of mine, they
(20:55):
have to have a certain amount of dollars
that they can invest with me in order
to get personalized advice.
All right, I don't like that cause that
looks like it takes every single human and
turns them into a dollar sign.
How condescending is that?
If you're talking to somebody and you're saying,
you're not worth my advice.
I mean like that just, I don't even
like those words coming out of my mouth,
(21:16):
Ty.
So, and not to mention, I work with
a lot of physicians.
I work with a lot of physicians.
And I can tell you, I work with
people, I say to these physicians, I work
with you from residency through retirement.
Well, residents don't make a lot of money.
And I have a ton of clients that
I started with as residents that are now
making in the seven figures.
(21:36):
But if I told them when they were
residents, hey, go pound sand, you don't have
enough to, you're not worth my time, you
don't meet my minimum.
They would have been like, all right, fine.
And they would have found somebody else that
would have helped them.
Why not help them if they want my
help, right?
I'm working with clients' kids now, which is
really kind of fun, right?
But what am I supposed to say to
the client's kids?
You don't make my minimum?
So, I think a little bit of empathy
(21:57):
can go a long way.
And that's one of the major things that
I think, I mean, I would love it
if my industry changes.
I don't think it will.
I think people will still carry that minimum.
I mean, I got a client about a
year ago from a friend of mine who's
an advisor at another firm.
And he was recommending to me his next
door neighbor.
And I said, well, why don't you help
(22:18):
him?
Like, you live next door, you're friends with
him.
He's like, can't, they don't meet my minimum.
So, I actually obtained a great client from
a guy who's in the business, but he
even tried to make an exception.
His manager goes, nope, they don't meet your
minimum.
You can't take them.
You know, like, and that's what he had
to tell them.
I mean, it's just so, and they're great
clients to this day.
I love them, right?
But the fact of the matter, they're my
(22:38):
clients now, and I'm trying to do my
best for them, but they came to me
because I said to them, listen, I don't
look at people as dollar signs.
I look at people as human beings.
If I can help you and we like
each other, we trust each other, respect each
other, then there's a lot of things we
can do to work together.
But I think that's a big thing on
the empathy side of things.
Are you looking at somebody as a human
or are you looking at somebody as a
dollar sign?
(22:58):
And I love that you just went through
that because you're right.
It's one of the most common things that
we think about because we understand that people
have minimums.
But so when is the best time to
come talk to you?
Like if I'm just launching a business, I
mean, when is the best time?
When, what are the things, when I should
be thinking about coming to speak to you?
I think anytime you have a major financial
situation going on in your life, and that
(23:19):
could be people in their 20s.
I have clients I'm talking to within their
20s right now.
They're about ready to have a baby.
So yeah, they need a little bit of
planning, okay?
But 20s, 30s, 40, whenever there's a major
financial issue going on in your life, good
or bad, you should really talk to a
financial advisor because like, okay, how can we
make this work for us?
How can we make this work for us?
We're able to grow wealth or protect wealth,
(23:41):
right?
I had a client, brand new client, brand
new client.
And we hadn't really done any work yet.
We're still really getting to know each other.
And he was telling me that he was
putting a pool in.
And I was like, oh, okay, cool.
When do you think your pool's going to
be done?
And he's like, oh, it's probably going to
be done in about two weeks.
And I said, okay, you've got that umbrella
policy, right?
And he's like, looked at me in a
blank stare.
(24:02):
And he goes, what's an umbrella policy?
And I was like, and I said, his
name was Mitch.
And I said, Mitch, listen, not one drop
of pool, not one drop of water goes
into that pool until you have an umbrella
policy.
Because that's the extra liability that sits on
top of your home and auto insurance.
I don't do that kind of insurance, but
somebody, if I recognize a gap, I'm going
to bring it obviously to my client's attention,
(24:23):
then connect them to the right people on
my bench to get these things fixed.
But it was like one of those things
where he just, he didn't realize he needed
to talk to somebody until he talked to
somebody.
And there's times that I talk to people
and I say, listen, I think you've got
a pretty good handle on things.
Keep my name and number handy.
As things evolve in your life, keep me
(24:43):
in the loop.
Let's talk maybe once a year.
But you've kind of got a good plan
already on your shoulder.
Sometimes people can do this on their own.
So I'll be forthright with him.
Like, listen, I think you're pretty good.
You set sail from the docks.
Let's talk in a year.
If something comes up, call me.
Not everybody needs to be a client today.
Maybe it takes a couple of years.
Maybe they're not ready.
Maybe they're not ready emotionally, physically, or whatever
(25:04):
it may be.
Time's got to be right on both sides.
Eric, do you help people across all states
in the United States?
Yeah, and it's funny because people, a lot
of my clients that, when I started my
practice, it was mainly New York, New Jersey,
Pennsylvania, because that's where I grew up and
that's where I'm from and live.
But people move.
I get a lot of retirees down your
way, Ty.
I got a lot of guys, a lot
of people in Florida, a lot of North
(25:24):
Carolinians, Arizona, California.
So I got a lot of people that
have been moving.
And then a lot of people that, big
hockey player and a lot of guys that
I played hockey, still play hockey with, get
different jobs in different cities.
So it's people land in different areas.
So yeah, we can help people across the
country.
Where can everybody go that's watching this and
listening to be able to learn more, maybe
(25:45):
get an opportunity to talk?
Best place is going to be my website.
It's just my first initial last name, emangold
.com, E-M-A-N-G-O-L
-D.com.
I also did start my own podcast a
couple of weeks ago.
It's a little play on my last name.
It's Man in Search of Gold podcast.
Like I said, we were talking earlier and
I just did it a couple of weeks
ago.
I had more than no listeners, which I
(26:05):
thought was a success, but I'm on YouTube
and Spotify for that too.
That's awesome.
Eric, thanks for coming on with us today.
Thank you so much, Ty.
I appreciate your time.
So listen, if you're watching this, now's the
time.
I mean, you just need to reach out
to Eric to talk more about where you
are and maybe get some tips and tactics
on where you're wanting to go and the
best way to be able to get there.
We have a lot of ups and downs
(26:26):
as entrepreneurs, but if we don't manage our
finances the right way, we get to the
end of this and we may still be
working and starting new businesses at 60, 70
years old.
Because a lot of us, what we're making
in the exit of our business is what
we think will carry us through.
But it's the wrong way of thinking.
Realistically, you should be thinking about it right
now, even the beginning stages and setting money
aside and having, like Eric said, when you
(26:47):
have the good years, well, then you wanna
be stockpiling that money, preparing yourself financially for
the bad years so you can still come
out on top whenever you do have your
exit, whatever that exit may look like.
So in order to be able to learn
more, go to emangold.com.
That's emangold.com.
And there, there's a lot of stuff you'll
see.
He's got an FAQ.
He's got media where he's been featured everywhere.
You can even access his podcast, which you
(27:08):
just referenced there as well.
So make sure you check it out right
now.
You can schedule time with Eric and his
team.
It all happens at emangold.com.
Thanks for tuning in.
Take care.
Have a great day.
You've been listening to the Business Credit and
Financing Show with your host, Ty Crandall.
(27:32):
Watch for our next episode to get even
more insight on financing and growing your business.
And don't forget to check us out online
at creditsuite.com for even more business growth
strategies.
(Transcribed by TurboScribe.ai. Go Unlimited to remove this message.) Welcome to the Business Credit and Financing Show.
Each week, we talk about the growth strategies
that matter most to entrepreneurs.
Listen in as we discuss the secrets to
getting credit and money to start and grow
your business, and enjoy as we talk with
seasoned business owners, coaches, and industry leaders on
(00:22):
a variety of topics from advertising and marketing
to the nuts and bolts of running a
highly successful business.
And now, to introduce the host of our
show, financial expert and award-winning author, Ty
Crandall.
Hello, and thanks for joining us today.
I'm super excited you could be here.
Today, we're talking about money.
We're talking about mindset.
(00:42):
We're gonna talk about moments that matter.
We're gonna take a look into true financial
guidance.
And with us today is the foremost expert.
I mean, this guy knows a lot.
We were just going back and forth before
we got on here about some really cool
stories about financial management, things that I think
are gonna help you maximize your net worth
and really achieve financial freedom.
So with us today is Eric Mangold.
(01:03):
Now, Eric's journey into the financial world was
born from personal experience.
So growing up, he actually watched his hardworking
father battle a debilitating illness and saw the
financial strain that it actually placed on his
family.
So it became really clear to him that
many hardworking professionals like his parents were navigating
a complicated financial landscape without the personalized guidance
(01:24):
that they actually needed.
So this realization sparked his lifelong mission to
become trusted advisor to families that could count
on during life's most challenging moments.
So with a degree from the University of
Rhode Island, Eric actually began his career at
Merrill Lynch in retirement planning services, laying the
foundation for his expertise in long-term financial
(01:47):
planning.
He later joined a Bloomberg LP where he
deepened his knowledge and expanded his ability to
deliver impactful financial solutions.
So over the last 13 years, Eric has
helped clients save millions in taxes and move
confidently toward financial freedom.
So what sets him apart is his empathy
-driven approach.
So he takes the time to understand each
(02:08):
client's unique story and crafts personalized strategies that
align with their goals and their values as
well.
So his mission is to provide more than
just financial advice.
He offers clarity, security, and peace of mind,
helping clients transform uncertainty into confidence and turn
aspirations into lasting legacies.
Eric, awesome, man.
You're doing a lot of cool stuff.
Welcome to the show.
(02:29):
Thanks, thanks for having me, Ty.
That sounded pretty good.
It sounded better.
It sounded great when you read it.
Well, we talked about tax prep and we
talked about tax planning a little bit in
that as well.
So let me start there.
I mean, what are some of the most
biggest misconceptions you see when it comes to
tax preparation and tax planning?
Fantastic question.
All right, so most people have a CPA
and CPAs are awesome.
(02:52):
A great CPA is worth their weight in
gold.
CPAs do tax prep.
Tax preparation, preparing your returns for what happened
last year.
They're typically looking in the past, right?
And sometimes they'll do a little bit of
forward-thinking work.
It depends on the CPA.
But looking in the past is tax prep.
Tax planning is really a type of work
that we do as a financial advisor, financial
(03:13):
professional, because that's taking, okay, how can we
save you a dollar in taxes today, tomorrow,
and then many years in the future?
And it sounds a little braggadocious.
I don't mean it to sound that way,
but we typically save our clients way more
money in taxes than the CPA ever will.
And it's not because we're better.
That's not the case.
It's just a different level of thinking.
(03:34):
Makes a lot of sense.
Why don't more people do this then?
It's like everybody gets their taxes done, but
so few people I talk to know anything
about tax prep, about tax planning.
Yeah, I think, really, if you look at
it, I look at it a little bit
like almost auto insurance, right?
Every time you get your auto insurance bill,
what do you do?
You pay it.
You don't really ask any questions about it.
(03:55):
You just figure, okay, this is my bill
for my auto insurance.
I gotta have my auto insurance.
So this is how much it is.
All right, I just send the bill off
and I'm good to go.
I think most people, when they meet with
their CPAs, they think the same thing.
Okay, this is my tax bill.
This is how much money I owe.
Okay, well, I guess I'll pay the IRS
and do the same for next year.
But when you really start to peel back
(04:17):
the layers of the onion, what you're able
to discover is that there's a lot of
tax savings people are missing out on and
they just don't know about it.
And when you bring that, they're like, I
didn't know that I could save money in
taxes like that.
And so we tell them, listen, if you're
doing financial planning for your financial future, trying
to grow and protect wealth, and if you
aren't taking into consideration tax planning, your planning's
(04:41):
always gonna be suboptimal.
It's never gonna be awesome because it's a
big piece.
Taxes are gonna either take a little bite
or a big bite out of your portfolio,
and it's you decide which one's it gonna
be.
So give me an example, case study, for
example, of where some of you came in
and you helped them with the planning part
and it saved them money.
So I have one of my longest tenured
(05:02):
clients, and she's absolute, she's a very, very
smart person.
She has two positions in two publicly traded
stocks, okay, in the neighborhood of seven figures.
Now she has five kids, now eight grandkids,
and some of the grandkids are now getting
to the point where they're getting to college
age.
Now she's retired, she's widowed, she's retired.
(05:23):
What she has done is she's fine for
her own retirement, she's more than comfortable, but
she now says, you know, Eric, I wanna
start helping out my kids with my grandkids'
college education because we all know it's insane
what tuition costs are.
And she's like, I was thinking about using
some of these stocks.
Now, to her credit, the stocks that she
has have gone through the roof.
(05:43):
They've gone almost nothing but up and they
were worth a significant amount of money.
But that's also been the Achilles heel because
she can't sell them or else she would
get annihilated in taxes, for capital gains taxes.
So what we were able to do is
put her into an investment strategy where we're
actually able to unwind those two stock positions,
so basically get her out of those two
(06:04):
stock positions in a tax-efficient way.
So now what's happened is now she's way
more diversified than just being invested in these
two stocks.
But because we did it in a tax
-efficient way, so she's not gonna be paying
these massive capital gains bills.
Now she can unlock this money and she
was able to give money to her kids
and ultimately their grandkids' college education.
(06:24):
Like it was just, it was a win
across the board.
It was awesome.
And frankly, she felt fantastic about it because
even though she really loved these two stock
positions, the fact that she was able to
help out her grandkids' college, she was on
top of the move.
Financial advisors, outings.
You know, there's so many different positions out
there that can help us.
(06:45):
Who do we need?
Like that, I think it's confusing to an
entrepreneur that I talk to is they don't
even know.
So for example, tax planning and financial planning,
they're not even sure if those are two
separate people or one.
So if you're giving somebody advice, who are
the financial professionals we really should have in
our lives?
Yeah, I think a CPA's definitely gotta be
on your team.
(07:06):
Financial advisor's gotta be on your team.
And depending upon your business, depending upon your
family dynamics, you gotta have a good attorney.
Now that attorney, depending upon family dynamics, could
be a trust and estate attorney, or maybe
it's just somebody that's like more of a
general practitioner of attorney that you can talk
to about certain things, especially if you're a
business owner.
I had a client who was involved in
a business and the business documents basically were
(07:28):
saying to him that he was a 10
% owner.
Well, the owner was telling him that he
was a 30% owner.
Like, well, these two things aren't aligned, man.
Like you've got two things that need to
say the same thing.
The owner's gotta say the same thing, whether
it's 10% or 30%.
The document's gotta reflect that.
So I was able to connect him with
an attorney who focuses on business planning and
business formation and those types of agreements.
(07:50):
So I mean, to answer your question, you
gotta have a good CPA, gotta have a
good financial advisor, and gotta have usually an
attorney.
I always like to say, and maybe this
is a little plug for myself, I don't
know, but I've got a really deep bench.
If somebody comes to me and they need
tax preparation, I wanna be able to tell
them, hey, I want you to talk to
these two firms that I know very, very
well.
I don't get a referral fee.
(08:11):
I don't get a finder fee, but I
wanna make sure that you're getting taken care
of than just by Googling tax prep and
getting somebody you don't know.
I've done the vetting already for some of
these folks, whether it's a tax, whether it's
a CPA or an attorney or a mortgage
broker or a lending person, right?
Like I wanna be able to tell somebody,
hey, listen, that's not an area where I'm
an expert in, but I want you to
(08:32):
call somebody that I know well and talk
to them about this need that you have.
So whoever your experts are, they gotta make
sure they got a deep bench so they
can address every area of your finances that
could be good for you, right?
Like the areas that could be good, the
areas that could be risky for you.
What about financial traps?
Like what are some of the most common
as entrepreneurs we should be looking out for
(08:53):
that you always get to and it's too
late?
Like we shouldn't have made that mistake.
If you would have got there before and
helped us avoid the mistake, it would have
been way better.
Like what are some of those traps that
we find?
I think really doing an overall, I work
with a lot of physicians.
And so what I tell them is, let's
take your financial X-ray and let's hold
up that X-ray to the light and
see what we have.
The earlier that you do that, the sooner
that you can find any potential problems.
(09:15):
And the same works with physicians as it
does with financial planners.
When I hold that financial X-ray up
to the light, if I see a problem,
like, okay, here's some things we need to
work on.
But the earlier we find them, the sooner
we can work on them.
And then I also talk, when I'm talking
especially with my entrepreneurial clients, my business owner
clients, if you have a major decision that
you're making and it involves the finance of
the business, let's set up time when we're
(09:36):
looping in your CPA, you're looping me in,
and we can have that almost like that
forum.
So where everybody's kind of coming to the
table with the sole purpose of trying to
help you, the client, you, the business owner,
right?
Maybe the CPA and maybe I, we come
in and we come in unbiased and unemotional,
which is really hard for a business owner.
It's really hard when they're talking about their
(09:57):
baby, their baby, their business, and they need
to make a really hard decision.
Well, a good CPA, a good financial advisor
can come in and say, okay, let's break
down this decision, this issue, figure out what
decision we would recommend based upon not emotions,
based upon not biases.
What's the best analysis that we could do
to help somebody move forward?
No, speaking of entrepreneurs, how do you deal
(10:20):
with us in this ambition versus risk?
Because it's like so entrepreneurs are so ambitious
and I'm sure they probably kind of lean
on high risk moves, but obviously it's probably
not the best thing for us.
So I'm just curious, like how do you
manage that?
I love what I do and I love
working with people.
And I always say every one of my
clients are their own unique snowflakes.
(10:41):
Everybody's different.
And sometimes you need to have a lot
of, do a lot of, we do a
lot of handholding.
Sometimes we need to have patience and really
good patience threshold.
But I think it's also a lot of
this, right?
A lot of the communication, because when I'm
meeting with somebody, it's not just about their
assets and their liabilities.
Okay, why did you start this business?
What was it?
(11:02):
What was the catalyst?
What was the trigger that said, you know
what?
I'm doing this on my own.
Was it the fact you wanted to be
your own boss?
Was the fact that you had some amazing
product you felt could help the world?
A little bit of both.
Wanted to just make a gazillion dollars, you
know, all the things, right?
So why did you really get to know
people?
I mean, I have a lot of my
clients ultimately become friends because we get to
(11:23):
know each other so, so well.
They get to know me and my family
and I get to know them and them
family.
It's not a requirement, but then the more
I know somebody, the more I can help.
So it's really getting to know somebody and
understanding what is the catalyst, what's making them
tick to make these decisions of, okay, this
is the business or this is the next
venture I want to get into.
Well, with the serial entrepreneurs.
What do you do to advise or what's
(11:45):
your best advice related to how we manage
savings and assets with this ups and downs
we go through?
Because one of the things I'm hearing a
lot from entrepreneurs is what this is called
this COVID drop, right?
A lot of them saw this spike during
COVID and then it just dropped.
Like they doubled some of them, their revenue
and they went out and bought fancy cars,
(12:06):
yachts and whatever they bought.
And then years later, either back to where
they were or even less than that.
And so sometimes we have these wild fluctuations
with what we do and we think we're
on top, I think we're killing it.
And then I think I see more entrepreneurs
go out then and start spending wildly.
Then they come back and have to liquidate
assets and then start using their savings to
survive, right?
(12:26):
How do you best help entrepreneurs manage this?
So the first thing is that with my
review sessions with my clients, this is, especially
my business owner clients, I'm asking them how
their year's going.
How was last year?
What are the projections for this year?
What's next year looking like?
And if they're telling me that they're doing
fantastic, then I start, the first thing I
think about, like if you're doing fantastic, it
means you're paying more in taxes.
(12:47):
How can we save you some more in
taxes?
The second thing I think about is like,
okay, if you're doing fantastic, how can we
maximize how much money you're putting in for
your own retirement?
And then the third thing is like, all
right, if you're doing fantastic, are we gonna
start buying that Ferrari when you really shouldn't
be buying that Ferrari?
And let's have that conversation about it.
I have a couple of athletes that are
clients, and we talk about things that they're
(13:12):
going to buy, any major purchases.
And it's not that they need my permission,
but it's just a little give and take,
a little back and forth of like, hey,
this is what I'm looking to do.
This is what I'm looking to purchase.
I'm like, okay, how, as long as we
have some of the foundational building blocks of
building a plan for them and having the
plan being executed on, can they make this
extra expenditure?
(13:32):
Athletes, as we all know, their careers aren't
unlimited.
So, and usually they're shorter than most people
think.
So time for them to make hay is
now, and maybe do they postpone some of
these greater expenditures, or maybe they make a
smaller expenditure, or maybe the expenditure falls in
line.
You know, again, it comes down to communication.
What are they trying to accomplish?
And what's the best way we can get
them there?
So in those kinds of scenarios, I'm curious,
(13:54):
do you think that paying cash makes sense
if we have the cash to pay, or
do you think that financing makes more sense?
I like Ferraris quite a bit.
So if I want to buy a Ferrari,
you know, I mean, I've got a great
bank out in California that will finance the
thing over 15 years because they don't appreciate
it very much.
And so that being said, like, do I
finance or do I just pay cash if
(14:15):
I have the cash?
And how do I know when to make
that right decision?
So I look at it from really a
holistic point of view of like, okay, what
else is going on with your assets and
your balance sheet and your liabilities and your
net worth?
Because if there's other assets that are invested
and we're building for retirement.
And now a quick break to hear from
our sponsor.
(14:36):
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(14:58):
Or paying for the kid's college or buying
that second or third home, whatever it may
be.
If we have plenty of assets there, then
maybe we're going to financing, right?
Or maybe if we don't have a lot
of assets, maybe we're going to financing so
we can build those assets.
But I want to look at the other
components of their balance sheet before I say,
hey, you know what?
I think you should finance this.
Also, where are interest rates?
I mean, this week is a little nutty
with interest rates can be bouncing back and
(15:20):
forth, but where are interest rates?
Where are the projections for interest rates?
Is this debt going to cost you more
than being able to just put it into
a specific fund and maybe making some money
off of that fund?
Well, that's interesting too, so I hear that.
So for example, EIDL loans, a lot of
us got hit down here by the hurricane.
You can get SBA financing for 4%
interest over 30 years.
(15:41):
So I have friends that are just getting
it, not even because they need it for
the business, but because with that money, they
know they can invest it even and make
a greater return than the 4%, like those
wise moves.
Yeah, sometimes it is.
Sometimes it is.
And because what I'll say is like, okay,
if we're going to pay for, if interest
rates are low, which is relatively cheap, right?
Cheap financing.
(16:01):
And if you look at the S&P
500 over any 15 year period, the return
is around 8%.
25 years, it's about 7.7%, right?
So if you can make 7.7%
in the market every year on average, right?
And you're only paying 4% financing, you're
winning on the winning end of that game.
So I've heard you talk about 401ks and
(16:23):
investing in the market.
I've heard you talk about real estate.
Any type of investment that you really love
and are bullish on that you think people
should be into and any investments that you
should, you just advise to steer clear of
at all costs?
One of the things we're doing a lot
of right now is a pretty innovative investing
strategy.
It's called tax lost harvesting and direct indexing.
(16:44):
So what that is basically is that most
people have heard of the S&P 500,
right?
500 biggest companies in the US.
Well, if the average investor wants to own
the S&P 500, they'll just go buy
an S&P 500 index, which is just
tracks all 500 of those companies.
They're not buying each individual stock.
What direct index, and the reason they're not
doing that, right, by the way, is that
(17:05):
it's really inefficient.
Think about buying 500 stocks.
It's really time consuming and it's really expensive.
So what we're doing is through technology is
we're actually doing direct indexing.
So we are buying individual components.
And also what we're doing is what's called
tax loss harvesting.
So let's say one of the components, the
S&P 500, let's say it's Coke and
(17:25):
Coke goes down by 8%.
And I'm simplifying this a little bit.
And Pepsi is in our portfolio too.
And that goes up by 12%.
Okay, so we have a loss and a
gain here.
What we'll do is we'll offset that 8
% loss with Coke against that 12%
loss of Pepsi.
So now you haven't gained 12% and
lost 8%.
You've only gained 4%.
(17:45):
But in that equation lies tax savings.
Tax savings that can be banked and potentially,
depending on what state you live in, carried
forward to the next year.
So let's say you have a real estate
sale and you owe taxes.
Let's say you owe 10, I'm just pulling
a number out of my head, 10 grand
in taxes.
But you have a $3,000 loss that's
been banked in this direct indexing strategy.
(18:08):
You can offset that $3,000 against that
$10,000 tax bill that you owe.
And it is just, and the thing is
that we're not sacrificing growth for the ability
to capture taxes and tax savings.
It's one of the more innovative strategies.
And again, I'm oversimplifying a little bit, but
it's one of the more innovative strategies that
we've seen.
Direct indexing is getting a lot of news
(18:29):
and a lot of press.
And this is the reason, because it's giving
people the ability to not only increase their
wealth and grow their wealth, but also save
money in taxes along the same time.
It's one of the most, one of the
more intriguing and I think game-changing type
of investments I've seen in a long time.
One of the things I love about you,
and I love that strategy.
And when you have those kinds of strategies,
(18:51):
one of the things I love is that
you have this ability to custom tailor a
strategy for your client.
And that's very unique.
I mean, most people are cookie cutter strategies
and it's the same thing.
They're advising the clients the exact same way.
The heck do you do that?
Like, how do you come in and truly
custom tailor strategies for each client based on
where they are, where they wanna be, other
(19:12):
factors?
There's a lot that goes into it.
I mean, kind of go back to that
financial x-ray, you hold it up, what
do you see in the light?
Now, there's definitely gonna be some things like
we do.
I do have some portfolios that I use
for certain investors that are good portfolios of
mutual funds and ETFs.
And somebody's in the same kind of net
worth area, and then it makes sense for
them to be in the same portfolio as
(19:33):
someone else, then we'll recommend that.
But I think that's really one of the
big keys to the overall puzzle is like,
the advice has gotta be customized, the plan's
gotta be customized.
It's getting everybody's unique snowflake.
And life will always, losing a lot of
cliches here, Ty.
Life's always gonna throw you a curve ball,
right?
And you don't know when that curve ball
comes.
(19:53):
So that plan's gotta be nimble.
It's gotta be, it can't live in a
vacuum.
It's gotta be able to move as life
does throw you that curve ball, right?
And it's gotta be custom to what's going
on in your world.
I mean, cause everybody's got their own things
that are going on in their life.
They've got families, maybe there's kids, maybe there's
aging parents they're taking care of.
Maybe there's a charity that they're working with.
The advice has gotta be tailored to exactly
(20:13):
that particular person because it's like a good
suit.
If it's tailored, it fits awesome, it looks
awesome.
If it's not tailored and before right off
the rack, it looks frumpy and it's not
the right fit.
You just know it's not right for you.
It's gotta be that tailored down, customizable advice
and strategy.
Empathy, you're big on empathy and using it
in your practice.
What kind of things are you doing with
(20:35):
empathy especially to be able to better work
with your clients?
When I think one of the things I
don't like about my industry, and I get
asked this all the time and it's not
client's fault.
It's just because it's what they hear from
my industry.
It drives me nuts that people ask me
all the time, what's my minimum, right?
What's my minimum?
What that means is that in order for
them to become a client of mine, they
(20:55):
have to have a certain amount of dollars
that they can invest with me in order
to get personalized advice.
All right, I don't like that cause that
looks like it takes every single human and
turns them into a dollar sign.
How condescending is that?
If you're talking to somebody and you're saying,
you're not worth my advice.
I mean like that just, I don't even
like those words coming out of my mouth,
(21:16):
Ty.
So, and not to mention, I work with
a lot of physicians.
I work with a lot of physicians.
And I can tell you, I work with
people, I say to these physicians, I work
with you from residency through retirement.
Well, residents don't make a lot of money.
And I have a ton of clients that
I started with as residents that are now
making in the seven figures.
(21:36):
But if I told them when they were
residents, hey, go pound sand, you don't have
enough to, you're not worth my time, you
don't meet my minimum.
They would have been like, all right, fine.
And they would have found somebody else that
would have helped them.
Why not help them if they want my
help, right?
I'm working with clients' kids now, which is
really kind of fun, right?
But what am I supposed to say to
the client's kids?
You don't make my minimum?
So, I think a little bit of empathy
(21:57):
can go a long way.
And that's one of the major things that
I think, I mean, I would love it
if my industry changes.
I don't think it will.
I think people will still carry that minimum.
I mean, I got a client about a
year ago from a friend of mine who's
an advisor at another firm.
And he was recommending to me his next
door neighbor.
And I said, well, why don't you help
(22:18):
him?
Like, you live next door, you're friends with
him.
He's like, can't, they don't meet my minimum.
So, I actually obtained a great client from
a guy who's in the business, but he
even tried to make an exception.
His manager goes, nope, they don't meet your
minimum.
You can't take them.
You know, like, and that's what he had
to tell them.
I mean, it's just so, and they're great
clients to this day.
I love them, right?
But the fact of the matter, they're my
(22:38):
clients now, and I'm trying to do my
best for them, but they came to me
because I said to them, listen, I don't
look at people as dollar signs.
I look at people as human beings.
If I can help you and we like
each other, we trust each other, respect each
other, then there's a lot of things we
can do to work together.
But I think that's a big thing on
the empathy side of things.
Are you looking at somebody as a human
or are you looking at somebody as a
dollar sign?
(22:58):
And I love that you just went through
that because you're right.
It's one of the most common things that
we think about because we understand that people
have minimums.
But so when is the best time to
come talk to you?
Like if I'm just launching a business, I
mean, when is the best time?
When, what are the things, when I should
be thinking about coming to speak to you?
I think anytime you have a major financial
situation going on in your life, and that
(23:19):
could be people in their 20s.
I have clients I'm talking to within their
20s right now.
They're about ready to have a baby.
So yeah, they need a little bit of
planning, okay?
But 20s, 30s, 40, whenever there's a major
financial issue going on in your life, good
or bad, you should really talk to a
financial advisor because like, okay, how can we
make this work for us?
How can we make this work for us?
We're able to grow wealth or protect wealth,
(23:41):
right?
I had a client, brand new client, brand
new client.
And we hadn't really done any work yet.
We're still really getting to know each other.
And he was telling me that he was
putting a pool in.
And I was like, oh, okay, cool.
When do you think your pool's going to
be done?
And he's like, oh, it's probably going to
be done in about two weeks.
And I said, okay, you've got that umbrella
policy, right?
And he's like, looked at me in a
blank stare.
(24:02):
And he goes, what's an umbrella policy?
And I was like, and I said, his
name was Mitch.
And I said, Mitch, listen, not one drop
of pool, not one drop of water goes
into that pool until you have an umbrella
policy.
Because that's the extra liability that sits on
top of your home and auto insurance.
I don't do that kind of insurance, but
somebody, if I recognize a gap, I'm going
to bring it obviously to my client's attention,
(24:23):
then connect them to the right people on
my bench to get these things fixed.
But it was like one of those things
where he just, he didn't realize he needed
to talk to somebody until he talked to
somebody.
And there's times that I talk to people
and I say, listen, I think you've got
a pretty good handle on things.
Keep my name and number handy.
As things evolve in your life, keep me
(24:43):
in the loop.
Let's talk maybe once a year.
But you've kind of got a good plan
already on your shoulder.
Sometimes people can do this on their own.
So I'll be forthright with him.
Like, listen, I think you're pretty good.
You set sail from the docks.
Let's talk in a year.
If something comes up, call me.
Not everybody needs to be a client today.
Maybe it takes a couple of years.
Maybe they're not ready.
Maybe they're not ready emotionally, physically, or whatever
(25:04):
it may be.
Time's got to be right on both sides.
Eric, do you help people across all states
in the United States?
Yeah, and it's funny because people, a lot
of my clients that, when I started my
practice, it was mainly New York, New Jersey,
Pennsylvania, because that's where I grew up and
that's where I'm from and live.
But people move.
I get a lot of retirees down your
way, Ty.
I got a lot of guys, a lot
of people in Florida, a lot of North
(25:24):
Carolinians, Arizona, California.
So I got a lot of people that
have been moving.
And then a lot of people that, big
hockey player and a lot of guys that
I played hockey, still play hockey with, get
different jobs in different cities.
So it's people land in different areas.
So yeah, we can help people across the
country.
Where can everybody go that's watching this and
listening to be able to learn more, maybe
(25:45):
get an opportunity to talk?
Best place is going to be my website.
It's just my first initial last name, emangold
.com, E-M-A-N-G-O-L
-D.com.
I also did start my own podcast a
couple of weeks ago.
It's a little play on my last name.
It's Man in Search of Gold podcast.
Like I said, we were talking earlier and
I just did it a couple of weeks
ago.
I had more than no listeners, which I
(26:05):
thought was a success, but I'm on YouTube
and Spotify for that too.
That's awesome.
Eric, thanks for coming on with us today.
Thank you so much, Ty.
I appreciate your time.
So listen, if you're watching this, now's the
time.
I mean, you just need to reach out
to Eric to talk more about where you
are and maybe get some tips and tactics
on where you're wanting to go and the
best way to be able to get there.
We have a lot of ups and downs
(26:26):
as entrepreneurs, but if we don't manage our
finances the right way, we get to the
end of this and we may still be
working and starting new businesses at 60, 70
years old.
Because a lot of us, what we're making
in the exit of our business is what
we think will carry us through.
But it's the wrong way of thinking.
Realistically, you should be thinking about it right
now, even the beginning stages and setting money
aside and having, like Eric said, when you
(26:47):
have the good years, well, then you wanna
be stockpiling that money, preparing yourself financially for
the bad years so you can still come
out on top whenever you do have your
exit, whatever that exit may look like.
So in order to be able to learn
more, go to emangold.com.
That's emangold.com.
And there, there's a lot of stuff you'll
see.
He's got an FAQ.
He's got media where he's been featured everywhere.
You can even access his podcast, which you
(27:08):
just referenced there as well.
So make sure you check it out right
now.
You can schedule time with Eric and his
team.
It all happens at emangold.com.
Thanks for tuning in.
Take care.
Have a great day.
You've been listening to the Business Credit and
Financing Show with your host, Ty Crandall.
(27:32):
Watch for our next episode to get even
more insight on financing and growing your business.
And don't forget to check us out online
at creditsuite.com for even more business growth
strategies.
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