March 11, 2025 • 20 mins
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Episode Transcript
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Speaker 1 (00:01):
Welcome to the Fiscal Physical Podcast.
Join us each week as we sitdown with the founder of Alchemy
Wealth Management and author ofyour Fiscal Physical, Ryan
Nelson.
Tune in to gain valuableinsights and practical tips as
we simplify complex financialconcepts into digestible lessons
(00:22):
.
From budgeting to retirementplanning, this podcast is your
go-to resource for masteringfinancial literacy.
Aaron Hoisington (00:33):
Welcome everybody to this week's episode
of the Fiscal Physical Podcast.
My name is Aaron.
I am here with Ryan Nelson, whois looking smart as always,
sitting across from me and readyto impart some wisdom on our
listeners.
Ryan, how are you doing today?
Ryan Nelson (00:49):
I'm doing well, doing well.
I'm glad I look smart but I wasgoing for sage again Well, you
can't win them all.
Aaron Hoisington (00:57):
But awesome, we're going to dive in today to
a topic here.
That is kind of one of the mainreasons we started this podcast
.
Actually, ryan had the idea tostart it about increasing
financial literacy, bringingjust general knowledge that
maybe people don't know, orpeople just nod and smile when
they hear things.
So today we're going to talkabout financial literacy, maybe
(01:20):
specifically geared towards thenext generation of individuals,
and so, ryan, I'm going to posethat to you as far as what you
see it, because you're are you35, 30?
34?
Ryan Nelson (01:31):
almost Mid-30s.
Oh well, yeah, I guess I am 35now.
Aaron Hoisington (01:33):
Mid-30s.
We'll put it like that herewhen this podcast is coming out.
But what do you think, ryan?
I guess is like some commonskills or things that might be
lacking or thriving with, likethis next generation that we
have coming up as far as havingpeople's financial literacy?
Ryan Nelson (01:52):
I don't know if that made any sense, but let's,
yeah, I mean yeah, as far aslike skills go, I think one
thing I noticed that's justinteresting and I fall victim to
this in other ways.
Maybe I'll kind of give theexample of my shortcoming first,
and then how it applies to likefinancial literacy, but so
completely unrelated to finances.
I'm a terrible speller, liketerrible speller and uh, but
(02:14):
like it doesn't matter.
I just type my emails, I sendtext messages, I just spell
terribly, and then the messagearrives, spelt the right way, so
autocorrect, it just like fixeseverything.
And so you know, I don't evenreally like you know, I just
there's, there's almost like noimpetus for me to improve
because it's like it likethere's no negative
(02:36):
repercussions.
The message just arrives likespelt the right way, right, and
largely there's not even like anegative feedback loop where I'd
be like, oops, I sp, it's justlike I'm just typing, and then
the like, once I hit space, thewords just correct yeah, exactly
right.
So it's like, there's likeoftentimes I don't even know I
spelled the word wrong, becauseit's just automatically fixed it
and gets sent off right.
So I view auto or like like theauto correct feature and both
(03:01):
like on basically every computerand phone nowadays as a crutch
right.
So it's never, I've never,needed to be a good speller and
therefore I'm not a good spellerand even though I acknowledge
it, there's just never been likeagain.
I'm just not getting thisfeedback system telling me, oops
, you spelled that word wrongand then correcting.
It's just automaticallyhappening behind the scenes,
kind of right.
So I'd say that's a crutch.
(03:22):
For me it's a skill I'm lacking.
Where I see it, from a verysimilar sort of vein, but in
financial literacy, is mostpeople's basic math skills.
Um, it's like I'll see peopleuh, almost get this like sense
of, like panic if they have todo math or math in public, right
and uh.
And so where I find this comeinto play, like is some you know
(03:44):
, a common example is tipping.
It'd be like maybe, if the tipis calculated wrong, it would be
, I think, a good skill, animportant skill to have and,
especially if you're going to befinancially literate, would be
able to do quick fractions right.
What's this value plus 20%?
Maybe not down to the singlepenny, but within a couple of
(04:05):
dollars.
And then you could just look atsomething and say, yeah, that
intuitively looks right.
Or it looks wrong, like it'swithin, you know, 17 to 23%.
Yeah, okay, cool, um.
Or you know, like if you'reshopping and you know you're,
you're going to the checkoutstand and you know they ring the
thing up, they tell you thetotal they expect you to pay
immediately, like you don'treally have time to do this math
, right, right, um, but like youshould have a pretty good idea.
(04:27):
If you're buying something andyou know there's about an 8% tax
and you're getting a 17%discount, when they tell you the
value, like I think you shouldhave again maybe not have
calculated it down to the penny,but within a few seconds you
should be able to feel, get apretty decent feel for, like,
approximately what that valueshould be.
And then so if they give youthe value, you can just easily
(04:48):
say, oh sorry, the 17% wasn'tapplied.
Can you make sure you get the17% off on there?
Speaker 1 (04:52):
or something Right Totally, but most people I don't
think would even attempt to dothat.
Ryan Nelson (04:56):
It would almost be this like sense of panic where
it's like, okay, is that thevalue?
Okay, here you go and thenmaybe find out down the road,
like, get home, use a calculatorand be like, oh no, they didn't
give that to me or something,right, right.
So I find that to be like justthis very basic skill.
Again, I understand why peopleuse it.
I think the calculator has justbecome that similar crutch,
right, anytime we need to do anymath.
We all got calculators in ourpockets, right, it's even.
(05:16):
You know, calculators haveexisted for a never been more
accessible as they are now.
Similar to my crutch withspelling right, like it's just
the autocorrect is so accessibleit's just never challenged me
to get good at spelling.
I happen to lack math or Ihappen to like math, so I like
just choose to do it in my head.
Aaron Hoisington (05:34):
I guess I know I'm weird but, um, I I concur
there, man, like I.
I think that the idea of justthat and I love that you hit
that you don't have to get itexact, because if you're my dad
you have to get it exact.
Speaker 1 (05:45):
And I'm like I can't do that.
Aaron Hoisington (05:47):
Like it's hard for me to get it.
But if somebody is like, hey,what's 20% of this?
I have like shortcuts in mybrain that I'm immediately like,
well, 10% of that is reallyeasy, right, and I just double
that and I'm like, okay, well,that'll get me close-ish, like I
can see.
Like in my mind I'm like, okay,well, if it's 10% there, then I
just go to 20.
Okay, I'm never going to get itreally down to the exact cents,
(06:09):
but like at least having thatbasic.
Speaker 1 (06:14):
But I think back on some of our podcasts where
you're like well, what is this?
And I'm sitting here on thespot and I'm like I don't know.
Aaron Hoisington (06:19):
Like panicking , sweating, a pretty basic, like
a good call out as far as thatlike sure, yeah, I mean, and
we're all doing it, right.
Ryan Nelson (06:25):
I mean I do math less and less now because of,
again, it, your calculator's inyour pocket, right?
It's just so accessible.
There's calculator on yourcomputer, um, so we're all
victims of it.
But that'd be something to workon.
And I think even just you knowyour paycheck like any, anytime
you you know it's like, oh what,like just the basic math where
you should be able to figure out, like, okay, how much do I make
(06:45):
a year?
How many times do I get paid?
26 times, what should mypaycheck be?
How much do I owe in taxes?
Have a rough idea of what yourdollar amount should hit your
bank.
A different amount hit yourbank.
Do I need to go talk to my HRdepartment?
Do I need to?
Right, and again, without, likeit'd be sort of probably a
nuisance to have to pull out acalculator and do that
(07:05):
calculation every single timeyou get paid or every single
time you make a purchase, orevery single time right, and so
just having the ability to dothis very quick, rough order of
magnitude math to know if you'rein the right ballpark can, I
think, save you a lot of time.
So that'd be one, I guess skill, I think, to address your
question that might be lacking.
But then, as far asopportunities and how that's
(07:27):
changed over the generations, Ithink today's generation
probably does have access tomore resources, which is a good
thing, right, it's a positiveaccess to more resources than
most other generations.
So you know just the internet Imean mostly the internet's the
thing.
Yes, oh yeah.
But there's things likepodcasts, right?
Well, we're recording now.
I mean, you know there weren'tpodcasts 30 years ago to listen
(07:47):
to and even if there were, therewasn't a venue, the internet
didn't exist to disseminate themright, the radio.
Aaron Hoisington (07:53):
Exactly, they weren't doing this.
Ryan Nelson (07:56):
So, yeah, I mean, between YouTube and podcasts and
just internet and Googlesearches, there's just so a
wealth of knowledge that peoplecan go grasp.
So, yeah, I think there'scertainly more opportunities now
With that, though there's also,you know, it can be a little
overwhelming, like sometimesthere's too much information,
(08:17):
you know.
One analogy I like is like youknow if you were to go, let's
say, fly to Hawaii, right, andthere were two different ticket
options.
You get online and you say,okay, you're looking for a
flight prices to Hawaii and youfind one for $700.
And that's for you to hop in acommercial plane and then fly
(08:37):
you to Hawaii right.
And then the other one.
You see a weird ticket priceand it's like for $100, but you
have to fly the plane yourself.
And you're like, well, I don'tknow how to fly a plane.
And I say, oh, no worries,here's the instruction manual.
I just hand you an eight-inchbook.
I'm like all the informationyou need to fly the plane is in
this book.
And it's true, right, All theinformation you need is
(08:58):
somewhere on the internet.
But having the wisdom of, it'snot practical to sort through
eight inches of instructionmanual to figure out how to fly
this plane, right, and nor wouldyou like a lot of that
information is just irrelevant.
Like it's going to be hard.
And so there's something to besaid.
Like, even though there's somuch information out on the
internet, it can be a littleoverwhelming.
(09:19):
And where do you start and howdo you know which information is
relevant?
Um, so that's probably anegative for the current
generation is like they justreceived this huge eight inch
book of instruction manualeverything and anything about
finance.
Some of it's true, some of it'sprobably not as true or taken
out of context, and now you haveto somehow sort through and
figure out what to do.
So, while the information isthere, it's probably
(09:40):
extraordinarily overwhelming.
Aaron Hoisington (09:43):
Yeah, that was a heck of an analogy.
For sure You're like, yeah, for$100, maybe I could do that,
but is this going to work outfor the best?
Ryan Nelson (09:50):
Yeah, for sure You're like, yeah, for a hundred
bucks, maybe I could do that,but it's going to work out for
the best.
Aaron Hoisington (09:54):
I'll probably just pay a little more, have
somebody else buy me there.
I'll sit there and have someoneelse do that, and you can kind
of equate that, I think.
Immediately I thought about,like you know, having a
financial advisor, a financialprofessional who handles your
finances, because, liketechnically, I could do that.
Speaker 1 (10:06):
I have all the information is there.
Aaron Hoisington (10:07):
Technically I could do that Absolutely All the
information is there, all theinformation is there, but do I
want to put in after aneight-hour day and then I go
home and I have my personalcommitments, all these different
things?
When do I have the time toadequately learn these things,
to ensure that I'm doing it forthe best that sets me up for the
future and my family up?
I don't know, personally Idon't have the time.
(10:27):
I don't want to do that.
Ryan Nelson (10:30):
Right, yeah, you have other priorities.
I have other priorities.
Prefer to spend your time on it.
Aaron Hoisington (10:32):
Exactly.
It's time, and I think thatit's well worth spending the
money, to have something thatyou feel confident that it's
being done right and being donein your best interest, if you
will too.
So a little plug there as faras that goes, yeah.
Second question here, and thisone's really always been
(10:54):
interesting to me, ever since Iyou know, I started having to
kind of manage finances when Iwas 18, 19, something like that.
Like I don't know, ryan, whatare your thoughts on why, like,
financial literacy is often Idon't know if you want to call
it overlooked in traditionaleducation?
Like you go to, you have, like,your classes in high school and
leading up into college, andmaybe you have some in college
(11:16):
too, but you don't really have afinance.
I can't remember taking afinancial class in high school,
specifically.
Ryan Nelson (11:24):
Like I don't know.
I do think that is changing insome places.
I know some schools are slowlyimplement implementing some
financial literacy classes,which is awesome.
Yeah, I don't think it's likewidely accepted across all high
schools across the country.
But I mean, I think the mainreason why financial literacy is
overlooked is because it'sstill taboo to talk about, and
(11:46):
so it's something we talkedabout on the podcast before and
I mentioned in my book and Italk about fairly frequently,
but it's just not like sociallyaccepted to talk about finances.
And so, again, if you're nottalking to your parents about
how much they make and your kidsabout how much you make, and
your best friends about how muchthey make and your coworkers
(12:06):
about how much they make, ifnone of those questions are like
socially okay to ask, thenwhere are you learning about how
to how to use your money, likewhere to invest it Right?
And so as long as it's likesocially unacceptable to ask
those questions to the peoplewho are closest to you, it's
really hard to like kind ofprogress and improve that
financial literacy.
(12:27):
Um, so I mean, I think the likein theory.
I don't have an answer for it,but in theory, the best solution
is for it to not be taboo right.
But maybe it getting implementedslowly in high schools and like
being more matter of fact andstuff, maybe that's a step in
the right direction where slowlyit will become less and less
taboo.
Yeah yeah.
Aaron Hoisington (12:44):
Interesting and I feel like with the phrase
like taboo and these certainthings about, I feel like the
more as long as it's notsomething that's maybe like
hurting people, like I feel likestarting the conversation and
just talking about it is a bigstep with these things
Absolutely, of asking questionsand asking like hey, like you
know, this seems kind ofimportant, like why don't we do
(13:05):
that?
And like asking people Rightand seeing what the answer is
and what is.
Is there a good answer?
to it, because if there is like,okay, cool, like I can accept
that.
But if there's not, and peopleare just like, oh well, we just
don't want to talk about moneyor whatever it's like well, yeah
, I mean I think also sexeducation's a big deal too,
because like, but that's alsotaboo and people don't like to
talk about that too.
(13:25):
So I feel like you, but it'snecessary in certain cases if
it's done in a way that is goingto benefit our generation,
future generations and such too.
So I don't know, it's just foodfor thought, yeah absolutely.
Speaker 1 (13:37):
We don't have an answer to these things.
Aaron Hoisington (13:38):
A lot of these things we don't have answers to
, but something to at leaststart the conversation on, to
get the gears a-whirling in themind.
Absolutely Awesome.
Well, we'll go ahead and pauseright here, ryan, we'll be right
back on the other side of this.
Everybody hang tight.
Speaker 1 (13:57):
And now to put the personal in personal finance.
Aaron Hoisington (14:01):
Welcome back to this side of the Physical
Physical Podcast.
I'm still here with Ryan andRyan.
On this side of the podcast welike to talk about some personal
things, maybe some triviaquestions sometimes, but today I
got a question here for you andthis is always a fun one when
and where or when do you feelthe most comfortable, or in your
element?
Like this could be inside ofwork, outside of work, like just
(14:23):
in general, just in life.
Like where do you feel the mostcomfortable at?
Ryan Nelson (14:25):
Yeah, I don't know, it's a hard question.
As I started to think about it,I was like man, I don't know, I
don't feel like I've beenuncomfortable like that much
recently, Sure, but I like theidea of like pushing yourself
and doing uncomfortable things,Like I love that idea of like
being getting comfortable beinguncomfortable.
Yeah, and I mean, I, as Ithought back on it, I was like,
(14:51):
well, I have done a lot ofthings in my life that you know
were uncomfortable.
Like I do wonder if I havebecome more comfortable at being
uncomfortable.
You know, like I was, um, youknow, not a swimmer.
I was like kind of scared ofswimming and I did an Ironman,
right.
That was something that made mereally uncomfortable.
Um, but after you do it enough,you get comfortable sort of
with that feeling, Right, Um, atEdward Jones, when I started my
career, you had to go door to.
At this point in my career Iwas you know what I believe to
be fairly educated at amechanical engineering degree, a
(15:14):
master's in businessadministration, right, and I'm
going door to door, knocking onpeople's doors trying to get
clients, and that's a very, veryuncomfortable experience
scenario.
Right, People are like you know, most people are nice, but some
are not so nice, or, you know,shutting doors in your face and
stuff, it's like gosh, that'sreally uncomfortable.
Or even just to try to kind ofsell yourself like that is just
very uncomfortable.
And so, yeah, I wonder if maybeI am doing a decent job of
(15:36):
becoming more comfortable, beinguncomfortable, if that makes
sense.
You know, I think like a coupleof things that most people
would that know me would saylike oh yeah, Ryan, like doesn't
dance or doesn't like dancing,Right, and and that's true Like
that'd be one thing that I'd sayI'm probably uncomfortable in,
but like me and my fiance, katie, or I like, have taken some
dance lessons and uh, for likeour preparation for our wedding
and our first dance, and so Ithink there's a couple of things
(15:58):
there.
One, I'll be more comfortable onmy first dance having taken
these lessons, right um, butalso I am, you know, even in
these lessons it would besomething that I'm not
necessarily super comfortable in, but also, just, the more you
do that type of thing, the moreslowly you become more and more
comfortable, right um.
So I think maybe the answer toyour question has just become
more comfortable at beinguncomfortable and just doing
things that sort of scare me andum, at this point, like, maybe
(16:21):
it's sort of a little bit of awin the fact that, like, I don't
perceive myself as being allthat uncomfortable, although I
am doing things that, liketraditionally I wouldn't have
done, right, so that's kind ofcool.
But maybe, to more directlyanswer your question, like I
love playing games like boardgames, you know, tailgating
games like ping pong, cornhole,those types of games, any kind
(16:41):
of sport, or watching sport.
I always, I always enjoy thatstuff.
So maybe that's where I'm in myelement the most.
Sure.
What about you?
Aaron Hoisington (16:48):
When are you in your element or most
comfortable, and I think thatyou bring up a good point about
being comfortable, beinguncomfortable, and I feel like
that is the quintessentialdefinition of being a parent.
Ryan Nelson (17:01):
Oh yeah.
Aaron Hoisington (17:16):
I haven't been comfortable for probably 16
months and my son's about 16years old oh yeah place.
Now I got to clean this up onthe airplane, like kind of like
you have to just kind of getcomfortable rolling with the
punches, so I think that's anamazing skill, like you
mentioned, like dancing andthese certain things also not
really my forte right, it's likeall right, but I think that
that's a that's a great skill todevelop and if you, if you can
(17:38):
kind of think back and you'relike well, I haven't really been
that uncomfortable recently.
I feel like you are doing apretty good job with these
certain things, but for me andthis is something that I've felt
since I was yeah, I can reallyremember I love being at a party
, I think at a social gathering.
I think that is so cool.
(17:59):
Normally I will say that youknow, if there's alcohol
involved, it also helps too.
But just but just in general,like being at like a social
gathering.
I love going around and talkingto people and like people tend
to in a certain environment,like your Christmas party.
You hold an annual Christmasparty every year.
I love that party.
I think that is so cool.
You see new people, old people,people who have been coming for
(18:21):
10 years or however long.
You've been putting it on nowfor and like I just, I just love
you plopping up on your counterand just talking with people in
your kitchen and these things.
I think that that is trulysometimes where you, like, I
think and I'm like wow, this islike I want to do this all the
time.
Like this is what I want to do.
Like how do I find a job thatpays me to just do this?
(18:43):
Like so I think that that'struly where I really enjoy being
in that element and it'ssomething that I I look forward
to.
Anytime there's these events,I'm like, all right, like we get
to go do this Like this is.
This is going to be fun.
Ryan Nelson (18:54):
Yeah, absolutely yeah, those are always fun.
Aaron Hoisington (18:56):
Yeah, but awesome.
Well, I appreciate you sharing,ryan.
Uh, thanks on all the listenersagain.
Uh, please let us know if youguys have any topics you want us
to cover.
We had a couple of.
We had a buddy like text us andsay, hey, like this is
something I want to do and wantto cover.
Could you guys do an episode onthis and that's all it takes.
Just let us know if you guysgot any burning questions.
No stupid questions as well.
I always tell people that likeno stupid questions, just stupid
(19:19):
people.
Ryan Nelson (19:20):
But yeah, just kidding, it was a stupid
question.
It was a stupid question.
We'll filter it out.
We'll filter it out.
We won't even talk about it.
We'll make it work.
Aaron Hoisington (19:26):
Anyway, thank you everybody.
Really appreciate it.
Ryan, go ahead and end us outhere.
My man, as always, stay thecourse.
Speaker 1 (19:34):
Thank you for joining us for the Fiscal Physical
Podcast.
Until next time, happylistening and, as always, stay
the course.
If you have a question or topicsuggestions, please email us at
podcast at alchemywealthcom.
If you enjoyed today'sdiscussion, subscribe to the
(19:56):
podcast to ensure you never missan episode and consider leaving
us a rating and review on yourfavorite platform.
This helps other listeners likeyou find the show.
For more resources, you canvisit Alchemy Wealth
Management's website atwwwalchemywealthcom or find your
fiscal physical the book onAmazon.
We'd be remiss if we didn'tmention that personal finance is
(20:16):
just that personal.
Please don't take anything wesay as advice.
The preceding content is forinformational and entertainment
purposes only.
It's not an offer or asolicitation, nor should it be
construed or relied upon for tax, legal or investment advice.
It doesn't consider yourpersonal financial situation or
objectives and may not besuitable for you.
Welcome to the Fiscal Physical Podcast.
Join us each week as we sitdown with the founder of Alchemy
Wealth Management and author ofyour Fiscal Physical, Ryan
Nelson.
Tune in to gain valuableinsights and practical tips as
we simplify complex financialconcepts into digestible lessons
(00:22):
.
From budgeting to retirementplanning, this podcast is your
go-to resource for masteringfinancial literacy.
Aaron Hoisington (00:33):
Welcome everybody to this week's episode
of the Fiscal Physical Podcast.
My name is Aaron.
I am here with Ryan Nelson, whois looking smart as always,
sitting across from me and readyto impart some wisdom on our
listeners.
Ryan, how are you doing today?
Ryan Nelson (00:49):
I'm doing well, doing well.
I'm glad I look smart but I wasgoing for sage again Well, you
can't win them all.
Aaron Hoisington (00:57):
But awesome, we're going to dive in today to
a topic here.
That is kind of one of the mainreasons we started this podcast
.
Actually, ryan had the idea tostart it about increasing
financial literacy, bringingjust general knowledge that
maybe people don't know, orpeople just nod and smile when
they hear things.
So today we're going to talkabout financial literacy, maybe
(01:20):
specifically geared towards thenext generation of individuals,
and so, ryan, I'm going to posethat to you as far as what you
see it, because you're are you35, 30?
34?
Ryan Nelson (01:31):
almost Mid-30s.
Oh well, yeah, I guess I am 35now.
Aaron Hoisington (01:33):
Mid-30s.
We'll put it like that herewhen this podcast is coming out.
But what do you think, ryan?
I guess is like some commonskills or things that might be
lacking or thriving with, likethis next generation that we
have coming up as far as havingpeople's financial literacy?
Ryan Nelson (01:52):
I don't know if that made any sense, but let's,
yeah, I mean yeah, as far aslike skills go, I think one
thing I noticed that's justinteresting and I fall victim to
this in other ways.
Maybe I'll kind of give theexample of my shortcoming first,
and then how it applies to likefinancial literacy, but so
completely unrelated to finances.
I'm a terrible speller, liketerrible speller and uh, but
(02:14):
like it doesn't matter.
I just type my emails, I sendtext messages, I just spell
terribly, and then the messagearrives, spelt the right way, so
autocorrect, it just like fixeseverything.
And so you know, I don't evenreally like you know, I just
there's, there's almost like noimpetus for me to improve
because it's like it likethere's no negative
(02:36):
repercussions.
The message just arrives likespelt the right way, right, and
largely there's not even like anegative feedback loop where I'd
be like, oops, I sp, it's justlike I'm just typing, and then
the like, once I hit space, thewords just correct yeah, exactly
right.
So it's like, there's likeoftentimes I don't even know I
spelled the word wrong, becauseit's just automatically fixed it
and gets sent off right.
So I view auto or like like theauto correct feature and both
(03:01):
like on basically every computerand phone nowadays as a crutch
right.
So it's never, I've never,needed to be a good speller and
therefore I'm not a good spellerand even though I acknowledge
it, there's just never been likeagain.
I'm just not getting thisfeedback system telling me, oops
, you spelled that word wrongand then correcting.
It's just automaticallyhappening behind the scenes,
kind of right.
So I'd say that's a crutch.
(03:22):
For me it's a skill I'm lacking.
Where I see it, from a verysimilar sort of vein, but in
financial literacy, is mostpeople's basic math skills.
Um, it's like I'll see peopleuh, almost get this like sense
of, like panic if they have todo math or math in public, right
and uh.
And so where I find this comeinto play, like is some you know
(03:44):
, a common example is tipping.
It'd be like maybe, if the tipis calculated wrong, it would be
, I think, a good skill, animportant skill to have and,
especially if you're going to befinancially literate, would be
able to do quick fractions right.
What's this value plus 20%?
Maybe not down to the singlepenny, but within a couple of
(04:05):
dollars.
And then you could just look atsomething and say, yeah, that
intuitively looks right.
Or it looks wrong, like it'swithin, you know, 17 to 23%.
Yeah, okay, cool, um.
Or you know, like if you'reshopping and you know you're,
you're going to the checkoutstand and you know they ring the
thing up, they tell you thetotal they expect you to pay
immediately, like you don'treally have time to do this math
, right, right, um, but like youshould have a pretty good idea.
(04:27):
If you're buying something andyou know there's about an 8% tax
and you're getting a 17%discount, when they tell you the
value, like I think you shouldhave again maybe not have
calculated it down to the penny,but within a few seconds you
should be able to feel, get apretty decent feel for, like,
approximately what that valueshould be.
And then so if they give youthe value, you can just easily
(04:48):
say, oh sorry, the 17% wasn'tapplied.
Can you make sure you get the17% off on there?
Speaker 1 (04:52):
or something Right Totally, but most people I don't
think would even attempt to dothat.
Ryan Nelson (04:56):
It would almost be this like sense of panic where
it's like, okay, is that thevalue?
Okay, here you go and thenmaybe find out down the road,
like, get home, use a calculatorand be like, oh no, they didn't
give that to me or something,right, right.
So I find that to be like justthis very basic skill.
Again, I understand why peopleuse it.
I think the calculator has justbecome that similar crutch,
right, anytime we need to do anymath.
We all got calculators in ourpockets, right, it's even.
(05:16):
You know, calculators haveexisted for a never been more
accessible as they are now.
Similar to my crutch withspelling right, like it's just
the autocorrect is so accessibleit's just never challenged me
to get good at spelling.
I happen to lack math or Ihappen to like math, so I like
just choose to do it in my head.
Aaron Hoisington (05:34):
I guess I know I'm weird but, um, I I concur
there, man, like I.
I think that the idea of justthat and I love that you hit
that you don't have to get itexact, because if you're my dad
you have to get it exact.
Speaker 1 (05:45):
And I'm like I can't do that.
Aaron Hoisington (05:47):
Like it's hard for me to get it.
But if somebody is like, hey,what's 20% of this?
I have like shortcuts in mybrain that I'm immediately like,
well, 10% of that is reallyeasy, right, and I just double
that and I'm like, okay, well,that'll get me close-ish, like I
can see.
Like in my mind I'm like, okay,well, if it's 10% there, then I
just go to 20.
Okay, I'm never going to get itreally down to the exact cents,
(06:09):
but like at least having thatbasic.
Speaker 1 (06:14):
But I think back on some of our podcasts where
you're like well, what is this?
And I'm sitting here on thespot and I'm like I don't know.
Aaron Hoisington (06:19):
Like panicking , sweating, a pretty basic, like
a good call out as far as thatlike sure, yeah, I mean, and
we're all doing it, right.
Ryan Nelson (06:25):
I mean I do math less and less now because of,
again, it, your calculator's inyour pocket, right?
It's just so accessible.
There's calculator on yourcomputer, um, so we're all
victims of it.
But that'd be something to workon.
And I think even just you knowyour paycheck like any, anytime
you you know it's like, oh what,like just the basic math where
you should be able to figure out, like, okay, how much do I make
(06:45):
a year?
How many times do I get paid?
26 times, what should mypaycheck be?
How much do I owe in taxes?
Have a rough idea of what yourdollar amount should hit your
bank.
A different amount hit yourbank.
Do I need to go talk to my HRdepartment?
Do I need to?
Right, and again, without, likeit'd be sort of probably a
nuisance to have to pull out acalculator and do that
(07:05):
calculation every single timeyou get paid or every single
time you make a purchase, orevery single time right, and so
just having the ability to dothis very quick, rough order of
magnitude math to know if you'rein the right ballpark can, I
think, save you a lot of time.
So that'd be one, I guess skill, I think, to address your
question that might be lacking.
But then, as far asopportunities and how that's
(07:27):
changed over the generations, Ithink today's generation
probably does have access tomore resources, which is a good
thing, right, it's a positiveaccess to more resources than
most other generations.
So you know just the internet Imean mostly the internet's the
thing.
Yes, oh yeah.
But there's things likepodcasts, right?
Well, we're recording now.
I mean, you know there weren'tpodcasts 30 years ago to listen
(07:47):
to and even if there were, therewasn't a venue, the internet
didn't exist to disseminate themright, the radio.
Aaron Hoisington (07:53):
Exactly, they weren't doing this.
Ryan Nelson (07:56):
So, yeah, I mean, between YouTube and podcasts and
just internet and Googlesearches, there's just so a
wealth of knowledge that peoplecan go grasp.
So, yeah, I think there'scertainly more opportunities now
With that, though there's also,you know, it can be a little
overwhelming, like sometimesthere's too much information,
(08:17):
you know.
One analogy I like is like youknow if you were to go, let's
say, fly to Hawaii, right, andthere were two different ticket
options.
You get online and you say,okay, you're looking for a
flight prices to Hawaii and youfind one for $700.
And that's for you to hop in acommercial plane and then fly
(08:37):
you to Hawaii right.
And then the other one.
You see a weird ticket priceand it's like for $100, but you
have to fly the plane yourself.
And you're like, well, I don'tknow how to fly a plane.
And I say, oh, no worries,here's the instruction manual.
I just hand you an eight-inchbook.
I'm like all the informationyou need to fly the plane is in
this book.
And it's true, right, All theinformation you need is
(08:58):
somewhere on the internet.
But having the wisdom of, it'snot practical to sort through
eight inches of instructionmanual to figure out how to fly
this plane, right, and nor wouldyou like a lot of that
information is just irrelevant.
Like it's going to be hard.
And so there's something to besaid.
Like, even though there's somuch information out on the
internet, it can be a littleoverwhelming.
(09:19):
And where do you start and howdo you know which information is
relevant?
Um, so that's probably anegative for the current
generation is like they justreceived this huge eight inch
book of instruction manualeverything and anything about
finance.
Some of it's true, some of it'sprobably not as true or taken
out of context, and now you haveto somehow sort through and
figure out what to do.
So, while the information isthere, it's probably
(09:40):
extraordinarily overwhelming.
Aaron Hoisington (09:43):
Yeah, that was a heck of an analogy.
For sure You're like, yeah, for$100, maybe I could do that,
but is this going to work outfor the best?
Ryan Nelson (09:50):
Yeah, for sure You're like, yeah, for a hundred
bucks, maybe I could do that,but it's going to work out for
the best.
Aaron Hoisington (09:54):
I'll probably just pay a little more, have
somebody else buy me there.
I'll sit there and have someoneelse do that, and you can kind
of equate that, I think.
Immediately I thought about,like you know, having a
financial advisor, a financialprofessional who handles your
finances, because, liketechnically, I could do that.
Speaker 1 (10:06):
I have all the information is there.
Aaron Hoisington (10:07):
Technically I could do that Absolutely All the
information is there, all theinformation is there, but do I
want to put in after aneight-hour day and then I go
home and I have my personalcommitments, all these different
things?
When do I have the time toadequately learn these things,
to ensure that I'm doing it forthe best that sets me up for the
future and my family up?
I don't know, personally Idon't have the time.
(10:27):
I don't want to do that.
Ryan Nelson (10:30):
Right, yeah, you have other priorities.
I have other priorities.
Prefer to spend your time on it.
Aaron Hoisington (10:32):
Exactly.
It's time, and I think thatit's well worth spending the
money, to have something thatyou feel confident that it's
being done right and being donein your best interest, if you
will too.
So a little plug there as faras that goes, yeah.
Second question here, and thisone's really always been
(10:54):
interesting to me, ever since Iyou know, I started having to
kind of manage finances when Iwas 18, 19, something like that.
Like I don't know, ryan, whatare your thoughts on why, like,
financial literacy is often Idon't know if you want to call
it overlooked in traditionaleducation?
Like you go to, you have, like,your classes in high school and
leading up into college, andmaybe you have some in college
(11:16):
too, but you don't really have afinance.
I can't remember taking afinancial class in high school,
specifically.
Ryan Nelson (11:24):
Like I don't know.
I do think that is changing insome places.
I know some schools are slowlyimplement implementing some
financial literacy classes,which is awesome.
Yeah, I don't think it's likewidely accepted across all high
schools across the country.
But I mean, I think the mainreason why financial literacy is
overlooked is because it'sstill taboo to talk about, and
(11:46):
so it's something we talkedabout on the podcast before and
I mentioned in my book and Italk about fairly frequently,
but it's just not like sociallyaccepted to talk about finances.
And so, again, if you're nottalking to your parents about
how much they make and your kidsabout how much you make, and
your best friends about how muchthey make and your coworkers
(12:06):
about how much they make, ifnone of those questions are like
socially okay to ask, thenwhere are you learning about how
to how to use your money, likewhere to invest it Right?
And so as long as it's likesocially unacceptable to ask
those questions to the peoplewho are closest to you, it's
really hard to like kind ofprogress and improve that
financial literacy.
(12:27):
Um, so I mean, I think the likein theory.
I don't have an answer for it,but in theory, the best solution
is for it to not be taboo right.
But maybe it getting implementedslowly in high schools and like
being more matter of fact andstuff, maybe that's a step in
the right direction where slowlyit will become less and less
taboo.
Yeah yeah.
Aaron Hoisington (12:44):
Interesting and I feel like with the phrase
like taboo and these certainthings about, I feel like the
more as long as it's notsomething that's maybe like
hurting people, like I feel likestarting the conversation and
just talking about it is a bigstep with these things
Absolutely, of asking questionsand asking like hey, like you
know, this seems kind ofimportant, like why don't we do
(13:05):
that?
And like asking people Rightand seeing what the answer is
and what is.
Is there a good answer?
to it, because if there is like,okay, cool, like I can accept
that.
But if there's not, and peopleare just like, oh well, we just
don't want to talk about moneyor whatever it's like well, yeah
, I mean I think also sexeducation's a big deal too,
because like, but that's alsotaboo and people don't like to
talk about that too.
(13:25):
So I feel like you, but it'snecessary in certain cases if
it's done in a way that is goingto benefit our generation,
future generations and such too.
So I don't know, it's just foodfor thought, yeah absolutely.
Speaker 1 (13:37):
We don't have an answer to these things.
Aaron Hoisington (13:38):
A lot of these things we don't have answers to
, but something to at leaststart the conversation on, to
get the gears a-whirling in themind.
Absolutely Awesome.
Well, we'll go ahead and pauseright here, ryan, we'll be right
back on the other side of this.
Everybody hang tight.
Speaker 1 (13:57):
And now to put the personal in personal finance.
Aaron Hoisington (14:01):
Welcome back to this side of the Physical
Physical Podcast.
I'm still here with Ryan andRyan.
On this side of the podcast welike to talk about some personal
things, maybe some triviaquestions sometimes, but today I
got a question here for you andthis is always a fun one when
and where or when do you feelthe most comfortable, or in your
element?
Like this could be inside ofwork, outside of work, like just
(14:23):
in general, just in life.
Like where do you feel the mostcomfortable at?
Ryan Nelson (14:25):
Yeah, I don't know, it's a hard question.
As I started to think about it,I was like man, I don't know, I
don't feel like I've beenuncomfortable like that much
recently, Sure, but I like theidea of like pushing yourself
and doing uncomfortable things,Like I love that idea of like
being getting comfortable beinguncomfortable.
Yeah, and I mean, I, as Ithought back on it, I was like,
(14:51):
well, I have done a lot ofthings in my life that you know
were uncomfortable.
Like I do wonder if I havebecome more comfortable at being
uncomfortable.
You know, like I was, um, youknow, not a swimmer.
I was like kind of scared ofswimming and I did an Ironman,
right.
That was something that made mereally uncomfortable.
Um, but after you do it enough,you get comfortable sort of
with that feeling, Right, Um, atEdward Jones, when I started my
career, you had to go door to.
At this point in my career Iwas you know what I believe to
be fairly educated at amechanical engineering degree, a
(15:14):
master's in businessadministration, right, and I'm
going door to door, knocking onpeople's doors trying to get
clients, and that's a very, veryuncomfortable experience
scenario.
Right, People are like you know, most people are nice, but some
are not so nice, or, you know,shutting doors in your face and
stuff, it's like gosh, that'sreally uncomfortable.
Or even just to try to kind ofsell yourself like that is just
very uncomfortable.
And so, yeah, I wonder if maybeI am doing a decent job of
(15:36):
becoming more comfortable, beinguncomfortable, if that makes
sense.
You know, I think like a coupleof things that most people
would that know me would saylike oh yeah, Ryan, like doesn't
dance or doesn't like dancing,Right, and and that's true Like
that'd be one thing that I'd sayI'm probably uncomfortable in,
but like me and my fiance, katie, or I like, have taken some
dance lessons and uh, for likeour preparation for our wedding
and our first dance, and so Ithink there's a couple of things
(15:58):
there.
One, I'll be more comfortable onmy first dance having taken
these lessons, right um, butalso I am, you know, even in
these lessons it would besomething that I'm not
necessarily super comfortable in, but also, just, the more you
do that type of thing, the moreslowly you become more and more
comfortable, right um.
So I think maybe the answer toyour question has just become
more comfortable at beinguncomfortable and just doing
things that sort of scare me andum, at this point, like, maybe
(16:21):
it's sort of a little bit of awin the fact that, like, I don't
perceive myself as being allthat uncomfortable, although I
am doing things that, liketraditionally I wouldn't have
done, right, so that's kind ofcool.
But maybe, to more directlyanswer your question, like I
love playing games like boardgames, you know, tailgating
games like ping pong, cornhole,those types of games, any kind
(16:41):
of sport, or watching sport.
I always, I always enjoy thatstuff.
So maybe that's where I'm in myelement the most.
Sure.
What about you?
Aaron Hoisington (16:48):
When are you in your element or most
comfortable, and I think thatyou bring up a good point about
being comfortable, beinguncomfortable, and I feel like
that is the quintessentialdefinition of being a parent.
Ryan Nelson (17:01):
Oh yeah.
Aaron Hoisington (17:16):
I haven't been comfortable for probably 16
months and my son's about 16years old oh yeah place.
Now I got to clean this up onthe airplane, like kind of like
you have to just kind of getcomfortable rolling with the
punches, so I think that's anamazing skill, like you
mentioned, like dancing andthese certain things also not
really my forte right, it's likeall right, but I think that
that's a that's a great skill todevelop and if you, if you can
(17:38):
kind of think back and you'relike well, I haven't really been
that uncomfortable recently.
I feel like you are doing apretty good job with these
certain things, but for me andthis is something that I've felt
since I was yeah, I can reallyremember I love being at a party
, I think at a social gathering.
I think that is so cool.
(17:59):
Normally I will say that youknow, if there's alcohol
involved, it also helps too.
But just but just in general,like being at like a social
gathering.
I love going around and talkingto people and like people tend
to in a certain environment,like your Christmas party.
You hold an annual Christmasparty every year.
I love that party.
I think that is so cool.
You see new people, old people,people who have been coming for
(18:21):
10 years or however long.
You've been putting it on nowfor and like I just, I just love
you plopping up on your counterand just talking with people in
your kitchen and these things.
I think that that is trulysometimes where you, like, I
think and I'm like wow, this islike I want to do this all the
time.
Like this is what I want to do.
Like how do I find a job thatpays me to just do this?
(18:43):
Like so I think that that'struly where I really enjoy being
in that element and it'ssomething that I I look forward
to.
Anytime there's these events,I'm like, all right, like we get
to go do this Like this is.
This is going to be fun.
Ryan Nelson (18:54):
Yeah, absolutely yeah, those are always fun.
Aaron Hoisington (18:56):
Yeah, but awesome.
Well, I appreciate you sharing,ryan.
Uh, thanks on all the listenersagain.
Uh, please let us know if youguys have any topics you want us
to cover.
We had a couple of.
We had a buddy like text us andsay, hey, like this is
something I want to do and wantto cover.
Could you guys do an episode onthis and that's all it takes.
Just let us know if you guysgot any burning questions.
No stupid questions as well.
I always tell people that likeno stupid questions, just stupid
(19:19):
people.
Ryan Nelson (19:20):
But yeah, just kidding, it was a stupid
question.
It was a stupid question.
We'll filter it out.
We'll filter it out.
We won't even talk about it.
We'll make it work.
Aaron Hoisington (19:26):
Anyway, thank you everybody.
Really appreciate it.
Ryan, go ahead and end us outhere.
My man, as always, stay thecourse.
Speaker 1 (19:34):
Thank you for joining us for the Fiscal Physical
Podcast.
Until next time, happylistening and, as always, stay
the course.
If you have a question or topicsuggestions, please email us at
podcast at alchemywealthcom.
If you enjoyed today'sdiscussion, subscribe to the
(19:56):
podcast to ensure you never missan episode and consider leaving
us a rating and review on yourfavorite platform.
This helps other listeners likeyou find the show.
For more resources, you canvisit Alchemy Wealth
Management's website atwwwalchemywealthcom or find your
fiscal physical the book onAmazon.
We'd be remiss if we didn'tmention that personal finance is
(20:16):
just that personal.
Please don't take anything wesay as advice.
The preceding content is forinformational and entertainment
purposes only.
It's not an offer or asolicitation, nor should it be
construed or relied upon for tax, legal or investment advice.
It doesn't consider yourpersonal financial situation or
objectives and may not besuitable for you.
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