December 11, 2024 • 51 mins
Imagine being buried under $80,000 in debt from reckless spending. Meet Nick Daugherty, the Financial Cop, who transformed his financial life and now inspires thousands of first responders to find their own financial freedom. Nick shares his journey from financial despair to stability, with insights gained from financial guru Dave Ramsey. By emphasizing the critical link between financial health and mental well-being, Nick's story highlights how financial literacy can lead to improved professional performance and personal peace of mind, especially in high-pressure roles like law enforcement.
Transitioning careers can be daunting, particularly for first responders accustomed to a steady paycheck and demanding work environments. We explore the fears and possibilities that come with such career transitions, spotlighting the resilience and unique skills that first responders bring to the table. From strategic financial planning to leveraging platforms like LinkedIn for career advancement, we discuss actionable steps to ensure total wellness and financial preparedness as first responders navigate new career paths.
Unpacking the financial landscape, we delve into strategies for first responders to maximize their financial potential. Whether it's using overtime to pay off debt and save for retirement or exploring how pensions can provide flexibility for pursuing fulfilling careers, the episode is packed with insights. We also touch on the broader aspects of financial planning, from entrepreneurial ventures like renting a family van to understanding the complexities of financial markets. This conversation is a guide to not only surviving but thriving by making informed financial decisions and prioritizing personal and family well-being.
Produced by Phil Ewert Productions
Theme Music: Hero's Journey
Joel Loopez Tunepocket.com
Licensed by: Phil Ewert Productions
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
In the land of 10,000 lakes, a remarkable movement
was born.
Welcome to Hometown HeroOutdoors.
We are dedicated to honoringour military service members,
veterans and first responders byproviding them with
unforgettable outdoorrecreational opportunities.
We believe those who haveserved and sacrificed so much
(00:24):
for our country and communitiesdeserve a chance to reclaim
their spirit and find healing inthe great outdoors.
This is Hometown Hero OutdoorsPodcast.
(00:51):
Here is your host, chris Tatro.
Speaker 2 (01:02):
Welcome back to the Hometown Hero Outdoors Podcast.
We are in season three.
We have a special guest todaynamed Nick Daugherty.
Did I say that right?
Yep, all right, good, he isknown as Financial Cop.
I'm pretty excited to have himon the show today.
We're trying to do a little bitdifferent of podcasts this year
and I think that this is a verygood addition to what we're
going to do for the podcastthroughout the year.
(01:23):
Nick is known as Financial Copout of Texas.
I met Nick down at Police Weekthis year.
I met him through RelentlessDefender, which is an absolute
amazing contact to have.
One of the biggest things thatwe do for Hometown Hero Outdoors
is I don't know health andwellness and helping mental
health and mind, body, soul andfinances.
So finances are a veryimportant key role within people
(01:44):
in different professions andyou have some financial troubles
.
It can definitely be an issuefor you with it comes to mind,
body and soul and affect youotherwise.
So welcome to the podcast, nick.
Thanks for being here.
Speaker 3 (01:54):
Thanks, honored to be here.
It's very good to meet you inDC as well.
Speaker 2 (01:57):
Yeah, no, it was awesome.
I'm glad that Slater got ustogether and we had to sit at
the same table at Cops Gala.
Speaker 3 (02:05):
That was pretty cool.
That was an amazing.
Speaker 2 (02:06):
I mean just 40 years of cops, man, that's just crazy
yeah, and for those who don'tknow, cops is concerns of police
survivors, and they have aphenomenal organization that
helps um officers and family ofthe fallen throughout the year
and they bring them out to dcand they celebrate, uh, their
loved ones that are no longerwith us, but then also provide
different programs andexperiences for not only the
(02:26):
spouses of the fallen, thefamily, but also the children,
and it's a, it's a fantasticorganization that does help, do
follow up and they're not aloneafter they lose one of their
loved ones.
So, very good time.
So, nick, why don't youintroduce yourself to the
listeners and tell everyone alittle bit about yourself and
where you came from?
Speaker 3 (02:44):
Yep, so obviously Nick Daugherty.
I grew up in Texas in theDallas-Fort Worth area and I
really got introduced to theworld of money because I did a
bunch of stupid stuff as a youngperson basically, and I always
like to joke and said I was kindof part of my rookie
orientation to do dumb withmoney and came into law
enforcement in 2003 for theGrand Prairie Police Department.
(03:06):
Is a phenomenal job.
Absolutely loved every part ofnot just being a cop but working
for Grand Prairie PD and when Icame into law enforcement I had
about $80,000 in debt.
21,000 of that was in one carstereo system, all on credit
cards.
That's a lot.
When it was all said and done,I actually had spent about
30,000 total on every car stereoI had on credit cards and I
(03:28):
really got stuck into thatovertime cycle that so many of
us get wrapped up into and I wasworking 20 hours of overtime
basically a week just to pay mybills, which is really scary in
any kind of a first responderposition, because in our
industry it's not a matter of ifit's when you get injured and
you can't work part-time andovertime jobs when you're on
(03:50):
light duty, and so I was oneinjury away from complete
financial ruin.
I met the love of my life andCarrie was my girlfriend at the
time and then she changed titlesto fiance and I kind of forgot
to tell her this little bit ofinformation about being $80,000
in debt.
So I had to go sit across thetable from the girl I wanted to
marry and explain to her the guyshe wanted to marry was so far
in debt and of course she wasdebt free and you can imagine
(04:11):
the look on her face.
And of course I looked at her.
I said, don't worry, I got aplan.
And she looked at me back andshe said you better.
Very lucky, I had a beatpartner at the time.
That was that 20-year vet thatbecame one of my best friends.
I had a guy I was eating lunchwith one day that said hey, you
should listen to this DaveRamsey guy and I fell in love
with Dave's debt snowball andhow to pay off debt at an
accelerated rate and I committedto carry to become debt-free
(04:32):
before we got married.
So I worked about a thousandhours of overtime In March 2007,
.
We got married 100% consumerdebt-free everything but the
house at the time and that kindof is what sparked me to become
the nerd at my department andfast forward in 2011, we got a
new chief and he basicallyordered me to start teaching
financial wellness to therecruits, and then I got asked
to teach the whole department.
Then, all of a sudden, we werebeing asked to teach leadership
(04:54):
academies.
We just got the word we'regoing to teach.
I think this is our eighth outof ninth Concerns of Police
Survivors National Conference,and sometime this year we'll
cross 40,000 first respondersfrom 4,000 agencies we've
touched in person.
So it's been an honor to becomethe voice of financial wellness
, all because I did a bunch ofstupid stuff with money.
Speaker 2 (05:15):
Wow, no, that's impressive and I do think that
that speaks highly to a lot ofindividuals who may be listening
.
With that side of things and,like you said, we're always
chasing that overtime and it'snot always a healthy place to be
to just chase the overtime.
But then also the financialside of things, you know what I
mean.
Some of the partners are outthere, are on top of it and they
like that overtime for someextra stuff that they might have
financially, but give them someextra vacations or time, but
(05:38):
maybe sock away some money andmore retirement stuff, but but
yeah, that's, that's a big hillto climb $80,000.
And that's a big number.
Speaker 3 (05:51):
It was intense.
I mean, if you think about itnow, I mean that was 2003.
I mean that would probably bethe equivalent of $130,000 to
$150,000 in today's money.
But it sucked.
I mean there ain't nothing funabout it, right, and that's one
of the first things we tellpeople when it comes to paying
off debt, is there ain't nothingfun about having to dig out of
the holes that we put ourselvesin?
But one of my favorite quotesfrom Dave Ramsey is if you live
like no one else, you sacrificelike no one else.
(06:12):
Later in life, you don't haveto sacrifice, you get to live
like no one else.
And so I look back at that timeand I'm like, yeah, it sucked,
but but the things we get to dowith our family now and not just
the fun things because we don'thave debt, but the charitable
aspect of things it's allbecause of the sacrifices we had
to go through during those fewyears of paying off debt.
Speaker 2 (06:33):
Right.
And so what year did you makethat full transition again?
Speaker 3 (06:37):
So 2003 is when I became a cop, paid off all my
debt by 2007.
I actually left law enforcementin 2017 and started not only
doing financial wellnesstraining across the country but
also became a licensed financialadvisor.
So I'm a fiduciary onlyfinancial advisor, created my
own company in 2018.
(06:57):
And so we're kind of two part.
Now.
We're one of the largestfinancial wellness training
groups in the country for firstresponders, but then we're also
unique in that we represent lessthan about 10% of the financial
firms out there that are 100%fiduciary only run firms, no
products that we sell.
We don't do any of thecommission business in the
financial world outside of termlife insurance.
Speaker 2 (07:17):
Okay, cool.
And then first responders allinclude too.
Speaker 3 (07:22):
We kind of have a broader definition than a lot of
people.
Yeah, most people think firstresponders are your cops, your
firefighters, your EMS.
We believe dispatchers arefirst responders.
We believe detention andcorrection is first responders.
Hex, I believe the recordsclerks at the PDs and FDs.
We're a family the policedepartment, the fire department.
(07:42):
They don't operate withoutthose administrative staff,
without those people that aredoing the record keeping.
So we kind of almost in a sense, consider anybody that works
for a police or fire departmenta first responder in our words.
Speaker 2 (07:56):
Nice.
No, it's good to know becausethat kind of broadens the
horizons on those who may beinterested in learning more from
you in the future.
And then I got a question foryou too.
So the transition from lawenforcement into the financial
world when you did leave lawenforcement, you know that's a
lot of question marks for people.
What did that look like for youand like what kind of advice or
anything that would you give toother people who might be
(08:16):
questioning if they want tocontinue in their roles?
Speaker 3 (08:18):
Scary as hell.
Speaker 2 (08:20):
Yeah, yeah.
Speaker 3 (08:21):
I mean, I was 14 and a half years in um, I ended up
doing 20 years total, but I leftfull-time at 14 and a half and
did reserve so I wasn't gettingpaid and um, it's you know, it's
the scariest thing you willever do as a first responder.
Right, we have a governmentcheck, we get a guaranteed
pension for the most part, andyou sit there and start having
(08:41):
thoughts.
Like you know, I think I wantto leave this guaranteed check I
get every two weeks where Idon't really have to worry about
not ever getting paid.
And you know, ultimately, forme, I had a dream and I had a
passion and I thought you know,if I jump off this cliff, the
worst thing that can happen tome is, oh darn, I go back to
being a cop again and I got towork patrol.
(09:01):
And I love patrol so it's scary,but I got to work patrol and I
love patrol, so it's scary.
But at the same token, rightnow it's a tough industry and we
have a lot of people that areexploring this.
There's some really goodFacebook pages out there that
you know really starting to talkto first responders about that
jumping off that cliff,especially the cops, right, I
mean, it's never been harder tobe a cop in this country than it
is today, and so there's a lotof interest in it, but there's
(09:25):
still.
I would say it's funny.
I talked to Slater fromWellness Defender all the time
and we and him talk about this,a lot about all these first
responders that talk aboutwanting to jump off the cliff,
but they're so terrified and alot of it's just because of the
fear of the guaranteed check.
But I can tell you one of thethings that I see if you're out
(09:46):
there and you're listening tothis and you're like I'm done,
I'm ready to get out of this, ifyou have a good work ethic,
you're probably never going tohave to worry about anything in
the corporate world If you getlaid off.
That's usually the biggest fear.
Is what if I get laid off?
I mean, if you work your buttoff and you got great work ethic
, you're going to find anotherjob, you're going to be okay.
Speaker 2 (10:06):
Right, yeah, it is.
It is very concerning toindividuals who are looking to
step up.
But anyone in these careers arevery marketable people, very
resilient, no-transcript youknow, and and you gotta be able
(10:34):
to talk to people you know.
And how many times do?
Individuals in these firstresponder roles are very engaged
with having to talk people offthe cliff or into a very out of
a dark situation, and I thinkthat can translate pretty
heavily into any professionreally, and I think that's the
biggest question that peoplehave is this is all I've known,
this is my identity and this iswhat I do.
But, man, you look in the worldof what's out there for careers
(10:56):
and you can really transition toa lot of different things and
you have a success story when itcomes to that as well.
And financially and you know alot of us cops really don't look
at the financial future untilthat horizon of that.
What am I going to do next?
Number one if I want to get out.
Number two retirement's coming.
I really should probably startplanning a little closer and
that's usually that 40 years oldmark where I'm at and looking
(11:17):
into the future going.
I probably should have looked alittle further down the road on
what my finances look like, andI think that's probably
something that you run intooften when it comes to finances.
Speaker 3 (11:26):
It is.
I always tell people I have avery love-hate relationship with
pensions in first responderland because I love them,
because we get a guaranteedcheck for the rest of our life.
I hate them because I talked toall these younger folks and
they're like Nick, I don't needto contribute to my deferred
comp account because I got apension.
And by the time we realize thatthe reality is most pensions
are not going to replace 100% ofyour income, we've lost our
(11:50):
most valuable asset, which istime, and it's tougher to make
that up.
And I'll go a step further onthat.
Retirement is not just aboutyour retirement accounts.
It's what your financialsituation is like when you go
into retirement.
You could have a crap load ofmoney in retirement, but if
you're in debt up to youreyeballs and you don't know how
to do a basic budget on whatyou're going to spend, it ain't
(12:10):
going to matter.
And we tell people all the timeyou know you should be focusing
on the total wellness right Inthe financial world.
The problem I see all the timeis that you know everybody in
the financial world they're allconcerned about how do I get
your investment so I can makemoney.
Well, the reality is.
Is that really needs to be oneof the last things you need to
talk about when it comes to anykind of financial planning,
(12:33):
because we gotta get out ofcredit card debt right?
Why are we putting money in themarket if we're paying 24% on a
credit card?
We need to understand how to doa budget right.
We need to make sure that yourwill and estate plans in place
and the totality of the wellnessaspect of that.
And, if I can backtrack realquick, one of the things you
said is what's some of thethings you would tell people?
(12:53):
When we teach our recruitclasses, we tell them you should
start planning your exitstrategy today, right?
Start taking the things you doas a first responder.
Figure out what you enjoy andthen figure out how to turn it
into a second career.
When you go to conferences andyou get all those business cards
(13:14):
that you throw away or that youlook at six months later, what
you need to be doing is you needto have a LinkedIn page and
every time you come back onMonday from that conference, you
need to be going in there andconnecting with all those
business cards, and every timeyou come back on Monday from
that conference.
You need to be going in thereand connecting with all those
business cards.
Right, you get a, you get alist.
You teach a class and you get alist of people you taught.
You need to be going toLinkedIn and starting to connect
(13:37):
with those people and postingstuff, because you never know
when that random person youconnected with at a detective
conference four years ago, nextthing you know, they're like hey
, I remember this guy from thisagency and maybe he has a good
fit for this networking,networking, network.
I can't stress it enough.
Speaker 2 (13:50):
Yeah, and I think LinkedIn's a completely
underutilized asset in our worldtoo.
You know everyone always sit inInstagram or Facebook, but
LinkedIn is definitely a goodplace to be able to go to and
showcase who you are and whatyou've done.
But also, with that networkingpiece and I really started to
grow mine a few years ago, but Ialways avoided it I did the
corporate stuff for a hot minuteand then, with law enforcement,
(14:12):
that was one thing I overlookedheavily was doing LinkedIn
stuff and connecting withindividuals, and it's very
important that you stay on topor at least explore that avenue
for a social media aspect.
Speaker 3 (14:22):
Yep, and I'll tell you, a lot of people get
intimidated by things likeLinkedIn.
You know, I'll offer you thisbecause someone offered it to me
.
I remember I went to aLieutenant who's now a chief of
police one day and I'm like man,you have a phenomenal LinkedIn
profile.
How did you create that?
And he goes Nick, just go copyit.
So if you're sitting herewatching this, go to Nick
Daugherty's LinkedIn page and gohey, mirror this, build it just
(14:45):
like that.
I don't care it's.
Speaker 1 (14:53):
You know this is about helping brothers and
sisters with this stuff.
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Speaker 2 (17:00):
Yeah, no, as you say, that's I think that's pretty
much what I've done for my myLinkedIn page, too was I went
and looked at somebody else'sand tried to figure out you know
what, what I was missing onmine and kind of a it's like a
conglomeration of a whole bunchof different too.
So what are some commonchallenges that you see in the
first responder world thatyou've experienced with them
that are a common mistake thatindividuals make?
Beyond what you just explained?
(17:20):
You know you're talking aboutlooking down to the future, the
deferred comp side of things.
What are the common things thatwe really need to tackle as
first responders?
Speaker 3 (17:41):
Yeah, one of the biggest pitfalls I see for first
responders is overtime andpart-time jobs and we get
self-reliant on it and for someof us we don't have a choice.
Some of us we do.
I preach to my cops you get thechoice to go sign up for the
overtime For my fire people.
You get the choice to decide ifyou want a part-time side gig
on your days off.
For my dispatchers, correctionsand detention they just get
(18:04):
told which is another wholedynamic, because then all of a
sudden overtime gets pulled backand you can't just go sign up
for it.
And so we better really startto learn how to live within our
means and we as first respondershave something the civilian
world doesn't have access to.
You always tell people that Iworked 1,000 hours of overtime
to become debt-free.
I worked 3,500 hours ofovertime after I became
(18:27):
debt-free.
Why?
Because I'm a bit of aworkaholic.
I enjoy working a lot.
Carrie at the time was workingduring the day.
I was working evening shift.
I might as well go in and dosomething.
Well, one year our departmenthad to scale back our overtime
and we got an email that saysyou can't work more than five
hours of overtime until Octoberand it was June and I remember I
(18:48):
got a special call to theassistant chief's office because
I was working so much overtime.
And he goes Nick, are you goingto be okay?
We're checking on all of ourtop overtime folks.
And I said, sir, with all duerespect, thank you for the
vacation.
He goes, excuse me, I mean youcan imagine that wasn't the
conversation he'd been havingall day.
And I said, sir, you know howwe go on vacations a lot.
He goes.
Yeah, I said I just go workovertime to pay for the
(19:09):
vacations.
A couple of years ago, youremember how me and Kerry bought
our first house?
He goes yeah, we didn't haveany furniture.
So guess what I did?
I went and worked overtime tobuy furniture.
So this year I'm actuallybecause we're in a good spot.
I'm actually using overtime tofully fund my wife's 401k plan
and, max it out, fully fund myRoth IRA accounts.
We, as first responders, havethe luxury to take overtime and
(19:32):
use it as a mechanism to furtherbuild our financial strength,
not elevate our standard of life.
The civilian world they got togo.
Get part-time jobs and work.
I got to deliver for Uber Eatsor something.
We just go.
Hey, I want to save for a downpayment on a home.
Let's go work some overtime.
I need to dig myself out ofdebt.
Speaker 2 (19:49):
Work some overtime, right, we get that luxury yeah,
no, that makes sense and I seeit all the time.
Individuals that are looking toaim towards that stuff, and
some of my partners are for thelaw enforcement I'm sorry the
the retirement side of things,but then some of them you know,
like you just explained, goingtowards those 401ks and the
Roths.
But yeah, so then I'm moving onto with, can you?
(20:12):
So what does your firm looklike?
Like who do you have workingfor you?
How many people are there tosupport you?
And then, like, when it comesto engaging with someone new to
your firm, what does that looklike?
Speaker 3 (20:25):
So I've got seven employees.
I've got three advisors andfour support staff.
Now we hope to have a bunchmore advisors just because we're
growing so fast right now.
Currently almost everybody thatworks for me is either current
or former law enforcement.
All of my advisors are, or thesupport staff are.
You know, most of them aremarried to first responders or
there's some kind of nexus withthat.
Again aggressively trying tohire people right now.
(20:48):
I know it's going to be kind oftough to keep it in the first
responder world just becausemost of us are not nerds.
But as far as working with us,you can reach out to us,
obviously on financialcopcom,but most of what we do is going
across the country and teachingfinancial wellness is going
across the country and teachingfinancial wellness.
And then people reach out to uswhen it comes to the financial
planning aspect of it andbuilding financial plans to
(21:09):
understand where we're at in thehome building process.
I always tell people you gottahave a good foundation for the
walls to stand up.
So do you need help getting outof debt?
Are you in a position where wedo need to start increasing
contributions to again thedeferred comps or the other
retirement plans?
What's your spouse doing for it?
What about college funding?
Are we trying to buy a home orpay a home off?
(21:30):
And so that's how we reallyengage with people is what
spectrum, in the wellness sideof things, are you?
Because, again, a lot of peoplecome in talking about
retirement, not knowing that weneed to focus on retirement.
But we need to focus onretirement.
But we need to build thefoundation, get the walls solid,
before we dive into that.
Speaker 2 (21:50):
No, it makes sense, I mean.
So then that kind of leads intomy next question too is when it
comes to investment planningand making informed investment
decisions and stuff like thatthere's a lot of.
I don't know what theretirement age is in Texas for
your full pension.
Is that 55 for you?
Speaker 3 (22:10):
So most of our first responders in Texas are actually
it's a years of service.
So we have people, most peoplecan retire at 20 years of
service, which I mean if youstart at 21, you could
technically take a pension atage 41.
Speaker 2 (22:23):
Wow, wow, yeah, so we're 55 where we are and then
we can go at 50, but you starttaking hits.
Yeah, so if we would go at 50,we would end up with 60% of what
our normal retirement planwould be.
So there are people out therethat are looking to save on
those last five years, not onlyfor their own mental health and
wellbeing, but move on to thenext, maybe, chapter of their
(22:45):
life, you know, and that that'sa huge hit 40%, you know.
So what kind of advice orthings would you explain to
those individuals on what theycould start looking to so they
can shorten that timeframe?
Speaker 3 (22:55):
Same thing with us.
Right, 20 years of service,your pension's not very large.
It ain't going to.
If you're going at 20 years ofservice or age 50, heck, even at
age 55,.
The reality is most of us arenot retire, retiring, we're
going into another industry,another career.
I got to be honest with you.
Even if you're 60, very fewAmericans actually retire and
(23:18):
sit in a chair and do nothing.
If you want to wilt away and dieearly, I think that's what you
may want to do, but most peopleare staying active and I'll tell
people that the pinnacle ofretirement to me is to retire
from your agency and go back towork because you want to, not
because you have to.
And if your boss makes you mad,you just laugh and walk out the
door.
And so, for those of us who areleaving early, we need to change
(23:40):
the direction of what we lookat with that pension and go okay
, I'm going to take a 60% cut.
Well, now we look at the pensionas a piece of the retirement.
It's going to fund retirementdown the road when we retire,
retire, but right now it's goingto give me that luxury to go
springboard into another career,and so if I'm getting 40% of my
income.
That gives me some leeway to gofind another job where I don't
(24:03):
have to replace 100% of myincome I only need to replace 60
in that scenario and so use itfrom that perspective.
Really focus on what the nexttransition is, and that goes
back to my whole.
Find what you're reallyinterested in, because if we
leave first responder land andwe go to another career, the
number one most important thingin finding your next job is
(24:24):
finding something that you areextremely passionate about, that
you want to do, because whenyou find that passion, the money
will eventually come if you'redoing what you love no, it's
very good advice.
Speaker 2 (24:39):
Yeah, when it feels like you're not working, that's
for sure.
You know, um, you know, and inour job you know it might feel
that way for people too is I'mdoing something that I
absolutely love right now andtransitioning outside of that
can be very difficult and youknow they say that a lot of
times.
You know, within lawenforcement, a lot of us begin
to have mental health issues orwe struggle because we feel like
(25:02):
that identity is stripped.
And being able to find thosepassions early on, kind of like
what I'm doing with HometownHero Outdoors, you know this is
a very thing, large thing I'mpassionate about and you know,
in time that's my transition andI'll keep doing this as long as
I can.
I don't make any money but atthe same time, this is also what
(25:23):
feeds me and well, my soulanyway, and you and I can but
those, I'm learning a lot ofmarketable skills just by
running and helping run thisnon-profit with my peers.
You know, when it comes to doingstuff like a podcast or we do,
planning for our galas andfundraising and organizational
management and just general andregulations for fundraisers and
I I've been man this last year Iactually put two bills on our
(25:46):
Minnesota State, house andSenate.
So I mean writing bills andtestifying.
I mean a lot of marketablethings that can be out there to
help out with other financialneeds later on in your career.
And that's exactly what you'respeaking to, in my opinion.
I mean.
Speaker 3 (26:00):
Think about the civilian world.
If you're 50 years old and youdecide I don't like my job
anymore and I want to leave, yougot to go find another job
making what you left.
Now, with us, we just again weget that 40% of our income,
which it gives you extraopportunities.
Speaker 2 (26:15):
Right, right, right.
So what are some of the morerewarding aspects in your career
and what you've gone through?
What are the things that havereally filled your cup up when
it comes to helping others?
Speaker 3 (26:25):
There is nothing better.
Uh, having now taught geez for12 or 13 years, um, we're at.
We're at that point where we'reconsistently getting people
that reach out to us and tell usthings about you know, hey, I
went to your class four or fiveyears ago and this is what I've
accomplished.
And, um, you know, I I one ofmy most memorable ones.
She's a single mom from anagency here locally and I taught
(26:49):
her one day and I mean, Ididn't know who she was.
And I get this random email ayear later going hey, I just
wanted to let you know that Iwent to your class and I
aggressively started working onpaying off my debt.
And now I work overtime when Iwant to, not because I have to,
and I've spent more time with mydaughter in the last couple of
months than I've ever spent, andit's been one of the most
(27:10):
rewarding things I've ever gotto go through, and the only
reason I could do it is becauseI paid off all my debt and I
didn't have to work overtimeanymore.
Those are some of the mostrewarding emails and contacts
that we get.
A guy from New Jersey that wentto my class four years ago.
I see him at a conferenceearlier this year and he goes
hey, when I went to your classfour years ago, it was $180,000
(27:35):
in debt.
I'm $10,000 away from beingdebt-free man.
There is, I mean, talk aboutgoosebumps.
Speaker 2 (27:42):
Yeah, no kidding.
Speaker 3 (27:43):
Now the only drawback is is I get those, and I get
people all the time they're likethank you so much, nick, for
what you're doing.
You changed my life.
I didn't change their life, Ijust gave them the tools to make
the decision.
They changed their life, andthat's the magic I love to see.
Is someone going I'm going totake some things I learn and I'm
going to use it to change mylife.
(28:04):
And I always tell people you'vereached that point.
At that point you got to startgiving, like nobody else, right?
What can you do to give back,to start to influence and change
someone else's life too?
Speaker 2 (28:15):
Yeah, no, it's disciplines, everything.
When it comes to looking tomake those changes, it's easy to
slide back into the old waysand let loose on some of the
things that you are reallytrying to change.
And it's kind of like you knowyour diet, you're trying to
change something to lose someweight and be disciplined and go
to the gym and you know you letgo in a little bit.
But if you can maintain thatdiscipline and time it's going
to pay off in the long run ifyou can stick to it and totally
(28:37):
makes sense.
Speaker 3 (28:38):
The number one characteristics of wealthy
people in this country isdiscipline.
I've studied just about everymillionaire study you can find
out there.
Ironically, the largest studyever conducted was over 11,000
millionaires.
A third of them respondedhaving become millionaires even
though they never earned$100,000 in any one given year
of their entire life.
Speaker 2 (28:58):
Wow, wow, that's incredible.
Just grind Lots of grinding.
That's cool.
I know there's a lot of copsout there that do have side
hustles when it comes to lawenforcement.
They do have businesses thatthey do engage in, or other
first responders too.
Those are absolutely excellentavenues for them to make an
extra income and transition towhen they start to move on from
(29:19):
that career.
Yep, similar to what you did.
Speaker 3 (29:23):
Yep Similar, similar to what you did.
Yep A hundred percent.
I mean I, if you had told me Iwas going to do this back in
2015, I would have laughed atyou.
You just don't know when thosedoors are going to open, and
I'll go back.
Another thing when it comes todoors opening, I talked to a lot
of first responders that haveideas and they want to jump off
that cliff and I would say avery large majority of them are
(29:43):
terrified to jump off that cliff.
And I would say a very largemajority of them are terrified
to jump off that cliff becauseit's like Nick, I need to make X
amount to pay my bills.
Well, when we dig into thebudget, 25, 30% of that I need
to make this month is just toservice their debt.
People told me I was crazy forjumping off this cliff.
I gave up a six-figure salaryas a sergeant, could have gone
(30:03):
on and probably made more, butto me, I didn't need the
six-figure salary because ourbills were so low, because we
didn't have any debt, which gaveus the wiggle room to go.
I can afford to take this paycut to pursue a dream and see if
it works and not affect andimpact my family long term.
Speaker 2 (30:22):
And you said something too, a little bit ago
that really spoke to me too,about spending more time with
kids and family.
You know, and we spent a lot ofour time going through this
over time and being able tomaintain either lifestyle or pay
for that extra vacation, andyou know, you're really taking
that time away for a week awayand that really takes away from
things.
And recently I just hosted afishing trip up in central
(30:46):
Minnesota on Mille Lacs Lake andI brought five parents up there
and their kids to go fishingwith each other.
And the biggest thing isthere's a lot of lost time
that's there and some of theseparents that were with me
recognized that early on, youknow, and some of their kids a
little older, some were younger,but I think it was really
eye-opening at like how muchtime that has been missed
because they were able to get toknow their kids a little bit
more, even though it was therefor a couple of days, but still,
(31:07):
I mean it did add to it.
And I think that you know, byengaging in the correct
financial ways, that you're ableto actually get that time to be
able to spend that, because youlook at the reality of life
Right and you have a child andyou have 18 years with that kid
and then after that they're anadult and they move on If
they're not living at home.
Still, you have less time right,and certainly you know it's a
(31:29):
very prevalent thing in ourprofession where divorce is high
and then you have the kids forhalf the time and now you're
balancing potentially childsupport and other issues like
that, where not only your kidshalf the time, half your chunk
of your income may be going tohelping support that kid, which
is nothing wrong with that, andthat's how you know we should be
good parents and be helpingraise our kids the right way.
(31:50):
But that does dig into a littlebit, and you see a lot of
people in these professions whoare picking up these overtime
shifts for that.
So being able to approach youand have those questions for you
on how to maximize their dollarand be able to plan right, you
know that that's very important.
So I do want to ask about thattoo, though.
So in your line of work and youhave likely talked to several
(32:10):
first responders who are in adivorce situation where they do
have child support Is that acommon thing that you see?
Speaker 3 (32:15):
Yeah, it is.
And so the problem we lose moreof our brothers and sisters,
whether you're a cop or afirefighter, to suicide not in
the line of duty.
And we do a lot of work with alot of PTSD suicide prevention
organizations.
And I've been asked severaltimes you know, why do you do so
much work with that group?
(32:36):
Well, the reality is is, youknow there's there's two primary
reasons typically given forsuicide in this country and its
relationships, and money.
What do we suck at so much?
I mean, we know the old sayingyou're not really truly a cop or
a firefighter until you've beendivorced once or twice.
Right, I mean, it depends onwhat study you look at.
Some studies show us having a75 plus percent divorce rate.
(32:57):
You throw money problems in themix and it's a recipe for
disaster.
And then you get the lost time.
You don't get back with thekids, right?
I worked 4,500 hours ofovertime in my career in law
enforcement, but on November 1,2011, I never worked another
hour of overtime after that dayagain.
Why?
Because my son was born andthat was my rule Could have paid
(33:17):
my house off years ago.
I couldn't have been thebaseball coach.
I can't be there with my kidsfor that stuff.
And that's part of what thismovement's about.
It's not just becomingfinancially stable.
It's not about winning withmoney and being able to retire.
It's about putting yourself ina position to be able to take
care of the number one priorityin our lives, which is our
(33:38):
family.
Far too many of us give thefamily up for the job, and it's
got to be the other way around.
It's about building ourfinancial strength to take care
of the family and our priorities, to honor the noble profession
we chose to pursue.
And on the divorce side ofthings, I mean, I get it.
Divorce is going to happen,right, if it happens.
It happens, it's part of it.
(33:59):
I don't care if you're a chief,I don't care if you're a
records clerk, I don't care ifyou're a rookie, if you're
mid-career, late career.
You got divorced once, twice,three times, I don't care.
The number one way to start tobuild wealth and really start to
build your financial strength,no matter what your situation is
(34:19):
, is the monthly budget.
Everything starts not justwriting what you think you're
going to spend, but writing whatyou think you're going to spend
.
But writing what you thinkyou're going to spend and
tracking it throughout the monthto make sure everything you
thought you were going to spendactually got spent.
It's the only way you canhandle a divorce and cutting
income and having to take careof child support.
I get people all the time go.
(34:40):
I got to work 10 hours ofovertime every week just to
cover my child support and Ican't do anything else.
And then we dive into the budget.
I'm like you got a $950 truckpayment.
Don't tell me you can't fixthings.
You can go down to a cheapercar and give you some wiggle
room to be able to live a littlebit more and, heck, maybe, do
some more stuff with your kids.
Everyone in America has stuffin their budget they can cut out
(35:02):
.
It's a matter of are youwilling to make the sacrifice to
change the priorities?
Speaker 2 (35:07):
No, it makes total sense.
You know it's interesting tosay that too, because you know
you talked about the payment,right, the vehicle, the truck
payment.
A story that I share withothers too is I have a lot of
people in my family and I don'tthink that's a secret to anyone
who's listened to the podcast orfollowed us.
You know I have nine people inmy family.
We're a blended family.
I went through a divorce andI'm remarried.
My wife has three children.
(35:27):
I have three children and wehave one together, and we do
like to take our road trips, andusually right after school gets
out we'll get in the vehicleand go.
And then a few years ago, twoyears ago, we went over to the
Black Hills and we were in aTahoe and it fit nine people and
, as you can imagine, you know,being on the road for 18 hours
in a Tahoe is kind of tight.
All their kids are smaller.
(35:48):
So one of the things I startedto look at was what can I do to
be able to expand and get anicer vehicle that's more
comfortable and affordable Well,not, I shouldn't say affordable
, because nothing's affordableright now, it feels like but
what can I do that's morecomfortable, that and reasonable
for my family to be able topurchase a vehicle and get on
the road.
So we ended up buying anine-person conversion van and
(36:08):
it was not a cheap investment itwas $90,000.
But I will say this the bestthing that we did was we put it
on Turo and I rent that thingthroughout the entire year.
We charge anywhere from $250 aday to $300 a day and I haven't
taken a single cent out of myown pocket to pay for it.
Everybody else is paying forthe vehicle that my family gets
to use and you either may agreethat that's a good move or not,
(36:31):
but it's been working for us andthe family has an awesome
vehicle to use and we don't payfor it.
Speaker 3 (36:34):
Well, I love that idea, but I'll tell you the
other thing I love even morethan that idea is you look at
people all the time and I seepeople that buy $90,000 Tahoe's
that fit nine people and they'rea family of three and they go.
Well, I can't afford anythingelse.
What the heck do you need anine person Tahoe?
(36:56):
For Right, you needed a nineperson Tahoe and a van because
you legitimately need to fitnine people.
Right.
And then you get, you went I'vegot to buy a vehicle and it's
going to be expensive becausethere ain't nothing.
There ain't no such thing as acheap vehicle that can fit nine
people and you said all right,this is expensive.
This is going to be a tough pullfor our family.
(37:17):
How do I get creative and findways to make it work?
And you found a way to go.
We can afford it if we do X, y,z, and so I absolutely love
that, because that's what we'vegot to start doing Thinking
outside the box sometimes tomake something we can't afford.
But we need work, not buyingsomething that we can't afford,
(37:39):
that we don't need, and goingwhy does nothing else work?
Well, because we didn't reallyneed a $90,000 Tahoe.
Speaker 2 (37:47):
Yeah, I don't know how frequently we do actually
use our own van ourselves.
It's not very often.
It's not often that I need togo somewhere with nine people
and if we do at times.
Times we'll use two vehicles ifwe have to, if the van's not
here.
But we do rent it throughoutthe summer months pretty heavily
.
We'll get some in the winterand the fall, but we haven't had
to pay a single cent in our ownpocket and plus we have an LLC
(38:07):
on the side that assists withour financial taxes at the end
of the year and depreciationwrite-offs in the vehicle makes
it easier.
But it's worked for us, you know, and it's not always fun and
pretty.
You know you do have issueswith renting things and people
running into things or drivingan 8-foot-2 vehicle through a
parking ramp that only fits in a6-foot.
(38:28):
They try to go through a 6-footramp but it happens, you know.
But those are just hurdles thatyou figure out.
But that's why we also wentahead and looked at insurance.
That we do through Turo and ourpersonal insurance and company
insurance.
But it works and it's a gameplan that works and if this
works out well, we might lookinto doing other vehicles, but
(38:49):
we're looking at what'smarketable in the area and what
is going to be used, versus usjust sitting there staring at it
.
Those are the big things for us, Yep.
Be used, versus us just sittingthere staring at it.
Those are the big things for us, Yep.
So next question is how do youstay updated on the latest
financial trends?
Speaker 3 (39:07):
and regulations for your guys' business and giving
that outwardly to your clients.
Regulations suck.
Yeah.
I often tell people it'sprobably easier to be a nuclear
PowerPoint owner than it is tobe a financial advisor.
It's funny when somebody signsup to be a client of ours and
they're like what the heck isthis 130 page monstrosity?
I'm like it's about 90 percentdisclaimers and disclosures
because of regulations, and sowe are part of a much larger
(39:29):
conglomerate that supportsindependent firms actually
support over000 independentfirms across the country and
they help us stay up to date onregulations and I call them my
internal affairs investigationteam.
Nobody loves compliance, butthey're a necessary evil and
they can be your best friend oryour worst enemy, depending on
how up to date you are and howmuch you stay within the lines,
(39:52):
which you should always bestaying within the lines to make
sure you're on that side ofthings with that, and so that's
how we stay up to date.
You know, you know financialwise that, believe it or not,
the financial aspect of stayingup to date on the money and the
markets and stuff, that'sactually probably one of the
easier things you know.
When it comes to the markets, Ialways tell people you know,
people go, you know what's the,what's the latest and greatest
in the markets.
(40:12):
I'm like, oh, what do you mean?
You don't know.
I'm like, look, the markets aregoing to do what the markets
are going to do.
Anybody that tells you thatthey know what they're going to
do.
A broken clock is right twice aday.
Nobody can time the market.
Nobody can predict the nextcollapse, nobody can predict the
next bull market.
But you can pretty closely,accurately, predict one thing
(40:33):
with the markets they will godown and they have always come
back up.
Not one time have theycollapsed and not recovered.
And if they do collapse anddon't recover, you probably want
to put a bunch of money inbullets and guns because our
economy has collapsed at thatpoint.
Right, it's funny.
(40:54):
I get asked all the time what'sthe latest and greatest new
trend in the market?
Don't know.
Our philosophy when it comes tomanaging money is the KISS
principle, Keep it simple,stupid.
Why?
Because when you get exoticwith your money, you can really
lose your tail.
Not because it's exotic, butmost people I see getting exotic
with investments.
(41:14):
They don't really understandwhat the heck they're even doing
.
Speaker 2 (41:20):
That'd be me.
Speaker 3 (41:22):
I get a lot of people like you're a Bitcoin hater.
I'm not a Bitcoin hater.
I don't hate cryptos.
Cryptos are here to stay.
They're not going anywhere.
What I hate is 99% of thepeople I talk to about crypto,
because I know a lot about itand they're trying to tell me
all these cool things aboutcrypto.
Because I know a lot about it,and they're trying to tell me
all these cool things aboutcrypto and I'm like you have
absolutely no idea what you'retalking about.
(41:42):
You want to know the bestadvice when it comes to
investing your money.
It's real simple Understandwhat the heck you're investing
in.
Know what you're investing in.
You know.
I always tell people, youpeople.
I learned about the marketbecause I self-taught myself
about finances.
Why?
Because me and Kerry went andmet with a couple of financial
advisors when it was time for usto start investing and we
(42:03):
walked out of those meetings andour heads were spinning.
They had all these fancybrochures.
They showed me all these fancynumbers and everything.
And Kerry's like which one arewe going to go with?
And I said neither of thosebozos, she goes.
What do you mean?
I go, kerry.
They didn't have a heart of ateacher and frankly, kerry, we
work too hard for our money justto blindly give it to somebody
(42:24):
because they have a title andthey sound smart.
So I got to go teach myselfabout the market so I can have
an educated conversation aboutthis stuff with people.
That's what we've got to do.
We have a section in our class.
I love this section.
It's my favorite section Of allthe things we teach in the
class.
My favorite section of theclass is called how to
interrogate financial advisors.
Speaker 2 (42:45):
Ask the hard questions.
Speaker 3 (42:47):
Why don't we trust financial advisors?
Because we don't know what theheck they're doing, and we don't
trust them because of whatthey're doing, and we've heard
the horror stories.
Well, why don't we learn aboutthe industry and why don't we
teach you the words to ask thatare either going to make a
financial advisor look reallygood because they're answering
the questions right, or they'regoing to start getting squirrely
and dancing and you're going toknow, yeah, this ain't somebody
(43:08):
I want to work with.
Speaker 2 (43:09):
Yeah, yeah.
And that kind of speaks tosomething too is how in contact
are you with your clients?
How often do you reach out andtry to have conversations with
them about what they have goingon?
Speaker 3 (43:18):
Everybody's a little different.
It depends on how complex theirsituation is, and even the
complex ones, it depends on whattheir situation is.
As a fiduciary advisor.
If we manage money for somebody, we have to communicate with
that person at least annually,and a lot of times.
You know some, especiallypeople that have a very simple
(43:39):
plan, or even some of the peoplethat you know have a smaller
account.
They don't need a whole lot ofupdating.
Some of my people are veryadvanced and you know they've
got very complex situations.
We may need to talk to themevery three months, or they may
have a situation.
We may have somebody thatdoesn't have a complex situation
all of a sudden have one.
Mom and dad pass away.
(43:59):
We got an inheritance.
Well, now you just went fromsomebody we need to talk to once
a year to we need to talk a lot.
Here's the thing.
If you're working with afinancial advisor, you need to
understand this one thing theyare working for you.
They do not dictate how muchyou communicate with them.
You do.
So if you need to reach out toyour advisor and talk to them
(44:22):
every other month, then makethem talk to you every other
month.
Speaker 2 (44:27):
Yeah.
Speaker 3 (44:27):
They won't do it.
Find somebody that will.
And that's just not financialworld, it's all kinds of
industries.
We get told you know, this isthe normal frequency of contact
and we get lost in the fact thatwait a minute, I'm paying you
and you're telling me how muchyou're going to talk to me.
It needs to be the way around.
Speaker 2 (44:44):
Yeah, and they make time.
They need to make time, youknow.
No, that's good, that's reallygood advice.
No, I appreciate that.
So you did mention going toconferences and having classes
and stuff.
Can you tell our listeners alittle bit about what kind of
conferences you travel to, howpeople can get a hold of you for
that, and what kind of classesyou host?
Speaker 3 (45:01):
So we do two kind of.
Actually we have threedifferent ways we teach.
So we have agencies all acrossthe country that reach out to us
and contract to bring us out toteach their agency.
We have conferences.
I'm actually going toCalifornia this weekend to teach
at a wellness conference, so wedo wellness conferences all the
time as well.
And then we also have ourvirtual online academy.
We've got our four-hourtraining that we teach in person
(45:22):
.
We're going to be adding a lotof different other material on
there as well, and so those arethe three mechanisms in which we
will come out and teach and, ofcourse, at any time you can
reach out to us onfinancialcopcom.
There's ways to inquire aboutthat stuff.
Speaker 2 (45:45):
Of course, we've got our social media Facebook,
twitter, linkedin, atfinancialcopcom as well or at
financialcop on those.
No, it's great.
I know there's a lot ofdifferent associations out there
when it comes to any of theseprofessions and a lot of our.
It's pretty common for ourveteran world to get into a
first responder role too.
It's pretty common for ourveteran world, you know, to get
into a first responder role too.
So it's not that because wetalked about that briefly, I
think about you.
Know, if you do specific stufffor military service members and
I think you said not at thistime but in the future you may
(46:06):
explore that if there's a need,right.
Speaker 3 (46:08):
Yeah, I love my military folks and there's
nothing against you militaryfolks.
My biggest issue is we aregrowing so fast.
It's just tough for me to keepup with the first responder
demand and and so that peopleask me all the time why aren't
you, why aren't you helping themilitary out?
Just because lack of lack oftime to be able to do it.
And you know our, ourphilosophy is is we're not going
to take on an industry, we'renot going to take on people if I
(46:30):
can't fully service them to thelevel that I expect them to be
treated.
And so we don't just takepeople on, just to take people
on, because then at that point,you know, our reputation could
get hurt because we're not ableto service them in the right way
until we get more people hired,hopefully.
Speaker 2 (46:45):
No, that makes sense, I mean, and I think that's very
admirable, you know, I thinkthat you know you're giving the
attention to those who need itand the world that your demand
is in heavily and you're notgoing to take on something
that's the unknown, which is alot of people won't do, that A
lot of people take it on just tobring the money in.
Speaker 3 (47:05):
Right, and that's.
That's huge.
So we're currently teaching.
We average about 80 to ahundred classes and conferences
a year right now, just withfirst responders, and so that's
why it's like and we don'tadvertise, it's all word of
mouth, and so when you starttalking about military, I'm like
geez, I'm terrified of myfirefighters right now.
Much like military.
Speaker 2 (47:20):
Yeah, Well, maybe that'll be another day, another
conversation down the road andwe can get you back on here and
we can talk about that.
But there is something coolthat we are going to do with you
and you said that you're doinga finance minute occasionally.
Want to talk about that.
Speaker 3 (47:33):
Yeah, so we are launching a YouTube channel and
what we're doing is we're takingall of the material we have
online, all of our virtual stuff.
Actually, one of my financialcops is down in Houston teaching
right now and the entirething's being videoed, and so
we're going to start doingfinancial cop money minutes
where just little short 45second to 90 second tidbits of
what are some of the tips thatyou need to look at, and it's
(47:56):
going to cover the entire gamutof finances, all the way from
budgets to debt reduction, towill and estate, to pitfalls, to
how do you start to win withthis stuff, to retirement
accounts, and so we're excitedabout being able to put these
little snippets out there whereyou can kind of get some teaser
taste of what you can do and howto get more resources from that
.
Speaker 2 (48:19):
That's awesome and we're going to be utilizing some
of those throughout our podcastthroughout the season.
So every episode we're hopingto have at least a piece from
Nick here and his team regardingthe money minutes that he's
going to put out there, andwe'll take a break throughout
the podcast.
We'll play that and then we'llbe able to give some more
contact information on everypodcast on how to get a hold of
Nick and his team.
Speaker 4 (48:34):
Information on every podcast on how to get a hold of
Nick and his team, the IRS, justreleased the 2025 tax brackets,
as well as the increase to thestandard deduction.
When should you start lookingat that stuff?
Now to start planning for taxesnext year?
Speaker 2 (48:53):
Right now Check out this blog to see exactly what
the changes are and how they mayimpact you.
But, hey, I want to say thankyou very much for being on today
and I know that you had adisclosure that you wanted to
read as well.
Speaker 3 (49:01):
Yeah, I remember those fun disclaimers.
Speaker 2 (49:02):
Yes, sir.
Speaker 3 (49:04):
So the good old SEC says we got to give that
disclaimer.
You hear it at the end of allthe radio commercials.
I won't read it as fast as theydo because I can't read that
fast.
Advisory services are offeredthrough Retirement Plan Advisors
LLC, a federally registeredinvestment advisor.
Rpa and Financial Cop LLC arenot affiliated.
The views expressed byFinancial Cop are for
informational purposes only andare not designed to advise you
(49:24):
on how to handle anythingspecific to your finances.
Nor will listening to my adviceguarantee your financial
success.
The opinions expressed aresubject to change without notice
and don't take into accountyour specific financial
situation and or needs.
Neither Financial Cop nor RPAoffer tax or legal advice.
Interested parties are stronglyencouraged to seek advice from
qualified tax and or legalexperts regarding the best
(49:44):
options for your particularcircumstances.
Speaker 2 (49:47):
I know that's a mouthful you have to do that all
the time.
I bet too All the time.
Speaker 3 (49:53):
I'd rather be on the right side of the law.
Speaker 2 (49:56):
Amen, amen, we have to be.
No, that's great.
Thank you very much for comingon.
I really appreciate you andgetting to meet you and getting
to know you over time here.
I'm sure we'll have plenty moreconversations to come on and if
people want to get ahold of youI know you gave a quick plug on
that, but social mediaplatforms website want to give a
good shout out to those again.
Speaker 3 (50:15):
Yep Financialcopcom for the website, and then on
Facebook and Twitter atFinancial Cop or LinkedIn at
Financial Cop as well.
Speaker 2 (50:22):
Awesome.
Well, thank you everyone forturning in today.
This is Nick Daugherty, got itright again.
I hope Two for two, and I justwanted to tell everyone thank
you for tuning in again and welook forward to hearing you or
have you joining us on HometownHeroes Podcast in the near
future.
Speaker 3 (50:37):
Thank you, Thank you, honored to be here.
Speaker 1 (50:40):
The Hometown Hero Outdoors Podcast is made
possible by the followingsponsors O'Neill Electric
Contractors.
The Minnesota Police and PeaceOfficers Association.
Relentless Defender, appareland Financial Cop Financial
Advisors.
Thank you for listening to theHometown Hero Outdoors podcast.
(51:03):
For more information, visit ourwebsite at
hometownherooutdoorsorg.
In the land of 10,000 lakes, a remarkable movement
was born.
Welcome to Hometown HeroOutdoors.
We are dedicated to honoringour military service members,
veterans and first responders byproviding them with
unforgettable outdoorrecreational opportunities.
We believe those who haveserved and sacrificed so much
(00:24):
for our country and communitiesdeserve a chance to reclaim
their spirit and find healing inthe great outdoors.
This is Hometown Hero OutdoorsPodcast.
(00:51):
Here is your host, chris Tatro.
Speaker 2 (01:02):
Welcome back to the Hometown Hero Outdoors Podcast.
We are in season three.
We have a special guest todaynamed Nick Daugherty.
Did I say that right?
Yep, all right, good, he isknown as Financial Cop.
I'm pretty excited to have himon the show today.
We're trying to do a little bitdifferent of podcasts this year
and I think that this is a verygood addition to what we're
going to do for the podcastthroughout the year.
(01:23):
Nick is known as Financial Copout of Texas.
I met Nick down at Police Weekthis year.
I met him through RelentlessDefender, which is an absolute
amazing contact to have.
One of the biggest things thatwe do for Hometown Hero Outdoors
is I don't know health andwellness and helping mental
health and mind, body, soul andfinances.
So finances are a veryimportant key role within people
(01:44):
in different professions andyou have some financial troubles
.
It can definitely be an issuefor you with it comes to mind,
body and soul and affect youotherwise.
So welcome to the podcast, nick.
Thanks for being here.
Speaker 3 (01:54):
Thanks, honored to be here.
It's very good to meet you inDC as well.
Speaker 2 (01:57):
Yeah, no, it was awesome.
I'm glad that Slater got ustogether and we had to sit at
the same table at Cops Gala.
Speaker 3 (02:05):
That was pretty cool.
That was an amazing.
Speaker 2 (02:06):
I mean just 40 years of cops, man, that's just crazy
yeah, and for those who don'tknow, cops is concerns of police
survivors, and they have aphenomenal organization that
helps um officers and family ofthe fallen throughout the year
and they bring them out to dcand they celebrate, uh, their
loved ones that are no longerwith us, but then also provide
different programs andexperiences for not only the
(02:26):
spouses of the fallen, thefamily, but also the children,
and it's a, it's a fantasticorganization that does help, do
follow up and they're not aloneafter they lose one of their
loved ones.
So, very good time.
So, nick, why don't youintroduce yourself to the
listeners and tell everyone alittle bit about yourself and
where you came from?
Speaker 3 (02:44):
Yep, so obviously Nick Daugherty.
I grew up in Texas in theDallas-Fort Worth area and I
really got introduced to theworld of money because I did a
bunch of stupid stuff as a youngperson basically, and I always
like to joke and said I was kindof part of my rookie
orientation to do dumb withmoney and came into law
enforcement in 2003 for theGrand Prairie Police Department.
(03:06):
Is a phenomenal job.
Absolutely loved every part ofnot just being a cop but working
for Grand Prairie PD and when Icame into law enforcement I had
about $80,000 in debt.
21,000 of that was in one carstereo system, all on credit
cards.
That's a lot.
When it was all said and done,I actually had spent about
30,000 total on every car stereoI had on credit cards and I
(03:28):
really got stuck into thatovertime cycle that so many of
us get wrapped up into and I wasworking 20 hours of overtime
basically a week just to pay mybills, which is really scary in
any kind of a first responderposition, because in our
industry it's not a matter of ifit's when you get injured and
you can't work part-time andovertime jobs when you're on
(03:50):
light duty, and so I was oneinjury away from complete
financial ruin.
I met the love of my life andCarrie was my girlfriend at the
time and then she changed titlesto fiance and I kind of forgot
to tell her this little bit ofinformation about being $80,000
in debt.
So I had to go sit across thetable from the girl I wanted to
marry and explain to her the guyshe wanted to marry was so far
in debt and of course she wasdebt free and you can imagine
(04:11):
the look on her face.
And of course I looked at her.
I said, don't worry, I got aplan.
And she looked at me back andshe said you better.
Very lucky, I had a beatpartner at the time.
That was that 20-year vet thatbecame one of my best friends.
I had a guy I was eating lunchwith one day that said hey, you
should listen to this DaveRamsey guy and I fell in love
with Dave's debt snowball andhow to pay off debt at an
accelerated rate and I committedto carry to become debt-free
(04:32):
before we got married.
So I worked about a thousandhours of overtime In March 2007,
.
We got married 100% consumerdebt-free everything but the
house at the time and that kindof is what sparked me to become
the nerd at my department andfast forward in 2011, we got a
new chief and he basicallyordered me to start teaching
financial wellness to therecruits, and then I got asked
to teach the whole department.
Then, all of a sudden, we werebeing asked to teach leadership
(04:54):
academies.
We just got the word we'regoing to teach.
I think this is our eighth outof ninth Concerns of Police
Survivors National Conference,and sometime this year we'll
cross 40,000 first respondersfrom 4,000 agencies we've
touched in person.
So it's been an honor to becomethe voice of financial wellness
, all because I did a bunch ofstupid stuff with money.
Speaker 2 (05:15):
Wow, no, that's impressive and I do think that
that speaks highly to a lot ofindividuals who may be listening
.
With that side of things and,like you said, we're always
chasing that overtime and it'snot always a healthy place to be
to just chase the overtime.
But then also the financialside of things, you know what I
mean.
Some of the partners are outthere, are on top of it and they
like that overtime for someextra stuff that they might have
financially, but give them someextra vacations or time, but
(05:38):
maybe sock away some money andmore retirement stuff, but but
yeah, that's, that's a big hillto climb $80,000.
And that's a big number.
Speaker 3 (05:51):
It was intense.
I mean, if you think about itnow, I mean that was 2003.
I mean that would probably bethe equivalent of $130,000 to
$150,000 in today's money.
But it sucked.
I mean there ain't nothing funabout it, right, and that's one
of the first things we tellpeople when it comes to paying
off debt, is there ain't nothingfun about having to dig out of
the holes that we put ourselvesin?
But one of my favorite quotesfrom Dave Ramsey is if you live
like no one else, you sacrificelike no one else.
(06:12):
Later in life, you don't haveto sacrifice, you get to live
like no one else.
And so I look back at that timeand I'm like, yeah, it sucked,
but but the things we get to dowith our family now and not just
the fun things because we don'thave debt, but the charitable
aspect of things it's allbecause of the sacrifices we had
to go through during those fewyears of paying off debt.
Speaker 2 (06:33):
Right.
And so what year did you makethat full transition again?
Speaker 3 (06:37):
So 2003 is when I became a cop, paid off all my
debt by 2007.
I actually left law enforcementin 2017 and started not only
doing financial wellnesstraining across the country but
also became a licensed financialadvisor.
So I'm a fiduciary onlyfinancial advisor, created my
own company in 2018.
(06:57):
And so we're kind of two part.
Now.
We're one of the largestfinancial wellness training
groups in the country for firstresponders, but then we're also
unique in that we represent lessthan about 10% of the financial
firms out there that are 100%fiduciary only run firms, no
products that we sell.
We don't do any of thecommission business in the
financial world outside of termlife insurance.
Speaker 2 (07:17):
Okay, cool.
And then first responders allinclude too.
Speaker 3 (07:22):
We kind of have a broader definition than a lot of
people.
Yeah, most people think firstresponders are your cops, your
firefighters, your EMS.
We believe dispatchers arefirst responders.
We believe detention andcorrection is first responders.
Hex, I believe the recordsclerks at the PDs and FDs.
We're a family the policedepartment, the fire department.
(07:42):
They don't operate withoutthose administrative staff,
without those people that aredoing the record keeping.
So we kind of almost in a sense, consider anybody that works
for a police or fire departmenta first responder in our words.
Speaker 2 (07:56):
Nice.
No, it's good to know becausethat kind of broadens the
horizons on those who may beinterested in learning more from
you in the future.
And then I got a question foryou too.
So the transition from lawenforcement into the financial
world when you did leave lawenforcement, you know that's a
lot of question marks for people.
What did that look like for youand like what kind of advice or
anything that would you give toother people who might be
(08:16):
questioning if they want tocontinue in their roles?
Speaker 3 (08:18):
Scary as hell.
Speaker 2 (08:20):
Yeah, yeah.
Speaker 3 (08:21):
I mean, I was 14 and a half years in um, I ended up
doing 20 years total, but I leftfull-time at 14 and a half and
did reserve so I wasn't gettingpaid and um, it's you know, it's
the scariest thing you willever do as a first responder.
Right, we have a governmentcheck, we get a guaranteed
pension for the most part, andyou sit there and start having
(08:41):
thoughts.
Like you know, I think I wantto leave this guaranteed check I
get every two weeks where Idon't really have to worry about
not ever getting paid.
And you know, ultimately, forme, I had a dream and I had a
passion and I thought you know,if I jump off this cliff, the
worst thing that can happen tome is, oh darn, I go back to
being a cop again and I got towork patrol.
(09:01):
And I love patrol so it's scary,but I got to work patrol and I
love patrol, so it's scary.
But at the same token, rightnow it's a tough industry and we
have a lot of people that areexploring this.
There's some really goodFacebook pages out there that
you know really starting to talkto first responders about that
jumping off that cliff,especially the cops, right, I
mean, it's never been harder tobe a cop in this country than it
is today, and so there's a lotof interest in it, but there's
(09:25):
still.
I would say it's funny.
I talked to Slater fromWellness Defender all the time
and we and him talk about this,a lot about all these first
responders that talk aboutwanting to jump off the cliff,
but they're so terrified and alot of it's just because of the
fear of the guaranteed check.
But I can tell you one of thethings that I see if you're out
(09:46):
there and you're listening tothis and you're like I'm done,
I'm ready to get out of this, ifyou have a good work ethic,
you're probably never going tohave to worry about anything in
the corporate world If you getlaid off.
That's usually the biggest fear.
Is what if I get laid off?
I mean, if you work your buttoff and you got great work ethic
, you're going to find anotherjob, you're going to be okay.
Speaker 2 (10:06):
Right, yeah, it is.
It is very concerning toindividuals who are looking to
step up.
But anyone in these careers arevery marketable people, very
resilient, no-transcript youknow, and and you gotta be able
(10:34):
to talk to people you know.
And how many times do?
Individuals in these firstresponder roles are very engaged
with having to talk people offthe cliff or into a very out of
a dark situation, and I thinkthat can translate pretty
heavily into any professionreally, and I think that's the
biggest question that peoplehave is this is all I've known,
this is my identity and this iswhat I do.
But, man, you look in the worldof what's out there for careers
(10:56):
and you can really transition toa lot of different things and
you have a success story when itcomes to that as well.
And financially and you know alot of us cops really don't look
at the financial future untilthat horizon of that.
What am I going to do next?
Number one if I want to get out.
Number two retirement's coming.
I really should probably startplanning a little closer and
that's usually that 40 years oldmark where I'm at and looking
(11:17):
into the future going.
I probably should have looked alittle further down the road on
what my finances look like, andI think that's probably
something that you run intooften when it comes to finances.
Speaker 3 (11:26):
It is.
I always tell people I have avery love-hate relationship with
pensions in first responderland because I love them,
because we get a guaranteedcheck for the rest of our life.
I hate them because I talked toall these younger folks and
they're like Nick, I don't needto contribute to my deferred
comp account because I got apension.
And by the time we realize thatthe reality is most pensions
are not going to replace 100% ofyour income, we've lost our
(11:50):
most valuable asset, which istime, and it's tougher to make
that up.
And I'll go a step further onthat.
Retirement is not just aboutyour retirement accounts.
It's what your financialsituation is like when you go
into retirement.
You could have a crap load ofmoney in retirement, but if
you're in debt up to youreyeballs and you don't know how
to do a basic budget on whatyou're going to spend, it ain't
(12:10):
going to matter.
And we tell people all the timeyou know you should be focusing
on the total wellness right Inthe financial world.
The problem I see all the timeis that you know everybody in
the financial world they're allconcerned about how do I get
your investment so I can makemoney.
Well, the reality is.
Is that really needs to be oneof the last things you need to
talk about when it comes to anykind of financial planning,
(12:33):
because we gotta get out ofcredit card debt right?
Why are we putting money in themarket if we're paying 24% on a
credit card?
We need to understand how to doa budget right.
We need to make sure that yourwill and estate plans in place
and the totality of the wellnessaspect of that.
And, if I can backtrack realquick, one of the things you
said is what's some of thethings you would tell people?
(12:53):
When we teach our recruitclasses, we tell them you should
start planning your exitstrategy today, right?
Start taking the things you doas a first responder.
Figure out what you enjoy andthen figure out how to turn it
into a second career.
When you go to conferences andyou get all those business cards
(13:14):
that you throw away or that youlook at six months later, what
you need to be doing is you needto have a LinkedIn page and
every time you come back onMonday from that conference, you
need to be going in there andconnecting with all those
business cards, and every timeyou come back on Monday from
that conference.
You need to be going in thereand connecting with all those
business cards.
Right, you get a, you get alist.
You teach a class and you get alist of people you taught.
You need to be going toLinkedIn and starting to connect
(13:37):
with those people and postingstuff, because you never know
when that random person youconnected with at a detective
conference four years ago, nextthing you know, they're like hey
, I remember this guy from thisagency and maybe he has a good
fit for this networking,networking, network.
I can't stress it enough.
Speaker 2 (13:50):
Yeah, and I think LinkedIn's a completely
underutilized asset in our worldtoo.
You know everyone always sit inInstagram or Facebook, but
LinkedIn is definitely a goodplace to be able to go to and
showcase who you are and whatyou've done.
But also, with that networkingpiece and I really started to
grow mine a few years ago, but Ialways avoided it I did the
corporate stuff for a hot minuteand then, with law enforcement,
(14:12):
that was one thing I overlookedheavily was doing LinkedIn
stuff and connecting withindividuals, and it's very
important that you stay on topor at least explore that avenue
for a social media aspect.
Speaker 3 (14:22):
Yep, and I'll tell you, a lot of people get
intimidated by things likeLinkedIn.
You know, I'll offer you thisbecause someone offered it to me
.
I remember I went to aLieutenant who's now a chief of
police one day and I'm like man,you have a phenomenal LinkedIn
profile.
How did you create that?
And he goes Nick, just go copyit.
So if you're sitting herewatching this, go to Nick
Daugherty's LinkedIn page and gohey, mirror this, build it just
(14:45):
like that.
I don't care it's.
Speaker 1 (14:53):
You know this is about helping brothers and
sisters with this stuff.
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(15:15):
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Speaker 2 (17:00):
Yeah, no, as you say, that's I think that's pretty
much what I've done for my myLinkedIn page, too was I went
and looked at somebody else'sand tried to figure out you know
what, what I was missing onmine and kind of a it's like a
conglomeration of a whole bunchof different too.
So what are some commonchallenges that you see in the
first responder world thatyou've experienced with them
that are a common mistake thatindividuals make?
Beyond what you just explained?
(17:20):
You know you're talking aboutlooking down to the future, the
deferred comp side of things.
What are the common things thatwe really need to tackle as
first responders?
Speaker 3 (17:41):
Yeah, one of the biggest pitfalls I see for first
responders is overtime andpart-time jobs and we get
self-reliant on it and for someof us we don't have a choice.
Some of us we do.
I preach to my cops you get thechoice to go sign up for the
overtime For my fire people.
You get the choice to decide ifyou want a part-time side gig
on your days off.
For my dispatchers, correctionsand detention they just get
(18:04):
told which is another wholedynamic, because then all of a
sudden overtime gets pulled backand you can't just go sign up
for it.
And so we better really startto learn how to live within our
means and we as first respondershave something the civilian
world doesn't have access to.
You always tell people that Iworked 1,000 hours of overtime
to become debt-free.
I worked 3,500 hours ofovertime after I became
(18:27):
debt-free.
Why?
Because I'm a bit of aworkaholic.
I enjoy working a lot.
Carrie at the time was workingduring the day.
I was working evening shift.
I might as well go in and dosomething.
Well, one year our departmenthad to scale back our overtime
and we got an email that saysyou can't work more than five
hours of overtime until Octoberand it was June and I remember I
(18:48):
got a special call to theassistant chief's office because
I was working so much overtime.
And he goes Nick, are you goingto be okay?
We're checking on all of ourtop overtime folks.
And I said, sir, with all duerespect, thank you for the
vacation.
He goes, excuse me, I mean youcan imagine that wasn't the
conversation he'd been havingall day.
And I said, sir, you know howwe go on vacations a lot.
He goes.
Yeah, I said I just go workovertime to pay for the
(19:09):
vacations.
A couple of years ago, youremember how me and Kerry bought
our first house?
He goes yeah, we didn't haveany furniture.
So guess what I did?
I went and worked overtime tobuy furniture.
So this year I'm actuallybecause we're in a good spot.
I'm actually using overtime tofully fund my wife's 401k plan
and, max it out, fully fund myRoth IRA accounts.
We, as first responders, havethe luxury to take overtime and
(19:32):
use it as a mechanism to furtherbuild our financial strength,
not elevate our standard of life.
The civilian world they got togo.
Get part-time jobs and work.
I got to deliver for Uber Eatsor something.
We just go.
Hey, I want to save for a downpayment on a home.
Let's go work some overtime.
I need to dig myself out ofdebt.
Speaker 2 (19:49):
Work some overtime, right, we get that luxury yeah,
no, that makes sense and I seeit all the time.
Individuals that are looking toaim towards that stuff, and
some of my partners are for thelaw enforcement I'm sorry the
the retirement side of things,but then some of them you know,
like you just explained, goingtowards those 401ks and the
Roths.
But yeah, so then I'm moving onto with, can you?
(20:12):
So what does your firm looklike?
Like who do you have workingfor you?
How many people are there tosupport you?
And then, like, when it comesto engaging with someone new to
your firm, what does that looklike?
Speaker 3 (20:25):
So I've got seven employees.
I've got three advisors andfour support staff.
Now we hope to have a bunchmore advisors just because we're
growing so fast right now.
Currently almost everybody thatworks for me is either current
or former law enforcement.
All of my advisors are, or thesupport staff are.
You know, most of them aremarried to first responders or
there's some kind of nexus withthat.
Again aggressively trying tohire people right now.
(20:48):
I know it's going to be kind oftough to keep it in the first
responder world just becausemost of us are not nerds.
But as far as working with us,you can reach out to us,
obviously on financialcopcom,but most of what we do is going
across the country and teachingfinancial wellness is going
across the country and teachingfinancial wellness.
And then people reach out to uswhen it comes to the financial
planning aspect of it andbuilding financial plans to
(21:09):
understand where we're at in thehome building process.
I always tell people you gottahave a good foundation for the
walls to stand up.
So do you need help getting outof debt?
Are you in a position where wedo need to start increasing
contributions to again thedeferred comps or the other
retirement plans?
What's your spouse doing for it?
What about college funding?
Are we trying to buy a home orpay a home off?
(21:30):
And so that's how we reallyengage with people is what
spectrum, in the wellness sideof things, are you?
Because, again, a lot of peoplecome in talking about
retirement, not knowing that weneed to focus on retirement.
But we need to focus onretirement.
But we need to build thefoundation, get the walls solid,
before we dive into that.
Speaker 2 (21:50):
No, it makes sense, I mean.
So then that kind of leads intomy next question too is when it
comes to investment planningand making informed investment
decisions and stuff like thatthere's a lot of.
I don't know what theretirement age is in Texas for
your full pension.
Is that 55 for you?
Speaker 3 (22:10):
So most of our first responders in Texas are actually
it's a years of service.
So we have people, most peoplecan retire at 20 years of
service, which I mean if youstart at 21, you could
technically take a pension atage 41.
Speaker 2 (22:23):
Wow, wow, yeah, so we're 55 where we are and then
we can go at 50, but you starttaking hits.
Yeah, so if we would go at 50,we would end up with 60% of what
our normal retirement planwould be.
So there are people out therethat are looking to save on
those last five years, not onlyfor their own mental health and
wellbeing, but move on to thenext, maybe, chapter of their
(22:45):
life, you know, and that that'sa huge hit 40%, you know.
So what kind of advice orthings would you explain to
those individuals on what theycould start looking to so they
can shorten that timeframe?
Speaker 3 (22:55):
Same thing with us.
Right, 20 years of service,your pension's not very large.
It ain't going to.
If you're going at 20 years ofservice or age 50, heck, even at
age 55,.
The reality is most of us arenot retire, retiring, we're
going into another industry,another career.
I got to be honest with you.
Even if you're 60, very fewAmericans actually retire and
(23:18):
sit in a chair and do nothing.
If you want to wilt away and dieearly, I think that's what you
may want to do, but most peopleare staying active and I'll tell
people that the pinnacle ofretirement to me is to retire
from your agency and go back towork because you want to, not
because you have to.
And if your boss makes you mad,you just laugh and walk out the
door.
And so, for those of us who areleaving early, we need to change
(23:40):
the direction of what we lookat with that pension and go okay
, I'm going to take a 60% cut.
Well, now we look at the pensionas a piece of the retirement.
It's going to fund retirementdown the road when we retire,
retire, but right now it's goingto give me that luxury to go
springboard into another career,and so if I'm getting 40% of my
income.
That gives me some leeway to gofind another job where I don't
(24:03):
have to replace 100% of myincome I only need to replace 60
in that scenario and so use itfrom that perspective.
Really focus on what the nexttransition is, and that goes
back to my whole.
Find what you're reallyinterested in, because if we
leave first responder land andwe go to another career, the
number one most important thingin finding your next job is
(24:24):
finding something that you areextremely passionate about, that
you want to do, because whenyou find that passion, the money
will eventually come if you'redoing what you love no, it's
very good advice.
Speaker 2 (24:39):
Yeah, when it feels like you're not working, that's
for sure.
You know, um, you know, and inour job you know it might feel
that way for people too is I'mdoing something that I
absolutely love right now andtransitioning outside of that
can be very difficult and youknow they say that a lot of
times.
You know, within lawenforcement, a lot of us begin
to have mental health issues orwe struggle because we feel like
(25:02):
that identity is stripped.
And being able to find thosepassions early on, kind of like
what I'm doing with HometownHero Outdoors, you know this is
a very thing, large thing I'mpassionate about and you know,
in time that's my transition andI'll keep doing this as long as
I can.
I don't make any money but atthe same time, this is also what
(25:23):
feeds me and well, my soulanyway, and you and I can but
those, I'm learning a lot ofmarketable skills just by
running and helping run thisnon-profit with my peers.
You know, when it comes to doingstuff like a podcast or we do,
planning for our galas andfundraising and organizational
management and just general andregulations for fundraisers and
I I've been man this last year Iactually put two bills on our
(25:46):
Minnesota State, house andSenate.
So I mean writing bills andtestifying.
I mean a lot of marketablethings that can be out there to
help out with other financialneeds later on in your career.
And that's exactly what you'respeaking to, in my opinion.
I mean.
Speaker 3 (26:00):
Think about the civilian world.
If you're 50 years old and youdecide I don't like my job
anymore and I want to leave, yougot to go find another job
making what you left.
Now, with us, we just again weget that 40% of our income,
which it gives you extraopportunities.
Speaker 2 (26:15):
Right, right, right.
So what are some of the morerewarding aspects in your career
and what you've gone through?
What are the things that havereally filled your cup up when
it comes to helping others?
Speaker 3 (26:25):
There is nothing better.
Uh, having now taught geez for12 or 13 years, um, we're at.
We're at that point where we'reconsistently getting people
that reach out to us and tell usthings about you know, hey, I
went to your class four or fiveyears ago and this is what I've
accomplished.
And, um, you know, I I one ofmy most memorable ones.
She's a single mom from anagency here locally and I taught
(26:49):
her one day and I mean, Ididn't know who she was.
And I get this random email ayear later going hey, I just
wanted to let you know that Iwent to your class and I
aggressively started working onpaying off my debt.
And now I work overtime when Iwant to, not because I have to,
and I've spent more time with mydaughter in the last couple of
months than I've ever spent, andit's been one of the most
(27:10):
rewarding things I've ever gotto go through, and the only
reason I could do it is becauseI paid off all my debt and I
didn't have to work overtimeanymore.
Those are some of the mostrewarding emails and contacts
that we get.
A guy from New Jersey that wentto my class four years ago.
I see him at a conferenceearlier this year and he goes
hey, when I went to your classfour years ago, it was $180,000
(27:35):
in debt.
I'm $10,000 away from beingdebt-free man.
There is, I mean, talk aboutgoosebumps.
Speaker 2 (27:42):
Yeah, no kidding.
Speaker 3 (27:43):
Now the only drawback is is I get those, and I get
people all the time they're likethank you so much, nick, for
what you're doing.
You changed my life.
I didn't change their life, Ijust gave them the tools to make
the decision.
They changed their life, andthat's the magic I love to see.
Is someone going I'm going totake some things I learn and I'm
going to use it to change mylife.
(28:04):
And I always tell people you'vereached that point.
At that point you got to startgiving, like nobody else, right?
What can you do to give back,to start to influence and change
someone else's life too?
Speaker 2 (28:15):
Yeah, no, it's disciplines, everything.
When it comes to looking tomake those changes, it's easy to
slide back into the old waysand let loose on some of the
things that you are reallytrying to change.
And it's kind of like you knowyour diet, you're trying to
change something to lose someweight and be disciplined and go
to the gym and you know you letgo in a little bit.
But if you can maintain thatdiscipline and time it's going
to pay off in the long run ifyou can stick to it and totally
(28:37):
makes sense.
Speaker 3 (28:38):
The number one characteristics of wealthy
people in this country isdiscipline.
I've studied just about everymillionaire study you can find
out there.
Ironically, the largest studyever conducted was over 11,000
millionaires.
A third of them respondedhaving become millionaires even
though they never earned$100,000 in any one given year
of their entire life.
Speaker 2 (28:58):
Wow, wow, that's incredible.
Just grind Lots of grinding.
That's cool.
I know there's a lot of copsout there that do have side
hustles when it comes to lawenforcement.
They do have businesses thatthey do engage in, or other
first responders too.
Those are absolutely excellentavenues for them to make an
extra income and transition towhen they start to move on from
(29:19):
that career.
Yep, similar to what you did.
Speaker 3 (29:23):
Yep Similar, similar to what you did.
Yep A hundred percent.
I mean I, if you had told me Iwas going to do this back in
2015, I would have laughed atyou.
You just don't know when thosedoors are going to open, and
I'll go back.
Another thing when it comes todoors opening, I talked to a lot
of first responders that haveideas and they want to jump off
that cliff and I would say avery large majority of them are
(29:43):
terrified to jump off that cliff.
And I would say a very largemajority of them are terrified
to jump off that cliff becauseit's like Nick, I need to make X
amount to pay my bills.
Well, when we dig into thebudget, 25, 30% of that I need
to make this month is just toservice their debt.
People told me I was crazy forjumping off this cliff.
I gave up a six-figure salaryas a sergeant, could have gone
(30:03):
on and probably made more, butto me, I didn't need the
six-figure salary because ourbills were so low, because we
didn't have any debt, which gaveus the wiggle room to go.
I can afford to take this paycut to pursue a dream and see if
it works and not affect andimpact my family long term.
Speaker 2 (30:22):
And you said something too, a little bit ago
that really spoke to me too,about spending more time with
kids and family.
You know, and we spent a lot ofour time going through this
over time and being able tomaintain either lifestyle or pay
for that extra vacation, andyou know, you're really taking
that time away for a week awayand that really takes away from
things.
And recently I just hosted afishing trip up in central
(30:46):
Minnesota on Mille Lacs Lake andI brought five parents up there
and their kids to go fishingwith each other.
And the biggest thing isthere's a lot of lost time
that's there and some of theseparents that were with me
recognized that early on, youknow, and some of their kids a
little older, some were younger,but I think it was really
eye-opening at like how muchtime that has been missed
because they were able to get toknow their kids a little bit
more, even though it was therefor a couple of days, but still,
(31:07):
I mean it did add to it.
And I think that you know, byengaging in the correct
financial ways, that you're ableto actually get that time to be
able to spend that, because youlook at the reality of life
Right and you have a child andyou have 18 years with that kid
and then after that they're anadult and they move on If
they're not living at home.
Still, you have less time right,and certainly you know it's a
(31:29):
very prevalent thing in ourprofession where divorce is high
and then you have the kids forhalf the time and now you're
balancing potentially childsupport and other issues like
that, where not only your kidshalf the time, half your chunk
of your income may be going tohelping support that kid, which
is nothing wrong with that, andthat's how you know we should be
good parents and be helpingraise our kids the right way.
(31:50):
But that does dig into a littlebit, and you see a lot of
people in these professions whoare picking up these overtime
shifts for that.
So being able to approach youand have those questions for you
on how to maximize their dollarand be able to plan right, you
know that that's very important.
So I do want to ask about thattoo, though.
So in your line of work and youhave likely talked to several
(32:10):
first responders who are in adivorce situation where they do
have child support Is that acommon thing that you see?
Speaker 3 (32:15):
Yeah, it is.
And so the problem we lose moreof our brothers and sisters,
whether you're a cop or afirefighter, to suicide not in
the line of duty.
And we do a lot of work with alot of PTSD suicide prevention
organizations.
And I've been asked severaltimes you know, why do you do so
much work with that group?
(32:36):
Well, the reality is is, youknow there's there's two primary
reasons typically given forsuicide in this country and its
relationships, and money.
What do we suck at so much?
I mean, we know the old sayingyou're not really truly a cop or
a firefighter until you've beendivorced once or twice.
Right, I mean, it depends onwhat study you look at.
Some studies show us having a75 plus percent divorce rate.
(32:57):
You throw money problems in themix and it's a recipe for
disaster.
And then you get the lost time.
You don't get back with thekids, right?
I worked 4,500 hours ofovertime in my career in law
enforcement, but on November 1,2011, I never worked another
hour of overtime after that dayagain.
Why?
Because my son was born andthat was my rule Could have paid
(33:17):
my house off years ago.
I couldn't have been thebaseball coach.
I can't be there with my kidsfor that stuff.
And that's part of what thismovement's about.
It's not just becomingfinancially stable.
It's not about winning withmoney and being able to retire.
It's about putting yourself ina position to be able to take
care of the number one priorityin our lives, which is our
(33:38):
family.
Far too many of us give thefamily up for the job, and it's
got to be the other way around.
It's about building ourfinancial strength to take care
of the family and our priorities, to honor the noble profession
we chose to pursue.
And on the divorce side ofthings, I mean, I get it.
Divorce is going to happen,right, if it happens.
It happens, it's part of it.
(33:59):
I don't care if you're a chief,I don't care if you're a
records clerk, I don't care ifyou're a rookie, if you're
mid-career, late career.
You got divorced once, twice,three times, I don't care.
The number one way to start tobuild wealth and really start to
build your financial strength,no matter what your situation is
(34:19):
, is the monthly budget.
Everything starts not justwriting what you think you're
going to spend, but writing whatyou think you're going to spend
.
But writing what you thinkyou're going to spend and
tracking it throughout the monthto make sure everything you
thought you were going to spendactually got spent.
It's the only way you canhandle a divorce and cutting
income and having to take careof child support.
I get people all the time go.
(34:40):
I got to work 10 hours ofovertime every week just to
cover my child support and Ican't do anything else.
And then we dive into the budget.
I'm like you got a $950 truckpayment.
Don't tell me you can't fixthings.
You can go down to a cheapercar and give you some wiggle
room to be able to live a littlebit more and, heck, maybe, do
some more stuff with your kids.
Everyone in America has stuffin their budget they can cut out
(35:02):
.
It's a matter of are youwilling to make the sacrifice to
change the priorities?
Speaker 2 (35:07):
No, it makes total sense.
You know it's interesting tosay that too, because you know
you talked about the payment,right, the vehicle, the truck
payment.
A story that I share withothers too is I have a lot of
people in my family and I don'tthink that's a secret to anyone
who's listened to the podcast orfollowed us.
You know I have nine people inmy family.
We're a blended family.
I went through a divorce andI'm remarried.
My wife has three children.
(35:27):
I have three children and wehave one together, and we do
like to take our road trips, andusually right after school gets
out we'll get in the vehicleand go.
And then a few years ago, twoyears ago, we went over to the
Black Hills and we were in aTahoe and it fit nine people and
, as you can imagine, you know,being on the road for 18 hours
in a Tahoe is kind of tight.
All their kids are smaller.
(35:48):
So one of the things I startedto look at was what can I do to
be able to expand and get anicer vehicle that's more
comfortable and affordable Well,not, I shouldn't say affordable
, because nothing's affordableright now, it feels like but
what can I do that's morecomfortable, that and reasonable
for my family to be able topurchase a vehicle and get on
the road.
So we ended up buying anine-person conversion van and
(36:08):
it was not a cheap investment itwas $90,000.
But I will say this the bestthing that we did was we put it
on Turo and I rent that thingthroughout the entire year.
We charge anywhere from $250 aday to $300 a day and I haven't
taken a single cent out of myown pocket to pay for it.
Everybody else is paying forthe vehicle that my family gets
to use and you either may agreethat that's a good move or not,
(36:31):
but it's been working for us andthe family has an awesome
vehicle to use and we don't payfor it.
Speaker 3 (36:34):
Well, I love that idea, but I'll tell you the
other thing I love even morethan that idea is you look at
people all the time and I seepeople that buy $90,000 Tahoe's
that fit nine people and they'rea family of three and they go.
Well, I can't afford anythingelse.
What the heck do you need anine person Tahoe?
(36:56):
For Right, you needed a nineperson Tahoe and a van because
you legitimately need to fitnine people.
Right.
And then you get, you went I'vegot to buy a vehicle and it's
going to be expensive becausethere ain't nothing.
There ain't no such thing as acheap vehicle that can fit nine
people and you said all right,this is expensive.
This is going to be a tough pullfor our family.
(37:17):
How do I get creative and findways to make it work?
And you found a way to go.
We can afford it if we do X, y,z, and so I absolutely love
that, because that's what we'vegot to start doing Thinking
outside the box sometimes tomake something we can't afford.
But we need work, not buyingsomething that we can't afford,
(37:39):
that we don't need, and goingwhy does nothing else work?
Well, because we didn't reallyneed a $90,000 Tahoe.
Speaker 2 (37:47):
Yeah, I don't know how frequently we do actually
use our own van ourselves.
It's not very often.
It's not often that I need togo somewhere with nine people
and if we do at times.
Times we'll use two vehicles ifwe have to, if the van's not
here.
But we do rent it throughoutthe summer months pretty heavily
.
We'll get some in the winterand the fall, but we haven't had
to pay a single cent in our ownpocket and plus we have an LLC
(38:07):
on the side that assists withour financial taxes at the end
of the year and depreciationwrite-offs in the vehicle makes
it easier.
But it's worked for us, you know, and it's not always fun and
pretty.
You know you do have issueswith renting things and people
running into things or drivingan 8-foot-2 vehicle through a
parking ramp that only fits in a6-foot.
(38:28):
They try to go through a 6-footramp but it happens, you know.
But those are just hurdles thatyou figure out.
But that's why we also wentahead and looked at insurance.
That we do through Turo and ourpersonal insurance and company
insurance.
But it works and it's a gameplan that works and if this
works out well, we might lookinto doing other vehicles, but
(38:49):
we're looking at what'smarketable in the area and what
is going to be used, versus usjust sitting there staring at it
.
Those are the big things for us, Yep.
Be used, versus us just sittingthere staring at it.
Those are the big things for us, Yep.
So next question is how do youstay updated on the latest
financial trends?
Speaker 3 (39:07):
and regulations for your guys' business and giving
that outwardly to your clients.
Regulations suck.
Yeah.
I often tell people it'sprobably easier to be a nuclear
PowerPoint owner than it is tobe a financial advisor.
It's funny when somebody signsup to be a client of ours and
they're like what the heck isthis 130 page monstrosity?
I'm like it's about 90 percentdisclaimers and disclosures
because of regulations, and sowe are part of a much larger
(39:29):
conglomerate that supportsindependent firms actually
support over000 independentfirms across the country and
they help us stay up to date onregulations and I call them my
internal affairs investigationteam.
Nobody loves compliance, butthey're a necessary evil and
they can be your best friend oryour worst enemy, depending on
how up to date you are and howmuch you stay within the lines,
(39:52):
which you should always bestaying within the lines to make
sure you're on that side ofthings with that, and so that's
how we stay up to date.
You know, you know financialwise that, believe it or not,
the financial aspect of stayingup to date on the money and the
markets and stuff, that'sactually probably one of the
easier things you know.
When it comes to the markets, Ialways tell people you know,
people go, you know what's the,what's the latest and greatest
in the markets.
(40:12):
I'm like, oh, what do you mean?
You don't know.
I'm like, look, the markets aregoing to do what the markets
are going to do.
Anybody that tells you thatthey know what they're going to
do.
A broken clock is right twice aday.
Nobody can time the market.
Nobody can predict the nextcollapse, nobody can predict the
next bull market.
But you can pretty closely,accurately, predict one thing
(40:33):
with the markets they will godown and they have always come
back up.
Not one time have theycollapsed and not recovered.
And if they do collapse anddon't recover, you probably want
to put a bunch of money inbullets and guns because our
economy has collapsed at thatpoint.
Right, it's funny.
(40:54):
I get asked all the time what'sthe latest and greatest new
trend in the market?
Don't know.
Our philosophy when it comes tomanaging money is the KISS
principle, Keep it simple,stupid.
Why?
Because when you get exoticwith your money, you can really
lose your tail.
Not because it's exotic, butmost people I see getting exotic
with investments.
(41:14):
They don't really understandwhat the heck they're even doing
.
Speaker 2 (41:20):
That'd be me.
Speaker 3 (41:22):
I get a lot of people like you're a Bitcoin hater.
I'm not a Bitcoin hater.
I don't hate cryptos.
Cryptos are here to stay.
They're not going anywhere.
What I hate is 99% of thepeople I talk to about crypto,
because I know a lot about itand they're trying to tell me
all these cool things aboutcrypto.
Because I know a lot about it,and they're trying to tell me
all these cool things aboutcrypto and I'm like you have
absolutely no idea what you'retalking about.
(41:42):
You want to know the bestadvice when it comes to
investing your money.
It's real simple Understandwhat the heck you're investing
in.
Know what you're investing in.
You know.
I always tell people, youpeople.
I learned about the marketbecause I self-taught myself
about finances.
Why?
Because me and Kerry went andmet with a couple of financial
advisors when it was time for usto start investing and we
(42:03):
walked out of those meetings andour heads were spinning.
They had all these fancybrochures.
They showed me all these fancynumbers and everything.
And Kerry's like which one arewe going to go with?
And I said neither of thosebozos, she goes.
What do you mean?
I go, kerry.
They didn't have a heart of ateacher and frankly, kerry, we
work too hard for our money justto blindly give it to somebody
(42:24):
because they have a title andthey sound smart.
So I got to go teach myselfabout the market so I can have
an educated conversation aboutthis stuff with people.
That's what we've got to do.
We have a section in our class.
I love this section.
It's my favorite section Of allthe things we teach in the
class.
My favorite section of theclass is called how to
interrogate financial advisors.
Speaker 2 (42:45):
Ask the hard questions.
Speaker 3 (42:47):
Why don't we trust financial advisors?
Because we don't know what theheck they're doing, and we don't
trust them because of whatthey're doing, and we've heard
the horror stories.
Well, why don't we learn aboutthe industry and why don't we
teach you the words to ask thatare either going to make a
financial advisor look reallygood because they're answering
the questions right, or they'regoing to start getting squirrely
and dancing and you're going toknow, yeah, this ain't somebody
(43:08):
I want to work with.
Speaker 2 (43:09):
Yeah, yeah.
And that kind of speaks tosomething too is how in contact
are you with your clients?
How often do you reach out andtry to have conversations with
them about what they have goingon?
Speaker 3 (43:18):
Everybody's a little different.
It depends on how complex theirsituation is, and even the
complex ones, it depends on whattheir situation is.
As a fiduciary advisor.
If we manage money for somebody, we have to communicate with
that person at least annually,and a lot of times.
You know some, especiallypeople that have a very simple
(43:39):
plan, or even some of the peoplethat you know have a smaller
account.
They don't need a whole lot ofupdating.
Some of my people are veryadvanced and you know they've
got very complex situations.
We may need to talk to themevery three months, or they may
have a situation.
We may have somebody thatdoesn't have a complex situation
all of a sudden have one.
Mom and dad pass away.
(43:59):
We got an inheritance.
Well, now you just went fromsomebody we need to talk to once
a year to we need to talk a lot.
Here's the thing.
If you're working with afinancial advisor, you need to
understand this one thing theyare working for you.
They do not dictate how muchyou communicate with them.
You do.
So if you need to reach out toyour advisor and talk to them
(44:22):
every other month, then makethem talk to you every other
month.
Speaker 2 (44:27):
Yeah.
Speaker 3 (44:27):
They won't do it.
Find somebody that will.
And that's just not financialworld, it's all kinds of
industries.
We get told you know, this isthe normal frequency of contact
and we get lost in the fact thatwait a minute, I'm paying you
and you're telling me how muchyou're going to talk to me.
It needs to be the way around.
Speaker 2 (44:44):
Yeah, and they make time.
They need to make time, youknow.
No, that's good, that's reallygood advice.
No, I appreciate that.
So you did mention going toconferences and having classes
and stuff.
Can you tell our listeners alittle bit about what kind of
conferences you travel to, howpeople can get a hold of you for
that, and what kind of classesyou host?
Speaker 3 (45:01):
So we do two kind of.
Actually we have threedifferent ways we teach.
So we have agencies all acrossthe country that reach out to us
and contract to bring us out toteach their agency.
We have conferences.
I'm actually going toCalifornia this weekend to teach
at a wellness conference, so wedo wellness conferences all the
time as well.
And then we also have ourvirtual online academy.
We've got our four-hourtraining that we teach in person
(45:22):
.
We're going to be adding a lotof different other material on
there as well, and so those arethe three mechanisms in which we
will come out and teach and, ofcourse, at any time you can
reach out to us onfinancialcopcom.
There's ways to inquire aboutthat stuff.
Speaker 2 (45:45):
Of course, we've got our social media Facebook,
twitter, linkedin, atfinancialcopcom as well or at
financialcop on those.
No, it's great.
I know there's a lot ofdifferent associations out there
when it comes to any of theseprofessions and a lot of our.
It's pretty common for ourveteran world to get into a
first responder role too.
It's pretty common for ourveteran world, you know, to get
into a first responder role too.
So it's not that because wetalked about that briefly, I
think about you.
Know, if you do specific stufffor military service members and
I think you said not at thistime but in the future you may
(46:06):
explore that if there's a need,right.
Speaker 3 (46:08):
Yeah, I love my military folks and there's
nothing against you militaryfolks.
My biggest issue is we aregrowing so fast.
It's just tough for me to keepup with the first responder
demand and and so that peopleask me all the time why aren't
you, why aren't you helping themilitary out?
Just because lack of lack oftime to be able to do it.
And you know our, ourphilosophy is is we're not going
to take on an industry, we'renot going to take on people if I
(46:30):
can't fully service them to thelevel that I expect them to be
treated.
And so we don't just takepeople on, just to take people
on, because then at that point,you know, our reputation could
get hurt because we're not ableto service them in the right way
until we get more people hired,hopefully.
Speaker 2 (46:45):
No, that makes sense, I mean, and I think that's very
admirable, you know, I thinkthat you know you're giving the
attention to those who need itand the world that your demand
is in heavily and you're notgoing to take on something
that's the unknown, which is alot of people won't do, that A
lot of people take it on just tobring the money in.
Speaker 3 (47:05):
Right, and that's.
That's huge.
So we're currently teaching.
We average about 80 to ahundred classes and conferences
a year right now, just withfirst responders, and so that's
why it's like and we don'tadvertise, it's all word of
mouth, and so when you starttalking about military, I'm like
geez, I'm terrified of myfirefighters right now.
Much like military.
Speaker 2 (47:20):
Yeah, Well, maybe that'll be another day, another
conversation down the road andwe can get you back on here and
we can talk about that.
But there is something coolthat we are going to do with you
and you said that you're doinga finance minute occasionally.
Want to talk about that.
Speaker 3 (47:33):
Yeah, so we are launching a YouTube channel and
what we're doing is we're takingall of the material we have
online, all of our virtual stuff.
Actually, one of my financialcops is down in Houston teaching
right now and the entirething's being videoed, and so
we're going to start doingfinancial cop money minutes
where just little short 45second to 90 second tidbits of
what are some of the tips thatyou need to look at, and it's
(47:56):
going to cover the entire gamutof finances, all the way from
budgets to debt reduction, towill and estate, to pitfalls, to
how do you start to win withthis stuff, to retirement
accounts, and so we're excitedabout being able to put these
little snippets out there whereyou can kind of get some teaser
taste of what you can do and howto get more resources from that
.
Speaker 2 (48:19):
That's awesome and we're going to be utilizing some
of those throughout our podcastthroughout the season.
So every episode we're hopingto have at least a piece from
Nick here and his team regardingthe money minutes that he's
going to put out there, andwe'll take a break throughout
the podcast.
We'll play that and then we'llbe able to give some more
contact information on everypodcast on how to get a hold of
Nick and his team.
Speaker 4 (48:34):
Information on every podcast on how to get a hold of
Nick and his team, the IRS, justreleased the 2025 tax brackets,
as well as the increase to thestandard deduction.
When should you start lookingat that stuff?
Now to start planning for taxesnext year?
Speaker 2 (48:53):
Right now Check out this blog to see exactly what
the changes are and how they mayimpact you.
But, hey, I want to say thankyou very much for being on today
and I know that you had adisclosure that you wanted to
read as well.
Speaker 3 (49:01):
Yeah, I remember those fun disclaimers.
Speaker 2 (49:02):
Yes, sir.
Speaker 3 (49:04):
So the good old SEC says we got to give that
disclaimer.
You hear it at the end of allthe radio commercials.
I won't read it as fast as theydo because I can't read that
fast.
Advisory services are offeredthrough Retirement Plan Advisors
LLC, a federally registeredinvestment advisor.
Rpa and Financial Cop LLC arenot affiliated.
The views expressed byFinancial Cop are for
informational purposes only andare not designed to advise you
(49:24):
on how to handle anythingspecific to your finances.
Nor will listening to my adviceguarantee your financial
success.
The opinions expressed aresubject to change without notice
and don't take into accountyour specific financial
situation and or needs.
Neither Financial Cop nor RPAoffer tax or legal advice.
Interested parties are stronglyencouraged to seek advice from
qualified tax and or legalexperts regarding the best
(49:44):
options for your particularcircumstances.
Speaker 2 (49:47):
I know that's a mouthful you have to do that all
the time.
I bet too All the time.
Speaker 3 (49:53):
I'd rather be on the right side of the law.
Speaker 2 (49:56):
Amen, amen, we have to be.
No, that's great.
Thank you very much for comingon.
I really appreciate you andgetting to meet you and getting
to know you over time here.
I'm sure we'll have plenty moreconversations to come on and if
people want to get ahold of youI know you gave a quick plug on
that, but social mediaplatforms website want to give a
good shout out to those again.
Speaker 3 (50:15):
Yep Financialcopcom for the website, and then on
Facebook and Twitter atFinancial Cop or LinkedIn at
Financial Cop as well.
Speaker 2 (50:22):
Awesome.
Well, thank you everyone forturning in today.
This is Nick Daugherty, got itright again.
I hope Two for two, and I justwanted to tell everyone thank
you for tuning in again and welook forward to hearing you or
have you joining us on HometownHeroes Podcast in the near
future.
Speaker 3 (50:37):
Thank you, Thank you, honored to be here.
Speaker 1 (50:40):
The Hometown Hero Outdoors Podcast is made
possible by the followingsponsors O'Neill Electric
Contractors.
The Minnesota Police and PeaceOfficers Association.
Relentless Defender, appareland Financial Cop Financial
Advisors.
Thank you for listening to theHometown Hero Outdoors podcast.
(51:03):
For more information, visit ourwebsite at
hometownherooutdoorsorg.
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