April 18, 2025 • 42 mins
On this episode of The Get Ready Money Podcast, I spoke with Nate Hoskin, Founder of Hoskin Capital and Co-Founder of N2 Content Marketing about changing the way we think about money and sharing our knowledge.
In this episode we discussed:
- Ask your audience what they want to know.
- Establish yourself as a source of trust, most people don’t know what you know.
- Basic financial information is the most useful, and opens the door to more complex topics.
- Understand the true power of compound interest.
- Money is a product of generosity and risk.
- We need to believe that money is abundant rather than scarce.
Connect with Nate Hoskin, CFP®, AWMA™:
- Hoskin Capital Website (here)
- N2 Content Marketing Website (here)
- Instagram (here)
- LinkedIn (here)
- TikTok (here)
- YouTube (here)
Resources mentioned:
- Free resources from Nate for advisors (Freebies page).
- The Power of Compound Interest: The Get Ready Money Podcast (here)
- Humphrey Yang (YouTube)
- Monarch Money (money management app): https://www.monarchmoney.com
- Quicken Money (here)
- Rich Habits Podcast (here)
- 100M Offers: How To Make Offers So Good People Feel Stupid Saying No by Alex Hormozi (Bookshop)
Bio:
Nate Hoskin, CFP®, AWMA™ is the Co-Founder N2 Content Marketing and Founder of Hoskin Capital. As one of the first financial advisors to embrace short-form video, Nate built his firm Hoskin Capital without any selling whatsoever. Instead, he built trust at scale by providing massive value for free on social media. Today, he has grown his audience to over 250,000 followers and has earned over 150,000,000 lifetime views. His guiding light is making financial literacy a basic human right. To multiply his impact beyond his own audience, Nate helps other financial advisors build trust at scale with short-form video through his other project: N2 Content Marketing. Nate is an Investopedia Top 100 Most Influential Advisor
The Get Ready Money Podcast and its guests do not provide investment advice. All content is for educational purposes. Guest opinions do not necessarily reflect the opinions of The Get Ready Money Podcast and Tony Steuer.
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Transcript
Episode Transcript
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Speaker 1 (00:04):
Are you looking to get ready, be prepared and
transform your financial future?
Then you've come to the rightplace.
This is the Get Ready MoneyPodcast with Tony Stewart, where
Tony has insightfulconversations with financial
experts who are changing the waywe think about money.
Catch up on the latestfinancial trends and hear
(00:27):
practical advice from Tony andhis expert guests so you can
build healthy habits that work,Be empowered with tips for
implementing small changes thatcan have a big impact on your
financial future.
So sit back and get ready tohear from today's guest.
So sit back and get ready tohear from today's guest.
Speaker 2 (00:48):
Welcome to the Get Ready Money podcast changing the
way we think about money.
I'm pleased to be joined todayby Nate Hoskin.
Nate is the co-founder of M2Content Marketing and Hoskin
Capital.
In this episode, we'll bediscussing Nate's insights on
how we change the way we thinkabout money and sharing our
knowledge.
Nate, welcome to the Get ReadyMoney podcast.
(01:09):
Thanks for joining us today.
Speaker 3 (01:11):
Tony, thank you so much for having me.
It's a pleasure to be here.
Speaker 2 (01:15):
Yeah, I appreciate your time and insights, and so,
to jump in, tell us a little bitabout yourself.
What is your origin story?
Speaker 3 (01:22):
Yeah, so my origin story really started with my
uncle.
So he was a portfolio managerat Capital Group when I was
still trying on jobs like cowboyand astronaut and that kind of
thing, and when I looked at whatI wanted to be and started to
grow out of that a little bitand figure out what jobs I
really wanted to work, his wasthe first one that really piqued
(01:45):
my interest and I think as a 13year old, I saw the Porsches
and I saw the tennis courts andthat sort of thing and it was
very clear that what he wasdoing was working.
So when I went to college, Iwas a finance student.
I knew that that was thedirection I wanted to go.
I majored in quantitativefinance, so I did a lot of
coding, I did a lot ofprobabilistic forecasting, that
(02:07):
kind of thing, backtesting,knowing that I wanted to work
for an ETF shop or something onthe buy side, that sort of thing
.
And in 2018, I was a junior.
I was freshly a junior incollege and my uncle died.
He had been.
He had been diagnosed withprostate cancer.
He had a brutal three-yearbattle with it and I vividly
(02:31):
remember that he introduced meto the first potential mentor
and he died two months afterthat and I very much felt like,
selfishly, I felt robbed of anopportunity to play a part in
his life and get to know himbetter.
We had very much started tocultivate this relationship of
me wanting to learn everythingthat he knew, but in the fallout
(02:55):
of all of that, in the falloutof his death, I learned a couple
of very, very serious lessonsabout money, because now I was
older, and now I wasn't justseeing the Porsches and the
tennis courts.
Now I was older, and now Iwasn't just seeing the Porsches
and the tennis courts, now I wasseeing the fact that his work
had put a lot of pressure on hisfamily, because he was always
traveling.
One of the things that hedescribed in the final months of
(03:16):
his life was that he wishedmore than anything that he
hadn't woken up thinking aboutwhat the Chinese markets had
done overnight.
He wished he'd woken upthinking about having breakfast
with his family, and so suddenlyI had a much more rounded, if
rather cruel, view on money andhad to figure out how I was
going to tangle with that in myown life, and so the result was
(03:38):
that I made the transition towealth management.
I didn't want to be behind thescenes coding.
I wanted to be working withhumans and, more specifically, I
wanted to be working withhumans who really would benefit
from that sort of work.
They didn't have 100 advisorsbanging down their door to
manage their millions.
There were people who couldn'tget the help that they needed
(04:06):
management firm for a couple ofyears, but then COVID struck and
I was laid off from the firm inApril of 2020.
And I graduated college in Mayof 2020.
And so I had to figure out whatthe heck I was going to do, and
I moved up my five-year plan.
I started Hoskin Capital.
This little app called TikTokwas coming on the scene, and so
I started making videos sharingthe information that I had with
people who could really use it,and luckily, it was super, super
(04:29):
successful.
I'm lucky enough to sharefinancial literacy and share
financial education withmillions of people every single
month just through the work thatI do on TikTok, not to mention
the work that I do as afinancial advisor, and the
culmination or at least the mostrecent culmination of my origin
story is that now I teach otherfinancial advisors how to do
(04:49):
the same thing on social media,because, aside from just being
quote machines and havingamazing ways of talking about
things.
Financial advisors just alsohave a wealth of knowledge that
unfortunately sits behind aglass door most of the time, and
I fundamentally believe thatsocial media is the way that we
break down that glass and reallyshare this information with
everyone who deserves it.
(05:10):
So that's my origin story.
I'm sure that was a little morethan you were expecting.
Speaker 2 (05:15):
No, that's an awesome origin story, you know.
Sorry to hear about your uncle.
I mean, those things areabsolutely devastating.
I want to back up before we getinto the sharing knowledge and
everything, because youmentioned a term that I'm sure
people have heard and have noidea what it means quantitative
finance.
So if you could take a secondand just define that, that'd be
(05:37):
awesome.
Speaker 3 (05:38):
Yeah, absolutely so.
The idea behind quantitativefinance is that you can use data
to make extremely rationaldecisions about money, and so a
lot of us talk about the stockpickers or the brilliant people
who just happen to pick theright stock at the right time.
The idea of quantitative financeis that we can systematize,
(05:58):
that.
We can understand specificallythe parameters around risk and
figure out okay, if I'm going totake this risk, if I'm going to
invest in this stock, if I'mgoing to buy this thing, what is
my potential for return?
And then it's up to us ashumans, or up to the computer,
as the algorithm, to decidewhether that risk is worth the
(06:21):
potential upside, and doing thatin a systematic way that can be
repeated and become highlyprofitable.
And the way you do that on theback end is you essentially code
all of it.
You code a series of decisionsgetting as close to the
decision-making trends thathumans would follow, but
removing the emotional andirrational components.
(06:42):
At least that's what we hope todo.
But removing the emotional andirrational components, at least
that's what we hope to do.
It turns out.
Speaker 2 (06:48):
It's a very challenging thing to achieve.
Yeah, I would say so, you know,and, coming from the insurance
field, I mean that's whatinsurance really is is pricing a
risk appropriately, and that's,you know, no matter what you do
, even if you're betting onfootball games, you got to price
that risk accordingly.
So that's important.
So, yeah, that's awesome.
Appreciate you defining that.
So you know, let's jump in alittle bit more about sharing
(07:09):
your knowledge, because I know,with my advisor network and a
lot of people watching listeningto the show is, you know, how
do you start to, you know, makethat decision, to share your
knowledge to you know, to feellike you have the credibility to
do so?
So many of us feel like maybewe don't really have that
(07:31):
credibility.
How do you start to gain theconfidence?
Speaker 3 (07:36):
I think the first thing is realizing that not
everyone lives in your fishbowl.
For example, for any of thefinancial advisors listening
knowing that the Roth IRA maxcontribution is $7,000 or $7,500
, that feels very simplistic,that feels like everyone should
know that.
Or we can even go one stepfurther and say that the way you
(07:59):
calculate a SEP IRAcontribution is by taking your
net self-employment income,subtracting out half of your
self-employment taxes and thencalculating as a percentage of
that.
Those are things that we canjust rattle.
We know that information offthe top of our heads.
First, understanding that, as abaseline, 99% of the population
does not know what you know.
(08:19):
And so if you spend even acouple of years as a financial
advisor, much less achieved anaccolade like getting your CFP
or your CPA or your CFA, forthat matter.
You know so much that otherpeople would find extremely
valuable.
And the other step is realizingthat they might actually find
the things that you consider tobe simplistic more valuable than
(08:43):
the things that you consider tobe complicated.
Just the baseline, basicfinancial hygiene, I think, is
so, so important.
Any financial advisor isqualified to speak on that.
Speaker 2 (08:55):
Well, I love that you're saying that, because I
think that's something that thewhole financial service industry
tends to do is they go so heavyon the complex topics and you
can see people blowing up whenthey're just talking about lab
budgeting or you know fire, youknow just these concepts that
are relatively simple, but youknow they really resonate with
(09:20):
people.
I mean, if you found that youknow with your own TikTok
channel that those types ofmessages resonate, yeah.
Speaker 3 (09:27):
Oh, absolutely.
I think those types of messagesresonate.
But, more importantly, theyopen the door to the more
complicated topics where it'spretty rare to get someone to
watch your first video if it'stoo complicated for them to
understand.
But if they've alreadyestablished that you are a
source of trust and that you'resomeone who can explain things
(09:48):
in a simple, brief way, thenthey're willing to take a risk.
On a video that might feel morecomplicated, they say, okay, I
did not understand the firstfive seconds of this video.
None of that made sense.
But I know who Nate is and Iknow that if he's saying it,
it's probably important and theywill take that risk to reach
that new level of understanding,which is just an amazing
(10:11):
journey to watch someone gothrough and to have someone in
your comments that you stilldon't know because they are
still anonymous to be saying,hey, I've been following you for
years.
I've been following you foryears and I started with
contributing to my Roth IRA, butnow I have a business and I'm
doing complex tax planning and Ihave never met, and will
probably never meet, that personwho left that comment.
Speaker 2 (10:35):
That's cool.
It is a really cool feeling.
You know, I've had that overthe years, where somebody will,
you know, write me or, you know,email me or whatever, and say,
hey, you know, this reallytouched me and I've been
following your stuff and it'slike, okay, that's cool.
You know that people areconnecting and I think that's
something advisors also need tounderstand is that we're all
very different and people aregoing to see different things in
(10:57):
each of us.
You know, the person whofollows me may not follow you or
vice versa, but that we eachhave our own unique message that
we're bringing.
So you know, that's probablypart of it is how for advisors,
how do they know, how did theystart to get in touch with their
authentic message and who theyare?
Speaker 3 (11:19):
Yeah, I mean the cop-out answer is just to make a
lot of videos and you'll figureout very quickly what you enjoy
talking about and what youdon't enjoy talking about.
But really I think the trueanswer is I believe an advisor
should go in to making videos ormaking content of any sort.
(11:40):
Whether they're writing blogs,they're posting on LinkedIn
whatever they choose, any sort.
Whether they're writing blogs,they're posting on LinkedIn
whatever they choose and reallythey should post it from the
perspective of would I want toread this and do I want to post
this, rather than the trap Ithink most advisors fall into,
which is I need to make profitoff of this.
I need to drive revenue.
This is marketing no-transcript.
Speaker 2 (12:29):
Yeah, I would agree with that 100%.
You know, for people watchinglisten to the podcast, they know
that.
You know, all of my guests arepeople that you know I'm curious
about and that I hope that myaudience can learn something
from, and so I think that that'sreally valuable.
And I think that's somethingadvisors know because they work
with your clients.
(12:49):
To think about what youraudience wants to hear with your
clients is to think about whatyour audience wants to hear.
Normally, you go in and you askyour clients what are you
thinking?
What's your steps?
Instead of just coming in andsaying, hey, this is the
investment portfolio I'madvising for you, you stop and
talk to your clients and findout something.
I mean, so has that been partof it for you?
(13:11):
As you've grown, your audienceis being able to reflect on the
feedback that you get from youraudience.
Speaker 3 (13:18):
Absolutely.
I think the feedback is reallyimportant and I also love once
you have an audience, even ifthat audience is five really
bought in people asking themwhat they would like to know.
And I say this all the time,whether it be to advisors or my
clients, whatever it is, whetheryou're thinking about business
or marketing or making videos,do it for them.
(13:40):
Don't do it for you, whichsounds really esoteric because
it's like wait, what do you mean?
Do it for them.
But what I mean is, if you'remaking a video, make a video
that they would want to watch,not a video that you think they
should watch and to do that, youhave to listen to them.
You have to look at thequestions that they're asking,
(14:01):
and then you just get thisunlimited source of content
because now you have an audiencethat's asking you questions.
You can just answer thatquestion.
You don't have to think aboutwhat content you're going to
produce next.
Speaker 2 (14:13):
Definitely yeah, and I think people overlook that is.
You know that.
You know like on LinkedIn isyou can see what people are
commenting on and what they'reinterested in.
They'll tell you, but you knowit's not really listening if
you're reading on LinkedIn, butit's the same essence of
listening to what your audienceis looking for and helping them
(14:34):
figure that out.
So you know, people hear theterm content marketing all the
time and I'm not sure too manypeople know what content
marketing actually is.
Do you mind giving us a quickdefinition?
Speaker 3 (14:47):
Yes, content marketing is generous.
So, rather than paid ads orsomething like that that is just
designed to tell people aboutwhat you do or to make them an
offer bluntly, content marketingis generous in that it is
providing something that someonewill consume with no intention
(15:10):
of buying anything from you, andthey will still find it
valuable.
So when we use that as thedefinition, you can see that
content marketing can takepretty much any shape.
If you write a blog, that'scontent marketing.
If you do a podcast, that'scontent marketing.
If you do an in-person seminaror you take everyone out to a
steak dinner, that's technicallycontent marketing, because what
(15:33):
you're doing is you areproviding something to them that
is valuable without themneeding to buy something.
Right, but it's marketingbecause now they know about you,
now they know what you're doingor, more importantly, they are
interested in you.
It's designed to pique thatinterest of.
Okay, here is this person whojust spent an evening with me
(15:56):
telling me everything aboutretirement, understanding taxes,
understanding withdrawalsequences, understanding
sequence of withdrawal risk.
Now, they're interested in whatyou have to say and what you
might have to say in addition,if they pay for your services.
That, at its core, is whatcontent marketing is.
It's a generous thing that getssomeone interested in you and
(16:19):
what you do, rather than justtelling them what you do and
what you offer.
Speaker 2 (16:23):
Yeah, and I think people connect with humans and,
as you point out, they get toknow who you are rather than
just you know, because they canresearch anything if they want
to know what a 401k is, and mostpeople don't really want to
watch a video on 401ks anyway.
You know, they can find thatout in a lot of places, but
finding somebody who talks tothem is a very different thing.
(16:46):
So, yes, really well saidthat's, that's awesome.
So one of the things I know isthat you talk about is focusing
on a niche.
Why is it important foradvisors and their clients to
focus on a niche like you'refocused on Henry's?
Speaker 3 (17:02):
Yeah, I think the riches are in niches.
Of course, I think that is avery commonly held belief, but I
think advisors often choose thewrong niche because they assume
that their niche needs to bedoctors, their niche needs to be
lawyers, their niche needs tobe people with equity
compensation, that kind of thing, and I believe that all of
(17:25):
those work, and I think thatthat is better than saying that
I work with retirees that havemore than a million dollars.
Speaker 2 (17:32):
You're like really.
Speaker 3 (17:33):
You're a financial advisor that works with retirees
who have more than a milliondollars.
You're like, really, you're afinancial advisor that works
with retirees who have more thana million dollars Crazy concept
.
But if you can pick that niche,you are way better at solving
the problems of that niche.
That's the big thing.
And so, yes, I think advisorsshould choose niches, but I
would urge pretty much everyadvisor to re-identify their
(17:54):
niche and figure out what isactually the most valuable to
them, and the way I would havethem do that is take a look at
who you serve right now andcreate a little Venn diagram the
same problems that you solvedfor each and every person that
you've worked with so far.
(18:15):
Because you might have a clientthat needs the distribution
strategy because they're inretirement, but maybe your niche
isn't people in retirement.
So what problem did you solvethere?
You solved the cashflow problem.
Then you have another personwho is not retired.
They're a high earning techexecutive or something along
those lines.
You solved equity compensationMaybe there's some deferred comp
(18:38):
or some non-qualified stuff inthere, but you solved that
cashflow problem right, becauseyou're now selling their vested
RSUs or something along thoselines to produce income or to
invest in their future.
Or to invest in their future.
When you create that Venndiagram, rather than having a
group of people, you have agroup of problems.
Now you just have to go out andprove that you can solve those
(19:00):
problems and the people withthose problems will work with
you.
I think that's how you trulydefine an advisor niche.
Speaker 2 (19:06):
Personally, I think so as well.
It's so easy to get caught upon a service, but what we're
really doing is solving problems.
That's what people need helpwith.
When they come to you, theyhave a problem.
They're not coming to youusually just for the heck of it.
They're feeling maybe notfeeling pain, that might not be
(19:31):
quite the right word but they'refeeling challenge or pressure,
and so they want to getsomething done.
Speaker 3 (19:37):
So that's awesome advice.
I heard this quote that reallystuck with me, which is that
buying is not a person.
Buying is a state, and so whenwe look at it from the sales
side or building our businesses,you're not looking for a person
who's a tech executive.
You're not looking for a personwho's a lawyer.
You're looking for someone whois in a state where they need
(19:59):
help from you.
Right, they enter that statewhen they have the problem that
you solve.
That's kind of how we come backto that niche selection.
Speaker 2 (20:08):
Yeah, that's awesome, I love that.
So you know, let's switch upand get into what I call the get
ready questions, and these arethe questions I ask all the
guests.
The first one is what basicmoney concept do you wish people
knew?
Speaker 3 (20:52):
no-transcript in and it compounds until all of the
money you've made is from thegains, not from the amount that
you saved.
That is what, at the end of theday, convinces me to save my
money is that I know that when Iwas 20 years old and still in
college, and I maxed out my RothIRA at 6,000 bucks and still in
(21:15):
college, and I maxed out myRoth IRA at 6,000 bucks that
that's going to be worth about$450,000 by the time I hit 65.
That is the scale of whatcompound interest can achieve,
and I just wish peopleunderstood that at a base level.
Speaker 2 (21:26):
Yeah, me too, and that's one of the most common
things that my guests bring up.
And for everybody who'swatching and listening, as you
know, I have an episode that'sjust about compound up.
And for everybody who'swatching and listening, as you
know, I have an episode that'sjust about compound interest and
, as always, I'll link to thatone in the show notes so
everybody can check that out,where we just talk about
compound interest for an hour.
So everything you want to knowabout compound interest
(21:48):
Definitely the most popularanswer on the show.
Next one is what is one simplething people can do each year to
set themselves up for financialsuccess?
Speaker 3 (21:59):
Yeah, I might be in the boat of common answers again
on this one, but I'm a bigbeliever in the financial audit.
I'm not a huge fan of budgeting.
I really think that figuringout the categories and getting
the notifications that you'reover budget on something just
doesn't really feed a healthyfinancial ecosystem.
(22:20):
But I do believe that knowingwhat the heck is going on is
really, really valuable.
So I think that can happen onan annual scale In December or
in January.
It's very simple for me as abusiness owner, because I need
to close my books on thebusiness anyways.
So what I also do is I closethe books on my personal life
and I understand how much I made, how much I spent and where
(22:44):
that money went.
And that allows me tounderstand both where I am now
compared to where I was a fewyears ago.
Easy example is how didinflation affect me?
Am I spending exactly 18% moreon everything?
Is that how my spending changed?
Or am I spending double?
Or am I spending less because Ibought different things as a
(23:06):
result of inflation?
Those are the types of takeawaysyou can get from a financial
audit, and so to do that, I lovetools like Quicken, monarch
Money, that sort of thing,because with those tools you
don't need to use the budgetpiece, you can just use the cash
flow piece.
And cash flow is going to tellyou everything you need to know
(23:27):
to do your financial audit.
It's how much did I make, howmuch did I spend, how much did I
save?
If you can answer those threequestions every single year for
five years, you will be blownaway by the results on your
money.
Speaker 2 (23:41):
That's awesome and I love that rephrasing it because
you know budgeting is a wordthat a lot of people are
sensitive to.
It's like dieting, you know,because it's got that whole
restrictive thing.
But it is important to know,kind of like you're talking
about that overall picture.
You know what, what the cashflow is, because you do have to
spend less money than you earn.
Speaker 3 (24:04):
And that's where you get in trouble.
It's a simple concept, but Ithink much like dieting.
Dieting to me feels likestanding on the scale once a day
, right, which is going to giveyou a lot of jump scares and not
a lot of great results, becauseyour body changes day by day,
the same way your budget changesmonth by month.
(24:25):
I mean, I just drove down fromthe mountains a week ago and was
on ice skates because my tiresjust were not up to snuff and so
I had to go buy new tires.
The month of January is not mebreaking my budget, but I'm
spending significantly more thanI might in an average month
because I had that one-timeexpense.
(24:45):
So if I quote unquote stood onthe scale and looked at my
budget, everything would beflashing red and telling me I
was screwing up.
I don't mind, because I'm notgoing to care about that until
next January to see howeverything panned out in total?
Speaker 2 (25:02):
Yeah Well, and I think that's important.
The other thing, too, isputting it into context is, you
know, sometimes you need to dosomething that you don't expect
to do, and you have to have someflexibility.
I mean, we could talk aboutemergency fund and all that, but
that's why you have to alwaysplan for contingencies and have
a plan B, because things dohappen.
So what is one simple habitthat people can change when it
(25:27):
comes to their money?
Speaker 3 (25:31):
My favorite one I actually learned from my brother
, which is pay yourself when youdecide not to buy something.
So when we were younger wewould get allowance in cash and
so we would go to this hilariousstore in Silverton, colorado
you guys can look it up, it'scalled the Old Arcade, it is
(25:52):
bright orange Colorado, you guyscan look it up, it's called the
old arcade, it is bright orangeand it had silly little
gimmicks in there, like plasticbows and arrows and that sort of
thing, and we would take ourallowance and we would go down
and we would buy pop rocks andwe would buy the little snappers
that you throw on the ground,and I would spend all my
allowance in one go.
Easy, it was gone the moment Igot it.
But my brother, instead, wouldbe doing this weird thing where
(26:14):
he would walk around the storeand he would look at something
and then he would pull the moneyout of his wallet and then he
would put it back in and thenhe'd walk away from the thing.
And I was.
I asked him at one point I waslike what are you doing?
What's the point of this?
And he said I'm paying myselfevery time I don't buy something
.
And that little motion ofsaying no, I'm paying myself,
(26:39):
created this whole reward systemfor him, where not buying
something felt just as good, ifnot better, than actually buying
that thing.
And so, even today, I haven'tcarried cash in years.
If I don't buy something online, or I choose not to order
something off of Amazon, I willtake the money out of my
checking account and put it inmy brokerage account and say
(27:02):
congrats, nate, that was $23that you just paid yourself, and
I swear by it.
I'm a huge fan of just littlehabits like that that train your
brain to do something differentwith your money little habits
like that that train your brainto do something different with
your money.
Speaker 2 (27:19):
I love that.
I think that's the first timeI've heard that, but that is a
great concept to do.
You know, I've heard a lot of.
You know wait 24 hours to buy.
You know that type of advice.
That's great advice, adifferent way to look at it, and
it's something tangible thatpeople can look at.
Because I think that's theother thing is, people need to
see success.
We all want to know that whatwe're doing is actually helping
(27:41):
and you know, sometimes waiting60 years to see if your
retirement plans panned out isthere's a long time for most
people.
So that's awesome.
You can see a little progress.
So what money myth are youtrying to break?
Speaker 3 (28:05):
there are.
There are a lot, that is forsure.
Um, I think the biggest moneymyth, though, is that you need
to be doing somethingcomplicated.
I think that people are sold alot of things they don't need
with the promise of simplicity,like, oh, it's going to, it's
(28:25):
super complicated what we'redoing, but it's not going to be
complicated for you, and I thinkit's just as easy to not spend
the money and keep it simple foryourself.
So, when we look at it throughthe lens of money, that would be
setting up your financialecosystem to be as simple as
possible.
You don't need five creditcards, each with different
(28:46):
points, rewards on differentthings that you spend, and then
going through and really tryingto optimize getting the most
points or getting the most cashback.
Really, you will get 90% of thevalue just by having a credit
card, because you will get fraudprotection, you'll get some
cash back or some points, andyou'll build your credit
(29:08):
cashback or some points, andyou'll build your credit.
So that's a super simple thingthat you can do.
The myth is things need to becomplicated to be effective, and
the overcome for that myth isyou can keep it really simple
and achieve just as much, if notmore than the people who are
making it hard on themselves.
Speaker 2 (29:25):
I love that and I'm with you is that you know, for
the most part, is so many thingscan be simple and then it takes
a lot less time and stress andit's easier to figure out.
I can't tell you how many times.
You know, my background is, asa life, a fee-based life
insurance consultant.
I'd review so many of theseinsurance policies and they're
so complex and it's like why?
(29:47):
And somebody would say, well, Iget this benefit if this
happens, and I'm like, okay,well, that's great.
Well, is that really whatyou're planning on?
Speaker 3 (29:56):
No, yeah Is that really worth it.
Well that's such a good exampleof how complexity sells because
most people will react to oneof those statements on their
insurance policy and go well.
I trust whoever is selling thisto me, because I don't know
what any of this means, and sothey will shell out the money to
not have to think about it,rather than saving the money and
(30:18):
keeping it simple.
Speaker 2 (30:20):
Yeah, and I'll tell you, there's so many insurance
policies where I reviewed andthat was exactly well.
Why'd you buy this?
Oh, I trusted the agent.
They were my friend, they weremy golfing buddy, whatever, and
it's like well yeah, but theydidn't really know what they
were doing, but that's okay.
So that's powerful advice.
So how do you feel we canimprove the money conversation?
(30:44):
Do you have a quick tip for uson how people can better talk
about money?
Speaker 3 (30:50):
I think this actually ties back to another myth that
I really want to overcome, whichis propagated to some extent by
financial advisors, but reallyit's also bad training from our
parents and from our heritage, Isuppose, which is you shouldn't
look at money, you shouldn'tlook at money, you shouldn't
talk about money, and from theheritage training or the
(31:15):
instinctual training, it's likeyou shouldn't look at that bill,
you have to pay, you shouldignore the credit card statement
, that sort of thing.
But from the financial advisorside, it's also you should
invest your money and then notlook at it, you should just
leave it and not think about it.
And I can understand whereadvisors are coming from,
because they don't want you tobe making emotional decisions.
(31:37):
But I think that money needs tobe front and center both in our
vision but also in ourconversations, which means, like
I'll use the example of me andmy girlfriend our conversations.
Which means, like I'll use theexample of me and my girlfriend
we sit down once a month atleast, right before the credit
card bill hits and we go throughevery single transaction on the
statement.
So the money is front and centerin our vision because we're
(31:59):
looking at it, we'reunderstanding what we're
spending money on noticingpatterns, but it's also front
and center in our conversationbecause it's not something that
we avoid.
It's not something we try notto talk about.
We've scheduled a time to sitdown and talk about it.
So I think that's.
The big thing that people cando with money is they can
(32:20):
actually schedule moments tolook.
That way they don't spend theirlives wondering if they should
be looking or not looking.
They can say, nope, I won'tlook for a while because I know
I'm going to check in on it.
Speaker 2 (32:33):
That's awesome.
I love that advice and that'swhat I encourage people to do is
have family financial meetings.
Same thing, you know,accountability partner.
If you don't have a partner,you know, have the meetings with
a friend and just talk aboutmoney.
Speaker 3 (32:48):
But yeah, it's, when you keep it secret, then you end
up keeping it secret and neverhave this conversation and you
wonder what happened to itbecause you weren't watching,
and I think this is kind ofcrude, unfortunately.
But money is kind of a cruelmistress Like if you don't tend
to it, it does have a habit ofleaving you.
Speaker 2 (33:10):
Exactly, exactly.
Yeah, with you a hundredpercent.
So, nate is you know, let's getout the time machine for a
minute, is?
So let's go back, you know, tothat pre-college Nate.
What advice would you give youryounger self If he could go
back in time, knowing what youknow now about money, what would
you reset?
Speaker 3 (33:30):
I actually gave this advice to a finance class at my
alma mater about a year and ahalf ago and I said look, each
of you guys are going to getsome sort of summer job, some
sort of income, whether you'reworking for your parents' office
, filing books, whatever ithappens to be.
If you can save half of that andyou can put it somewhere, if
(33:50):
you can put it in a Roth IRA,even better, because you're not
getting taxed on that money youare under the standard deduction
but at the very least in asavings account or in a
brokerage account, you will setyourself up so well for that air
gap between college and reallife.
And I think that is the scariestmoment where people make a lot
(34:12):
of mistakes, because they comeout of school, maybe they're not
quite employed yet, whetherthey're coming out of high
school or college, and in thatmoment they also have to consume
all of this financial education.
I should get a credit card,that's the piece of financial
education.
But they have no money, theyhave no credit, and so they get
a crazy high interest card andthey spend it up and they make
(34:34):
all of these financial mistakes.
If there's one piece of adviceI could give to past Nate.
It would be save a little bitof that money so that when you
leave college, even if you have10,000 bucks or 20,000 bucks, it
would have radically changed mystress level making that
adjustment.
Speaker 2 (34:52):
That is awesome advice have a little bit of
padding when you graduatecollege, because that was
exactly like what you're talkingabout.
I got that first credit cardwhen I was in college and
thought it was great.
Speaker 3 (35:03):
Ended up paying for that Free money.
This thing swipes as much as Iwanted to Exactly you know my
friends love it.
Speaker 2 (35:09):
I love it.
It was great.
So you know, to start.
To wrap up, what's your numberone favorite money resource,
whether it's a podcast, book,newsletter, app or website.
What's the number one thing yougo to?
Speaker 3 (35:23):
That's a good question.
I am definitely an avid studentof YouTube University and I'm
lucky enough to exist kind of inthe content creator sphere.
And so some of my great friendsHumphrey Yang, austin Hankwitz
with his rich habits moneypodcast, that sort of thing
(35:47):
those are the people that Ifollow and that I look up to
when I think about money, and Ithink they do the best job of
making it simple and concise ina way that anyone can take
something really valuable awayfrom it.
So I would say the Rich Habitspodcast and Humphrey Yang's
YouTube channel are justfantastic resources.
And then, to go a little bitdeeper, I love to read, but I
(36:09):
don't really like nonfiction,and so, rather than reading
money books of like Think andGrow Rich or Rich Habits,
something of that sort, Ibelieve that reading books about
how money should be used ismore valuable.
So, on the side of making money,a book like $100 million offers
(36:34):
by Alex Ramosi I don't care ifyou work a W-2 job or you want
to be an entrepreneur orwhatever it happens to be you
are always making offers topeople, whether you are making
an offer of your services to bean employee of that company,
whether you are making an offerof a product that you're selling
, whatever it happens to be.
Understanding the sciencebehind how to make an offer is
(36:58):
so, so valuable.
And then, on the other side,understanding that money is a
product of two things generosityand risk.
That money is a product of twothings generosity and risk.
So in the stock market we makemoney off of risk, we put our
money at risk and we get somerate of return to compensate us
for that.
But in the rest of the world wemake money from generosity and
(37:19):
so Unreasonable Hospitality, Ithink is a really good,
non-sequitur book that hasradically changed the way that I
think about money.
And then, finally, the bookcalled this Is Strategy by Seth
Godin.
That is an amazing way ofstructuring the systems of your
life and understanding that theworld operates and speaks in
(37:41):
systems.
Those three books had so muchmore of an impact on the way
that I treat my money thansomething like think and grow
rich.
Or there's another one that Iread by Tony Robbins that I'm
now forgetting, like those justfell flat, unfortunately.
Speaker 2 (37:58):
That's cool.
No, I appreciate that.
Those are some greatsuggestions and for people
watching and listening, I'llmake sure there's all the links,
but I think you know what'simportant is that you're talking
about how to think about itrather than just the tactics,
because I think that strategycomponent is so critical.
Speaker 3 (38:19):
Yes, that's the hope at least.
Speaker 2 (38:22):
Yeah, so, to wrap up, what is your number one tip on
changing the way we think aboutmoney?
Yeah, Hmm.
Speaker 3 (38:39):
I think that the number one thing that needs to
change for most people is thebelief that money is scarce,
that money is just never going,there's never going to be enough
of it.
If you spend it, it will begone forever that sort of thing.
(38:59):
It creates this caginess aroundmoney that makes it really
really hard to break out of thepaycheck cycle, because it keeps
you from putting money at riskin smart ways.
It keeps you from investingboth in yourself, in your future
, and in your actual investments.
But, more importantly, itcreates this huge amount of
(39:20):
stress around money, and I thinkthere is some privilege in the
statement that money is abundant, and I think there is some
privilege in the statement thatmoney is abundant, but I firmly
believe that there is enough togo around and at the end of the
day, it's about doing that in away that isn't exchanging your
mental health for that money,and that is how I think people
(39:43):
should change the way they thinkabout money.
I know it's a hard thing to doand a lot to ask of people.
Speaker 2 (39:49):
Yeah, but you know it's something to think about
and you know, as we've talkedabout is there's little steps
you can do to help yourself.
You know go down that road.
So where can people find outmore about you?
I know you've mentioned TikTok.
Hopefully TikTok will still bearound by the time this episode
rolls out.
Speaker 3 (40:10):
That's the hope.
We will see.
Luckily, I'm on every singleplatform.
My tag is net worth Nate oneverything, so it's really easy
to find me on YouTube, onInstagram, on TikTok.
I'm even on Facebook Pinterest,for that matter.
You name it, you'll findsomething.
And my firm is Hosking Capital.
We work with Henry's highearners not rich yet and we
(40:34):
manage their money and we dotheir taxes for them to make
their money life as streamlinedas humanly possible.
And then, when I'm helpingadvisors do digital marketing
and work on making short formvideos, the firm there is N2
Content Marketing and we've justhad an absolute blast there.
We just got a studio here inDenver, so we're having advisors
out in person to record with us.
(40:55):
We're just crazy, crazy excitedabout helping advisors get
their message out there.
Speaker 2 (41:01):
That's awesome.
Well, appreciate it, appreciateall your time and for everybody
watching and listening.
As always, there'll be links toall of Nate's social media
profiles and to his websites soyou can check out what he's up
to.
So, nate, thanks again forjoining us today on the Get
Ready Money podcast.
Speaker 3 (41:19):
This was such a pleasure, tony, have a great
rest of your day.
Speaker 2 (41:23):
Yeah, you too, and thank you always everyone for
tuning into this episode of theGet Ready Money podcast.
If you learned something todayto change the way you think
about money, please be sure tosubscribe and to tell a friend.
Until next time let's changethe way we think about money.
You.
Are you looking to get ready, be prepared and
transform your financial future?
Then you've come to the rightplace.
This is the Get Ready MoneyPodcast with Tony Stewart, where
Tony has insightfulconversations with financial
experts who are changing the waywe think about money.
Catch up on the latestfinancial trends and hear
(00:27):
practical advice from Tony andhis expert guests so you can
build healthy habits that work,Be empowered with tips for
implementing small changes thatcan have a big impact on your
financial future.
So sit back and get ready tohear from today's guest.
So sit back and get ready tohear from today's guest.
Speaker 2 (00:48):
Welcome to the Get Ready Money podcast changing the
way we think about money.
I'm pleased to be joined todayby Nate Hoskin.
Nate is the co-founder of M2Content Marketing and Hoskin
Capital.
In this episode, we'll bediscussing Nate's insights on
how we change the way we thinkabout money and sharing our
knowledge.
Nate, welcome to the Get ReadyMoney podcast.
(01:09):
Thanks for joining us today.
Speaker 3 (01:11):
Tony, thank you so much for having me.
It's a pleasure to be here.
Speaker 2 (01:15):
Yeah, I appreciate your time and insights, and so,
to jump in, tell us a little bitabout yourself.
What is your origin story?
Speaker 3 (01:22):
Yeah, so my origin story really started with my
uncle.
So he was a portfolio managerat Capital Group when I was
still trying on jobs like cowboyand astronaut and that kind of
thing, and when I looked at whatI wanted to be and started to
grow out of that a little bitand figure out what jobs I
really wanted to work, his wasthe first one that really piqued
(01:45):
my interest and I think as a 13year old, I saw the Porsches
and I saw the tennis courts andthat sort of thing and it was
very clear that what he wasdoing was working.
So when I went to college, Iwas a finance student.
I knew that that was thedirection I wanted to go.
I majored in quantitativefinance, so I did a lot of
coding, I did a lot ofprobabilistic forecasting, that
(02:07):
kind of thing, backtesting,knowing that I wanted to work
for an ETF shop or something onthe buy side, that sort of thing
.
And in 2018, I was a junior.
I was freshly a junior incollege and my uncle died.
He had been.
He had been diagnosed withprostate cancer.
He had a brutal three-yearbattle with it and I vividly
(02:31):
remember that he introduced meto the first potential mentor
and he died two months afterthat and I very much felt like,
selfishly, I felt robbed of anopportunity to play a part in
his life and get to know himbetter.
We had very much started tocultivate this relationship of
me wanting to learn everythingthat he knew, but in the fallout
(02:55):
of all of that, in the falloutof his death, I learned a couple
of very, very serious lessonsabout money, because now I was
older, and now I wasn't justseeing the Porsches and the
tennis courts.
Now I was older, and now Iwasn't just seeing the Porsches
and the tennis courts, now I wasseeing the fact that his work
had put a lot of pressure on hisfamily, because he was always
traveling.
One of the things that hedescribed in the final months of
(03:16):
his life was that he wishedmore than anything that he
hadn't woken up thinking aboutwhat the Chinese markets had
done overnight.
He wished he'd woken upthinking about having breakfast
with his family, and so suddenlyI had a much more rounded, if
rather cruel, view on money andhad to figure out how I was
going to tangle with that in myown life, and so the result was
(03:38):
that I made the transition towealth management.
I didn't want to be behind thescenes coding.
I wanted to be working withhumans and, more specifically, I
wanted to be working withhumans who really would benefit
from that sort of work.
They didn't have 100 advisorsbanging down their door to
manage their millions.
There were people who couldn'tget the help that they needed
(04:06):
management firm for a couple ofyears, but then COVID struck and
I was laid off from the firm inApril of 2020.
And I graduated college in Mayof 2020.
And so I had to figure out whatthe heck I was going to do, and
I moved up my five-year plan.
I started Hoskin Capital.
This little app called TikTokwas coming on the scene, and so
I started making videos sharingthe information that I had with
people who could really use it,and luckily, it was super, super
(04:29):
successful.
I'm lucky enough to sharefinancial literacy and share
financial education withmillions of people every single
month just through the work thatI do on TikTok, not to mention
the work that I do as afinancial advisor, and the
culmination or at least the mostrecent culmination of my origin
story is that now I teach otherfinancial advisors how to do
(04:49):
the same thing on social media,because, aside from just being
quote machines and havingamazing ways of talking about
things.
Financial advisors just alsohave a wealth of knowledge that
unfortunately sits behind aglass door most of the time, and
I fundamentally believe thatsocial media is the way that we
break down that glass and reallyshare this information with
everyone who deserves it.
(05:10):
So that's my origin story.
I'm sure that was a little morethan you were expecting.
Speaker 2 (05:15):
No, that's an awesome origin story, you know.
Sorry to hear about your uncle.
I mean, those things areabsolutely devastating.
I want to back up before we getinto the sharing knowledge and
everything, because youmentioned a term that I'm sure
people have heard and have noidea what it means quantitative
finance.
So if you could take a secondand just define that, that'd be
(05:37):
awesome.
Speaker 3 (05:38):
Yeah, absolutely so.
The idea behind quantitativefinance is that you can use data
to make extremely rationaldecisions about money, and so a
lot of us talk about the stockpickers or the brilliant people
who just happen to pick theright stock at the right time.
The idea of quantitative financeis that we can systematize,
(05:58):
that.
We can understand specificallythe parameters around risk and
figure out okay, if I'm going totake this risk, if I'm going to
invest in this stock, if I'mgoing to buy this thing, what is
my potential for return?
And then it's up to us ashumans, or up to the computer,
as the algorithm, to decidewhether that risk is worth the
(06:21):
potential upside, and doing thatin a systematic way that can be
repeated and become highlyprofitable.
And the way you do that on theback end is you essentially code
all of it.
You code a series of decisionsgetting as close to the
decision-making trends thathumans would follow, but
removing the emotional andirrational components.
(06:42):
At least that's what we hope todo.
But removing the emotional andirrational components, at least
that's what we hope to do.
It turns out.
Speaker 2 (06:48):
It's a very challenging thing to achieve.
Yeah, I would say so, you know,and, coming from the insurance
field, I mean that's whatinsurance really is is pricing a
risk appropriately, and that's,you know, no matter what you do
, even if you're betting onfootball games, you got to price
that risk accordingly.
So that's important.
So, yeah, that's awesome.
Appreciate you defining that.
So you know, let's jump in alittle bit more about sharing
(07:09):
your knowledge, because I know,with my advisor network and a
lot of people watching listeningto the show is, you know, how
do you start to, you know, makethat decision, to share your
knowledge to you know, to feellike you have the credibility to
do so?
So many of us feel like maybewe don't really have that
(07:31):
credibility.
How do you start to gain theconfidence?
Speaker 3 (07:36):
I think the first thing is realizing that not
everyone lives in your fishbowl.
For example, for any of thefinancial advisors listening
knowing that the Roth IRA maxcontribution is $7,000 or $7,500
, that feels very simplistic,that feels like everyone should
know that.
Or we can even go one stepfurther and say that the way you
(07:59):
calculate a SEP IRAcontribution is by taking your
net self-employment income,subtracting out half of your
self-employment taxes and thencalculating as a percentage of
that.
Those are things that we canjust rattle.
We know that information offthe top of our heads.
First, understanding that, as abaseline, 99% of the population
does not know what you know.
(08:19):
And so if you spend even acouple of years as a financial
advisor, much less achieved anaccolade like getting your CFP
or your CPA or your CFA, forthat matter.
You know so much that otherpeople would find extremely
valuable.
And the other step is realizingthat they might actually find
the things that you consider tobe simplistic more valuable than
(08:43):
the things that you consider tobe complicated.
Just the baseline, basicfinancial hygiene, I think, is
so, so important.
Any financial advisor isqualified to speak on that.
Speaker 2 (08:55):
Well, I love that you're saying that, because I
think that's something that thewhole financial service industry
tends to do is they go so heavyon the complex topics and you
can see people blowing up whenthey're just talking about lab
budgeting or you know fire, youknow just these concepts that
are relatively simple, but youknow they really resonate with
(09:20):
people.
I mean, if you found that youknow with your own TikTok
channel that those types ofmessages resonate, yeah.
Speaker 3 (09:27):
Oh, absolutely.
I think those types of messagesresonate.
But, more importantly, theyopen the door to the more
complicated topics where it'spretty rare to get someone to
watch your first video if it'stoo complicated for them to
understand.
But if they've alreadyestablished that you are a
source of trust and that you'resomeone who can explain things
(09:48):
in a simple, brief way, thenthey're willing to take a risk.
On a video that might feel morecomplicated, they say, okay, I
did not understand the firstfive seconds of this video.
None of that made sense.
But I know who Nate is and Iknow that if he's saying it,
it's probably important and theywill take that risk to reach
that new level of understanding,which is just an amazing
(10:11):
journey to watch someone gothrough and to have someone in
your comments that you stilldon't know because they are
still anonymous to be saying,hey, I've been following you for
years.
I've been following you foryears and I started with
contributing to my Roth IRA, butnow I have a business and I'm
doing complex tax planning and Ihave never met, and will
probably never meet, that personwho left that comment.
Speaker 2 (10:35):
That's cool.
It is a really cool feeling.
You know, I've had that overthe years, where somebody will,
you know, write me or, you know,email me or whatever, and say,
hey, you know, this reallytouched me and I've been
following your stuff and it'slike, okay, that's cool.
You know that people areconnecting and I think that's
something advisors also need tounderstand is that we're all
very different and people aregoing to see different things in
(10:57):
each of us.
You know, the person whofollows me may not follow you or
vice versa, but that we eachhave our own unique message that
we're bringing.
So you know, that's probablypart of it is how for advisors,
how do they know, how did theystart to get in touch with their
authentic message and who theyare?
Speaker 3 (11:19):
Yeah, I mean the cop-out answer is just to make a
lot of videos and you'll figureout very quickly what you enjoy
talking about and what youdon't enjoy talking about.
But really I think the trueanswer is I believe an advisor
should go in to making videos ormaking content of any sort.
(11:40):
Whether they're writing blogs,they're posting on LinkedIn
whatever they choose, any sort.
Whether they're writing blogs,they're posting on LinkedIn
whatever they choose and reallythey should post it from the
perspective of would I want toread this and do I want to post
this, rather than the trap Ithink most advisors fall into,
which is I need to make profitoff of this.
I need to drive revenue.
This is marketing no-transcript.
Speaker 2 (12:29):
Yeah, I would agree with that 100%.
You know, for people watchinglisten to the podcast, they know
that.
You know, all of my guests arepeople that you know I'm curious
about and that I hope that myaudience can learn something
from, and so I think that that'sreally valuable.
And I think that's somethingadvisors know because they work
with your clients.
(12:49):
To think about what youraudience wants to hear with your
clients is to think about whatyour audience wants to hear.
Normally, you go in and you askyour clients what are you
thinking?
What's your steps?
Instead of just coming in andsaying, hey, this is the
investment portfolio I'madvising for you, you stop and
talk to your clients and findout something.
I mean, so has that been partof it for you?
(13:11):
As you've grown, your audienceis being able to reflect on the
feedback that you get from youraudience.
Speaker 3 (13:18):
Absolutely.
I think the feedback is reallyimportant and I also love once
you have an audience, even ifthat audience is five really
bought in people asking themwhat they would like to know.
And I say this all the time,whether it be to advisors or my
clients, whatever it is, whetheryou're thinking about business
or marketing or making videos,do it for them.
(13:40):
Don't do it for you, whichsounds really esoteric because
it's like wait, what do you mean?
Do it for them.
But what I mean is, if you'remaking a video, make a video
that they would want to watch,not a video that you think they
should watch and to do that, youhave to listen to them.
You have to look at thequestions that they're asking,
(14:01):
and then you just get thisunlimited source of content
because now you have an audiencethat's asking you questions.
You can just answer thatquestion.
You don't have to think aboutwhat content you're going to
produce next.
Speaker 2 (14:13):
Definitely yeah, and I think people overlook that is.
You know that.
You know like on LinkedIn isyou can see what people are
commenting on and what they'reinterested in.
They'll tell you, but you knowit's not really listening if
you're reading on LinkedIn, butit's the same essence of
listening to what your audienceis looking for and helping them
(14:34):
figure that out.
So you know, people hear theterm content marketing all the
time and I'm not sure too manypeople know what content
marketing actually is.
Do you mind giving us a quickdefinition?
Speaker 3 (14:47):
Yes, content marketing is generous.
So, rather than paid ads orsomething like that that is just
designed to tell people aboutwhat you do or to make them an
offer bluntly, content marketingis generous in that it is
providing something that someonewill consume with no intention
(15:10):
of buying anything from you, andthey will still find it
valuable.
So when we use that as thedefinition, you can see that
content marketing can takepretty much any shape.
If you write a blog, that'scontent marketing.
If you do a podcast, that'scontent marketing.
If you do an in-person seminaror you take everyone out to a
steak dinner, that's technicallycontent marketing, because what
(15:33):
you're doing is you areproviding something to them that
is valuable without themneeding to buy something.
Right, but it's marketingbecause now they know about you,
now they know what you're doingor, more importantly, they are
interested in you.
It's designed to pique thatinterest of.
Okay, here is this person whojust spent an evening with me
(15:56):
telling me everything aboutretirement, understanding taxes,
understanding withdrawalsequences, understanding
sequence of withdrawal risk.
Now, they're interested in whatyou have to say and what you
might have to say in addition,if they pay for your services.
That, at its core, is whatcontent marketing is.
It's a generous thing that getssomeone interested in you and
(16:19):
what you do, rather than justtelling them what you do and
what you offer.
Speaker 2 (16:23):
Yeah, and I think people connect with humans and,
as you point out, they get toknow who you are rather than
just you know, because they canresearch anything if they want
to know what a 401k is, and mostpeople don't really want to
watch a video on 401ks anyway.
You know, they can find thatout in a lot of places, but
finding somebody who talks tothem is a very different thing.
(16:46):
So, yes, really well saidthat's, that's awesome.
So one of the things I know isthat you talk about is focusing
on a niche.
Why is it important foradvisors and their clients to
focus on a niche like you'refocused on Henry's?
Speaker 3 (17:02):
Yeah, I think the riches are in niches.
Of course, I think that is avery commonly held belief, but I
think advisors often choose thewrong niche because they assume
that their niche needs to bedoctors, their niche needs to be
lawyers, their niche needs tobe people with equity
compensation, that kind of thing, and I believe that all of
(17:25):
those work, and I think thatthat is better than saying that
I work with retirees that havemore than a million dollars.
Speaker 2 (17:32):
You're like really.
Speaker 3 (17:33):
You're a financial advisor that works with retirees
who have more than a milliondollars.
You're like, really, you're afinancial advisor that works
with retirees who have more thana million dollars Crazy concept
.
But if you can pick that niche,you are way better at solving
the problems of that niche.
That's the big thing.
And so, yes, I think advisorsshould choose niches, but I
would urge pretty much everyadvisor to re-identify their
(17:54):
niche and figure out what isactually the most valuable to
them, and the way I would havethem do that is take a look at
who you serve right now andcreate a little Venn diagram the
same problems that you solvedfor each and every person that
you've worked with so far.
(18:15):
Because you might have a clientthat needs the distribution
strategy because they're inretirement, but maybe your niche
isn't people in retirement.
So what problem did you solvethere?
You solved the cashflow problem.
Then you have another personwho is not retired.
They're a high earning techexecutive or something along
those lines.
You solved equity compensationMaybe there's some deferred comp
(18:38):
or some non-qualified stuff inthere, but you solved that
cashflow problem right, becauseyou're now selling their vested
RSUs or something along thoselines to produce income or to
invest in their future.
Or to invest in their future.
When you create that Venndiagram, rather than having a
group of people, you have agroup of problems.
Now you just have to go out andprove that you can solve those
(19:00):
problems and the people withthose problems will work with
you.
I think that's how you trulydefine an advisor niche.
Speaker 2 (19:06):
Personally, I think so as well.
It's so easy to get caught upon a service, but what we're
really doing is solving problems.
That's what people need helpwith.
When they come to you, theyhave a problem.
They're not coming to youusually just for the heck of it.
They're feeling maybe notfeeling pain, that might not be
(19:31):
quite the right word but they'refeeling challenge or pressure,
and so they want to getsomething done.
Speaker 3 (19:37):
So that's awesome advice.
I heard this quote that reallystuck with me, which is that
buying is not a person.
Buying is a state, and so whenwe look at it from the sales
side or building our businesses,you're not looking for a person
who's a tech executive.
You're not looking for a personwho's a lawyer.
You're looking for someone whois in a state where they need
(19:59):
help from you.
Right, they enter that statewhen they have the problem that
you solve.
That's kind of how we come backto that niche selection.
Speaker 2 (20:08):
Yeah, that's awesome, I love that.
So you know, let's switch upand get into what I call the get
ready questions, and these arethe questions I ask all the
guests.
The first one is what basicmoney concept do you wish people
knew?
Speaker 3 (20:52):
no-transcript in and it compounds until all of the
money you've made is from thegains, not from the amount that
you saved.
That is what, at the end of theday, convinces me to save my
money is that I know that when Iwas 20 years old and still in
college, and I maxed out my RothIRA at 6,000 bucks and still in
(21:15):
college, and I maxed out myRoth IRA at 6,000 bucks that
that's going to be worth about$450,000 by the time I hit 65.
That is the scale of whatcompound interest can achieve,
and I just wish peopleunderstood that at a base level.
Speaker 2 (21:26):
Yeah, me too, and that's one of the most common
things that my guests bring up.
And for everybody who'swatching and listening, as you
know, I have an episode that'sjust about compound up.
And for everybody who'swatching and listening, as you
know, I have an episode that'sjust about compound interest and
, as always, I'll link to thatone in the show notes so
everybody can check that out,where we just talk about
compound interest for an hour.
So everything you want to knowabout compound interest
(21:48):
Definitely the most popularanswer on the show.
Next one is what is one simplething people can do each year to
set themselves up for financialsuccess?
Speaker 3 (21:59):
Yeah, I might be in the boat of common answers again
on this one, but I'm a bigbeliever in the financial audit.
I'm not a huge fan of budgeting.
I really think that figuringout the categories and getting
the notifications that you'reover budget on something just
doesn't really feed a healthyfinancial ecosystem.
(22:20):
But I do believe that knowingwhat the heck is going on is
really, really valuable.
So I think that can happen onan annual scale In December or
in January.
It's very simple for me as abusiness owner, because I need
to close my books on thebusiness anyways.
So what I also do is I closethe books on my personal life
and I understand how much I made, how much I spent and where
(22:44):
that money went.
And that allows me tounderstand both where I am now
compared to where I was a fewyears ago.
Easy example is how didinflation affect me?
Am I spending exactly 18% moreon everything?
Is that how my spending changed?
Or am I spending double?
Or am I spending less because Ibought different things as a
(23:06):
result of inflation?
Those are the types of takeawaysyou can get from a financial
audit, and so to do that, I lovetools like Quicken, monarch
Money, that sort of thing,because with those tools you
don't need to use the budgetpiece, you can just use the cash
flow piece.
And cash flow is going to tellyou everything you need to know
(23:27):
to do your financial audit.
It's how much did I make, howmuch did I spend, how much did I
save?
If you can answer those threequestions every single year for
five years, you will be blownaway by the results on your
money.
Speaker 2 (23:41):
That's awesome and I love that rephrasing it because
you know budgeting is a wordthat a lot of people are
sensitive to.
It's like dieting, you know,because it's got that whole
restrictive thing.
But it is important to know,kind of like you're talking
about that overall picture.
You know what, what the cashflow is, because you do have to
spend less money than you earn.
Speaker 3 (24:04):
And that's where you get in trouble.
It's a simple concept, but Ithink much like dieting.
Dieting to me feels likestanding on the scale once a day
, right, which is going to giveyou a lot of jump scares and not
a lot of great results, becauseyour body changes day by day,
the same way your budget changesmonth by month.
(24:25):
I mean, I just drove down fromthe mountains a week ago and was
on ice skates because my tiresjust were not up to snuff and so
I had to go buy new tires.
The month of January is not mebreaking my budget, but I'm
spending significantly more thanI might in an average month
because I had that one-timeexpense.
(24:45):
So if I quote unquote stood onthe scale and looked at my
budget, everything would beflashing red and telling me I
was screwing up.
I don't mind, because I'm notgoing to care about that until
next January to see howeverything panned out in total?
Speaker 2 (25:02):
Yeah Well, and I think that's important.
The other thing, too, isputting it into context is, you
know, sometimes you need to dosomething that you don't expect
to do, and you have to have someflexibility.
I mean, we could talk aboutemergency fund and all that, but
that's why you have to alwaysplan for contingencies and have
a plan B, because things dohappen.
So what is one simple habitthat people can change when it
(25:27):
comes to their money?
Speaker 3 (25:31):
My favorite one I actually learned from my brother
, which is pay yourself when youdecide not to buy something.
So when we were younger wewould get allowance in cash and
so we would go to this hilariousstore in Silverton, colorado
you guys can look it up, it'scalled the Old Arcade, it is
(25:52):
bright orange Colorado, you guyscan look it up, it's called the
old arcade, it is bright orangeand it had silly little
gimmicks in there, like plasticbows and arrows and that sort of
thing, and we would take ourallowance and we would go down
and we would buy pop rocks andwe would buy the little snappers
that you throw on the ground,and I would spend all my
allowance in one go.
Easy, it was gone the moment Igot it.
But my brother, instead, wouldbe doing this weird thing where
(26:14):
he would walk around the storeand he would look at something
and then he would pull the moneyout of his wallet and then he
would put it back in and thenhe'd walk away from the thing.
And I was.
I asked him at one point I waslike what are you doing?
What's the point of this?
And he said I'm paying myselfevery time I don't buy something
.
And that little motion ofsaying no, I'm paying myself,
(26:39):
created this whole reward systemfor him, where not buying
something felt just as good, ifnot better, than actually buying
that thing.
And so, even today, I haven'tcarried cash in years.
If I don't buy something online, or I choose not to order
something off of Amazon, I willtake the money out of my
checking account and put it inmy brokerage account and say
(27:02):
congrats, nate, that was $23that you just paid yourself, and
I swear by it.
I'm a huge fan of just littlehabits like that that train your
brain to do something differentwith your money little habits
like that that train your brainto do something different with
your money.
Speaker 2 (27:19):
I love that.
I think that's the first timeI've heard that, but that is a
great concept to do.
You know, I've heard a lot of.
You know wait 24 hours to buy.
You know that type of advice.
That's great advice, adifferent way to look at it, and
it's something tangible thatpeople can look at.
Because I think that's theother thing is, people need to
see success.
We all want to know that whatwe're doing is actually helping
(27:41):
and you know, sometimes waiting60 years to see if your
retirement plans panned out isthere's a long time for most
people.
So that's awesome.
You can see a little progress.
So what money myth are youtrying to break?
Speaker 3 (28:05):
there are.
There are a lot, that is forsure.
Um, I think the biggest moneymyth, though, is that you need
to be doing somethingcomplicated.
I think that people are sold alot of things they don't need
with the promise of simplicity,like, oh, it's going to, it's
(28:25):
super complicated what we'redoing, but it's not going to be
complicated for you, and I thinkit's just as easy to not spend
the money and keep it simple foryourself.
So, when we look at it throughthe lens of money, that would be
setting up your financialecosystem to be as simple as
possible.
You don't need five creditcards, each with different
(28:46):
points, rewards on differentthings that you spend, and then
going through and really tryingto optimize getting the most
points or getting the most cashback.
Really, you will get 90% of thevalue just by having a credit
card, because you will get fraudprotection, you'll get some
cash back or some points, andyou'll build your credit
(29:08):
cashback or some points, andyou'll build your credit.
So that's a super simple thingthat you can do.
The myth is things need to becomplicated to be effective, and
the overcome for that myth isyou can keep it really simple
and achieve just as much, if notmore than the people who are
making it hard on themselves.
Speaker 2 (29:25):
I love that and I'm with you is that you know, for
the most part, is so many thingscan be simple and then it takes
a lot less time and stress andit's easier to figure out.
I can't tell you how many times.
You know, my background is, asa life, a fee-based life
insurance consultant.
I'd review so many of theseinsurance policies and they're
so complex and it's like why?
(29:47):
And somebody would say, well, Iget this benefit if this
happens, and I'm like, okay,well, that's great.
Well, is that really whatyou're planning on?
Speaker 3 (29:56):
No, yeah Is that really worth it.
Well that's such a good exampleof how complexity sells because
most people will react to oneof those statements on their
insurance policy and go well.
I trust whoever is selling thisto me, because I don't know
what any of this means, and sothey will shell out the money to
not have to think about it,rather than saving the money and
(30:18):
keeping it simple.
Speaker 2 (30:20):
Yeah, and I'll tell you, there's so many insurance
policies where I reviewed andthat was exactly well.
Why'd you buy this?
Oh, I trusted the agent.
They were my friend, they weremy golfing buddy, whatever, and
it's like well yeah, but theydidn't really know what they
were doing, but that's okay.
So that's powerful advice.
So how do you feel we canimprove the money conversation?
(30:44):
Do you have a quick tip for uson how people can better talk
about money?
Speaker 3 (30:50):
I think this actually ties back to another myth that
I really want to overcome, whichis propagated to some extent by
financial advisors, but reallyit's also bad training from our
parents and from our heritage, Isuppose, which is you shouldn't
look at money, you shouldn'tlook at money, you shouldn't
talk about money, and from theheritage training or the
(31:15):
instinctual training, it's likeyou shouldn't look at that bill,
you have to pay, you shouldignore the credit card statement
, that sort of thing.
But from the financial advisorside, it's also you should
invest your money and then notlook at it, you should just
leave it and not think about it.
And I can understand whereadvisors are coming from,
because they don't want you tobe making emotional decisions.
(31:37):
But I think that money needs tobe front and center both in our
vision but also in ourconversations, which means, like
I'll use the example of me andmy girlfriend our conversations.
Which means, like I'll use theexample of me and my girlfriend
we sit down once a month atleast, right before the credit
card bill hits and we go throughevery single transaction on the
statement.
So the money is front and centerin our vision because we're
(31:59):
looking at it, we'reunderstanding what we're
spending money on noticingpatterns, but it's also front
and center in our conversationbecause it's not something that
we avoid.
It's not something we try notto talk about.
We've scheduled a time to sitdown and talk about it.
So I think that's.
The big thing that people cando with money is they can
(32:20):
actually schedule moments tolook.
That way they don't spend theirlives wondering if they should
be looking or not looking.
They can say, nope, I won'tlook for a while because I know
I'm going to check in on it.
Speaker 2 (32:33):
That's awesome.
I love that advice and that'swhat I encourage people to do is
have family financial meetings.
Same thing, you know,accountability partner.
If you don't have a partner,you know, have the meetings with
a friend and just talk aboutmoney.
Speaker 3 (32:48):
But yeah, it's, when you keep it secret, then you end
up keeping it secret and neverhave this conversation and you
wonder what happened to itbecause you weren't watching,
and I think this is kind ofcrude, unfortunately.
But money is kind of a cruelmistress Like if you don't tend
to it, it does have a habit ofleaving you.
Speaker 2 (33:10):
Exactly, exactly.
Yeah, with you a hundredpercent.
So, nate is you know, let's getout the time machine for a
minute, is?
So let's go back, you know, tothat pre-college Nate.
What advice would you give youryounger self If he could go
back in time, knowing what youknow now about money, what would
you reset?
Speaker 3 (33:30):
I actually gave this advice to a finance class at my
alma mater about a year and ahalf ago and I said look, each
of you guys are going to getsome sort of summer job, some
sort of income, whether you'reworking for your parents' office
, filing books, whatever ithappens to be.
If you can save half of that andyou can put it somewhere, if
(33:50):
you can put it in a Roth IRA,even better, because you're not
getting taxed on that money youare under the standard deduction
but at the very least in asavings account or in a
brokerage account, you will setyourself up so well for that air
gap between college and reallife.
And I think that is the scariestmoment where people make a lot
(34:12):
of mistakes, because they comeout of school, maybe they're not
quite employed yet, whetherthey're coming out of high
school or college, and in thatmoment they also have to consume
all of this financial education.
I should get a credit card,that's the piece of financial
education.
But they have no money, theyhave no credit, and so they get
a crazy high interest card andthey spend it up and they make
(34:34):
all of these financial mistakes.
If there's one piece of adviceI could give to past Nate.
It would be save a little bitof that money so that when you
leave college, even if you have10,000 bucks or 20,000 bucks, it
would have radically changed mystress level making that
adjustment.
Speaker 2 (34:52):
That is awesome advice have a little bit of
padding when you graduatecollege, because that was
exactly like what you're talkingabout.
I got that first credit cardwhen I was in college and
thought it was great.
Speaker 3 (35:03):
Ended up paying for that Free money.
This thing swipes as much as Iwanted to Exactly you know my
friends love it.
Speaker 2 (35:09):
I love it.
It was great.
So you know, to start.
To wrap up, what's your numberone favorite money resource,
whether it's a podcast, book,newsletter, app or website.
What's the number one thing yougo to?
Speaker 3 (35:23):
That's a good question.
I am definitely an avid studentof YouTube University and I'm
lucky enough to exist kind of inthe content creator sphere.
And so some of my great friendsHumphrey Yang, austin Hankwitz
with his rich habits moneypodcast, that sort of thing
(35:47):
those are the people that Ifollow and that I look up to
when I think about money, and Ithink they do the best job of
making it simple and concise ina way that anyone can take
something really valuable awayfrom it.
So I would say the Rich Habitspodcast and Humphrey Yang's
YouTube channel are justfantastic resources.
And then, to go a little bitdeeper, I love to read, but I
(36:09):
don't really like nonfiction,and so, rather than reading
money books of like Think andGrow Rich or Rich Habits,
something of that sort, Ibelieve that reading books about
how money should be used ismore valuable.
So, on the side of making money,a book like $100 million offers
(36:34):
by Alex Ramosi I don't care ifyou work a W-2 job or you want
to be an entrepreneur orwhatever it happens to be you
are always making offers topeople, whether you are making
an offer of your services to bean employee of that company,
whether you are making an offerof a product that you're selling
, whatever it happens to be.
Understanding the sciencebehind how to make an offer is
(36:58):
so, so valuable.
And then, on the other side,understanding that money is a
product of two things generosityand risk.
That money is a product of twothings generosity and risk.
So in the stock market we makemoney off of risk, we put our
money at risk and we get somerate of return to compensate us
for that.
But in the rest of the world wemake money from generosity and
(37:19):
so Unreasonable Hospitality, Ithink is a really good,
non-sequitur book that hasradically changed the way that I
think about money.
And then, finally, the bookcalled this Is Strategy by Seth
Godin.
That is an amazing way ofstructuring the systems of your
life and understanding that theworld operates and speaks in
(37:41):
systems.
Those three books had so muchmore of an impact on the way
that I treat my money thansomething like think and grow
rich.
Or there's another one that Iread by Tony Robbins that I'm
now forgetting, like those justfell flat, unfortunately.
Speaker 2 (37:58):
That's cool.
No, I appreciate that.
Those are some greatsuggestions and for people
watching and listening, I'llmake sure there's all the links,
but I think you know what'simportant is that you're talking
about how to think about itrather than just the tactics,
because I think that strategycomponent is so critical.
Speaker 3 (38:19):
Yes, that's the hope at least.
Speaker 2 (38:22):
Yeah, so, to wrap up, what is your number one tip on
changing the way we think aboutmoney?
Yeah, Hmm.
Speaker 3 (38:39):
I think that the number one thing that needs to
change for most people is thebelief that money is scarce,
that money is just never going,there's never going to be enough
of it.
If you spend it, it will begone forever that sort of thing.
(38:59):
It creates this caginess aroundmoney that makes it really
really hard to break out of thepaycheck cycle, because it keeps
you from putting money at riskin smart ways.
It keeps you from investingboth in yourself, in your future
, and in your actual investments.
But, more importantly, itcreates this huge amount of
(39:20):
stress around money, and I thinkthere is some privilege in the
statement that money is abundant, and I think there is some
privilege in the statement thatmoney is abundant, but I firmly
believe that there is enough togo around and at the end of the
day, it's about doing that in away that isn't exchanging your
mental health for that money,and that is how I think people
(39:43):
should change the way they thinkabout money.
I know it's a hard thing to doand a lot to ask of people.
Speaker 2 (39:49):
Yeah, but you know it's something to think about
and you know, as we've talkedabout is there's little steps
you can do to help yourself.
You know go down that road.
So where can people find outmore about you?
I know you've mentioned TikTok.
Hopefully TikTok will still bearound by the time this episode
rolls out.
Speaker 3 (40:10):
That's the hope.
We will see.
Luckily, I'm on every singleplatform.
My tag is net worth Nate oneverything, so it's really easy
to find me on YouTube, onInstagram, on TikTok.
I'm even on Facebook Pinterest,for that matter.
You name it, you'll findsomething.
And my firm is Hosking Capital.
We work with Henry's highearners not rich yet and we
(40:34):
manage their money and we dotheir taxes for them to make
their money life as streamlinedas humanly possible.
And then, when I'm helpingadvisors do digital marketing
and work on making short formvideos, the firm there is N2
Content Marketing and we've justhad an absolute blast there.
We just got a studio here inDenver, so we're having advisors
out in person to record with us.
(40:55):
We're just crazy, crazy excitedabout helping advisors get
their message out there.
Speaker 2 (41:01):
That's awesome.
Well, appreciate it, appreciateall your time and for everybody
watching and listening.
As always, there'll be links toall of Nate's social media
profiles and to his websites soyou can check out what he's up
to.
So, nate, thanks again forjoining us today on the Get
Ready Money podcast.
Speaker 3 (41:19):
This was such a pleasure, tony, have a great
rest of your day.
Speaker 2 (41:23):
Yeah, you too, and thank you always everyone for
tuning into this episode of theGet Ready Money podcast.
If you learned something todayto change the way you think
about money, please be sure tosubscribe and to tell a friend.
Until next time let's changethe way we think about money.
You.
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